Question 1

Match each item with the correct statement below.
-A(n)_____ is a marketing effort sponsored by an organization that solicits responses from individuals who share common interests and activities.

Accepted Answer

An affinity program is a marketing effort sponsored by an organization that solicits responses from individuals who share common interests and activities.

Answer: H
 Customer relationship management (CRM) is a strategy for managing an organization's relationships and interactions with customers and potential customers.

Answer: C
 Cobranding is the partnership of two or more brands on a single product or service.

Answer: D
 Frequency marketing is a marketing strategy that rewards customers for their repeat business.

Answer: F
 Database marketing involves using customer data to find better and more effective ways to reach target audiences with personalized marketing messages.

Answer: O
 The Delphi technique is a group decision-making process that involves multiple rounds of anonymous surveys to come to a consensus on a topic or issue.

Answer: R
 Customer churn is the rate at which customers leave or stop buying from a company.

Answer: S
 Buzz marketing is a strategy that uses word-of-mouth and social media to generate excitement and interest in a product or service.

Answer: T
 Grassroots marketing is a strategy that targets small communities or groups to create a ripple effect and reach a larger audience.

Answer: J
 Internal customers are individuals or departments within a company that rely on and work with each other to succeed.

Question 2

Match each item with the correct statement below.
-_____ is a cooperative arrangement in which two or more businesses team up to closely link their names on a single product.

Accepted Answer

Cobranding is a cooperative arrangement in which two or more businesses team up to closely link their names on a single product.

Answer: A 
 Strategic alliance is a cooperative agreement between two or more businesses to work together in pursuing mutual goals.

Answer: K 
 Comarketing is a cooperative marketing strategy in which two or more companies combine their resources to create a joint marketing campaign.

Answer: N 
 Lifetime value of a customer is the total value that a customer brings to a business over the course of their relationship.

Answer: R 
 Customer churn is the rate at which customers stop doing business with a company.

Answer: S 
 Buzz marketing is a marketing strategy that relies on word-of-mouth advertising to generate buzz and interest in a product or service.

Answer: T 
 Grassroots marketing is a marketing strategy that focuses on creating buzz and excitement about a product or service among a small, localized group of individuals.

Question 3

​Like most companies,yours relies on reactive methods of collecting customer feedback.You hope to change this by introducing the proactive element(s)of:

Accepted Answer

Emailing satisfaction surveys and calling customers after a sale are proactive methods as they actively seek feedback from customers rather than waiting for customers to provide it on their own.

Question 4

Match each item with the correct statement below.
-_____ is a combination of strategies and tools that drives relationship programs,reorienting the entire organization to a concentrated focus on satisfying consumers.

Accepted Answer

Customer relationship management (CRM) is a combination of strategies and tools that drives relationship programs, reorienting the entire organization to a concentrated focus on satisfying consumers.

Question 5

Match each item with the correct statement below.
-_____ is the development,growth,and maintenance of cost-effective,high-value relationships with individual customers,suppliers,distributors,retailers,and other partners for mutual benefit over time.

Accepted Answer

Relationship marketing is defined as the development, growth, and maintenance of cost-effective, high-value relationships with individual customers, suppliers, distributors, retailers, and other partners for mutual benefit over time.

Question 6

Some of the key elements of business-to-business alliances include:​

Accepted Answer

B2B alliances can involve the creation of a new business unit in which each partner takes an ownership interest, known as a joint venture. This allows for shared risk and resources, as well as a dedicated focus on achieving the goals of the alliance. The other options are not necessarily true for all B2B alliances, as they can vary in formality, size, location, and duration.

Question 7

Match each item with the correct statement below.
-The employees or departments within an organization whose success depends on the work of other employees or departments are referred to as _____.

Accepted Answer

Internal customers are employees or departments within an organization who depend on the work of other employees or departments to achieve their own success.

Answer: E
 The value chain refers to the series of activities within a company that adds value to the product or service being offered. This includes departments and employees who rely on the work of other departments and employees to complete their tasks.

Answer: N
 Lifetime value of a customer is a measure of the total value a customer represents to a business over the course of their entire relationship. It is important for businesses to retain customers as they can provide a significant source of revenue over time.

