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MKT 475 Week 4 Quiz Strayer

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Quiz 3 Chapter 4 and 5
Chapter 04
Strategic Customer Management: Systems, Ethics, and Social Responsibility
True/False Questions
1. The metric customer lifetime value incorporates the past profit produced by the
customer in its calculation.
7
2. The company-wide level of CRM offers a single view of the customer across all of the
organizations access channels to the customer.
9
3. In the value creation process, the benefits the customer receives are expressed by the
customer strategy.
3
4. The integration of CRM into the firms operational support systems is important for the
successful implementation of CRM.
1
5. In order to successfully apply CRM, a firm should first create a customer strategy
before implementing CRM.
1
6. Investing in building relationships with disinterested customers is a major initiative of
CRM.
2
7. The sum of CLV for all the customers of a firm is termed as business case.

3
8. CRM approaches do not identify less attractive customers.
4
9. If a firm is essentially defensive in its stance on social responsiveness, then its primary
concerns will be the protection of relationships.
126
10. Companies that have embedded CSR in their strategy usually take a defensive stance
in their response to social responsibility.
126
Multiple Choice Questions
11. _____ is a cross-functional core business process that is specifically concerned with
achieving improved shareholder value through the development of effective affiliations
with key customers and customer segments.
A. Benchmarking
B. Customer equity
C. Customer relationship management
D. Customer value proposition
4
12. CRM supports a customer-responsive strategy, which gains competitive advantage
when it:
A. demonstrates the customers trustworthiness and reliability to the company.
B. delivers superior customer value by personalizing the interaction between the customer
and the company.
C. tightens connections with the competitors.
D. achieves the coordination of customer capabilities around the organization.
5
13. Which of the following information should be present in a database created by CRM
technology?
A. Channels of distribution
B. Company contacts with its distributors
C. Response to marketing stimuli
D. Information on supplier quality

7
14. Which of the following levels of CRM is concerned with coordinating information
across all contact channels on a continuing basis?
A. Field level
B. Company-wide level
C. Functional level
D. Customer-facing level
8-109
15. Which of the following CRM levels provides a strategic focus for CRM?
A. Field level
B. Company-wide level
C. Functional level
D. Customer-facing level
9
16. Which of the following is the first step of developing a CRM strategy?
A. Form a cross-functional CRM project team for decision analysis and actions.
B. Gain an organization-wide commitment to CRM strategy.
C. Conduct a business needs analysis concerning customer relationships.
D. Develop and define the CRM strategy to guide management process.
9
0
17. The _____ level of CRM considers the implications of knowledge about customers
and their preferences across the entire organization. A. fieldB. customer-facing
C. company-wideD. functional
9
18. The _____ perspective of CRM considers the processes that are needed to fulfill
required marketing activities.
A. functional
B. field
C. company-wide
D. customer-facing
8

19. The _____ in a CRM strategy is an assessment that indicates the shareholder value and
financial return of delivery of the required customer value.
A. operating agreement
B. enterprise transformation plan
C. value proposition
D. business case
0
20. The _____ in the CRM strategy spells out what the organization must provide in order
to satisfy customer expectations.
A. value proposition
B. enterprise transformation plan
C. operating agreement
D. business case
0
21. The _____ in the CRM strategy indicates the necessary initiatives to launch the
strategy.
A. value proposition
B. enterprise transformation plan
C. operating agreement
D. business case
0
22. The _____ component in the CRM strategy indicates how different consumer
segments will be formed and managed.
A. business case
B. value proposition
C. customer strategy
D. enterprise transformation plan
0
23. Which of the following is the final step in developing a CRM strategy?
A. Gaining an organization-wide commitment to CRM strategy
B. Forming a cross-functional CRM project team for decision analysis and actions
C. Developing and defining the CRM strategy to guide management process
D. Conducting a business needs analysis concerning customer relationships
0
24. Which of the following is a pitfall to be avoided when applying CRM initiatives?

A. Changing the organization before putting CRM in place


B. Matching CRM technology to the customer strategy
C. Investing in building relationships with customers who value them
D. Implementing CRM before creating a customer strategy
1
2
25. Which of the following is a pitfall to be avoided when implementing CRM initiatives?
A. Creating a customer strategy before implementing CRM
B. Putting CRM in place before changing the organization to match
C. Matching the technology to the customer strategy
D. Investing in building relationships with interested customers
2
26. _____ has to be avoided when implementing CRM initiatives.
A. Creating a customer strategy before implementing CRMB. Changing the organization
before putting CRM in placeC. Assuming that more CRM technology is necessarily better
D. Investing in building relationships with interested customers
2
27. Which of the following activities hinders the successful implementation of CRM
initiatives?
A. Creating a customer strategy before implementing CRMB. Changing the organization
before putting CRM in placeC. Matching the technology to the customer strategy
D. Investing in building relationships with disinterested customers
2
28. In CRM, the benefits the customer receives are expressed by the _____.
A. value proposition
B. customer equity
C. customer lifetime value
D. enterprise transformation plan
3
29. _____ refers to the sum of CLV for all of a firms customers.
A. Customer zone
B. Customer orientation
C. Customer concentration
D. Customer equity

3
30. The goal in _____ CSR mode is to anticipate and develop appropriate responses to
social demands from any source that threatens to undermine the value and credibility of
brands, the attractiveness of the competitive position on which the companys strategy
depends, and the viability of the marketing strategy itself.
A. defensive
B. strategic
C. systemic
D. charitable
126
Essay Questions
31. How does CRM help gain a competitive advantage through a customer-responsive
strategy?
32. What information should a database created through CRM technology contain?
database created through CRM technology should contain information about the
following:
33. What is customer lifetime value? How is it calculated?
34. What are the different CRM levels?
35. What are the major steps in developing a CRM strategy?
Chapter 05
Capabilities for Learning About Customers and Markets
True/False Questions
1. Investments in enhancing and shaping interpretation may create a more durable
competitive advantage than investments in obtaining additional information.
133
2. Market sensing is concerned with the ability of organizations to continuously learn
about their markets, and acts as an antecedent to market orientation.
134
3. Market orientation is both a culture and a process committed to achieving superior

supplier value.
134
4. Searching for latent customer needs primarily involves understanding customer needs
through interaction with front-line employees who are in direct contact with customers.
135
5. Market-driven organizations are primarily interested in static events, rather than factors
that cause change, in the markets.
135
6. Knowledge intensity identifies both market risk and new opportunities for growth.
135
7. The markets are best understood if the firm has a fixed view on what information will
influence the firm.
137
8. Unbundling information from its physical carrier will provide access as well as speed in
organizations.
138
9. Market-oriented firms emphasize enhanced operating efficiency and reduced costs
through automating information processing.
151
10. Typically, the MIS does not interact in the decision-making process and is primarily
used in collecting data.
153
Multiple Choice Questions
11. Strategic _____ refers to a firms awareness of what is happening and what is going to
happen next, as a basis for rapidly developing effective responses to change or new

opportunities.
A. sensitivity
B. alliance
C. equity
D. network optimization
132
12. Strategic _____ refers to a firms capability to consistently identify and seize
opportunities more quickly and effectively than rivals.
A. alliance
B. agility
C. stock
D. equity
132
13. _____ is a key capability of the market-driven organization, concerned with the ability
of organizations to continuously learn about their markets, and acts as an antecedent to
market orientation.
A. Market penetration
B. Market capitalization
C. Market sensing
D. Market segmentation
134
14. _____ is both a culture and a process that consists of information acquisition, broad
information dissemination, and shared diagnosis leading to coordinated action.
A. Market liquidity
B. Market valuation
C. Market capitalization
D. Market orientation
134
15. The market sensing process of _____ helps to study and understand changes that occur
in the markets and avoid complacency in reacting to such changes.A. building openminded inquiryB. analyzing competitors' actionsC. listening to front-line employees
D. searching for latent customer needs
135
16. The market sensing process of _____ gives detailed attention to rivals' tactics and
strategies to develop understanding of their plans and capabilities. A. building openminded inquiryB. analyzing competitors' actionsC. listening to front-line employees

