Which of the following is a similarity between customer relationship management software and enterprise software?

Both are business-process-driven software More test answers on https://studyhippo.com/bcor-330-exam-3/

Customer relationship management software a) Is rarely used in large organizations because these organizations have too many different types of customers with diverse tastes and preferences. b) Tracks data on activities such as products manufactured, services sold, people hired, and payroll checks generated. c) Manages e-mail distribution, scheduling, billing, and customer information. d) None of these are correct.

c) Manages e-mail distribution, scheduling, billing, and customer information. More test answers on https://studyhippo.com/is-220-chapter-12/

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Control And Regulation Customer Relationship Management Software Eighteenth Century Human Relations Movement Major League Baseball Social Issues Written Communication Skills

SPMT 217 – Flashcard Test Questions 60 terms

Alicia Bennett

60 terms

Preview

SPMT 217 – Flashcard Test Questions

question

what are the building blocks to management structures? also known as the 3 cornerstone sport structures

answer

clubs, leagues, professional tournaments

question

what is the primary theme?

answer

structures that grow in response to broad social changes

question

what are secondary themes?

answer

honest play, "who gets to play"

question

"who gets to play?"

answer

defined by who has the "power" in society

question

ideology of white racial superiority?

answer

USA, South Africa

question

What is The Club System?

answer

the birthplace of modern sport and sport management was in England

question

What is Thoroughbred Racing?

answer

Theses races drew a broad and diverse audience, no admission was charged, gambling provided entertainment

question

What is The Jockey Club?

answer

It was established in 1750, settled disputes, established rules, and determined eligibility, served as model for wider sport management practices in England

question

The Modern Olympic Games

answer

introduced the concept of amateur Olymipc games every 4 years, founder was PIERRE DE COUBERTIN and was inspired by English revivals

question

Present-Day Club Structure

answer

Real Madrid, FC Characterized by nonprofit status and exclusive membership worlds biggest sport organization in terms of value all are non-profit

question

first to adopt the league system?

answer

baseball

question

first pro team?

answer

cincinnati red stockings

question

Who is William Hulbert and what did he do?

answer

Provided leadership and stability to new league; became "Czar of baseball" Believed stability achieved only if teams were run like business Believed without strict rules forcing honest competition, collusion would occur Owners must take some financial risk

question

What was in for Early Success of National League?

answer

Excitement of pennant race honoring of contracts favorable media attention

question

What was in it for Corcoran's Tournaments?

answer

Fred Corcoran: Architect of golf tournament good business= tax deductions

question

What did the Commission of Sport Management Accreditation do?

answer

COSMA created to promote and recognize excellence in sport management education established to maintain excellence in this fast-emerging discipline known as SPMT

question

what is the goal of sport managers?

answer

to get the workers to do what the manager wants in an efficient and cost-effective matter

question

what city and year did the olympics start?

answer

Paris 1988 with 9 sports

question

"Taylorism"

answer

workers should not be doing the same job different ways, but instead in the "one best way"

question

what are the modern changes of Organizational behavior?

answer

downsizing, globalization, information technology, and diversity

question

what are the functional areas of management?

answer

planning, organizing, leading, and evaluating

question

what are the 4 types of political tactics used?

answer

coalitions outside experts links/networks controlling information

question

what is the model for decision making?

answer

need to define problem generate alternatives evaluate alternatives select best alternative

question

what is the most valuable organizational resource?

answer

people

question

what is sport marketing?

answer

creating "demand" for products and services Products services entities staff

question

what are the categories of sport marketing?

answer

sport broadcasting sponsorship promotional strategies research

question

what is ambush marketing?

answer

capitalizing the goodwill associated with an event without being an official sponsor ex. subway with olympics

question

who was the 1st to capitalize the use of the word official?

answer

Albert G. Spalding

question

what are the 4 p's of the marketing mix?

answer

product price place promotion

question

how many dollars is the sport industry?

answer

multibillion dollars

question

what is the difference between "sales" and "value-added"?

answer

sales- everything added together value-added- cost of raw materials and manufacturing are considered

question

what is finance? (2 definitions)

answer

how an organization generates the funds that flow into that organization how these funds are allocated and spent once they are in the organization

question

revenues vs. expenses

answer

revenues- funds raised by an organization through a variety of sources including tickets, merchandise, services, sponsorship, etc.. expenses- funds spent to operate an organization such as salary, equipment, utilities, ect...

question

profit?

answer

more revenue than expenses

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income statement?

answer

summarizes an organizations revenues, expenses, and profits over a given period of time

question

what is the accounting equation?

answer

A= L+OE assets= liability + owner's equity assests- anything the company has

question

balance sheet?

answer

a financial statement that summarizes an organization's assets, liabilities, and owner's equity at any given point in time

question

sport law?

answer

application of existing laws to the sport setting

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risk management

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developing management strategy to maintain greater control over legal uncertainty

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judicial review

answer

determines whether it should review the sport organizations decision

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tort liability

answer

an injury or wrong suffered as the result of another's improper conduct

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gross negligence

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occurs when defendant acts recklessly, and fails to realize harm caused

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negligence

answer

unintentional tort and is the most common tort that sport managers encounter

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vicarious liability

answer

allows plaintiff to sue for the negligent acts of a subordinate

question

agent law

answer

agent- person who does the negotiating principal- under the direction of another agency- duties inherent principle

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contract law

answer

written or oral agreement between 2 to more parties

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constitutional law (4)

answer

due process- 5th and 14th amendment equal protection- 14th amendment unreasonable search and seizures - 4th amendment invasion of privacy

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title XI

answer

eliminating sex discrimination

question

antitrust

answer

labor exemption

question

trademark service mark lanham act

answer

tm- word, name, or symbol used by a manufacture sm-used to identify the source of an intangible service la- governs trademarks and service marks

question

ethics

answer

the systematic study of the values guiding our decision making

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ethical reasoning

answer

the process of making a correct and fair decision

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ethical dilemma

answer

practical conflict involving equally compelling values or social obligations

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ethical decision making

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requires consideration of how actions will affect other groups and individuals

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mortality

answer

concerned with values that guide behavior

question

morals

answer

fundamental baseline values that dictate appropriate behavior within a society

question

discipline must meet two criteria

answer

meaningful and enforceable

question

decision should be reviewed only _____ they have been made

answer

after

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communication is critical to _______ corruption and resolving ethical dilemmas

answer

decreasing

question

what helps employees make the "right" decisions?

answer

incorporating codes of ethics, self-examinations, forums for moral disclosure, and statements of consequences for ethical violations

STUDY

Customer Relationship Management Software Long Term Needs Marketing Principles Of Marketing Sales And Marketing

473 chapter 2 – Flashcards 62 terms

Tiffany Hanchett

62 terms

Preview

473 chapter 2 – Flashcards

question

which of the following is NOT true concerning a successful sales person a.Is likely a better listener than talker. b. Is oriented toward developing long-term relationships with customers. c. Has the skills and patience to endure lengthy, complex sales processes. d. Tends to provide pressure to convince customers what is best for them. e. Strives to deliver relevant presentations based on unique customer needs.

answer

D. tends to provide pressure to convince customers what is best for them

question

true salespeople, those who earned a living from selling, did not exist in an sizable # until

answer

the industrial revolution in England.

question

Predecessors of contemporary marketers included all of the following except a. peddlers. b. gypsies. c. traders. d. artisans. e. merchants.

answer

b. gypsies

question

a canned sales presentation can be described as a. a sales presentation that does not contain material that will require continual updating. b. a presentation that is prepared for direct mailing to direct prospects. c. a sales presentation that is unplanned and developed in response to the needs of the customer. d. a sales presentation that is not working and should be "canned." e. a sales presentation that is very structured and generally based on a written script.

answer

e. a sales presentation that is very structured and generally based on a written script.

question

During the early part of the 20th century there was widespread interest in how to reduce the cost of sales. Many believed that this could be done by a. distributing much larger quantities of goods with less motion. b. hiring lower-cost salespeople. c. increasing the territory of each salesperson. d. increasing the efficiency of the factory production process. e. developing advertising to increase demand for the product.

answer

a. distributing much larger quantities of goods with less motion.

question

a classic article on personal selling published by the Harvard bus. review in 1947 called for salespeople to increase the effectiveness of their sales efforts by a. using high-pressure sales techniques. b. offering buyers incentives to use their products. c. improving their professional demeanor. d. using canned sales presentations. e. concentrating on high-volume customers.

answer

c. improving their professional demeanor

question

on which of the following criteria does sales still need progress in order to be considered a true profession? a. Operating from a substantial knowledge base. b. Making a significant contribution to society. c. Adhering to a uniform ethical code. d. Having a defined culture and organization of colleagues. e. Possessing a unique set of professional skills.

answer

c. adhering to a uniform ethical code.

question

the most important part of marketing communications in terms of money spent by most business firms is a. personal selling. b. advertising. c. public relations. d. sales promotions. e. publicity.

answer

a. personal selling

question

sales people have contributed to the economic growth of the US in 2 basic ways. a. by stimulating economic transactions and encouraging research and development. b. by bringing producers news about the state of the market and introducing new products to people in rural areas. c. by stabilizing economic transactions and assisting in recovery cycles. d. by sustaining periods of relative prosperity and developing product awareness among consumers. e. by stimulating economic transactions and increasing the diffusion of innovation.

answer

e. by simulation economic transaction and increasing the diffusion of innovation

question

as the evolution of personal selling continues, which of the following is not a predicted salesforce response to an expected change. a. More emphasis will be placed on developing and maintaining trust-based long term customer relationships. b. Greater emphasis will be placed on team selling. c. There will be an increase in the use of technology (e.g., laptop computers, electronic mail, data bases, customer relationship management software). d. More sales dollars will be spent on advertising. e. There will be an increase in the globalization of sales efforts.

answer

question

salespeople have the following relationship with revenue in most business firms. a. indirect. b. direct. c. no relationship. d. parallel. e. inverse.

answer

b. direct

question

according to the text, in considering the responsibility for revenue production, salespeople usually feel the brut of the pressure along with a. the firm's stockholders. b. the firm's production staff. c. the firm's management staff. d. the firm's financial staff. e. the customer service supervisor.

answer

c. the firms management staff.

question

while accountants and financial staff are concerned with profitability in terms, salespeople are primarily concerned with profitability in terms of a. top-line, bottom-line b. accounting, sales c. profit/loss, revenue d. cost-of-production, cost-of-sales e. bottom-line, top-line

answer

e. bottom line, top line

question

given the increasing importance of building trust with customer and an emphasis on establishing and maintaining long term relationships, salespeople should do all of the following EXCEPT a. be honest and candid with customers. b. be willing to grant preferential price discounts. c. demonstrate knowledge of their products and services. d. demonstrate knowledge about market opportunities and relevant business trends that may affect the customer's business. e. coordinate activities within the selling firm to deliver value to the customer.

answer

b. be willing to grant preferential price discounts.

question

As a salesperson you are expected to a. get to know the buyers on a personal level. b. contribute to the success of the buyer's firm. c. serve your employer's interests only. d. only be concerned with meeting your sales quota. e. not get involved with your customers' problems.

answer

b. contribute to the success of the buyer's firm

question

which of the following is not one of the four basic approaches to personal selling that was ID three decades ago

answer

contingency- selling

question

according to the text, when salespeople alter their sales messages and behaviors during a sales presentation or as thy encounter different sales situations they are using

answer

situational selling

question

which of the following is NOT a typical skill required for trust based relationship selling a. financial planning b. information gathering c. listening and questioning d. strategic problem solving e. team building and teamwork

answer

a. financial planning

question

when practicing trust based relationship selling, salespeople should do all of the following except a. act as a business consultant and long-term ally. b. participate in two-way and collaborative communication. c. practice stimulus-response selling. d. be actively involved in the customer's decision-making process. e. provide continued follow-through.

answer

c. practice stimulus response selling

question

which of the 5 views of personal selling is considered to be the simplest

answer

stimulus response.

question

____________ is a method in which a series of questions or statements furnished by the salesperson is designed to condition the perspective buyer to answering "yes" time after time, until it is hoped, he or she will say "yes" to the entire sales proposition..

answer

continued affirmation

question

which of the following statements pertaining to the stimulus-response form of personal selling is true a. The buyer takes a dominant role in the sales dialogue. b. The stimulus-response sales strategy cannot be used with a canned sales presentation. c. The stimulus-response sales strategy must be conducted in person because of the necessity for visual aids. d. An example of the stimulus-response sales strategy would be the continued affirmation method. e. The stimulus-response sales strategy has the advantage of flexibility.

answer

d. an example of the stimulus-response sales strategy would be continued affirmation method

question

the mental states or formula approach to personal selling assumes that buyers must be led through four mental states, which occur in this order

answer

d. attention, interest, desire, action

question

need- satisfaction personal selling is based on the notion that a. customers need to be told what they want. b. the customer needs to know what products the firm offers. c. salespeople should be friendly because customers need to feel that they are appreciated. d. customers purchase to satisfy a particular need or set of needs. e. customers have only one need at a time and it must be met before the salesperson can interest them in any other product.

answer

d. customers purchase to satisfy a particular need or set of needs.

question

all of the following statements accurately reflect factors that pertain to need satisfaction selling except a. this method focuses on the salesperson and his/her understanding of the customer's needs. b. the salesperson utilizes questioning, probing tactics to uncover important buyer needs. c. the salesperson waits until relevant needs have been established before discussing product offerings. d. the customer dominates the early portion of the sales interaction. e. it is the salesperson's duty to identify the need to be met and then help the buyer in meeting that need.

answer

a. this method focuses on the salesperson and his/her understanding of the customer's needs

question

the problem solving view of personal selling is an extension of

answer

need satisfaction selling

question

which one of the following is not a stage in the problem solving approach to selling a. Continue selling until purchase decision. b. Generate alternative solutions. c. Follow up the sale with additional product offerings. d. Define the problem. e. Evaluate alternative solutions.

answer

c. follow up the sale with additional product offerings.