Answer: R
 Customer churn refers to the rate at which customers discontinue doing business with a company. It is crucial for businesses to manage customer churn and retain customers in order to sustain growth and revenue.

Answer: J and E
 Internal customers (J) and value chain (E) are both concepts that refer to departments or employees within an organization who rely on the work of others for success.

Question 8

Match each item with the correct statement below.
-The use of information technology to analyze data about customers and their transactions,to identify and target messages toward specific group of potential customers is referred to as _____.

Accepted Answer

The use of information technology to analyze data about customers and their transactions, to identify and target messages toward specific group of potential customers is referred to as database marketing.

Answer: H
 Customer relationship management (CRM) refers to the strategies and technologies used by a business to manage interactions with customers and potential customers.

Answer: Q
 Transaction-based marketing is a marketing strategy that focuses on driving sales transactions by targeting customers with relevant offers and promotions.

Answer: N
 Lifetime value of a customer refers to the total amount of revenue that a customer will generate for a business over the course of their relationship.

Answer: R
 Customer churn refers to the rate at which customers stop doing business with a company over a given period of time.

Question 9

Match each item with the correct statement below.
-_____ focuses on a company's best customers with the goal of increasing their motivation to buy even more of the same or other products from the seller by rewarding them with cash,rebates,or other premiums.

Accepted Answer

Frequency marketing focuses on increasing the motivation of a company's best customers to buy more through rewards such as cash, rebates, or premiums.

Answer: B 
 Relationship marketing focuses on building long-term relationships with customers to increase loyalty and retention.

Answer: M 
 Affinity programs are designed to strengthen the relationship between a company and its customers by offering rewards and incentives based on the customer's past behavior.

Answer: H 
 Customer relationship management (CRM) is a process that focuses on building and maintaining relationships with customers through personalized communication, customer service, and other strategies.

Answer: N 
 Lifetime value of a customer refers to the total amount of revenue a customer is expected to generate for a company over their lifetime as a customer.

Answer: Q 
 Transaction-based marketing is focused on driving immediate sales through tactics such as discounts, limited-time offers, and other deals.

Answer: R 
 Customer churn refers to the rate at which customers stop doing business with a company or switch to a competitor.

Question 10

Match each item with the correct statement below.
-_____ is a forecasting technique that assigns weights to historical sales data,giving the greatest weight to the most recent data.

Accepted Answer

Exponential smoothing is a forecasting technique that assigns different weights to historical sales data, giving more weight to the most recent data.

Answer: H
 Customer relationship management (CRM) is a strategy that aims to build and maintain long-term relationships with customers by using data and technology to personalize and improve the customer experience.

Answer: I
 Trend analysis is a statistical technique that examines historical data to identify patterns or trends that can be used to make predictions about the future.

Answer: O
 The Delphi technique is a forecasting technique that involves a panel of experts who make predictions about future events or trends through a series of questionnaires and feedback sessions.

Answer: S
 Buzz marketing is a type of marketing that focuses on generating buzz or excitement about a product or brand through viral or word-of-mouth marketing techniques.

Answer: T
 Grassroots marketing is a type of marketing that focuses on building support for a product or brand through community-based initiatives, such as events, sponsorships, or partnerships.

Question 11

Match each item with the correct statement below.
-The term _____ refers to the turnover in a company's customer base.

Accepted Answer

The term "customer churn" refers to the turnover in a company's customer base.

Question 12

Match each item with the correct statement below.
-_____ is a sales forecasting method that gathers and redistributes several rounds of anonymous forecasts until participants reach a consensus.

Accepted Answer

The Delphi technique involves gathering anonymous forecasts from multiple participants and redistributing them until a consensus is reached.

Answer: F
 Database marketing involves using customer data to personalize marketing efforts and improve targeting.

Answer: G
 Exponential smoothing is a statistical method used for forecasting future sales based on past sales data.

Answer: N
 Lifetime value of a customer refers to the total revenue a customer is expected to generate for a business over the course of their relationship.

Answer: P
 National account selling involves targeting large, multi-location customers with customized sales strategies.

Answer: R
 Customer churn refers to the rate at which customers stop doing business with a company, and is used as a metric to assess customer retention.

