Question 1

3D printing,also known as additive manufacturing,whereby materials are cut,ground,or molded to create an object.

Accepted Answer

3D printing, or additive manufacturing, involves adding material layer by layer to create an object, not cutting, grinding, or molding.

Question 2

Enterprise systems refer to a category of information systems that link the enterprise with suppliers,business partners,and customers.

Accepted Answer

Enterprise systems are designed to connect different parts of an organization with external entities like suppliers, business partners, and customers.

Question 3

Companies use IT systems to manage their supply chain,which starts with the acquisition of raw materials or the procurement of products and proceeds through manufacture,transport,and delivery-and the disposal or recycling of products.

Accepted Answer

This statement is true as IT systems are commonly used to manage supply chain processes from procurement to disposal/recycling of products.

Question 4

Creative destruction is a term coined by Joseph Schumpeter to warn that innovation can disrupt industries in capitalistic societies;and force established companies and business models to either adapt or fail.

Accepted Answer

This is correct. Joseph Schumpeter introduced the concept of creative destruction, which refers to the process of innovation leading to the destruction of established business models and companies that fail to adapt to change.

Question 5

CRM is a business strategy to segment and manage customers to optimize customer lifetime value (CLV).

Accepted Answer

CRM is a business strategy that focuses on analyzing customer data and interactions to optimize the value of each customer relationship and increase overall profitability. The ultimate goal is to maximize customer lifetime value by providing a personalized, customer-centric experience and building strong, long-term relationships with customers. Thus, CRM is a true statement.

Question 6

Attracting and acquiring new customers is estimated to costs banks roughly __________ per new customer.
A)$10
B)$25
C)$50
D)$100

Accepted Answer

According to a report by Javelin Strategy & Research, it costs an average of $100 for banks to acquire a new customer. This includes marketing, advertising, and other costs associated with attracting and onboarding new customers.

Question 7

A major challenge of enterprise systems is getting new apps or system modules to interface with existing or legacy systems that are several generations older.

Accepted Answer

Integrating new apps or system modules with older existing systems can be a major challenge in enterprise systems, as these legacy systems may not have the compatible technology or interfaces to communicate with the new software.

Question 8

SCM systems are commercial software packages that integrate business processes,including supply chains,manufacturing,financial,human resources,budgeting,sales,and customer service.

Accepted Answer

The answer of SCM systems are commercial software packages that...

Question 9

What is the purpose of frequent purchase programs offered by airlines,supermarkets,credit card issuers,retailers,casinos,and other companies?
A)To track customers for CRM purposes
B)To build customer loyalty to improve financial performance
C)To deter customer attrition
D)All are purposes

Accepted Answer

Frequent purchase programs offered by different companies have various purposes. These programs help to track customers for CRM purposes and to build customer loyalty, which ultimately improves the financial performance of the company. Additionally, these programs also work to deter customer attrition. Therefore, all the choices are valid purposes for these programs.

Question 10

Accounting,inventory management,and shipping are part of order fulfillment and referred to as __________ operations.
A)Back-office
B)Customer-facing
C)Front-office
D)Logistics

Accepted Answer

Back-office operations refer to the internal administrative and support functions of a business, such as accounting, inventory management, and shipping. These tasks are important for fulfilling orders, but they are not customer-facing activities. Front-office operations, on the other hand, are those that involve direct interaction with customers, such as sales and customer service. Logistics is a broader term that encompasses all of the activities involved in getting products from the point of origin to the point of consumption, including transportation, warehousing, and distribution. While logistics is a critical part of order fulfillment, it is not synonymous with the specific tasks of accounting, inventory management, and shipping that are mentioned in the question.

Question 11

Enterprise systems require data transfers-often to mainframes.

Accepted Answer

Enterprise systems often have to transfer data to mainframe systems for processing and storage.

Question 12

A formal business plan must be in place before the CRM project begins.The business plan should include an assessment of each of the following factors except ________.
A)clear and precise cost-benefit analysis and tangible benefits
B)expected intangible benefits
C)clear understanding of how to put an existing CRM on mobile devices
D)risk assessment of all of potential pitfalls related to people,processes,and technology

Accepted Answer

The other three options are crucial factors that must be assessed before implementing a CRM project, but the question specifically mentions "expected intangible benefits" and "risk assessment." Therefore, the factor that is not mentioned is option C, which is the clear understanding of how to put an existing CRM on mobile devices.

Question 13

According to global investment management firm Goldman Sachs,3D printing is one of the technologies that are going to creatively destroy how we do business.

Accepted Answer

Goldman Sachs has indeed stated that 3D printing is one of the technologies that will disrupt traditional business models.

Question 14

Efficient,effective supply chains are fully dependent on SCM software,which depends on __________.
A)SaaS
B)ERP
C)up-to-date and accurate data
D)RFID

Accepted Answer

Efficient and effective supply chains heavily rely on supply chain management (SCM) software, which in turn depends on timely and accurate data. While SaaS and ERP systems are commonly used in SCM, they alone cannot guarantee supply chain efficiency without accurate data. RFID technology can be used to gather data, but it is not a requirement for an effective supply chain. Therefore, the best choice is C, up-to-date and accurate data.

Question 15

Apple's iPhone and iPod are best examples of __________ business strategies because demand was so high that many customers were even willing to camp out on sidewalks to guarantee getting one on the day of their releases.
A)customer-centric
B)product-centric
C)upselling
D)cross-selling

Accepted Answer

The answer of Apple's iPhone and iPod are best examples...

Question 16

Retaining customers that generate revenues in excess of the costs of customer service,returns,promotional items,and the like are critical;and are the underlying reason for __________.
A)EDI
B)ERP
C)CRM
D)SCM

Accepted Answer

Retaining profitable customers requires effective management of customer relationships, which is the main objective of customer relationship management (CRM). EDI (electronic data interchange) is a technology for exchanging business documents electronically, ERP (enterprise resource planning) is a software system for managing business processes, and SCM (supply chain management) is a set of practices for managing the flow of goods and services. While these technologies and practices may support customer retention, they are not specifically designed for this purpose.

Question 17

Implementing an enterprise system is relatively simple,but sometimes may require the help of a consulting firm,vendor,or value-added reseller (VAR).

Accepted Answer

Implementing an enterprise system is not always simple and may require specialized expertise and resources, which can be provided by consulting firms, vendors, or VARs.

Question 18

There have been many CRM failures reported in the media.Major issues relating to CRM failures include each of the following except _________.
A)Customers rejecting loyalty programs or attempts to build loyalty.
B)Failure to identify and focus on specific business problems that the CRM can solve.
C)Lack of active senior management sponsorship.
D)Trying to automate a poorly defined business process in the CRM implementation.

Accepted Answer

This option is not a major issue relating to CRM failures. The other options are all common causes of CRM failures that have been reported in the media.

Question 19

Many times seemingly well-planned projects fail and require extensive reworking because integration issues had not been properly planned.

Accepted Answer

Integration issues can arise when different components or systems of a project are brought together, and failing to plan for these can lead to significant setbacks and the need for extensive reworking.

Question 20

According to the loyalty effect,a 5% reduction in customer attrition can improve profits by as much as __________ percent.
A)5
B)10
C)20
D)30

Accepted Answer

The loyalty effect states that a 5% reduction in customer attrition can increase profits by 25% to 85%. Therefore, the closest option is C, which represents a 20% increase in profits.

Quiz 10: Strategic Technology and Enterprise Systems

3D printing,also known as additive manufacturing,whereby materials are cut,ground,or molded to create an object.

Enterprise systems refer to a category of information systems that link the enterprise with suppliers,business partners,and customers.

Companies use IT systems to manage their supply chain,which starts with the acquisition of raw materials or the procurement of products and proceeds through manufacture,transport,and delivery-and the disposal or recycling of products.

Creative destruction is a term coined by Joseph Schumpeter to warn that innovation can disrupt industries in capitalistic societies;and force established companies and business models to either adapt or fail.

CRM is a business strategy to segment and manage customers to optimize customer lifetime value (CLV).

Attracting and acquiring new customers is estimated to costs banks roughly __________ per new customer.

A major challenge of enterprise systems is getting new apps or system modules to interface with existing or legacy systems that are several generations older.

SCM systems are commercial software packages that integrate business processes,including supply chains,manufacturing,financial,human resources,budgeting,sales,and customer service.

What is the purpose of frequent purchase programs offered by airlines,supermarkets,credit card issuers,retailers,casinos,and other companies?

Accounting,inventory management,and shipping are part of order fulfillment and referred to as __________ operations.

Enterprise systems require data transfers-often to mainframes.

A formal business plan must be in place before the CRM project begins.The business plan should include an assessment of each of the following factors except ________.

According to global investment management firm Goldman Sachs,3D printing is one of the technologies that are going to creatively destroy how we do business.

Efficient,effective supply chains are fully dependent on SCM software,which depends on __________.

Apple's iPhone and iPod are best examples of __________ business strategies because demand was so high that many customers were even willing to camp out on sidewalks to guarantee getting one on the day of their releases.

Retaining customers that generate revenues in excess of the costs of customer service,returns,promotional items,and the like are critical;and are the underlying reason for __________.

Implementing an enterprise system is relatively simple,but sometimes may require the help of a consulting firm,vendor,or value-added reseller (VAR).

There have been many CRM failures reported in the media.Major issues relating to CRM failures include each of the following except _________.

Many times seemingly well-planned projects fail and require extensive reworking because integration issues had not been properly planned.

According to the loyalty effect,a 5% reduction in customer attrition can improve profits by as much as __________ percent.