question

a personal selling approach that involves helping customers reach their strategic goals by using the products, services and expertise of the sales organizations is called a. needs-satisfaction selling. b. consultative selling. c. alternative-solutions approach. d. stimulus-response selling. e. adaptable response method.

answer

b. consultative selling

question

Chester Sykes, a new business account executive for Information Handling Services suggests that salespeople should use ____________ to begin building a relationship based on identifying and satisfying potential clients' needs. a. self-assessment selling. b. stimulus-response selling. c. problem-solution selling. d. consultative selling. e. transaction-oriented selling.

answer

d. consultative selling

question

the most important part of the salesperson's job is a. tracking accounts receivable. b. the sales process. c. training new salespeople. d. being involved in the community. e. attending training sessions.

answer

b. the sales process

question

the sales process us usually described as a series of ________ steps

answer

interrelated

question

the sales process begins with

answer

locating qualified prospective customers

question

salespeople who are customer oriented, honest, dependable, competent, and likable are in a good position to establish .

answer

trust

question

which of the following is not part of the sales process model outlined in the text? a. Selling strategy b. Selling situation c. Initiating customer relationships d. Developing customer relationships e. Enhancing customer relationships

answer

b. selling situation

question

according to the text, all of the following occur when initiating customer relationships except a. prospecting. b. the preapproach. c. presentation planning. d. approaching the customer. e. delivering the sales presentation

answer

e. delivering the sales presentation

question

personal selling definition

answer

a crucial part of marketing, involves interpersonal communications between buyers and sellers to initiate, develop and enhance customers relationships (B2B)

question

hunters, pioneers, order getters

answer

focus on gaining new customers

question

farmers order takers

answer

focus on existing accounts

question

missionary salespeople

answer

not responsible for actual sale, they provide info and other services

question

key role of sales people

answer

financial contributor, change agent, communication agent, customer value agent

question

financial contributor

answer

assume a key role in revenue production, expected to achieve revenue goals on the profit and loss statement

question

change agent

answer

stimulates sales cycles and help customers reach buying decisions; educate potential customers and advance towards a sale

question

communication agent

answer

heavily involved as 2 way communications agents between their customer and their employers

question

customer value agent

answer

salespeople helping to create, communicate, delivery and continually increase customer value. CV depends on buyer's situations, needs and priorities--> can be defined as customer's perception of what they receive in exchange for what they give up

question

criteria for adding customer value

answer

customer market knowledge, coordination, efficiency, strategic alignment, turstworthiness

question

customer and market knowledge

answer

is salesperson knowledgeable about the customers business, competition and market conditions.

question

coordination

answer

does the salespeople coordinate with others in their company to solve customer problems or provide opportunities to customers?

question

efficiency

answer

is time spent with SP worthwhile, and can he get things done?

question

strategic alignment

answer

does SP understand and contribute to achieving the customer's priorities?

question

trustworthiness

answer

can SP be trusted ( honest, competent, customer oriented, dependable and compatible)

question

trust based selling process

answer

- truly satisfying the customers needs - understanding customer value- creating and communicating customer value- continually increasing customer value during sale process - major phases in this sales process: initiating, developing and enhancing customer relationships.

question

selling foundation 3 factors

answer

knowledge, skill, trust building

question

knowledge-

answer

knowledge of product, market, customer, competitor

question

skill

answer

skills for questioning, listening, presentation and dialogue

question

skin and adapt

answer

adapt- finding common ground- assess the buyer's situation, discover the buyer's needs, activate the buying process, project the impact of solving a problem or realizing an opportunity and make a transition to the sales presentation or the next step in the buying process

question

trust building

answer

trust building through customer orientation, dependability compatibility and competence

question

stimulus response

answer

-least flexible - least focused on the buyer's unique needs and strategic priorities ( same presentation, script)

question

mental states selling

answer

-sequential approach to selling in which salesperson leaded customer through stages, mental states in process -AIDA ( attention, interest, desire, action) - 1 way presentation w/ salesperson doing most of the talking and not very effective - not customer orientated

question

needs satisfaction selling

answer

- customer motivated to buy to satisfy particular needs -salespeople help customers ID needs -sell products to meet those needs - good approach

question

problem solving selling

answer

- extends need satisfaction selling beyond ID needs to developing alternative solutions for satisfying these needs

question

SPIN selling

answer

investigate customer's situation, determine a problem, discuss implications, and needs payoffs

question

consultative selling

answer

-process of helping customers reach strategic goals by using products services and expertise. -SP must be expert on customer business, competitors and markets

STUDY

Customer Lifetime Value Customer Relationship Management Software Decision Support Systems Knowledge Management Product Design Sales Force Automation

Marketing CH 21 – Flashcards 126 terms

Joseph Fraser

126 terms

Preview

Marketing CH 21 – Flashcards

question

T/F: Customer relationship management requires that organizations be organized around customer segments.

answer

true

question

T/F: Technology plays a major role in any CRM system

answer

true

question

T/F: Data consolidation is an analytical process that compiles actionable data about the purchase habits of a firm's current and potential customers.

answer

false

question

T/F: Customer-centric is an internal management philosophy similar to the marketing concept.

answer

true

question

T/F: Empowerment in a CRM environment is normally a process of collecting customer information through customers' feedback on products.

answer

false

question

T/F: Through the application of knowledge management, the Lands' End clothing catalog retailer would have learned that a substantial number of its customers would like the company to offer a line of maternity wear

answer

true

question

T/F: For a catalog retailer, the contact between the customer and the company's order taker would be an example of a touch point

answer

true

question

T/F: Touch points are any situations in which the company's employees actually interact with customers. When a customer places an order through the company Web site, no touch point has been created.

answer

false

question

T/F: When Amazon.com asks visitors to its Internet site to create wish lists and then invites them to send the lists to people who may be planning on buying them a present soon, it is relying on Web-based interactions to help it learn about its customers.

answer

true

question

T/F: Consumers are reluctant to enter information through point-of-sale interactions because of privacy violation fears.

answer

false

question

T/F: Channel interactions are the relationships a manufacturer has with its distributors.

answer

false

question

T/F: The process of centralizing data in a CRM system is sometimes referred to as the interpolation of external and internal touch points.

answer

false

question

T/F: For a CRM system to be effective, customer information must be stored in a data matrix.

answer

false

question

T/F: Privacy issues are the primary reason for centralizing data in a CRM.

answer

false

question

T/F: Response lists are especially important in database creation because past behavior is a strong predictor of future behavior.

answer

true

question

T/F: Database elaboration is the addition of information to customer or prospect records for the purpose of better describing or better determining the responsiveness of those customers or prospects.

answer

false

question

T/F: Multinational companies often face difficult problems when pulling together internal data about their customers.

answer

true

question

T/F: Data mining is used to find hidden patterns and relationships in the customer data stored in the data warehouse.

answer

true

question

T/F: Volvo has a Web site that caters to car enthusiasts who might want to see concept cars evolve into real-life products. Volvo would likely have used data mining to locate people who were car enthusiasts and innovators.

answer

true

question

T/F: RFM analysis is used to delete unnecessary or duplicated data.

answer

false

question

T/F: A basic assumption in any lifetime value calculation is that marketing to repeat customers is more profitable than marketing to first-time buyers.

answer

true

question

T/F: As a predictive tool, data mining has limited utility.

answer

false

question

T/F: Through campaign management, all areas of the company participate in the development of programs targeted to customers.

answer

true

question

T/F: A common CRM application is cross-selling other products or services to customers.

answer

true

question

T/F: The United States has the most restrictive privacy laws in the world.

answer

false

question

_____ is a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups. a. Organizational optimization b. Consumer relationship marketing (CRM) c. Total quality management (TQM) d. Customer relationship management (CRM) e. Market aggregation

answer

question

The My Coke Rewards program allows consumers to earn reward products and services by registering points they receive by consuming Coke products. The program also allows Coca-Cola to collect information about consumers that the company can use to optimize profitability, revenue, and customer satisfaction. The My Coke Rewards program is an example of a(n) _____ program. a. organizational optimization b. consumer relationship marketing (CRM) c. total quality management (TQM) d. customer relationship management (CRM) e. market aggregation

answer

question

Using technology provided by Smart Button software, the WNBA's Los Angeles Sparks have implemented a new system that gathers information about its best customers, season ticket holders, and rewards those customers in many ways, including free tickets to Sparks home games and cash prizes. This is an example of a(n) _____ system. a. organizational optimization b. corporate relationship marketing (CRM) c. total quality management (TQM) d. customer relationship management (CRM) e. call response marketing (CRM)

answer

question

While many catalog retailers send out a standard catalog to all potential customers, Lands' End uses information it has gathered about customers in its CRM system to target the catalog to the individual. This approach used by Lands' End is an example of the _____ approach. a. shotgun b. rifle c. square peg d. fishing pole e. All of these statements can be used to describe the approach used by Lands' End.

answer

question

When Coca-Cola sent users of the My Coke Rewards program digital coupons for free trials of its new Coke Zero product, more than 100,000 people redeemed them. It would have cost the company far more to randomly distribute enough coupons to the general market to get that level of sampling. This is an example of the power of the _____ approach. a. rifle b. machine gun c. stealth marketing d. gorilla marketing e. shotgun

answer

question

Customer relationship management is accomplished by all of the following EXCEPT: a. offering the lowest prices of all major competitors b. organizing the company around customer segments c. establishing and tracking customer interactions with the company d. fostering customer-satisfying behaviors e. linking all processes of the company from its customers through its suppliers

answer

question

The difference between traditional marketing and customer relationship marketing can be compared to the difference between: a. night and day b. boning a fish and dressing a chicken c. mice and elephants d. shooting a rifle and a shotgun e. circles and squares

answer

question

At its most fundamental level, a CRM approach is no more than: a. the relationship cultivated by a salesperson with a customer b. a mass marketing approach c. a transactional selling approach d. a customer satisfaction program e. a differentiation strategy

answer

question

To initiate the CRM cycle, a company must first: a. establish marketing objectives b. captures relevant customer data on interactions c. identify customer relationships with the organization d. understand the interactions the company has with current customers e. Decides on a segmentation strategy

answer

question

Which of the following statements about the CRM cycle is true? a. The letters CRM are an acronym for consumer relationship marketing. b. The CRM cycle does not affect employees outside the marketing and management functional areas. c. The CRM cycle is continuous and circular with no predefined start or end point. d. The CRM cycle takes a simplistic perspective on customers. e. All of these statements about the CRM cycle are true.

answer

question

When USAA insurance company collects relevant information from customers, such as date of last communication with the customer and how often the customer contacts the company, this is an example of: a. establishing marketing objectives b. capturing relevant customer data on interactions c. identifying customer relationships with the organization d. understanding the interactions the company has with current customers e. deciding on a segmentation strategy

answer

question

As the second step in the CRM cycle a company must: a. establish marketing objectives b. capture relevant customer data on interactions c. identify customer relationships with the organization d. understand the interactions the company has with current customers e. decide on a segmentation strategy

answer

question

Which of the following statements about a CRM system is true? a. A critical component of a CRM system is the use of the appropriate technology to store and integrate customer data. b. A CRM system operates on the theory that all customers are equally important. c. Due to privacy laws, a CRM system only disseminates customer information to those who are actually in day-to-day contact with customers. d. A company using a CRM system must view its customers as bits of data. e. All of these statements about a CRM system are true.

answer

question

A company that has a(n) _____ customizes its product and service offerings based on data generated through interactions between the customer and the company. a. ethnocentric perspective b. supply-based focus c. sales orientation d. supply-based focus e. customer-centric focus

answer

question

Best Buy instituted a system in all of its stores that customizes their product offerings for the five key customer segments it has identified: affluent professional males, young entertainment enthusiasts, upscale suburban moms, families who are practical technology adopters, and small businesses with fewer than 20 employees. This focus implies that Best Buy is: a. ethnocentric b. demand based c. sales-centric d. supply based e. customer-centric

answer

question

Customer-centric is an internal management philosophy similar to: a. utilitarianism b. Herzberg's theory of motivation c. the equity theory d. the marketing concept e. consumerism

answer

question

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. In other words, Kraft Foods: a. is sales oriented b. has a standardization focus c. is ethnocentric d. has a customer-centric focus e. is product oriented

answer

question

In a CRM environment, _____ is defined as an informal process of collecting customer data through customer comments and feedback on product or service performance. a. leveraging b. knowledge management c. interaction d. data mining e. learning

answer

question

_____ refers to the latitude organizations give their representatives to negotiate mutually satisfying commitments with customers. a. Consumer learning b. Customerization c. Empowerment d. Autonomy e. Interaction

answer

question

Best Buy's Performance Service Plan (PSP) guarantees products against damage and malfunctioning. All initial purchase contact information is kept in the customer database, along with copies of the PSP. If a customer calls Best Buy with a problem, the representative will have access to all this information and can either help the customer or refer him or her to another representative. The availability of this customer information tends to: a. reduce customer calls b. empower employees c. encourage referrals to other employees d. hurt employee morale e. increase the need for management supervision

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_____ 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 marketing d. Interactive marketing e. Information marketing

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When Sony PlayStation users want to access amenities on the Sony Web site, they are required to log in and supply information such as their name, e-mail address, and birth date. They are also given the opportunity to complete a survey that captures much more information about them and their gaming habits. Sony gathers this information and makes it available internally to better serve the customer. This is an example of a company using: a. learned research b. stimulus/response marketing c. knowledge management d. sales-oriented marketing e. motivational research

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A(n) _____ is 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 e. transactional dyad

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Les Ailes de la Mode is a Quebec retail store that promotes the highest quality of customer service by maintaining the importance of each _____, the point at which customer and store personnel exchange information and develop learning relationships. a. moment of truth b. intervention c. data capture d. response situation e. interaction

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In a CRM system, _____ are all areas of the business where customers have contact with the company and data may be gathered and used to guide and direct the decision making within that business unit. a. touch points b. focus points c. data mining points d. information search periods e. observational points

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Apple, Inc. has stores, a Web site, and a toll-free phone number where consumers can provide valuable information to the company in developing a CRM system. All these possible areas of the company where consumers can communicate with the business are called: a. touch points b. focus areas c. data mining d. information search periods e. experimental points

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The Detroit Tigers, a Major League Baseball team, used customer satisfaction surveys of season ticket holders to determine why the number of season ticket holders was declining. This survey was an example of a(n): a. touch point b. focus area c. data search d. information recognizance e. observational point

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Les Ailes de la Mode, a Quebec retail store that promotes the highest quality of customer service, has not only established itself as a top retailer in the province but also has a credit card and point program company, a cataloger and Internet seller, and even a publisher. Through gathering customer information for its credit cards and point program, through catalog and Internet orders, and through subscriptions to its publications, Les Ailes de la Mode has created several different: a. focus areas b. touch points c. interrelationship promotions d. distribution channels e. sources of distribution information

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Hudson's Bay Company in Canada operates The Bay, Zellers, Home Outfitters, and Hbc.com. At each of its stores and its Web site, it gives HBC Rewards that enable members to earn points, which can be redeemed in the HBC Rewards catalog for various items, including travel, leisure and entertainment items, Air Miles reward miles, or Bay and Zellers gift certificates. To use the system, customers have to provide their HBC card number. This reward program enables Hudson's Bay to engage in _____ interactions with its customers. a. point-of sale and Web-based b. customer-centric and technology-centric c. retail-centric and Web-based d. transaction-based and retail-centric e. point-of-sale and retail-centric

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Communications between customers and organizations that occur in stores or at information kiosks are called: a. live interactions b. point-of-sale interactions c. empowerment points d. survey interactions e. product interactions

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_____ interactions occur when customers buy products in a store. a. Point-of-sale b. Relationship-based c. Cost-based d. Retail-centric e. Distribution-focused

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The executive VP of Hudson's Bay Company in Canada (a major retail chain) said in an interview, "We have to be able to offer customers what they want when they want it. We need better insight into their spending--we have gaps in knowledge of how customers spend." _____ interactions would provide the retail chain the best opportunity for learning about its customers. a. Point-of-sale b. Relationship-based c. Retail-centric d. Technology-centric e. Sales-oriented

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The traditional approach for acquiring data from customers is through: a. encoding devices b. media c. feedback mechanisms d. channel interactions e. public relations

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Which of the following is an example of a channel through which customer data are traditionally gathered? a. Store visits b. Conversations with salespeople c. Interactions via the Web d. Phone conversations e. All of these

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In a speech, David Poirier, chief information officer of Hudson's Bay Company, a Canadian retailer, said, "We [Hudson's Bay Company] had all kinds of data in different places. We didn't have a single view of the customer until we focused on finding one method to manage relationships with our customers." Hudson's Bay would use a _____ to profile customer segments for better CRM marketing efforts. a. data mart b. customer information system c. data warehouse d. decision support system e. data cluster

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A _____ is a central repository for data from various functional areas of the organization that are stored and inventoried on a centralized computer system so that information can be shared across all functional departments of the business. a. data mart b. customer information system c. data warehouse d. decision support system e. data cluster

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Continental Airlines has a system that captures information on everything from flight schedules, seat inventories, and customer profiles that is accessible by 35 departments and 1,300 employees. Continental's system is an example of a(n): a. information mine b. knowledge distribution center c. information extraction unit d. information storage unit e. data warehouse

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"Lots of organizations have customer data, but not in a way that's useful," said a speaker at a recent retail marketing conference. "Retailers have all kinds of data in different places--they don't have a single view of the customer." The speaker is saying that retailers do NOT use: a. information distribution centers b. data warehouses c. information extraction mines d. data intermediaries e. marketing information systems

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Dick's Sporting Goods collects a vast amount of data through its Web site, direct mailings, and retail stores. To be useful, all of these data would be centralized in a(n): a. data mart b. decision matrix c. data warehouse d. decision support system e. data cluster

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A(n) _____ is a collection of data, especially one that can be accessed and manipulated by computer software. a. database b. data profile c. algorithm d. byte e. interaction profile

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The core of the data warehouse is: a. empowered employees b. transaction channels of communication c. point-of-sale interactions d. the database e. a compiled list

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Which type of list includes names and addresses of individuals who have responded to an offer of some kind? a. An interactive list b. A compiled list c. A recent list d. A response list e. An A-list

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Lesley Owens has limited money to invest in a mailing to people who might be interested in subscribing to a new magazine about making scrapbooks. She wants to mail to those prospects with the highest probability of becoming subscribers. Owens should use a: a. compiled list b. data mine c. response list d. management database e. data warehouse activation

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The Old Westbury College Foundation raised $80,000 at its "A Taste of Long Island," a gala dinner where all proceeds went to support scholarship funds and educational programs at SUNY College at Old Westbury. Attendees were people who had contributed to the scholarship program previously and were reached through a: a. compiled list b. data mine c. response list d. management database e. data warehouse activation

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Taquan recently purchased a General Electric microwave oven using a $50 rebate offer. He filled out the rebate certificate and sent it to an address provided by GE. The rebate certificate contained Taquan's full name, his phone number, his address, and some purchase information. Taquan has most likely become part of GE's _____ list. a. compiled b. cookies c. response d. electronic cash e. Internet research

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A(n) _____ list generally includes names and addresses gleaned from directories or membership rosters. a. predictive b. compiled c. response d. actionable e. disintegrated

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Leah wants to develop a mailing list of people who have participated in bicycle rides for charities. She has offered to purchase a list of last year's Alabama-based Ride for Life, which was held to raise funds for cancer research. Leah is building a(n) _____ list. a. actionable b. e-mail c. response d. compiled e. predictive

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_____ is the addition of information to customer or prospect records for the purpose of better describing or better determining the responsiveness of customers or prospects. a. Information formatting b. Database enhancement c. Data mining d. Data shading e. Predictive modeling

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_____ is used to find hidden patterns and relationships in the customer data stored in the data warehouse. a. Data profiling b. Cluster analysis c. Regression analysis d. Customer profiling e. Data mining

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Wal-Mart captures point-of-sale transactions from thousands of stores in several countries and continuously transmits these data to its massive data warehouse. Wal-Mart allows more than 3,500 suppliers to access data on their products and perform data analyses. These suppliers use the data to identify customer buying patterns at the store level. They use this information to manage local store inventory and identify new merchandising opportunities. Both Wal-Mart and its suppliers are engaged in: a. information formatting b. database enhancement c. data mining d. data shading e. descriptive modeling

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Which of the following would allow an online retailer like Frontgate to learn that customers who purchase electronic products also purchase home office furniture? a. Knowledge interpretation b. Systems management c. Data mining d. Information extraction e. Information search

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Fingerhut, the catalog retailer, used _____ to determine that customers who change residences are three times more likely than customers who have not moved to buy tables, towels, and decorative products but are no more likely to buy jewelry or footwear. As a result, Fingerhut created a catalog for people who have changed residences. a. data mining b. information search c. information retrieval channels d. evoked sets e. an information environment

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Outdoor gear retailer Recreational Equipment, Inc. (REI) in Washington collects a vast amount of data through its Web site, direct mailings, and retail stores. When REI considers new store locations, it examines order data to find places with high concentrations of customers buying online and through the company's catalogs. REI would be using _____ to identify potential store locations. a. information formatting b. database enhancement c. data mining d. data shading e. customer prediction

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Ford Canada has turned to the Internet to help it stand apart from its competitors in the automotive industry. One Internet ad shows a Ford truck driving out of a forest with its engine roaring and mud splattering on the screen. The wipers come on to reveal the Ford "Built Tough" logo, which then recedes to the side of the screen. The ad directs people to a site where they can sign up to receive direct mail from Ford. Ford Canada will combine this database with a database of new F-Series truck owners to look for significant patterns and trends. Ford Canada will use: a. an information search system b. knowledge trending c. data interpolation d. data graphing e. data mining

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Which of the following techniques used to analyze marketing databases considers whether a customer has made a purchase recently as well as how often that customer makes a purchase? a. Recency-frequency-monetary analysis (RFM) b. Predictive modeling c. Customer valuation d. Data mining e. Lifetime value analysis

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In the RFM analysis model, "R" stands for: a. returning b. recency c. reimbursement d. relationship e. retention

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In the RFM analysis model, "F" stands for: a. frequency b. function c. free d. forecast e. framing

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In the RFM analysis model, the "M" stands for: a. marketing b. management c. motivation d. maturity e. monetary value

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L.L. Bean has been reducing the number of catalogs it sends out while increasing its sales and profits. With _____, L.L. Bean now identifies customers who have purchased recently and often have spent considerable money. Such customers are most likely to purchase again. a. predictive data b. trending c. correlation analysis d. recency-frequency-monetary analysis e. hypothesis testing

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Which of the following is a data manipulation technique that projects the future value of the customer over a period of years using the assumption that marketing to repeat customers is more profitable than marketing to first-time buyers? a. Recency-frequency-monetary value (RFM) analysis b. Cluster analysis c. Lifetime value analysis (LTV) d. Market segmentation e. Predictive modeling

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The basic assumption of _____ is that marketing to repeat customers is more profitable than marketing to first-time buyers. a. customer segmentation b. predictive modeling c. customer valuation d. data manipulation e. lifetime value analysis

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_____ uses a past set of occurrences to predict the likelihood that some other occurrence, such as a response or purchase, will take place in the future. a. Customer manipulation b. Predictive modeling c. Data mining d. Lifetime value analysis e. Causal research

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The cable industry needs to identify current and future traffic patterns so it can manage the growth of cable systems. Because of high costs, it is undesirable to buy bandwidth before it is needed. It is also time-consuming to upgrade a cable system. Furthermore, consumers hate to wait for capacity increases. Therefore, the industry should use _____ to determine when and where new systems should be implemented. a. lifetime analysis b. recency-frequency-monetary analysis c. cross-selling d. speed of data communications e. predictive modeling

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Ford Motor Company has launched an online effort to market its F-Series trucks. It hopes to use its database capabilities to capture valuable data on car buyers. Ford plans on cross referencing new F-Series owners with the database generated from this online campaign to see how many names are duplicated. Ford will use these data to forecast which campaigns have the greatest probability of success. Which of the following methods will Ford most likely use to analyze these data? a. Lifetime value analysis (LTV) b. Present value/future value assessment c. Recency-frequency-monetary analysis d. Predictive modeling e. Reach-frequency-media analysis

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Which technique was likely used to suggest that a customer who wanted to buy a $29 shirt would also be a likely prospect for a cigar humidor? a. Predictive modeling b. Customer segmentation c. Market aggregation d. Recency-frequency-monetary analysis e. Data interpolation

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Data mining identifies the most profitable customers and prospects. Managers can then design tailored marketing strategies to best appeal to the identified segments. In CRM, this is commonly referred to as _____ customer information to facilitate enhanced relationships with customers. a. manipulating b. leveraging c. harvesting d. converting e. managing

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_____ involves developing product or service offerings customized for the appropriate customer segment and then pricing and communicating these offerings for the purpose of enhancing customer relationships. a. Transaction management b. Campaign management c. Data mining d. Consumerism e. Knowledge management

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All of the following are common CRM marketing database applications EXCEPT: a. cross-selling other products or services b. designing targeted marketing communications c. activity-based costing applications d. improving customer service e. campaign management

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Which of the following is a common CRM marketing database application? a. Campaign management b. Designing targeted marketing communications c. Improving customer service d. Cross-selling other products or services e. All of these

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Looking to build up its postpurchase relationships, General Motors recently launched a service whereby GM vehicle owners can sign up to get e-mail service reminders, access information about GM vehicles, and receive special promotions. GM is using _____ to enhance its customer relationships. a. modeling b. scoring c. valence management d. campaign management e. data mining

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To target outdoor enthusiasts, Subaru of America added an outdoor life section to its Web site that is organized by area of interest. The site will serve as a platform for co-marketing and promotional programs. This offering of customized products to a customer segment for the purpose of enhancing the auto manufacturer's customer relationships is an example of: a. campaign management b. customer aggregation c. transaction segmentation d. data mining e. knowledge management

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Les Ailes de la Mode, a Quebec retailer, offers its customers Les Ailes MasterCard. The card is connected to a points program that offers one point for every $20 of purchases on the card and triple that on purchases made at Les Ailes. It also incorporates an electronic chip, through which a $10 coupon is awarded to each member every month via the electronic gift card (on purchases of $10 or more every month). Card members also receive free subscriptions to the retailer's Les Ailes magazine. This shows how CRM can be used: a. to retain loyalty b. in mass marketing c. to increase knowledge about the competition d. to create transactional relationships e. to develop a compiled list

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Many high-end hotel chains award points for every dollar spent in one of their hotels. Customers who earn a high number of points are given special privileges that may include upgraded hotel rooms or several free nights. This is an example of the leveraging of customer information to: a. retain loyal customers b. reinforce competitive promotional decisions c. cross-sell other products and services d. design targeted marketing communications e. induce product trial by new customers

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Hudson's Bay Company has Canada's largest reward program--HBC Rewards--which enables members to earn points at Hudson's Bay family of stores, including The Bay, Zellers, Home Outfitters, and Hbc.com. Consumers can redeem points for over 600 rewards in the HBC Rewards catalog, including travel, leisure and entertainment items, Air Miles reward miles, or Bay and Zellers gift certificates. Which of the following provides the most likely reason why Hudson's Bay Company implemented this reward program? a. To reduce problems associated with cultural diversity b. To make sure the 80/20 principle is not influencing its activities c. To retain loyal customers d. To create cognitive dissonance e. To lessen the importance of customer service

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Using customer database information to offer related products to customers is called: a. incremental selling b. cross-selling c. relationship marketing d. informed selling e. synergistic selling

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Every time Barry orders running shoes from Road Runner Sports, the Web site or the operator on the phone always tries to sell him something in addition to the shoes he ordered, such as socks or other apparel. This is an example of: a. data mining b. cross-selling c. trading up d. database enhancement e. a database channel

