Question 1

What do we call the point at which a customer and a company representative exchange information and develop learning relationships?
A)social contact
B)interaction
C)empowering moment
D)equilibrium point

Accepted Answer

The point at which a customer and a company representative exchange information and develop learning relationships is typically referred to as an interaction. This term encompasses a wide range of situations, from brief exchanges at a store or on social media to more in-depth conversations via phone or email. It is important for companies to facilitate positive interactions with customers in order to build trust and cultivate lasting relationships.

Question 2

Synavant is a pharmaceutical company in Toronto. Its director of business development told a group of investors, "There is a single database repository in this company from which everybody can access data about a customer or potential customers." What is Synavant most likely using?
A)learned research
B)stimulus/response marketing
C)knowledge management
D)sales-oriented marketing

Accepted Answer

Synavant is most likely using knowledge management, which refers to the process of capturing, organizing, and sharing information within a company to improve decision making and problem solving. The single database repository mentioned by the director of business development suggests a centralized approach to data management, which aligns with the principles of knowledge management. Learned research and stimulus/response marketing are not relevant to this scenario, while sales-oriented marketing focuses on generating revenue through sales activities, rather than data management.

Question 3

Sally is a guest at a Marriott hotel.She stepped in a puddle on her way into the hotel. Her shoes were wet, and she planned to wear them to an important sales presentation that day. The hotel concierge saw the guest's unhappy face and asked if he could help. After learning of the problem, the concierge called a nearby shoe store and had a new pair sent over. Why was the concierge able to handle the situation in a manner that created customer satisfaction?
A)Marriott has a sales orientation.
B)Marriott uses knowledge management.
C)Marriott limits customer interactions.
D)Marriott empowers its employees.

Accepted Answer

Marriott empowers its employees to handle guest issues in a way that creates customer satisfaction. In this situation, the concierge was able to take quick action to resolve the issue and provide a solution that exceeded the guest's expectations. This is a sign of employee empowerment and a customer service culture that values guest experience.

Question 4

What does the value of customer data depend on?
A)the system that stores the data
B)the high quality of the system
C)the consistency and accuracy of the data captured
D)the information retrieval

Accepted Answer

The value of customer data depends on the consistency and accuracy of the data captured. A high-quality system and efficient information retrieval are important, but ultimately the data itself must be reliable and trustworthy to be valuable. The system that stores the data is also important, but not as much as the actual data captured.

Question 5

What is the purpose of data mining?
A)to sell them products and services
B)to make managerial decisions
C)to understand their consumers
D)to build consumer relationships

Accepted Answer

Data mining is used to make managerial decisions by extracting knowledge from data.

Question 6

Les Ailes de la Mode is a Quebec retail store that promotes the highest-quality customer service. It does this by maintaining the importance of the point at which customer and store personnel exchange information and develop learning relationships. What is this point called?
A)knowledge analysis
B)equilibrium point
C)empowerment moment
D)interaction

Accepted Answer

The point where customers and store personnel exchange information and develop learning relationships is called interaction.

Question 7

According to your textbook, Bridgestone Canada Inc. uses OnDemand5 to analyze their data for what purpose?
A)to sell products and services
B)to determine which customers qualify for the MasterCare Select program
C)to understand their consumers
D)to provide a loyalty card for their best customers

Accepted Answer

Bridgestone Canada Inc. uses OnDemand5 to analyze their data to determine which customers qualify for the MasterCare Select program.

Question 8

What do we call the process of finding hidden patterns and relationships in the customer data stored in the data warehouse?
A)customer information management
B)data feedback
C)information retrieval
D)data mining

Accepted Answer

Data mining refers to the process of analyzing and discovering hidden patterns and relationships in the customer data stored in the data warehouse. It involves using statistical and machine learning techniques to extract valuable insights and knowledge from large datasets. This information can be used for various purposes such as customer segmentation, fraud detection, and product recommendations.

