Question 1

As they move through the ________, raw materials are transformed into finished products and shipped to retailers and customers.

Accepted Answer

The answer of As they move through the ________, raw...

Question 2

Operational CRM applications include tools for

Accepted Answer

Operational CRM applications are designed to automate and streamline business processes related to customer interactions, such as sales, marketing, and customer service. Salesforce automation is a key component of operational CRM, as it helps manage interactions with customers throughout the sales cycle, from lead generation and qualification to closing deals and post-sales follow-up. While identifying buying patterns and calculating customer lifetime value (CLTV) are important CRM functions, they fall more under the realm of analytical CRM, which focuses on analyzing customer data to gain insights and make strategic decisions. Pinpointing unprofitable customers is also an analytical CRM function, as it involves analyzing customer profitability data to determine which customers are not adding value to the business.

Question 3

Which metric is based on the relationship between the revenue produced by a specific customer, the expenses incurred in acquiring and servicing that customer, and the expected life of the relationship between the customer and the company?

Accepted Answer

The metric based on the relationship between revenue, expenses, and expected customer lifetime is Customer Lifetime Value (CLTV). Churn rate measures the rate at which customers stop doing business with a company, cost per lead measures the cost of generating a new lead, and cost per sale measures the cost of making a sale.

Question 4

With new flows of information made possible by Web-based tools, supply chain management can more easily follow a(n) ________ model.

Accepted Answer

The answer of With new flows of information made possible...

Question 5

To model its existing supply chain and make better decisions about managing inventory, a firm would implement the type of SCM called supply chain ________ systems.

Accepted Answer

The answer of To model its existing supply chain and...

Question 6

A company's suppliers and it's suppliers' suppliers constitutes the ________ portion of the supply chain.

Accepted Answer

The answer of A company's suppliers and it's suppliers' suppliers...

Question 7

Enterprise application vendors have created ________ to make their own customer relationship management, supply chain management, and enterprise systems work closely together with each other.

Accepted Answer

The answer of Enterprise application vendors have created ________ to...

Question 8

________ modules in CRM systems help sales staff increase their productivity by focusing sales efforts on the most profitable customers, those who are good candidates for sales and services.

Accepted Answer

The answer of ________ modules in CRM systems help sales...

Question 9

Customer relationship management applications dealing with the analysis of customer data to provide information for improving business performance best describes ________ applications.

Accepted Answer

The description provided best matches analytical CRM applications which analyze customer data to provide insights for improving business performance. Operational CRM applications focus on automating and managing customer-facing processes such as sales, marketing, and customer service. Operational SCM applications deal with managing the flow of goods and materials within the supply chain. Analytical SFA (sales force automation) applications focus on analyzing sales data to provide insights for improving sales performance.

Question 10

Which of the following is an important capability for sales processes that is found in most major CRM software products?

Accepted Answer

Lead management is an important capability for sales processes that is found in most major CRM software products. It helps sales teams track, prioritize, and manage their leads and opportunities, ultimately improving their conversion rates and sales performance. Returns management, channel promotions management, and events management are also important capabilities for sales processes, but they are not typically found in most major CRM software products.

Question 11

In a(n) ________ strategy, components arrive exactly at the moment they are needed, and finished goods are shipped as they leave the assembly line.

Accepted Answer

The answer of In a(n) ________ strategy, components arrive exactly...

Question 12

The measurement of the number of customers who stop using or purchasing products or services from a company is called

Accepted Answer

The measurement of the number of customers who stop using or purchasing products or services from a company is called churn rate. This metric helps companies understand their customer retention and can lead to insights on how to improve customer satisfaction and loyalty.

Question 13

________ consists of a set of interdependent software modules that support basic internal business processes for finance and accounting, human resources, manufacturing and production, and sales and marketing.

Accepted Answer

The answer of ________ consists of a set of interdependent...

Question 14

Analytical CRM applications

Accepted Answer

Analytical CRM applications are based on data warehouses that consolidate data from operational CRM applications to analyze customer data and provide insights.

Question 15

Enterprise-wide ________ platforms provide a greater degree of cross-functional integration than the traditional enterprise applications.

Accepted Answer

The answer of Enterprise-wide ________ platforms provide a greater degree...

Question 16

The most explosive growth in SaaS offerings has been for ________ software, exemplified by the leadership in hosted solutions by Salesforce.com

Accepted Answer

The answer of The most explosive growth in SaaS offerings...

Question 17

________ integrate(s) multiple applications from multiple business functions, business units, or business partners to deliver a seamless experience for the customer, employee, manager, or business partner and provide a greater degree of cross-functional integration than the traditional enterprise applications.

Accepted Answer

Service platforms integrate multiple applications from different business functions and units to provide a seamless experience for customers, employees, and partners. They offer a greater degree of cross-functional integration than traditional enterprise applications, including PRM software, SFA software, and ERP suites.

Question 18

All of the following statements about enterprise applications are True except for

Accepted Answer

Once an organization has purchased and implemented a vendor's enterprise system, switching to another vendor can be expensive and time-consuming. Therefore, it is not less expensive to switch vendors. All other statements are true.

Question 19

Analyzing customer buying patterns is an example of

Accepted Answer

Analyzing customer buying patterns is a function of analytical CRM, which focuses on data analysis and mining to support sales, marketing, and service initiatives. The goal of analytical CRM is to enable personalized, targeted communications and interactions with customers to improve satisfaction, loyalty, and revenue. CLTV (customer lifetime value) is a metric used in CRM to assess the net present value of a customer over the course of their relationship with a company. Operational CRM, on the other hand, involves the automation of sales, marketing, and customer service processes to improve efficiency and effectiveness. Demand planning, while related to understanding customer needs and preferences, is generally associated with supply chain management and inventory forecasting.

Question 20

________ CRM includes customer-facing applications such as tools for sales force automation, call center and customer service support, and marketing automation.

Accepted Answer

The answer of ________ CRM includes customer-facing applications such as...

Quiz 9: Achieving Operational Excellence and Customer Intimacy: