MKT 475 Week 4 Quiz 3 Chapter 4 and 5 – Strayer

MKT 475 Week 4 Quiz – Strayer (All Possible Questions With Answers)

Click on the Link Below to Purchase A+ Graded Course Material

http://budapp.net/MKT-475-Week-4-Quiz-Strayer-434.htm

 

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 organization’s 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 firm’s 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 customer’s 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. field
B. customer-facing
C. company-wide
D. 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 CRM
B. Changing the organization before putting CRM in place
C. 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 CRM
B. Changing the organization before putting CRM in place
C. 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 firm’s 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 company’s 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 firm’s 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 firm’s 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 open-minded inquiry
B. analyzing competitors’ actions
C. 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 open-minded inquiry
B. analyzing competitors’ actions
C. 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 inquiry
B. analyzing competitors’ actions
C. listening to front-line employees
D. 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 inquiry
B. analyzing competitors’ actions
C. listening to front-line employees
D. 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 market
B. encouraging experimentation
C. listening to front-line employees
D. 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 experimentation
C. listening to front-line employees
D. 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 experimentation
C. searching for latent customer needs 
D. analyzing competitors’ actions

135

22. The learning processes of market-oriented companies include a sequence of activities beginning with _____. 
A. information distribution for synergy
B. objective inquiry
C. mutually informed interpretations
D. 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 inquiry
B. 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 synergy
C. Mutually informed interpretations
D. 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, which—when interpreted—will help the marketing executive to uncover opportunities and to reduce risks in decision making.”
A. Marketing research
B. Systemic marketing
C. Marginal analysis
D. Market segmentation

1

29. A _____ provides raw data to decision makers throughout a firm. 
A. marketing decision-support system
B. marketing information system
C. management information system
D. 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 sensing
B. Management information system
C. 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?