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According to the CEO of Allied Office Products, "We're a head-count business: I know that if you have a 60-person office, you should buy $300 worth of basic office supplies—paper, pens, staples—from us with each order, but if that's all we get, we stagnate. For us to grow, we have to convince the customer, who already likes our products and service, to buy more than just basic supplies; we have to increase the order by 10, 20, or 30 times." Allied's salespeople are trained to push the company's less traditional, higher-margin lines such as coffee and refreshments, printing and forms management, and office furniture. Allied's salespeople are engaging in: a. cross-selling b. trading up c. buyer empowerment d. alliance building e. bundling

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Subaru of America targeted outdoor enthusiasts when it added an outdoor life section to its Web site, organized by area of interest. The site will serve as a platform for co-marketing and promotional programs and will allow Subaru to gather most overt and covert information. Which of the following provides the most likely reason why Subaru has added this section to its site? a. To create cognitive dissonance b. To reduce problems associated with cultural diversity c. To increase the effectiveness of its channels of distribution d. To lessen the importance of customer service e. To design more targeted marketing communications

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After Ruth and Mike had paid in advance for their week's stay at a Vermont Inn, Ruth felt that they might have chosen poorly and that they were committing themselves to stay at a place they might hate. Then Ruth got a letter from the Inn's owner stating that she was looking forward to their visit and asking what they most enjoyed for breakfast. The hospitality of the letter dealt with Ruth's cognitive dissonance by: a. cross-selling b. disintermediation c. spamming and flaming d. implementing a penetration strategy e. reinforcing her purchase decision

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CRM concerns many Americans because: a. of the large number of people who must be served b. not all customers have access to CRM marketing c. of the potential for invasion of privacy d. of the aggressive nature of marketers that use CRM e. of the expense to consumers

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When Ford Motor Company launched an online effort to market its F-Series trucks, it created a database. One potential problem with the use of this database is: a. that customers may perceive it as an invasion of privacy b. that the database may be used to generate unrepresentative focus groups c. that media alternatives may be eliminated from promotional campaigns d. that it may lead to more experimental research e. the lack of adequate personal information on customers

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Refer to Frequent Flyers. Airlines' commitment to providing premium customer service to its most valuable customers indicates a commitment to: a. customer relations mapping (CRM) b. consumer relationship marketing (CRM) c. internal transactional marketing (ITM) d. customer relationship management (CRM) e. consumer replacement market (CRM)

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Refer to Frequent Flyers. American Airlines gives its gate employees the authority to hold up a connecting flight when a ConciergeKey member's incoming flight is delayed. The delegation of this authority to a gate employee is called: a. empowerment b. trickle-down management c. centralization d. synergy e. knowledge management

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Refer to Frequent Flyers. Most airlines have considerable information regarding their frequent flyers, some of which has been purchased from outside vendors. Purchasing information on customers to better describe their needs or to determine how responsive they might be to marketing programs is called: a. data mining b. database enhancement c. data warehouse d. database expansion e. knowledge management

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Refer to Frequent Flyers. Airlines have estimated the future value of these elite flyers and found that they are very profitable for their business. What technique did the airlines use to project the future value of these flyers over a period of several years? a. RFM analysis b. Lifetime value analysis (LTV) c. Cluster analysis d. Conjoint analysis e. Data enhancement analysis

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Refer to Frequent Flyers. The ConciergeKey program, which rewards loyal customers for making multiple purchases, is an example of a(n): a. RFM program b. LTV program c. loyalty program d. customer relationship program e. interactive program

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Refer to Blood Services. The card sent by the organization is an example of a: a. touch point b. transformational exchange c. predictive campaign d. point-of-sale interaction e. service message

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Refer to Blood Services. The information about past donors is stored in the organization's: a. integration systems b. information repository c. data mine d. database e. spreadsheet

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Refer to Blood Services. The organization developed a _____ list of donors to receive birthday cards. a. compiled b. benefit-based c. response d. feedback e. proactive

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Refer to Blood Services. What technique did the organization use to analyze its donor information? a. Data identifying b. Recency-frequency-monetary analysis c. Niche marketing d. Predictive modeling e. Customer segmentation

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Refer to Blood Services. The organization used CRM marketing to: a. cross-sell other products b. design targeted marketing communications c. increase effectiveness of its distribution strategy d. define customer service e. do all of these things

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Refer to Kraft Foods. Kraft's food & family magazine is a component in a program that allows Kraft to gather information about, and build a relationship with, a group of their best customers. In other words, the food & family magazine is a component in Kraft's _____ program. a. customer relations mapping (CRM) b. consumer relationship marketing (CRM) c. internal transactional marketing (ITM) d. customer relationship management (CRM) e. consumer replacement market (CRM)

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Refer to Kraft Foods. Kraft's food & family magazine encourages customers to visit the company's Web site to vote and provide ratings and feedback on their favorite recipes. Kraft then sends a "thank-you" e-mail for responding to their Web site. All of these activities show that Kraft is: a. customer-centric b. product oriented c. sales oriented d. customer service focused e. goal oriented

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Refer to Kraft Foods. When Kraft Food's employees share information about customers gathered through the food & family initiative, they are practicing: a. interaction management b. knowledge management c. profit-oriented management d. lead management e. performance management

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Refer to Kraft Foods. Consumers who receive food & family magazine have several contacts with Kraft Foods in which there is a sharing of information. For example, readers must complete a profile to receive the magazine. Also, consumers are allowed to send in recipes and to vote and provide ratings and feedback on their favorite recipes at Kraftfoods.com. Each of these contacts is considered a: a. touch point b. customer interaction point c. learning point d. customer-centric point e. moment of sharing

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Refer to Kraft Foods. To be useful to the whole organization, the data collected by Kraft Foods through their food & family magazine initiative must be centralized. This process of centralizing data for a CRM system is termed: a. data packing b. data pooling c. data cleaning d. data mining e. data warehousing

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Refer to Los Angeles Sparks. The information gathered from ticket holders will probably become part of the organization's _____ list. a. compiled b. cookies c. response d. electronic cash e. Internet research

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Refer to Los Angeles Sparks. Sparks' season ticket holders that frequent the Sparks' fan Web site have spent money to buy their season tickets and are likely to purchase again. Which type of analysis will help Sparks identify those customers most likely to purchase again because they have bought recently? a. The 80/20 customer b. Loyalty c. RFM d. CRM analysis e. Cohort value

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Refer to Los Angeles Sparks. Suppose that the Sparks management sees six categories of fans at their games. They feel that some people at Sparks games generally fall within one of the following six groups: (1) general sports fans, (2) basketball fans, (3) Sparks fans, (4) general fans of women's sports, (5) fans of opposing teams, and (6) those seeking entertainment. Dividing customer groups down in this manner is termed: a. customer data mining b. customer segmentation c. customer targeting d. customer positioning e. customer centric

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Refer to Los Angeles Sparks. Home Court Advantage is an example of a _____ program. a. reward b. incentive c. co-branding d. loyalty e. cohort

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Refer to Los Angeles Sparks. Some consumers may not want others to provide their names to the Sparks organization. This reflects which concern regarding CRM programs? a. Effectiveness b. Expense c. Consumer privacy d. Consumer dissonance e. Consumer apathy

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STUDY

Customer Relationship Management Software Goods And Services Principles Of Marketing Sports Marketing

Marketing and Finance – Flashcards 138 terms

Ruth Jones

138 terms

Preview

Marketing and Finance – Flashcards

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What is Marketing

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A set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing begins with discovering unmet customer needs and continues with researching the potential market Producing a good or service capable of satisfying the targeted customers; and promoting, pricing, and distributing that good or service. Marketing is more than just selling. It is research, production, promotion, pricing, and distribution.

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Exchange process

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- activity in which two or more parties give something of value to each other to satisfy perceived needs.

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Utility

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: the ability of a good or service to satisfy a wants and needs of customers

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Create form

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utility by converting raw materials and other inputs into finished goods and services

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Create time

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utility by making a good or service available when customers want to purchase it

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Create place

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Create place utility by making a product available in a location convenient for customers

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Create ownership

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Create ownership utility through an orderly transfer of goods and services from the seller to the buyer

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Marketing Concept

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- company-wide consumer orientation to promote long-run success. Firm starts with analysis of customers' needs and works backward to offer products that fulfill them. Firm Explained by shift from sellers' market in which goods and services are relatively scarce to buyers' market in which they are relatively plentiful.

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Cause for non traditional marketing

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- promotes awareness or raises money for a cause or issue

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Marketing Plan

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The marketing plan is a key component of a firm's overall business strategy The marketing plan outlines its marketing strategy, including information about: Target market Sales and revenue goals The marketing budget Timing for implementing elements of the marketing mix.

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Target Marketing

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group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences

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Types of Markets

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Consumer (B2C) product: good or service that is purchased by end users Business (B2B) product: good or service purchased to be used, either directly or indirectly, in the production of other goods for resale

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Marketing mix blends the four strategies to fit the needs and preferences of a specific target market.

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Product Strategy

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the nature of the product and its package design, brand names, trademarks, and product image.

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Distribution strategy

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customers receive their purchases in the proper quantities at the right times and locations.

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Promotional strategy

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blends advertising, personal selling, sales promotion, and public relations to achieve its goals of informing, persuading, and influencing purchase decisions

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Pricing Strategy

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is setting profitable and justifiable prices for the firm's product offerings, sometimes subject to government scrutiny.

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Standardization

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offering the same marketing mix in every market.

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Adaption

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- developing a unique marketing mix to fit each market's local competitive conditions, consumer preferences, and government regulations.

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Mass customization

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- allows a firm to mass produce goods and services while adding unique features to individual or small groups of orders.

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Marketing Research

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- the process of collecting and evaluating information to support marketing decision making. AC Nielson- Consumer Research

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Secondary Data

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Previously published data from trade associations, advertising agencies, marketing research firms, and other sources.

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Primary Data

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Data collected through observation, surveys, and other forms of observational study.

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Data Mining

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- computer searches of customer data to detect patterns and relationships

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Business intelligence

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activities and technologies for gathering, storing, and analyzing data to make better competitive decisions

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Market segmentation

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- the process of dividing a total market into several relatively homogeneous groups to reach desirable target markets.

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Geographic Segmentation

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Divides market into homogeneous groups on the basis of their locations

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Demographic Segmentation

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Divides market on the basis of various demographic or socioeconomic characteristics: gender, income, age, occupation, household size, stage in the family life cycle, education, and ethnic group

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Psychographic Segmentation

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Divides consumer market into groups with similar psychological characteristics, values, and lifestyles. (VALS) AIO statements—people's verbal descriptions of various attitudes, interests, and opinions

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Product-Related Segmentation

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Divides market based on buyer's relationship to the good or service. based on benefits sought by buyers, usage rates, and loyalty levels

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Geographic

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- many B2B target geographically concentrated industries such as aircraft or automobiles. Demographic, or customer-based, segmentation- a good or service intended for a specific organizational market (i.e. healthcare).

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customer-based, segmentation

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- a good or service intended for a specific organizational market (i.e. healthcare). End-use segmentation - focuses on the precise way a B2B purchaser will use a product.

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End-use segmentation

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focuses on the precise way a B2B purchaser will use a product.

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Consumer Behavior

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- actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions

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Personal Factors

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Personal factors: needs and motives, perceptions, attitudes, self-concept

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Interpersonal factors

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cultural, social, and family influences

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External Factors

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Economic Events

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Business buying behavior

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often includes a variety of influences from multiple decision makers

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Relationship Marketings

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goes beyond the effort of simply making a sale Developing and maintaining long-term, cost-effective exchange relationships with partners Consumers enter into relationships only if there is some benefit to them. Relationship marketing seeks to achieve customer satisfaction

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Benefits of Relationship Marketing

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Lower costs and higher profits for the business

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80/20 principle

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frequent customers have a higher lifetime value, so businesses allocate resources accordingly

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Frequency marketing

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reward purchasers with cash, rebates, and other premiums. See Walgreen's Balance Rewards Loyalty program.

question

Affinity programs

answer

solicit involvement based on common interest

question

Comarketing:

answer

businesses jointly market each others' products

question

Co-branding

answer

firms link their names in a single product

question

Product

answer

a bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants

question

Convenience products-

answer

items the consumer seeks to purchase frequently, immediately, and with little effort

question

Shopping Products

answer

- typically purchased only after the buyer has compared competing products in competing stores

question

Specialty Items

answer

items a purchaser is willing to make a special effort to obtain

question

Accessory equipment-

answer

includes less expensive and shorter-lived capital items than installations and involves fewer decision makers

question

Component parts and materials-

answer

become part of a final product

question

Raw materials-

answer

farm and natural products used in producing other final products

question

Supplies

answer

expense items used in a firm's daily operations that do not become part of the final product

question

Marketing Strategy Implications

answer

In B2B there is a greater emphasis on personal selling for installations and many component parts and a concentration on quality and customer service. Producers of installations and component parts may involve customers in new-product development. Advertising is more commonly used to sell supplies and accessory equipment. Producers of supplies and accessory equipment place a greater emphasis on competitive pricing strategies.

question

Product line

answer

- a group of related products marked by physical similarities or intended for a similar market

question

Product Mix

answer

assortment of product lines and individual goods and services a firm offers to consumers and business users

question

Product cycle

answer

four basic stages—introduction, growth, maturity, and decline—through which a successful product progresses

question

Intro Stage

answer

firm promotes demand for its new offering; informs the market about it; gives free samples to entice consumers to make a trial purchase; and explains its features, uses, and benefits.

question

Growth Stage

answer

sales climb quickly as new customers join early users who are repurchasing the item. company begins to earn profits on the new product

question

Maturity stage-

answer

industry sales eventually reach a saturation level at which further expansion is difficult.

question

Decline Stage

answer

sales fall and profits decline.