Question 9

The way to people's hearts may be through their stomachs, but Kraft Foods has decided not to rely exclusively on that maxim to secure the long-term loyalty of its customers. It is also making new product developments through data generated from interaction between Kraft and its customers. Which of the following best describes Kraft Foods?
A)It is sales oriented.
B)It has a standardization focus.
C)It is ethnocentric.
D)It has a customer-centric focus.

Accepted Answer

Kraft Foods is making new product developments through data generated from the interaction between Kraft and its customers, indicating a customer-centric focus.

Question 10

Which of the following is the process by which learned information from customers is centralized and shared in order to enhance the relationship between customers and the organization?
A)knowledge management
B)learning
C)database mining
D)information marketing

Accepted Answer

Knowledge management is the process of gathering, organizing, sharing, and utilizing information and knowledge within an organization. This includes information learned from customers, which can be centralized and shared among employees to enhance the customer relationship. Database mining involves analyzing data to discover patterns and relationships, and information marketing refers to using customer information to create targeted marketing campaigns. While learning is an important aspect of knowledge management, it is not the process by which customer information is centralized and shared.

Question 11

What could a catalogue retailer use to determine consumers' buying habits?
A)data mining
B)information search
C)evoked sets
D)an information environment

Accepted Answer

Data mining is the process of analyzing large sets of data to identify patterns and relationships, which can help a catalogue retailer determine consumers' buying habits. By analyzing data such as purchase history and demographics, data mining can provide insights into what products consumers are most likely to purchase, when they are most likely to make a purchase, and what factors influence their buying decisions.

Question 12

During 2005-2006, Best Buy introduced a new focus in all of its stores, which will now customize their product offerings for the five key customer segments it has identified. Which type of focus is Best Buy using?
A)demand based focus
B)sales-centric focus
C)supply based focus
D)customer-centric focus

Accepted Answer

Best Buy is using a customer-centric focus, which means that they are prioritizing the needs and preferences of their customers in their business strategy. They are identifying key customer segments and tailoring their product offerings to meet the specific needs of each segment, in order to provide a better customer experience and increase customer loyalty.

Question 13

What would an online retailer use to discover that customers who purchase flannel sheets also have a high probability of purchasing all-natural Christmas wreaths, if the opportunity is made available?
A)knowledge interpretation
B)systems management
C)data mining
D)information extraction

Accepted Answer

Data mining is the process of analyzing data from different perspectives and summarizing it into useful information, such as customer patterns and behaviors. In this case, the online retailer would use data mining to identify patterns and relationships between customers who purchase flannel sheets and those who also purchase all-natural Christmas wreaths. By analyzing this information, the retailer can make targeted recommendations and promotions to these customers in the future.

Question 14

What does Bridgestone Canada Inc. use the information in its database for?
A)to sell products and services
B)to develop targeted marketing campaigns
C)to understand their consumers
D)to build consumer relationships

Accepted Answer

Bridgestone Canada Inc. uses the information in its database to develop targeted marketing campaigns, which allows them to tailor their marketing efforts to specific consumer needs and preferences.

Question 15

What is learning in CRM?
A)the informal process of collecting customer information
B)the formal process of collecting customer information
C)the feedback on the process
D)the feedback on the service performance

Accepted Answer

The answer of What is learning in CRM?
A)the informal process...

Question 16

Foremost Manufacturing makes lighting reflectors and other fabricated metal products. Foremost Manufacturing recognizes that being "good enough" just isn't good enough. With this in mind, Foremost has embarked on a program to transform itself into a manufacturing enterprise with an unwavering focus on customer service. What has Foremost adopted?
A)a demand-based focus
B)a sales focus
C)a supply-based focus
D)a customer-centric focus

Accepted Answer

Foremost Manufacturing has adopted a customer-centric focus, which means that the company is focused on meeting the needs and expectations of its customers. This approach requires the company to have a deep understanding of its customers and to make decisions that prioritize their satisfaction.

