Question 1

The corporate governance structure of a company reflects the individual companies':

Accepted Answer

Corporate governance structures are influenced by cultural, economic, legal, business, social, and regulatory systems, making all the options relevant.

Question 2

The internal audit function is least effective when the department:

Accepted Answer

The internal audit function is least effective when it is non-independent because independence is crucial for auditors to perform their duties without bias or influence from the management of the organization they are auditing. Competence, objectivity, and integrity enhance the effectiveness of the internal audit function.

Question 3

Under the _____________, both internal and external corporate governance mechanisms are intended to induce managerial actions that maximize profit and shareholder value.

Accepted Answer

Agency theory suggests that internal and external corporate governance mechanisms are designed to align the interests of managers with those of shareholders, thereby maximizing profit and shareholder value.

Question 4

One of the objectives of the Sarbanes-Oxley Act was to:

Accepted Answer

The Sarbanes-Oxley Act was enacted in response to a series of high-profile financial scandals to improve the accuracy and reliability of corporate disclosures, thereby improving the quality and transparency of financial reporting.

Question 5

An organization's appropriate tone at the top promoting ethical conduct is an example of:

Accepted Answer

The tone at the top refers to the ethical atmosphere that is created in the workplace by the organization's leadership. This includes the ethical behavior and attitudes displayed by the leaders, which serve as a model for all employees.

Question 6

An independent director is one who:

Accepted Answer

An independent director is defined as a board member who does not have any material or pecuniary relationship with the company, its subsidiaries, management, or its associates other than the directorship itself. This ensures their ability to make unbiased and objective decisions.

Question 7

The chairperson of the board of directors and CEO should be leaders with:

Accepted Answer

The chairperson of the board of directors and CEO should embody all of these qualities: vision and problem-solving skills to navigate the company's future, the ability to motivate to inspire their team, and business acumen to make informed decisions.

Question 8

A board that is elected in a classified system is known as a:

Accepted Answer

The answer of A board that is elected in a...

Question 9

Customer Relationship Management is about

Accepted Answer

Customer Relationship Management (CRM) encompasses all of these aspects: acquiring the right customer, instituting the best processes, and motivating employees, as they all contribute to managing and improving relationships with customers.

Question 10

CRM technology can help in

Accepted Answer

CRM technology supports a wide range of activities including designing direct marketing efforts, developing new pricing models, and processing transactions faster, making all of the options correct.

Question 11

A _________ is an organized collection of detailed information about individual customers or prospects that is accessible, actionable and current for marketing purposes such as lead generation and others.

Accepted Answer

A customer database is specifically designed to store detailed information about customers or prospects in an organized manner, making it accessible and actionable for various marketing purposes, including lead generation.

Question 12

_______uses sophisticated mathematical and statistical techniques such as neutral networking and cluster analysis.

Accepted Answer

Data mining involves using sophisticated mathematical and statistical techniques, including neural networks and cluster analysis, to discover patterns and relationships in large datasets.

Question 13

The main drawback of CRM is

Accepted Answer

The main drawback of CRM (Customer Relationship Management) systems is not inherent to the technology itself but rather in how it is implemented and utilized within an organization. Implementing CRM without a clear customer strategy, rolling out CRM without adjusting the organizational structure and processes to support it, and using CRM tactics that feel invasive to customers rather than engaging them in a meaningful way, are all significant drawbacks. These issues highlight the importance of strategic planning, organizational alignment, and customer-centric approaches in CRM implementations.

Question 14

The marketing messages committed to customers wishes is a part of

Accepted Answer

Permission marketing involves sending marketing messages to consumers who have explicitly agreed to receive them, often tailored to their preferences and wishes.

Question 15

The method used to assess real cost of providing services to an individual customer is

Accepted Answer

Activity-based accounting (Activity-based costing) is the method used to assess the real cost of providing services to an individual customer by tracing expenses directly to products or services, giving a more accurate picture of the cost of providing those services.

Question 16

_______is any occasion on which the brand or product is used by end customers.

Accepted Answer

A customer touch point refers to any interaction or point of contact between a brand (or product) and its customers. This includes moments when the product is used by end customers, encompassing a wide range of interactions from in-store experiences to using the product itself.

Question 17

A consumer buying behavior is influenced by

Accepted Answer

Consumer buying behavior is influenced by a combination of cultural, social, and personal factors. Cultural factors include culture, subculture, and social class, which shape preferences and behaviors. Social factors encompass reference groups, family, and roles and statuses that influence buying decisions. Personal factors cover aspects such as age, occupation, lifestyle, personality, and self-concept, which also affect how consumers make purchasing decisions.

Question 18

Socioeconomic system classifies urban households into _____ broad categories.

Accepted Answer

The answer of Socioeconomic system classifies urban households into _____...

Question 19

For the rural areas, the socioeconomic system use _________ of the chief wage earner.

Accepted Answer

The answer of For the rural areas, the socioeconomic system...

Quiz 3: Corporate Governance and Customer Relationship Management