question

Marketer's Goal

answer

Increasing customers' frequency of use Adding new users Finding new uses for product Changing package sizes, labels, and product designs

question

Product Development Stages

answer

Stage 1: Generating ideas for new offerings Stage 2: Screening Stage 3: Concept development and business analysis phase Stage 4: Product development Stage 5: Test marketing Stage 6: Commercialization

question

Manufacturer's brand-

answer

brand offered and promoted by a manufacturer. Examples: Tide, Cheerios, Windex, Fossil, and Nike.

question

Private or store brand-

answer

brand that is not linked to the manufacturer but instead carries a wholesaler's or retailer's label. Examples: Sears' DieHard batteries and Walmart's Ol'Roy dog food.

question

Family branding strategy-

answer

a single brand name used for several related products. Examples: KitchenAid, Johnson & Johnson, Hewlett-Packard, and Arm & Hammer.

question

Individual branding strategy-

answer

giving each product within a line a different name. Examples: Procter & Gamble products Tide, Cheer, and Dash

question

Brand Recognition

answer

consumer is aware of the brand but does not have a preference for it over other brands

question

Brand preference-

answer

consumer chooses one firm's brand over a competitor's

question

Brand insistence-

answer

consumer will seek out preferred brand and accept no substitute for it (the ultimate degree of brand loyalty)

question

Brand Equity

answer

added value that a respected and successful name gives to a product

question

Brand awareness-

answer

product is the first one that comes to mind when a product category is mentioned

question

Distribution channel

answer

path through which products—and legal ownership of them—flow from producer to consumers or business users

question

Physical distribution

answer

: actual movement of products from producer to consumers or business users

question

Direct Distribution

answer

Direct contact between producer and customer. Most common in B2B markets. Often found in the marketing of relatively expensive, complex products that may require demonstrations. Internet is helping companies distribute directly to consumer market.

question

Distribution Channels Using Marketing Intermediaries

answer

Producers distribute products through wholesalers and retailers. Inexpensive products sold to thousands of consumers in widely scattered locations. Lowers costs of goods to consumers by creating market utility

question

Wholesaler

answer

distribution channel member that sells primarily to retailers, other wholesalers, or business users

question

Manufacturer

answer

Manufacturer-Owned Wholesaling Intermediaries Owned by the manufacturer of the goods or products to control distribution or customer service Sales branch that stocks products and fills orders from inventories Sales office that takes orders but does not stock the product

question

Retailer

answer

channel member that sells goods and services to individuals for their own use rather than for resale Final link of the distribution channel Two types: Store Nonstore

question

Nonstore Retailing

answer

Direct response retailing Internet Retailing Automatic merchandising Direct selling

question

Distribution Channel Decisions and Logistics

answer

What specific channel will it use? What will be the level of distribution intensity? Selecting Distribution Channels Complex, expensive, custom-made, or perishable products move through shorter distribution channels involving few—or no—intermediaries. Standardized products or items with low unit values usually pass through relatively long distribution channels. Start-up companies often use direct channels because they can't persuade intermediaries to carry their products, or because they want to extend their sales reach.

question

Intensive distribution

answer

firm's products in nearly every available outlet; requires cooperation of many intermediaries

question

Selective Distribution

answer

Selective Distribution - manufacturer selects limited number of retailers to distribute its product lines

question

Exclusive distribution -

answer

Exclusive distribution - limits market coverage in a specific geographic region

question

Supply Chain

answer

- complete sequence of suppliers that contribute to creating a good or service and delivering it to business users and final consumers

question

Logistics

answer

Logistics - process of coordinating the flow of goods, services, and information among members of the supply chain

question

Physical Distribution

answer

- the activities aimed at efficiently moving finished goods from the production line to the consumer or business buyer

question

Promotion

answer

Promotion is the function of informing, persuading, and influencing a purchase decision.

question

Primary Demand

answer

Some promotional strategies try to develop primary demand, or consumer desire for a general product category.

question

Selective Demand

answer

Most promotions stimulate selective demand, or a desire for a specific brand

question

Integrated marketing communications (IMC)

answer

is the coordination of all promotional activities—media advertising, direct mail, personal selling, sales promotion, and public relations—to produce a unified, customer-focused message. Must take a broad view and plan for all form of customer contact. Create unified personality and message for the good, service, or brand. Elements include personal selling, advertising, sales promotion, publicity, and public relations

question

Promotional mix-

answer

combination of personal and nonpersonal selling components designed to meet the needs of their firm's target customers and effectively and efficiently communicate its message to them.

question

Personal Selling

answer

the most basic form of promotion: a direct person-to-person promotional presentation to a potential buyer

question

Nonpersonal selling-

answer

advertising, sales promotion, direct marketing, and public relations

question

ch. 13 slide 7

answer

question

Product placement-

answer

marketers pay placement fees to have their products showcased in various media, ranging from newspapers and magazines to television and movies.

question

Guerilla marketing-

answer

innovative, low-cost marketing efforts designed to get consumers' attention in unusual ways

question

Advertising-

answer

Advertising- paid nonpersonal communication usually targeted at large numbers of potential buyers. Advertising expenditures are great- carmakers spend $20 billion per year. Consumers are bombarded with many messages. Firms need to be more and more creative and efficient at getting consumers' attention.

question

Product advertising-

answer

Product advertising- messages designed to sell a particular good or service

question

Institutional advertising-

answer

Institutional advertising- messages that promote concepts, ideas, philosophies, or goodwill for industries, companies, organizations, or government entities

question

Cause advertising

answer

Cause advertising- institutional messaging that promotes a specific viewpoint on a public issue as a way to influence public opinion and the legislative process

question

Informative advertising

answer

- used to build initial demand for a product in the introductory phase

question

Persuasive advertising

answer

- attempts to improve the competitive status of a product, institution, or concept, usually in the growth and maturity stages

question

Comparative advertising

answer

Comparative advertising- compares products directly with their competitors either by name or by inference

question

Reminder-oriented advertising

answer

Reminder-oriented advertising - appears in the late maturity or decline stages to maintain awareness of the importance and usefulness of a product

question

Sales promotion

answer

consists of forms of promotion such as coupons, product samples, and rebates that support advertising and personal selling.

question

Trade Promotion

answer

is sales promotion geared to marketing intermediaries rather than to consumers

question

Encourage Retailers

answer

To stock new products To continue carrying existing ones To promote both new and existing products effectively to consumers

question

Sales Tasks

answer

Order Processing Creative Selling Missionary Selling Telemarketing

question

Prospecting - identifying potential customers Qualifying - identifying potential customers Approaching - analyzing available data about a prospective customer's product lines and other pertinent information Presentation Salespeople communicate promotional messages. They may describe the major features of their products, highlight the advantages, and cite examples of satisfied consumers. Demonstration Reinforces the message that the salesperson has been communicating.

answer

question

Follow up

answer

An important part of building a long-lasting relationship. May determine whether the customer will make another purchase.

question

Public relations

answer

- a public organization's communications and relationships with its various audiences. Is an efficient, indirect communications channel for promoting products. It can publicize products and help create and maintain a positive image of the company.

question

Publicity-

answer

nonpersonal stimulation of demand for a good, service, place, idea, event, person, or organization by unpaid placement of information in print or broadcast media. Good publicity can promote a firm's positive image. Negative publicity can cause problems.

question

Pushing Strategy

answer

Pushing Strategy relies on personal selling to market an item to wholesalers and retailers

question

Pulling Strategy

answer

Pulling Strategy promotes a product by generating consumer demand for it through advertising and sales promotion Most marketing situations require combinations of push and pull strategies Cooperative advertising - allowance provided by marketers in which they share the cost of local advertising of their firm's product or product line with channel partners.

question

slide 26 for pricing

answer

question

Breakeven analysis-

answer

pricing technique used to determine the minimum sales volume a product must generate at a certain price level to cover all costs. Slide 32

question

slide 34

answer

question

Finance

answer

planning, obtaining, and managing the company's funds in order to accomplish its objectives

question

finance organization

answer

To maximize revenues and profits, organizations are measuring and reducing costs - a function managed by the finance organization

question

An organization's financial objectives include

answer

Meeting expenses Investing in assets that increase value Increasing value/cash flow to shareholders

question

Risk-Return Tradeoff

answer

The process of maximizing the wealth of the firm's shareholders by striking the optimal balance between risk and return. Relying too heavily on borrowed funds may increase returns to shareholders The more money a firm borrows, the greater the risks to shareholders. Failure to invest surplus funds in an income-earning asset reduces the potential of a return

question

Opearting Planning

answer

short term 2-3yrs

question

Strategic

answer

plans have a much longer time horizon up to five or ten years.

question

Financial Plan

answer

What funds will the firm require during the planning period? When will it need additional funds? Where will it obtain the necessary funds? What to do with excess Funds Financial plans are based on the forecasts of costs and expected sales activities for a given period.

question

Capital Investment Analysis Expansion: new assets Replacement: upgrading assets Difficult to estimate the costs and benefits of a proposed long-lived investment

answer

question

Debt Capital

answer

funds obtained through borrowing

question

Equity Capital

answer

investment in the firm in exchange for ownership.

question

Capital structure

answer

- the mix of a firm's debt and equity capital

question

Principle of Leverage:

answer

increasing the rate of return on funds invested by borrowing funds. A company's earnings must be greater than its interest payments. Figure 17.2 shows earnings for two identical firms who choose to raise funds by leverage and equity.

question

Dividends

answer

Dividends are periodic cash payments to shareholders Companies are under no legal obligation to pay dividends to shareholders Earnings that are paid in dividends are not reinvested in the firm and don't contribute additional equity capital. Highest dividend yielding stocks

question

Trade Credit

answer

- extended by suppliers when a firm receives goods or services, agreeing to pay for them at a later date

question

Short-Term Loans

answer

line of credit and revolving credit agreement

question

Commercial Paper

answer

- large, financially strong corporations sell a short-term, unsecured IOU in multiples up to $1 million to investors

question

A larger plan or project calls for longer term funding repaid over a longer period of time, from: Financial Institutions (commercial banks) Bonds Equity Financing - selling stock in the firm or reinvesting company profits

answer

question

Equity Financing

answer

selling stock in the firm or reinvesting company profits Public Sale of Stocks and Bonds Private Placements Venture Capitalists Private Equity Funds Hedge Funds

question

Acquisition

answer

one firm buys the assets and assumes the obligations of another firm. Leveraged Buyouts Divestiture Sells off/Spin-off

question

Real Estate Example

answer

Find a vacant lot for $50,000 Real Estate agent thinks there is a shortage of office buildings in one year Building will be worth $420,000 in a year The cost of building the building will be $320,000 Is this a good investment? I.E. investng $370,000 and get $420,000 in one year

STUDY

Business Management Cascading Style Sheets Customer Relationship Management Software Marketing Real Time Information Sales Force Automation Supply Chain Management Software

Flashcards and Answers – Cis Chapter 5 106 terms

Christine Brunetti

106 terms

Preview

Flashcards and Answers – Cis Chapter 5

question

1) Nonprofit and government agencies need additional modules for their financial systems.

answer

TRUE

question

2) Compliance reports can help identify events that fall outside accepted ranges.

answer

False

question

16) Spammers use "web beacons" routinely to verify that email addresses are valid.

answer

True

question

16) Spammers use "web beacons" routinely to verify that email addresses are valid.

answer

true

question

15) Proactive live chats on websites in the customer support context offer considerable savings.

answer

true

question

14) A good retention management strategy does not promise a fast return on investment.

answer

false

question

13) Attracting new customers is often more difficult and expensive than retaining existing ones.

answer

true

question

12) Locations communicated through GPS are accurate within no less than a few kilometers.

answer

false

question

11) Companies have replaced sharing information through sensing technologies with electronic data interchange.

answer

false

question

10) Fuel prices affect supply chains.

answer

true

question

9) Long supply chains are less susceptible to disruption than are short supply chains.

answer

false

question

8) Identifying high-cost points along the supply chain is the first step toward reducing operational costs.

answer

true

question

7) All valuable supply chain metrics stay visible even when no one collects them.

answer

false

question

6) The corporate responsibility objectives of a company affect its decisions regarding sources and suppliers.

answer

true

question

5) Workforce management modules draw on the information stored in sales records that shows when peak demand occurs.

answer

true

question

4) Human capital management systems avoid using social networks due to the unregulated nature of media.

answer

false

question

3) In the United States, the Security and Exchange Commission (SEC) mandates many aspects of compliance.

answer

true

question

17) Twitter is growing as a way to provide customer support, largely because it can reach customers in near real-time.

answer

true

question

104) A company tried implementing an ERP system and failed. Which of the following is the most likely reason for its failure? A) lack of security B) lack of integration C) lack of preparatory training D) unsuitability for small or medium businesses

answer

C) lack of preparatory training

question

103) Companies pay subscription fees to access a vendor's software in the cloud, via the web, in the case of ________. A) software-as-a-service (SaaS) products B) remote web-application frameworks C) middleware D) web beacons

answer

A) software-as-a-service (SaaS) products

question

102) Vendors are providing software-as-a-service (SaaS) products because of the need to ________. A) lower implementation costs B) standardize ERP services C) address security concerns D) lower turnover costs

answer

A) lower implementation costs A) lower implementation costs

question

101) The "big bang" approach for implementing ERP involves ________. A) implementing software-as-a-service (SaaS) or on-demand software products B) going live with all the core modules in the engineered suite at the same time C) matching ERP modules to company needs D) using best-of-breed suites for enhancing ERPs through mergers

answer

B) going live with all the core modules in the engineered suite at the same time

question

99) Which of the following is a characteristic of best-of-breed suites? A) They are built from the ground up. B) Processes, interfaces, and data are integrated and consistent across systems. C) They match user requirements closely. D) They have a single architectural foundation.

answer

C) They match user requirements closely.

question

98) Software used as a bridge to integrate separate information systems and synchronize data across multiple systems is referred to as ________. A) malware B) web beacon software C) middleware D) bundled software

answer

C) middleware

question

105) Sam, the CEO of a product development company, is planning to implement an ERP system in his company. However, most of his colleagues advise him against implementing such a system saying that such systems have more weaknesses than strengths. Why should Sam still go ahead with the implementation? A) ERP systems are very easy to implement, especially in large organizations. B) Research shows that almost all ERP implementations have been a success. C) Once in place, the ERP can dramatically enhance operational efficiencies and reduce costs. D) ERP implementation rarely affects workflow and therefore requires very little usage training.