Question 17

Which of the following refers to the latitude organizations give their representatives to negotiate mutually satisfying commitments with customers?
A)consumer learning
B)customerization
C)empowerment
D)interaction

Accepted Answer

Empowerment refers to the latitude organizations give their representatives to negotiate mutually satisfying commitments with customers.

Question 18

What does a company have if it customizes its product offerings based on data generated through interaction between the customer and the company?
A)a supply-based focus
B)a sales orientation
C)a marketing orientation
D)a customer-centric focus

Accepted Answer

Customizing product offerings based on data generated through interaction between the customer and the company indicates a customer-centric focus. This approach focuses on meeting the needs and preferences of individual customers, thereby building stronger customer relationships and increasing customer satisfaction.

Question 19

In a CRM environment, which of the following is defined as the informal process of collecting customer information through customer contacts and feedback on product performance?
A)attitude adjustment
B)organizational perception
C)stimulus/response research
D)learning

Accepted Answer

The informal process of collecting customer information through customer contacts and feedback on product performance is called learning in a CRM environment. This process helps the organization to understand customer needs, preferences, and behavior patterns, which can be used to improve customer satisfaction and loyalty. It involves continuous learning and improvement based on customer feedback and market trends. Options A, B, and C are not relevant to the given context.

Question 20

What internal management philosophy is a customer-centric focus similar to?
A)utilitarianism
B)the equity theory
C)the marketing concept
D)consumerism

Accepted Answer

The marketing concept is a philosophy that focuses on meeting the needs and wants of customers in order to achieve organizational goals. This involves understanding customer needs, creating products and services that meet those needs, and communicating effectively with customers to provide superior customer value. A customer-centric focus is therefore similar to the marketing concept, which emphasizes the importance of customer satisfaction and building long-term relationships with customers. Utilitarianism is a philosophical approach that emphasizes maximizing overall happiness and well-being, while the equity theory focuses on fairness and balance in social and economic relationships. Consumerism is a social and economic movement that emphasizes the rights and interests of consumers in the marketplace. While customer-centricity is related to consumerism, it is more focused on meeting customer needs and creating value for customers.

Quiz 9: Customer Relationship Management CRM

What do we call the point at which a customer and a company representative exchange information and develop learning relationships?

Synavant is a pharmaceutical company in Toronto. Its director of business development told a group of investors, "There is a single database repository in this company from which everybody can access data about a customer or potential customers." What is Synavant most likely using?

What does the value of customer data depend on?

What is the purpose of data mining?

Les Ailes de la Mode is a Quebec retail store that promotes the highest-quality customer service. It does this by maintaining the importance of the point at which customer and store personnel exchange information and develop learning relationships. What is this point called?

According to your textbook, Bridgestone Canada Inc. uses OnDemand5 to analyze their data for what purpose?

What do we call the process of finding hidden patterns and relationships in the customer data stored in the data warehouse?

Which of the following is the process by which learned information from customers is centralized and shared in order to enhance the relationship between customers and the organization?

What could a catalogue retailer use to determine consumers' buying habits?

During 2005-2006, Best Buy introduced a new focus in all of its stores, which will now customize their product offerings for the five key customer segments it has identified. Which type of focus is Best Buy using?

What would an online retailer use to discover that customers who purchase flannel sheets also have a high probability of purchasing all-natural Christmas wreaths, if the opportunity is made available?

What does Bridgestone Canada Inc. use the information in its database for?

What is learning in CRM?

Which of the following refers to the latitude organizations give their representatives to negotiate mutually satisfying commitments with customers?

What does a company have if it customizes its product offerings based on data generated through interaction between the customer and the company?

In a CRM environment, which of the following is defined as the informal process of collecting customer information through customer contacts and feedback on product performance?

What internal management philosophy is a customer-centric focus similar to?