D. searching for latent customer needs


135
17. The market sensing process of _____ includes motivating the involvement of staff who
are in contact with customers in building understanding of change, new opportunities and
threats.A. building open-minded inquiryB. analyzing competitors' actionsC. listening to
front-line employeesD. searching for latent customer needs
135
18. The market sensing process of _____ includes finding discontent through dialogue,
observation, and engagement with clients.A. building open-minded inquiryB. analyzing
competitors' actionsC. listening to front-line employeesD. searching for latent customer
needs
135
19. The market sensing process of _____ includes actively looking for new opportunities
in the market.A. scanning the periphery of the marketB. encouraging experimentation
C. listening to front-line employeesD. searching for latent customer needs
135
20. The market sensing process of _____ includes building a culture and process around
continuous curiosity and new ideas. A. scanning the periphery of the market
B. encouraging experimentationC. listening to front-line employeesD. searching for latent
customer needs
135
21. Megagro, a groceries retail chain, demonstrated the market sensing process of _____
when it hired researchers to survey the refrigerator contents and lifestyles of 90 families
checking average family size, gross family income, what the families ate for breakfast, and
how often they shopped for groceries. A. scanning the periphery of the market
B. encouraging experimentationC. searching for latent customer needs D. analyzing
competitors actions
13522. The learning processes of market-oriented companies include a sequence of
activities beginning with _____. A. information distribution for synergyB. objective
inquiryC. mutually informed interpretationsD. accessible memory
137
23. Which of the following learning process activities can leverage the value of the
information by cutting across business functions to share information on customers,
channels of distribution, suppliers and competitors?A. Objective inquiryB. Mutually
informed interpretations C. Information distribution for synergy D. Accessible memory

138
24. Which of the following activities is to be avoided when engaging in the process of
market learning?
A. Searching for new ideas without a fixed view
B. Interpreting collected information based on managers views
C. Bundling information based on specific business functions
D. Accessing prior information
138
25. Which of the following learning process activities involves matching the vision of
executives, like managers, to the information collected?
A. Mutually informed interpretations
B. Information distribution for synergy
C. Accessible memory
D. Objective inquiry
138
26. _____ is the part of the learning process of market-oriented companies that emphasizes
the importance of keeping and valuing prior information.A. Objective inquiry
B. Information distribution for synergyC. Mutually informed interpretationsD. Accessible
memory
138
27. Which of the following organizational scanning initiatives would require the use of
external consultants for fresh perspectives on the business to be incorporated in strategic
decision making?
A. Using existing functional groups
B. Outsourcing
C. Creating ad hoc issue groups
D. Establishing a high-level lookout team
142
28. _____ is the systematic gathering, recording, processing, and analyzing of marketing
data, whichwhen interpretedwill help the marketing executive to uncover
opportunities and to reduce risks in decision making.A. Marketing researchB. Systemic
marketingC. Marginal analysisD. Market segmentation
1
29. A _____ provides raw data to decision makers throughout a firm. A. marketing

decision-support systemB. marketing information systemC. management information


systemD. market function team
152
30. _____ integrates data that are not easily found, assimilated, formatted or readily
manipulated with software and hardware into a decision-making process that provides the
marketing decision maker with assistance when needed.
A. Market sensingB. Management information systemC. Marketing information system
D. Marketing decision-support system
153
Essay Questions
31. List the market-sensing processes used by market-driven companies.
32. What are the activities included in the learning processes of market-oriented
companies?
33. Give an account of the barriers that affect the market learning processes.
34. Give an account of how internet-based research helps in creating new market
information.
35. What is the role of management information systems (MISs) in data collection?

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