Question 13

Match each item with the correct statement below.
-_____ are marketing efforts that connect directly with existing and potential customers through nonmainstream channels.

Accepted Answer

Grassroots marketing involves engaging with customers through unconventional and nonmainstream channels, often focusing on community-level interactions and personalized engagement.

Question 14

Match each item with the correct statement below.
-A cooperative arrangement in which two businesses jointly market each other's products is called _____.

Accepted Answer

Comarketing is a cooperative arrangement where two businesses jointly market each other's products.

Question 15

Match each item with the correct statement below.
-_____ is a marketing effort that gathers volunteers to try products and then relies on them to talk about their experiences with their friends and colleagues.

Accepted Answer

Buzz marketing gathers volunteers to try products and relies on them to talk about their experiences with their friends and colleagues.

Answer: H 
 Customer Relationship Management (CRM) focuses on building relationships with customers, often through the use of databases and technology.

Answer: K
 Co-marketing involves two or more brands partnering together to promote their products or services.

Answer: N 
 The lifetime value of a customer is the estimated revenue that a customer will generate for a company over their entire relationship.

Answer: R
 Customer churn refers to the rate at which customers stop doing business with a company.

Answer: T
 Grassroots marketing involves promoting a product or service through targeting small groups of people or communities in order to build a larger following over time.

Question 16

​You can easily identify the long-term customers who bring the most value to your babysitting service.They are the ones who:

Accepted Answer

The answer of ​You can easily identify the long-term customers...

Question 17

The term "internal partnership" refers to the relationship of an organization that involves:

Accepted Answer

Internal partnership refers to collaboration and relationships within an organization, such as between different departments or employees, which can include internal customers.

Question 18

You and your business partner own a chain of restaurants in the Midwest.You started out with one restaurant over twenty years ago,and thru smart acquisitions,you now own 35 establishments in the area.You are currently in discussions to buy a profitable steakhouse in the Chicago area from an owner who is getting ready to retire.One of the most important things you focus on when considering an acquisition is the customer base of the acquisition target company.You want to make sure that you are buying a business that has a loyal base of customers who have a long-term association with the business.You have instructed your financial advisors to give extra consideration to the quality and quantity of the customer base in their assessment of the business. ​
​Given your acquisition strategy,which of the following metrics should you use to assess the quality of the acquisition target's customer base?

Accepted Answer

The most appropriate metric to assess the quality of the acquisition target's customer base is the average customer lifetime value. This metric will provide insight into how valuable and loyal the customers are to the business, and whether the business has a sustainable revenue stream for the future. The other metrics, such as gross profit margin, return on investment, sales growth percent, and net income, are important but they do not directly measure the quality of the customer base.

Question 19

_____ marketing programs are designed to reward top customers with cash,rebates,merchandise,or other premiums.

Accepted Answer

Frequency marketing programs are designed to reward top customers with incentives such as cash, rebates, merchandise, or other premiums to encourage repeat business.

Question 20

Match each item with the correct statement below.
-_____ involves buyer seller exchanges characterized by limited communications and little or no ongoing relationship between the parties.

Accepted Answer

Transaction-based marketing involves buyer seller exchanges characterized by limited communications and little or no ongoing relationship between the parties.

Quiz 11: Relationship Marketing and Customer Relationship Management Crm

Match each item with the correct statement below. -A(n) _____ is a marketing effort sponsored by an organization that solicits responses from individuals who share common interests and activities.

Match each item with the correct statement below. -_____ is a cooperative arrangement in which two or more businesses team up to closely link their names on a single product.

Like most companies,yours relies on reactive methods of collecting customer feedback.You hope to change this by introducing the proactive element(s) of:

Match each item with the correct statement below. -_____ is a combination of strategies and tools that drives relationship programs,reorienting the entire organization to a concentrated focus on satisfying consumers.

Match each item with the correct statement below. -_____ is the development,growth,and maintenance of cost-effective,high-value relationships with individual customers,suppliers,distributors,retailers,and other partners for mutual benefit over time.

Some of the key elements of business-to-business alliances include:

Match each item with the correct statement below. -The employees or departments within an organization whose success depends on the work of other employees or departments are referred to as _____.