answer

C) Once in place, the ERP can dramatically enhance operational efficiencies and reduce costs.

question

100) Which of the following is a disadvantage of best-of-breed suites? A) failure to meet changing business needs B) lack of features that users require C) error-prone synchronization between systems D) high switching costs due to module interdependence

answer

C) error-prone synchronization between systems

question

97) A disadvantage of using a suite with synchronized modules is that ________. A) they have high switching costs B) the bridges between modules can be fragile C) there is no consistency across the modules D) required information will appear only in one system

answer

B) the bridges between modules can be fragile

question

95) In which of the following approaches for integrating ERP modules does the vendor provide middleware to connect systems that may be running on different platforms? A) best-of-breed suite B) engineered suite C) suite with synchronized modules D) global positioning system

answer

C) suite with synchronized modules

question

96) Which of the following requires application suites with synchronized modules? A) building ERP products from the ground up B) creating platforms that match user requirements closely C) building modules that are highly interdependent D) enhancing ERPs through mergers or acquisitions

answer

D) enhancing ERPs through mergers or acquisitions

question

88) Early integrated application suites evolved from systems that supported ________. A) supply chain management B) manufacturing resource planning C) customer relationship planning D) human capital management

answer

B) manufacturing resource planning

question

94) The advantage of using a suite with synchronized modules is that ________. A) the switching costs are far lower for ERP systems with interdependent modules B) a common architecture overlays the systems to improve consistency across the modules C) the introduction of changes in such systems to meet new business needs takes little time D) modules can have very rich functionality and can be implemented individually, reducing risk

answer

B) a common architecture overlays the systems to improve consistency across the modules

question

93) Which of the following is a disadvantage of the engineered suite? A) high switching costs B) independent modules C) high IT support costs D) multiple architectural foundations

answer

A) high switching costs

question

92) Which of the following approaches for integrating ERP modules has high switching costs? A) suite with synchronized modules B) engineered suite C) best-of-breed suite D) electronic data interchange

answer

B) engineered suite

question

91) Which of the following strategies for integrating ERP modules is built from the ground up with consistent user interfaces, integrated backend database, and a single architectural foundation? A) suite with synchronized modules B) global positioning system C) best-of-breed suites D) engineered suite

answer

D) engineered suite

question

90) In an ERP suite that includes modules specialized for higher education, which of the following would be used to track donations, pledges, and gifts, and manage contacts and donor relationships? A) enrollment management B) institutional advancement C) e-learning D) human resources

answer

B) institutional advancement

question

89) An integrated application suite to support a whole establishment that includes modules to manage financials, human resources, supply chain, customer relationships, and other business processes is called ________. A) enterprise resource planning B) total quality management C) business process automation D) business process management

answer

A) enterprise resource planning

question

76) ________ help drivers navigate while transporting materials and keep managers in touch with their transportation fleets. A) EDI systems B) Wireless scanners C) GPS devices D) RFID chips

answer

C) GPS devices

question

87) Sellers Forever Inc. makes use of a system that sends emails to all employees in the organization with requests to recognize and congratulate the top performing sales reps at the end of every week to encourage and motivate the sales team. Which of the following has the company employed? A) sales outsourcing B) email marketing C) sentiment analysis D) sales force automation

answer

D) sales force automation

question

86) ________ boosts the performance of an organization's sales reps by helping them track and manage their accounts, contacts, leads, and to-do lists. A) Sales outsourcing B) Sales force automation C) Sentiment analysis D) Email marketing

answer

B) Sales force automation

question

85) E-marketing information systems provide extensive tracking capabilities by embedding in the HTML email a ________. A) web trojan B) web beacon C) server log D) web log

answer

B) web beacon

question

84) The information systems used by customer relationship management (CRM) are often ________. A) outdated B) unified C) fragmented D) redundant

answer

C) fragmented

question

83) ________ helps organizations classify user-generated content as pro, con, or neutral toward the company or product. A) Predictive analytics B) Affective computing C) Polarity item-analysis D) Sentiment analysis

answer

D) Sentiment analysis

question

82) The use of live chats as a CRM strategy in the context of customer support will most likely result in ________. A) high employee turnover costs B) decreasing profitability C) considerable savings D) a decreasing retention rate

answer

C) considerable savings

question

81) Which of the following is a CRM strategy used to earn more revenue from existing customers? A) cross-selling B) permission marketing C) predictive analytics D) foot-in-the-door technique

answer

A) cross-selling

question

80) An online retail website has a low rate of customer retention. Which of the following would be the most effective way to help the company increase its retention rate? A) using uninvited pop-up chat to encourage customers to buy products B) using a CRM system to track customer behavior when they visit the site C) promoting the website through conventional advertising to gain visibility D) building seamless financial workflows

answer

B) using a CRM system to track customer behavior when they visit the site

question

79) Which of the following is a metric that is commonly used in CRM? A) customer satisfaction index B) human capital return on investment C) turnover costs D) demand forecast accuracy

answer

A) customer satisfaction index

question

78) Which of the following is true regarding customer retention? A) Research has proved that existing customers tend to be less profitable than new customers. B) The only accurate metric that calculates customer retention is the number of repeat customers. C) A retention strategy increases the number of loyal customers, but provides no return on investment. D) Attracting new customers is often more difficult and expensive than retaining existing ones.

answer

D) Attracting new customers is often more difficult and expensive than retaining existing ones.

question

77) ________ encompasses the strategies, processes, and information systems that an organization uses to build and maintain relationships with the current and prospective users of its products or services. A) Enterprise resource planning B) Customer relationship management C) Human capital management D) Supply chain management

answer

B) Customer relationship management

question

18) Engineered suites offer solid integration on the back-end and consistent user interfaces throughout.

answer

false

question

31) Which of the following is true of compliance reporting? A) Supply chain management systems carry the major burden of compliance reporting. B) Compliance reports primarily help in identifying events that fall outside accepted ranges. C) Compliance reports relying on XBRL are more advanced than electronic PDFs. D) In the United States, the South Eastern Conference (SEC) mandates all aspects of compliance.

answer

C) Compliance reports relying on XBRL are more advanced than electronic PDFs.

question

30) The goal of using eXtensible Business Reporting Language (XBLR) in compliance reporting is to ________. A) develop a common language for all accounting and business reports B) avoid transparency so that financial data are kept confidential C) ensure that only computer programs know the meaning of tagged concepts in reports D) ensure that only humans know the meaning of tagged concepts in reports

answer

A) develop a common language for all accounting and business reports

question

29) Exception reports that are generated by financial information systems help organizations primarily in ________. A) conforming to local, national, and international financial regulations B) comparing financial results and strategies with competitor companies C) spotting fraudulent transactions and mistakes that require a manual review D) developing organization- and industry-specific accounting standards

answer

C) spotting fraudulent transactions and mistakes that require a manual review

question

28) Carrie, the finance manager of an insurance company, suspects some of the sales representatives of submitting their travel expenses receipts twice. Which of the following would help her spot such fraudulent submissions? A) electronic data interchange B) exception reports C) noncompliance reports D) compliance reports

answer

B) exception reports

question

27) ________ involves the automatic tagging of unusual events in financial transactions and is used to spot mistakes and fraudulent activities. A) Exception reporting B) Compliance reporting C) Human capital management D) Electronic data interchange

answer

A) Exception reporting

question

26) The first targets of process improvements through integration of modules and creation of workflows in companies were ________. A) financial analytics and financial reporting B) general ledger and asset management C) cash management and budget planning D) procurement and accounts payable

answer

D) procurement and accounts payable

question

25) The financial management system of a software company automatically updates the general ledger whenever there are any transactions in the company's accounts receivable and accounts payable. This is an example of the financial system's ________. A) compliance reporting B) exception reporting C) service delivery applications D) integration of components

answer

D) integration of components

question

24) Consistency in a company's financial management system is maintained by ________. A) supporting multiple finance-related activities and processes B) creating bridges and interfaces to other information systems C) generating exception reports regarding unusual financial events D) creating compliance reports that conform to international regulations

answer

B) creating bridges and interfaces to other information systems

question

23) Which of the following activities is supported by financial management systems? A) mapping the employee life cycle, starting from recruitment to retirement B) deciding which suppliers to use for sourcing raw materials C) negotiating the terms and conditions of payment agreements made with vendors D) creating and maintaining a repository of employee contact information

answer

C) negotiating the terms and conditions of payment agreements made with vendors

question

22) Which of the following organizations requires the most number of modules for their financial systems? A) a federal government agency B) a private-sector bank C) a steel manufacturing company D) an IT consulting firm

answer

A) a federal government agency

question

21) Modules such as budget planning, debt management, travel and expense management, and contracts management are typically included in a ________ management system. A) supply chain B) financial C) human capital D) customer relationship

answer

B) financial

question

20) SaaS ERP solutions are "instant on" products, which require minimal training and reengineering of workflows compared to on-premise versions.

answer

false

question

19) Implementing ERPs very often results in dismal success rates and runaway costs.

answer

true

question

32) Which of the following is true of the eXtensible Business Reporting Language (XBRL)? A) It reduces the transparency in a reporting process. B) It makes data computer-readable. C) It specializes only in financial reporting. D) It has failed to advance over electronically delivered PDFs.

answer

B) It makes data computer-readable.

question

41) Which of the following components of the HCM systems focuses on employee life cycle and career development? A) workforce management modules B) social networking software C) service delivery modules D) talent management applications

answer

D) talent management applications

question

40) Which of the following components of the HCM systems would airport managers use for optimizing the task schedules of ground personnel? A) talent management applications B) service delivery modules C) workforce management modules D) human resources management applications

answer

C) workforce management modules

question

39) Which of the following components of the HCM systems keep track of employee time and attendance, sick leave, vacation leave, and project assignments? A) talent management applications B) human resources management applications C) service delivery modules D) workforce management modules

answer

D) workforce management modules

question

38) Which of the following components of the HCM systems is responsible for tracking employees' demographic information? A) workforce management modules B) talent management applications C) human resources management modules D) service delivery modules

answer

C) human resources management modules

question

37) Which of the following is a function of the human capital management system? A) optimizing labor schedules B) planning terrestrial transport rounds C) tracking all correspondence with customers D) creating a centralized repository of customer contact information

answer

A) optimizing labor schedules

question

36) Which of the following is the central element of the human capital management (HCM) information system? A) employee record B) customer service C) marketing campaigns D) transportation

answer

A) employee record

question

35) Which of the following is the primary function of the International Accounting Standards Board (IASB)? A) representing accountants employed in public sector companies around the world B) representing accountants employed in public sector companies in developed countries C) developing and promoting a single worldwide set of financial reporting standards D) training professional accountants worldwide on ethical accounting practices

answer

C) developing and promoting a single worldwide set of financial reporting standards

question

34) The goal of using XBRL in compliance reporting is to ________. A) identify events that fall outside accepted ranges B) develop a common language for financial reporting C) create streamlined, manual workflows D) encourage diversity in reporting practices

answer

B) develop a common language for financial reporting

question

33) Giving clear definitions and tags to financial terms using eXtensible Business Reporting Language (XBRL) makes data ________. A) less transparent B) manually manageable C) concise and error-free D) computer-readable

answer

D) computer-readable

question

42) Which of the following modules of the human capital management systems encourages interactions through wikis and blogs? A) human resources management applications B) service delivery modules C) workforce management modules D) social networking software Answer: D AACSB: Information Technology Chapter LO: 2 Difficulty: Easy Course LO: Discuss the role of information systems in supporting business processes

answer

question

54) Demand forecast accuracy is important because underestimating demand leads to ________. A) high inventory costs B) lost sales C) customer satisfaction D) discount blowouts

answer

B) lost sales

question

53) ________ describes how easily managers can track timely and accurate supply chain metrics. A) Marketability B) Sustainability C) Flexibility D) Visibility

answer

D) Visibility

question

52) A steel manufacturing company that follows a low-cost leadership strategy does not accept any product returns from its customers. The company's "no-return" policy aims to ________. A) effectively track inventories B) streamline financial workflows C) increase the sale of its products D) reduce supply chain costs

answer

D) reduce supply chain costs

question

51) Which of the following is a part of a company's supply chain management? A) aligning supply with demand B) managing company workforce C) providing customer support D) managing customer retention

answer

A) aligning supply with demand

question

50) Which of the following is a factor that directly affects a company's choice of suppliers? A) demand forecast accuracy B) business strategy C) sunken costs D) turnover costs

answer

B) business strategy

question

49) The first step in the successful management of a next-generation supply chain is ________. A) sourcing B) delivering C) making D) planning

answer

D) planning

question

48) Which of the following is the primary function of supply chain management in companies? A) optimizing the flow of products and services from their source to the customer B) restructuring the organizational hierarchy to facilitate effective communication C) improving the visibility of a product or service through effective promotional strategies D) identifying the optimum target market to increase the likelihood of the sale of a product

answer

A) optimizing the flow of products and services from their source to the customer

question

47) The monetary gains produced by an organization's expenditures on salaries, benefits, bonuses, and other costs for employee talent is called ________. A) turnover cost B) net profit C) human capital return on investment D) rate of earnings on invested capital

answer

C) human capital return on investment

question

46) Which of the following is calculated by adding the average advertising costs for job postings, agency fees, recruiter's salary and benefits, and relocation expenses for new employees? A) turnover cost B) cost per hire C) cost of attrition D) retention cost

answer

B) cost per hire

question

45) The total of termination costs, hiring costs, training costs, and other costs related to replacing a worker is referred to as ________. A) cost per hire B) sunk cost C) turnover cost D) hidden cost

answer

C) turnover cost

question

44) The percentage of workers who left an organization and were replaced during a time period is called employee ________. A) retention B) turnover C) attrition D) termination

answer

B) turnover

question

43) Laid-off workers, who are hired back owing to their positive attitude and networking capabilities when businesses recover, are called ________. A) boomerangs B) laggards C) freelancers D) opinion leaders

answer

A) boomerangs

question

59) Which of the following will typically have a major impact on global supply chain costs? A) increasing attrition rate in companies B) decreasing focus on international business ethics C) restrictions on grants from governments for research and development D) restrictions on carbon emissions

answer

D) restrictions on carbon emissions

question

75) Which of the following devices receives signals from orbiting satellites that transmit time and location data? A) electronic data interchange system B) wireless scanner C) global positioning systems device D) RFID chip

answer

C) global positioning systems device

question

74) ________ are attached to packages or crates and can transmit data as they pass by readers at seaports, railway stations, or warehouses. A) RFID chips B) Wireless scanners C) GPS devices D) EDI systems

answer

A) RFID chips

question

73) ________ help commercial shippers to read the barcodes on packages during transit and upload tracking number, date, time, and place to servers. A) RFID chips B) Wireless scanners C) GPS devices D) EDI systems

answer

B) Wireless scanners

question

72) When compared to electronic data interchange, the use of collaborative systems with XML formats to improve visibility between partner companies in a supply chain ________. A) requires no trust between partners B) is more flexible C) is difficult to create D) requires less time to create

answer

B) is more flexible

question

71) A disadvantage of electronic data interchange (EDI) is that it ________. A) increases the time required for a product to reach the end customer B) fails to build trust among the partners in a supply chain C) tends to lock partners into their relationship D) is not always reliable and may result in wastage of goods

answer

C) tends to lock partners into their relationship

question

70) An advantage of electronic data interchange (EDI) is that it ________. A) does not rely on any proprietary software B) takes very little time to be set up in a company C) enables a company to easily switch partners when required D) improves supply chain performance

answer

D) improves supply chain performance

question

69) Which of the following is true regarding the use of electronic data interchange (EDI) between partner companies in a supply chain? A) EDI often relies on private networks and proprietary software. B) EDI takes very little time to set up. C) EDI enables companies to easily switch partners when required. D) EDI is more flexible than systems with machine-readable formats.

answer

A) EDI often relies on private networks and proprietary software.

question

68) An electronic bridge between partner companies in a supply chain that is used to transmit real-time information about orders, inventories, invoices, and other data is called ________. A) electronic market B) financial network C) expense and cost recovery system D) electronic data interchange

answer

D) electronic data interchange

question

67) The bullwhip effect can be reduced if ________. A) suppliers occasionally receive faxed purchase orders from the retailer B) suppliers are provided with warehouse management software C) suppliers have real-time access to up-to-date retail sales data D) suppliers are provided with global trade management software

answer

C) suppliers have real-time access to up-to-date retail sales data

question

66) Which of the following software is used to ensure compliance for cross-border transactions for importers and exporters? A) warehouse management software B) supply chain planning software C) global trade management software D) manufacturing execution system

answer

C) global trade management software

question

65) A bag manufacturing company had suffered financial losses due to overestimation of demand, which led to overproduction. Which of the following software can help the company prevent such situations in the future? A) sales force optimization software B) supply chain planning software C) manufacturing execution system D) customer relationship management software

answer

B) supply chain planning software

question

64) Which of the following supply chain management software is used to manage and optimize shipping, logistics, fleet routing, and scheduling? A) supply chain planning software B) warehouse management software C) transportation management software D) global trade management software

answer

C) transportation management software

question

63) Which of the following is a function of transportation management software? A) fleet routing and scheduling B) predicting demand C) optimizing inventory D) cross-docking

answer

A) fleet routing and scheduling

question

62) Which of the following supply chain management software is used to manage and optimize inventories, space allocation, shipments, and cross-docking? A) supply chain planning software B) transportation management software C) warehouse management software D) global trade management software

answer

C) warehouse management software

question

61) Which of the following is a function of warehouse management software? A) cross-docking B) predicting demand C) fleet routing and scheduling D) ensuring compliance for cross-border transactions

answer

A) cross-docking

question

60) Which of the following is a function of a supply chain planning software? A) fleet routing B) predicting demand C) cross-docking D) optimizing shipping

answer

B) predicting demand

question

55) Demand forecast accuracy is important because overestimating demand leads to ________. A) discount blowouts B) decreased inventory costs C) lost sales D) increased prices

answer

A) discount blowouts

question

58) Which of the following illustrates a practice that can dramatically reduce supply chain costs? A) a supplier company depending on the sales of a market leader to supply products accordingly B) a company replacing its supplier with another larger and more competitive supplier C) a company supplying products directly to customers by omitting all middlemen D) a company closely monitoring and tracking each and every inventory in its supply chain

answer

C) a company supplying products directly to customers by omitting all middlemen

question

57) The distortions in a supply chain caused by changes in customer demand, resulting in large swings in inventory levels as the orders ripple upstream from the retailer to the distributor and manufacturer, is referred to as the ________. A) accelerator effect B) bullwhip effect C) loyalty effect D) local multiplier effect

answer

B) bullwhip effect

question

56) A company resorts to discount blowouts to get rid of excess merchandise. Which of the following scenarios is most likely to have triggered this action? A) increase in inventory costs B) ineffective tracking of the inventory C) overestimation of demand D) increase in the price of raw materials

answer

C) overestimation of demand

STUDY

Accounting Accounting And Finance Activity Based Costing Certified Public Accountant Customer Relationship Management Software Information Systems Internal Revenue Service

ACCY 310 Chapter 1 – Flashcards 49 terms

Patrick Turner

49 terms

Preview

ACCY 310 Chapter 1 – Flashcards

question

Accounting and Finance is a primary activity in the value chain

answer

False

question

Accounting Information Systems at this date are all computerized

answer

false

question

Business value includes all those items, events and interactions that determine the financial health and well being of the firm

answer

true

question

The certified information technology professional (CITP) is a professional designation for those with broad range of technology knowledge and does not require a CPA.

answer

false

question

The Certified Information Systems Auditor (CISA) is a professional designation generally sought by those performing IT audits.

answer

True

question

Information is defined as being data organized in a meaningful way to be useful to the user.

answer

true

question

Data is defined as being information organized in a meaningful way to the user.

answer

false

question

A systems analyst analyzes a business problem that might be addressed by an information system and recommends software or systems to address that problem.

answer

true

question

a value chain is defined as the flow of materials, information, payments, and services from customer to supplier.

answer

false

question

Relevant information is that information that is free from bias and error.

answer

false

question

the characteristics of relevant information include predictive value, feedback value, and timeliness

answer

true

question

the characteristics of reliable information are that the information is verifiable, without bias and timely.

answer

false

question

information overload is defined as the difficulty a person faces in understanding a problem and making a decision as a consequence of too much information.

answer

true

question

the main financial benefit of Customer Relationship Management practices reduces the cost of goods sold.

answer

false

question

an efficient Enterprise System can significantly lower the cost of support processes included in sales, general, and administrative expenses.

answer

true

question

an accounting information system (AIS) is defined as being an information system that records, processes and reports on transactions to provide financial information for decision making and control

answer

true

question

an enterprise system is a centralized database that collects data from throughout the firm. this includes data from orders, customers, sales, inventory and employees.

answer

true

question

outbound logistics are the activities associated with receiving and storing raw materials and other partially completed materials, and distributing those materials to manufacturing where and where they are needed.

answer

false

question

service activities as defined in the value chain are those activities that provide the support of customers after the products and services are sold to them.

answer

true

question

a well designed and well functioning AIS can be expected to create value by providing relevant information helpful to management to increase revenues and reduce expenses.

answer

true

question

Production of a 1040 tax form from the AIS to be delivered to the Internal Revenue Service is an example of discretionary information

answer

false

question

an enterprise system is primarily used to manage and nurture a firm's interactions with its current and potential clients

answer

false

question

The Sarbanes Oxley Act of 2002 is a federal law in the United States that set new and enhanced standards for all U.S. public companies, management and public accounting firms.

answer

true

question

CRM software includes the use of database marketing tools to learn more about the customers and to develop strong firm to customer relationships

answer

true

question

The Certified Information Technology Professional is the position created by the AICPA to recognize CPA's who have the ability to provide skilled professional services on information technology.

answer

true

question

accounting information systems are

answer

records, processes, and reports

question

which of the following are not a characteristic of useful information

answer

easy to understand

question

which of the following are considered to be mandatory information required by a regulatory body?

answer

financial reports for the securities and exchange commission

question

the correct order of effects in the value chain are

answer

inbound logistics-operations-outbound logistics

question

which designation would most appropriate for those professionals possessing an IT audit control and security skills?

answer

CISA

question

which designation is for CPAs with a broad range of technology knowledge and experience?

answer

CITP

question

A supply chain

answer

refers to the flow of materials, information, payments, and services

question

a supply chain system does not include information about

answer

prospective customers

question

the income statement line item most likely affected by an AIS investment in enterprise systems would be

answer

selling, general and administrative expenses

question

the income statement line item most likely affected by AIS investment in supply chain that would interface with suppliers would be

answer

Cost of Goods Sold

question

the IT strategic roles of AIS investments are classified as

answer

Automate, Informate, Transform

question

according to a recent study the transform IT strategic role is defined as systems that

answer

fundamentally redefine business processes and relationships

question

according to a recent study, the informal up IT strategic role is defined as systems that

answer

provide information about business activities to senior management.

question

the income statement account most likely affected by an AIS investment in customer relationship management would be

answer

revenues

question

many hospitals and doctors offices are beginning to digitize the medical records of their patients. this is an example of the _____ strategic role

answer

automate

question

EBay uses information technology to sell goods on the internet. this would be an example of the _____ strategic role

answer

transform

question

the information value chain is defined as

answer

the overall transformation of data from a business need to the ultimate decision.

question

business value is defined as

answer

Items, events and interactions that determine the financial health and well being of the firm

question

customer relationship management is defined as

answer

a system used to manage and nurture a firms interactions with its current and potential customers

question

support activities in the value chain does not inclue

answer

accounting and finance

question

the role of accountants in accounting information systems include all except

answer

operator

question

a simple information system includes all but the following elements except

answer

reporting

question

activity based costing is an example of

answer

discretionary information

question

an example of an AIS that primarily addresses internal business processes includes:

answer

enterprise systems

STUDY

Business And Industry Business Process Reengineering Computer Based Systems Customer Relationship Management Software Direct Labor Costs Enterprise Information System Sales And Marketing Systems Analysis

ISM Exam 2 – Flashcards 110 terms

Deacon Kirby

110 terms

Preview

ISM Exam 2 – Flashcards

question

Jameel, a purchasing manager for Peerless Products, uses an ERP system to send purchase orders to vendors, schedule deliveries, provide shipping instructions, and manage payment information as well as arrival and receipt information for all of the materials that are needed to build their products. This describes Jameel's use of ERP to manage ________.

answer

the supply chain

question

Which of the following conditions exist when data are isolated in separated information systems?

answer

information silo

question

For a product to be considered a true ERP, it must include applications that integrate all of the following except? Human Resources Quality Management Supply Chain Manufacturing Finances

answer

Quality management

question

The solutions to problems in an enterprise system usually involve a single department of the organization. True or False

answer

False

question

All of the following statements apply to Enterprise Application Integration (EAI), except __________

answer

EAI establishes an integrated enterprise information store.

question

Returned products, recycled products, and disposal of materials or products are called:

answer

reverse flows

question

In the establishment of its new 3D design-selling business, All Road parts used information systems to reduce shipping costs in the selling process by ______.

answer

Automating the delivery of the purchased #D design

question

Which of the following is false regarding the various aspects of the business processes in an organization?

answer

Processes are the flow of authority in a functional area.

question

All of the following are security risks associated with the PRIDE system, except _______.

answer

Doctors and trainers may be restricted to viewing only partial data.

question

____________ systems link up all of the direct activities in the organization: including logistics, operations, manufacturing, sales and marketing, and support.

answer

ERP

question

The sequence of activities and phases of the customer lifecycle are as follows _________.

answer

Attract, sell, support, and categorize

question

Requirements gap identification is a major task when implementing enterprise systems because of all of the following, except __________.

answer

Consolidating the functional systems will closes the gaps.

question

In inter-enterprise information systems, procedures are simple and generally not documented or formalized in any way. True or False

answer

False

question

In a process diagram, a ______ represents an activity.

answer

Rectangle with rounded corners

question

Lead tracking is an application traditionally run in the functional area of ____________.

answer

Sales and marketing

question

Which of the following statements is NOT true about a business process?

answer

Activities in a business process are fixed.

question

Inventory management (raw materials, good-in-process) is an application traditionally run in the functional area of ________.

answer

Manufacturing

question

__________ systems link up all the direct activities in the organization: including logistics, operations, manufacturing, sales and marketing, and support.

answer

ERP

question

While changing a business process by adding a resource, one should add cost to the process if _________.

answer

The change generates value greater than its cost

question

Business process reengineering (BPR) takes advantage of new capabilities by all of the following except __________.

answer

Supporting functional systems that still function

question

The different types of users in the PRIDE system include all of the following, except _________.

answer

Employers

question

What exactly is ERP?

answer

It is an umbrella term for a complicated software solution.

question

The problems presented by functional processes can be resolved by _______?

answer

Cross-functional processes

question

Which process below is typically performed by the accounting department?

answer

Budgeting

question

How does ERP make businesses more efficient?

answer

It provides modules that link business processes together in a cross-functional manner.

question

Customer relationship management applications include all of the following except __________.

answer

Lead tracking

question

Business process reengineering is the activity of altering existing and designing new business processes to take advantage of new information systems. True or False

answer

True

question

Which of the following terms refers to an ERP module that sends order or payment information automatically between companies?

answer

Electronic data interchange

question

Enterprise information systems can solve all of the following problems except __________.

answer

Data quality problems

question

In the case of multi-national retailers, the customer relationship with venders has become more personal. True or False

answer

False

question

Which of the following workgroup processes is related to human resources?

answer

assessment

question

Which of the following information systems minimizes data duplication among departments?

answer

enterprise information systems

question

Which of the following is the reason why business process reengineering is difficult across cross-functional processes?

answer

No manager has authority over all the processes assigned to them

question

Information system can be used to improve process quality by ____________.

answer

Controlling process flow

question

__________ are the physical products, raw materials, and supplies that flow along a supply chain.

answer

Material flows

question

Sourcing from external suppliers occurs in the upstream portion of the supply chain. True or False

answer

True

question

Among the following, what is NOT a factor that facilitates implementing an enterprise information system?

answer

Providing training

question

What is the major problem caused by information silos at the workgroup level?

answer

Data integrity problem due to inconsistent duplicated data

question

Which of the following is not a functional process in an organization?

answer

Customer relationship management (CRM)

question

An ERP feature that provides up-to-date information on what is going on throughout the company is called a ________.

answer

live dashboard

question

Facebook, Twitter, LinkedIn, and Google are al SM application providers.True or False

answer

True

question

SM sponsors contribute to SM sites via browsers or by using specialized sponsor applications provided by the SM application provider. True or False

answer

True

question

Employees who contribute to and mange social networking sites generate direct labor costs. True or False

answer

True

question

SM communities differ from communities in the past n that they are __________.

answer

formed based on mutual interests

question

Data and responses to data that are contributed to SM sites by users and SM sponsors are referred to as _________.

answer

content data

question

__________ is the application of social media to facilitate the cooperative work of people inside organizations.

answer

Enterprise 2.0

question

Which of the following is a risk associate with human resources when using social media to form conclusions about employees?

answer

possibility of error on the site

question

A student invests money and time in a business administration course. In this example, the student invests in _________.

answer

Human capital

question

When a student attends a business function for the purpose of meeting people and reinforcing relationships, he or she is investing in his or her _________.

answer

Social capital

question

Social capital, unlike traditional capital,________

answer

sometimes depreciates and at other times appreciates with time

question

Which of the following statements is not true about social media informations systems (SMIS)?

answer

The five component model is not valid for SMIS

question

A social media site chooses to relate to communities of users based on its goals. If the site is interested in pure publicity, it __________.

answer

Creates a viral hook to enable users to share communications

question

A typical social media sponsor does all of the following, EXCEPT ___________.

answer

Run the social media application

question

Before initiating a social networking presence, social media sponsors must develop procedures for all of the following EXCEPT __________.

answer

Deleting connection data from the social media site

question

Which of the following is NOT a social media application provider?

answer

SAP

question

________ are the companies that operate the SM sites.

answer

Social media application providers

question

"Defenders of belief"-type user communities have the following characteristics, EXCEPT _________.

answer

They are good for innovative problem solving

question

"Seekers of the truth"-type user communities have the following characteristics, EXCEPT __________.

answer

They share a common solution to their problem

question

Which of the following is NOT a true statement regarding problems faced by organizations in a variety of social media scenarios?

answer

Bad PR is a potential risk faced in a "seeker of truth" community type

question

Among the following statements, which is NOT true regards to differences between social CRM and traditional CRM?

answer

Social CRM is centered on lifetime value

question

Which statement among the following is not one the SLATES characteristics of Enterprise 2.0?

answer

Tagged content be pushed to users.

question

Defenders-of-belief communities facilitate activities such as ___________.

answer

Sales and marketing

question

Which of following activities would seekers of the truth facilitate?

answer

Customer service

question

__________ is the dynamic social media process of employing users to participate in product design or product redesign.

answer

Crowdsourcing

question

Which of the following is a risk associated with human resources using social media to form conclusions about candidate evaluation?

answer

Possibility of error

question

According to Lin, social capital adds value in the following ways, EXCEPT _________.

answer

Monetary

question

The nature of social capital means that, figuratively, social capital equals __________.

answer

Number of Relationships x Relationship Strength x Entity Resources

question

A(n) __________ organization uses social media to transform its interactions with customers, employees and partners into mutually satisfying relationships with them and their communities.

answer

Hyper-socail

question

Which of the following describes the meaning of the "sense" activity, in the SEAMS dynamic process?

answer

Finding and relating to the communities that are important to a person

question

Social media information systems can foster hyper-social organizations in all the following ways, EXCEPT ___________.

answer

Allowing the organization to publish purely advertising information

question

Which of the following observations is true about social capital?

answer

Most organizations today ignore the value of entity assets and simply try to connect to more people with relationships

question

The first step and hyper-social organization should take is to develop and publicize a(n) ________ policy.

answer

Social media

question

The major sources of problems with user-generated content on social media sites, include all of the following EXCEPT __________.

answer

Government cover-ups

question

Building a personal brand on social media involves all of the following, EXCEPT __________.

answer

Engaging in self-promotion

question

The effect of social media on organizations and the workplace over the next ten years will likely result in following changes, EXCEPT _________.

answer

Organizations will lose control of their employees regarding how they use social media

question

What is social capital?

answer

It is trusting relationships that allow people to support one another.

question

How does social capital improve the quality of life?

answer

Trusting relationships add opportunities and possibilities in our lives.

question

Which of the following illustrates the use of social capital?

answer

Roger telephones several friends to ask if they know someone who can help with a plumbing problem

question

The members of a local philanthropic group meet to discuss identifying a new financial advisor for the organization. This is an example of using __________ to facilitate a business relationship.

answer

social capital

question

Which of the following is a benefit of social capital?

answer

It provides opportunities to find and work with people in different social networks.

question

Knowledge residing in the minds of employees that has not been documented is called explicit knowledge. True or False

answer

False

question

The functions of a data warehouse are to do all of the following except ________.

answer

Filter data

question

Operational data can have many problems that make it unsuitable for data mining. Among the following, which is NOT a data problem in operational data that creates issues for data mining?

answer

Data is highly integrated

question

All Road Parts used a BI system to find candidate parts for the sale of the 3D parts designs by using all of the following criteria, except __________.

answer

By finding parts ordered in large quantities

question

Which of the following is not a primary activity in the BI process?

answer

Tracking the access and use of the data mining results

question

Expert systems

answer

work in vey limited domains

question

An OLAP report has measures and dimensions. Which of the following is an example of a dimension?

answer

Purchase date

question

RFM analysis ranks customers by considering the recency, frequency, and ________ of their orders.

answer

Dollar amount

question

Among the following, what is the best way to distinguish between reporting tools and data-mining tools?

answer

Complexity of techniques used

question

Which of the following statements is NOT true about data brokers or data aggregators?

answer

Data brokers cannot reliably infer ethnicity from consumer behavior data.

question

Goal-seeking analysis attempts to find the value of the inputs necessary to achieve a desired level of output. True or False

answer

True

question

Executive dashboards provide support primarily to analytical, quantitative types of decisions. True or False

answer

False

question

Among the following statements, which one is NOT applicable to BigData?

answer

BigData can be processed with traditional techniques

question

________ involves searching for patterns and relationships among data.

answer

Data minig

question

__________ analysis is a way of analyzing and ranking customers according to their purchasing patterns.

answer

RFM

question

A BI system enabled Target to identify customers who might be pregnant by _______.

answer

Their purchasing patterns of lotions and vitamins.

question

A geographic information system is a decision support designed specifically to work with spatial information. True or False

answer

True

question

Which of the following is true of unsupervised data mining?

answer

Analysts do not create a model before running the analysis.

question

When All Road acquired data for its BI system from its operational database, it used all of the following conditions, except __________.

answer

Only select items with a unit price of more than $100.

question

Which of the following is NOT a way in which the PRIDE systems can be used?

answer

Creating feedback

question

In the implementation phase of the decision making process, managers set criteria for the evaluation of alternative potential solutions.True or False

answer

False

question

Technology that consists of computer-based systems that attempt to emulate human behavior called:

answer

AI technology

question

An RFM score of _________ probably mans this customer has taken their business elsewhere and s most likely not worth spending too many marketing resources on.

answer

555

question

With the help of technology, the number of alternatives to be considered in decisions today is decreasing. True or False

answer

False

question

Hardware an software that attempts to emulate the processing patterns of the biological brain best describes

answer

a neural network

question

________ reports enable users to drill down to view increasingly detailed levels of the data.

answer

OLAP

question

Data warehouses do not include data that are purchased from the outside sources.True or False

answer

False

question

Among the different types of social media to manage and deliver organizational knowledge, the tool NOT in use for problem solving is __________.

answer

Blogs

question

Which of the following statements is NOT true about business intelligence (BI) systems?

answer

BI systems support only decision-making activities.

question

Which of the following is an example of a supervised data-mining technique?

answer

Regression analysis

STUDY

Closing The Sale Content Management System Customer Relationship Management Software Marketing Principles Of Marketing

MGT 3111 Ch. 11 – Flashcards 30 terms

Ben Powell

30 terms

Preview

MGT 3111 Ch. 11 – Flashcards

question

An appointment with a potential customer to explain or demonstrate your product or service is called a ________. A) Sales call B) Prequalification C) Product demonstration D) Cold call E) Survey

answer

question

Which of the following is NOT a principle of selling? A) Make a good personal impression B) Know your customer C) Know your field D) Believe in your product or service E) Think pessimistically

answer

question

When is an entrepreneur done collecting market research for his/her business? A) Never B) When the business has been operating for six months C) When the business has been opened D) Prior to the first sale E) After the first sale

answer

question

Which of the following is not an example of customer service? A) Making customers happier by listening to them B) Suggesting a less expensive product that will meet the customer's need C) Providing free delivery D) Cutting resource costs E) Upgrading production lines

answer

question

Once you make a sale, don't forget to fill out a ________. A) Customer receipt B) Bill C) Invoice D) Note E) None of the above

answer

question

If you decide to pay yourself a commission from your business, you will be earning ________. A) A percentage of each sale B) A percentage of your business profit C) A set salary D) An hourly wage E) None of the above

answer

question

Telling the truth about any negative aspect of a product or service usually ________. A) Gains your customer's trust B) Annoys your customer C) Means that you are dishonest D) Is stupid E) Shows that you are a fool

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When you build your Web site, make sure that you register it with at least ________ search engines. A) Three B) Ten C) One D) Five E) Four

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Information such as customers' e-mail addresses and purchasing history can be stored in a simple computer ________. A) Database B) Web site C) Program D) Virus E) Worm

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Brian Tracy believes that all objections fall into one of six categories. Which of the following is NOT one of the six? A) Support, warranties, and assurances B) Price C) Follow-up service and competition D) Performance E) None of the above

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An angry customer can make you angry too. However, it is crucial that ________. A) You stay calm and ask the customer to explain the situation, not interrupting the customer as they speak B) You make your points to the customer C) You ensure that you continue to sell your product or service D) You win the argument E) None of the above

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Objectives during a sales call are to make the customer ________. A) Want to buy your product or service B) Want to buy the product or service from you C) Aware of your product or service D) All of the above E) None of the above

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Customer service after a sale is an investment of time, money, and energy ________. A) That can have a very high return on investment B) That has no return on investment C) That 250 other people will share D) That has a low return on investment E) All of the above

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Using technology to sell ________. A) Can be useful in helping you communicate your product to the customer and to stay in touch with the customer B) Is of little value C) Is not really necessary D) Can confuse customers E) None of the above

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Customer complaints should be ________. A) Acknowledged and responded to politely B) Politely ignored C) Carefully listened to, but not responded to D) Not taken seriously E) Overlooked

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Losing a customer can hurt by ________. A) Losing the current sale B) Losing your reputation and future business C) Loss of jobs D) All of the above E) None of the above

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Entrepreneurs sell constantly to ________. A) Potential employees B) Potential investors C) Customers D) All of the above E) None of the above

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What should you do when a customer raises objections during a sales call? A) Acknowledge objections as they arise and respond to them. B) Ignore them; the customer will forget about them by the time the call is over. C) Shorten the sales call; don't waste time on a customer who has objections to your product or service. D) Pretend that you didn't hear the customer. E) Convince the customer they are wrong.

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Joe Girard's Law of ________ states that just a few unhappy customers can keep a great many other customers away from your business. A) 250 B) 200 C) Sales D) 150 E) 50

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People that you think might be receptive to your sales presentation are called ________. A) Prospects B) Consumers C) Customers D) Suckers E) Lifers

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Successful businesses are built on ________. A) Repeat business B) Big sales C) Frequent sales D) Intermittent business E) Occasional business

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When you sell, you should always listen carefully to customer complaints because ________. A) They provide invaluable information about how to improve the product or service B) Customers are happier when you listen to them C) Customers will get upset D) It's better to have customers complain to you than to other people E) All of the above

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Every sales call is an opportunity to ________. A) Improve your selling skills B) Talk and talk and talk to the customer C) Trick customers D) Lie to sell your product E) None of the above

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During each sales call you make, focus on this question: ________ A) What does the customer need? B) How can I convince the customer to ignore his/her objections? C) How can I make the customer buy from me? D) How much profit can I make? E) What should I have for lunch?

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Everything that a business does to keep its customers happy is called ________. A) Customer service B) Customer appreciation C) Postsale service D) Purchaser service E) Customer amenity

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The best sales people ________. A) Learn about a customer's family, hobbies, and interests B) Keep good records C) Keep files on their customers with all sorts of information to deepen the relationship and create genuine friendships D) All of the above E) None of the above

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Some sales cycles take ________. A) months B) years C) minutes D) Both A and B E) A, B, and C

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The most important thing to do during a sales call is ________. A) Listen, in order to learn what the customer needs B) Keep talking so the customer doesn't lose interest C) Ask questions to keep the customer engaged in the sales call D) Talk to co-workers E) Lie to make the sale

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Entrepreneurs ________ constantly, not just to customers, but to investors, bankers, and people they want to hire. A) Try to make a good impression B) Sell C) Both of the above

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When you are starting out and cannot afford to pay sales representatives full-time salaries, you can offer ________ instead. A) Commissions B) Marketing plans C) Bonuses D) Hourly wages E) None of the above

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