Match each item with the correct statement below. -The use of information technology to analyze data about customers and their transactions,to identify and target messages toward specific group of potential customers is referred to as _____.

Match each item with the correct statement below. -_____ focuses on a company's best customers with the goal of increasing their motivation to buy even more of the same or other products from the seller by rewarding them with cash,rebates,or other premiums.

Match each item with the correct statement below. -_____ is a forecasting technique that assigns weights to historical sales data,giving the greatest weight to the most recent data.

Match each item with the correct statement below. -The term _____ refers to the turnover in a company's customer base.

Match each item with the correct statement below. -_____ is a sales forecasting method that gathers and redistributes several rounds of anonymous forecasts until participants reach a consensus.

Match each item with the correct statement below. -_____ are marketing efforts that connect directly with existing and potential customers through nonmainstream channels.

Match each item with the correct statement below. -A cooperative arrangement in which two businesses jointly market each other's products is called _____.

Match each item with the correct statement below. -_____ is a marketing effort that gathers volunteers to try products and then relies on them to talk about their experiences with their friends and colleagues.

You can easily identify the long-term customers who bring the most value to your babysitting service.They are the ones who:

The term "internal partnership" refers to the relationship of an organization that involves:

_____ marketing programs are designed to reward top customers with cash,rebates,merchandise,or other premiums.

Match each item with the correct statement below. -_____ involves buyer seller exchanges characterized by limited communications and little or no ongoing relationship between the parties.

Quiz 11: Relationship Marketing and Customer Relationship Management Crm

Match each item with the correct statement below. -A(n) _____ is a marketing effort sponsored by an organization that solicits responses from individuals who share common interests and activities.

Match each item with the correct statement below. -_____ is a cooperative arrangement in which two or more businesses team up to closely link their names on a single product.

​Like most companies,yours relies on reactive methods of collecting customer feedback.You hope to change this by introducing the proactive element(s) of:

Match each item with the correct statement below. -_____ is a combination of strategies and tools that drives relationship programs,reorienting the entire organization to a concentrated focus on satisfying consumers.

Match each item with the correct statement below. -_____ is the development,growth,and maintenance of cost-effective,high-value relationships with individual customers,suppliers,distributors,retailers,and other partners for mutual benefit over time.

Some of the key elements of business-to-business alliances include:​

Match each item with the correct statement below. -The employees or departments within an organization whose success depends on the work of other employees or departments are referred to as _____.

Match each item with the correct statement below. -The use of information technology to analyze data about customers and their transactions,to identify and target messages toward specific group of potential customers is referred to as _____.

Match each item with the correct statement below. -_____ focuses on a company's best customers with the goal of increasing their motivation to buy even more of the same or other products from the seller by rewarding them with cash,rebates,or other premiums.

Match each item with the correct statement below. -_____ is a forecasting technique that assigns weights to historical sales data,giving the greatest weight to the most recent data.

Match each item with the correct statement below. -The term _____ refers to the turnover in a company's customer base.

Match each item with the correct statement below. -_____ is a sales forecasting method that gathers and redistributes several rounds of anonymous forecasts until participants reach a consensus.

Match each item with the correct statement below. -_____ are marketing efforts that connect directly with existing and potential customers through nonmainstream channels.

Match each item with the correct statement below. -A cooperative arrangement in which two businesses jointly market each other's products is called _____.

Match each item with the correct statement below. -_____ is a marketing effort that gathers volunteers to try products and then relies on them to talk about their experiences with their friends and colleagues.

​You can easily identify the long-term customers who bring the most value to your babysitting service.They are the ones who:

The term "internal partnership" refers to the relationship of an organization that involves:

_____ marketing programs are designed to reward top customers with cash,rebates,merchandise,or other premiums.

Match each item with the correct statement below. -_____ involves buyer seller exchanges characterized by limited communications and little or no ongoing relationship between the parties.

Like most companies,yours relies on reactive methods of collecting customer feedback.You hope to change this by introducing the proactive element(s) of:

Some of the key elements of business-to-business alliances include:

You can easily identify the long-term customers who bring the most value to your babysitting service.They are the ones who: