MKT-520 Chapter 5
predicts a customer's preferences for products or services based on the observed preferences of customers who are perceived to be similar.
Collaborative filtering
______ is the term used to describe efforts by a firm to make sure that customers have an excellent experience with the firm and its offerings on every encounter.
Customer experience management
represents either the revenue or the margin generated by a marketing program divided by the cost of that program at a given risk level.
ROMI
Adriana works for a local printing shop as a graphic artist. She knows that understanding and satisfying customers is integral to her success on the job. This is why she takes great care to listen to customers' ideas and concerns when helping them design their brochures, catalogs, and other printing needs. Adriana is exhibiting
customer mind set
As a business model, CRM aims to increase revenue and profits by focusing on
customers
Utilizing the data generated from data mining to contact individuals by various means of marketing communication is called
database marketing
When structure, processes and tools, and managerial knowledge and commitment are formally established in support of the culture it is called
formalization
A set of methods, facilitated by technology, that include individual-level and market-level data to identify and communicate meaningful patterns for the purpose of improving marketing-related decisions is called
marketing analytics
An estimate of the projected financial returns from a customer over the long run is called
return on customer investment
Which analysis provides a very useful strategic tool for deciding which customers deserve what levels of investment of various resources (money, people, time, information, etc.)?
return on customer investment (ROCI)
A goal-driven investment approach to marketing that maximizes the opportunity for a firm's offerings to reach their full potential in the marketplace is called ______.
return on marketing investment
Customer _______ means the level of liking an individual harbors for an offering.
satisfaction
Data generated through ______ is very diverse and can include profile data as well as posts and emotional reactions to posts.
social media platforms
What term is used to describe the record of specific actions a user takes on a website in reverse chronological order that provides valuable insight for use by marketing managers?
web log
What is the premise behind influencer marketing?
A consumer's purchases are often influenced by the views, opinions, and behavior of others.
Touchpoints must be interactive, involving direct interface between a customer and a company's contact person.
False
touchpoints allow for a two-way information exchange.
Interactive
Which of the following are sources of Big Data?
Internet-connected devices social media platforms mobile apps business systems
analytics involves determining the optimal level of marketing-relevant factors for a specific context by considering how adjusting their levels in varying ways will impact different marketing outcomes.
Prescriptive
analysis is a type of analytic method that identifies the general attitude contained with a message by an analysis of its content.
Sentiment
Which description exemplifies a social media influencer?
The host of a popular YouTube channel devoted to health and beauty evaluates various new beauty products for her viewers
A person's belief that understanding and satisfying customers, whether internal or external to the organization, is central to the proper execution of his or her job is referred to as ______.
a customer mind-set
A person's belief that understanding and satisfying customers, whether internal or external to the organization, is central to the proper execution of his or her job is referred to as
a customer mindset
In the ______ phase of CRM, organizational learning occurs based on customer response to implemented strategies and programs.
analysis and refinement
When organizational learning occurs based on the customer response to the implemented strategies and programs, this is referred to as
analysis refinement
Marketing ____ include a set of methods facilitated by technology that use individual-level and market-level data to identify.
analytics
Data from a retailer's mobile _____ is frequently used to help customers find in-store deals when shopping or to load coupons
app
A firm realizes a rapid growth in sales. What tool can the firm use to determine if this growth is due to the firm's promotional campaign, price reduction, or additional features it added to the product?
attribution
Samson and Co. is an online provider of reasonably priced clothing. After specific changes in the marketing mix, 15% more customers have been clicking the purchase button. In this case, it is easy to tie the increase in sales to the marketing mix. This is an example of ______ .
attribution
is the determination of how to give appropriate credit to different elements of the marketing mix through the measurement of their effects.
attribution
Business systems, social media platforms, internet-connected devices, mobile apps, commercial entities, and government entities are all sources of information for
big data
The use of ______ data at an early stage in a customer's browsing of an e-commerce website can provide insight into the state of the customer's intentions and subsequently allow marketers to increase the likelihood that the customer will make a purchase by dynamically altering aspects of the site
clickstream
After shopping on Amazon.com, Renaldo receives an e-mail from the company stating: "based on your previous purchases, you might like these items." This is an example of ______.
content filtering
An analytic method that identifies which products or services to recommend based on a determination of how similar they are to those that the customer has preferred in the past is ______.
content filtering
Which of the following are benefits of a marketing dashboard?
creates organizational transparency about marketing's goals, operations, and performance fosters a learning organization offers cross-functional alignment between marketing and other organizational functions
In social media, ______ are individuals who have built a reputation for their knowledge and expertise on a specific topic and post about that topic generating large followings of enthusiastic, engaged people who pay close attention to their views.
cross-promotional
A firm that is _____- _____ places the customer at the core of the enterprise including everything that happens, both inside and outside the firm.
customer centric
A firm that is ______ places the customer at the core of the enterprise including everything that happens, both inside and outside the firm. Multiple choice question.
customer centric
Because social media allow customers to easily share information, praise, criticism, suggestions, and ideas about providers' products and services, they serve as a critical component for Blank______, particularly among younger customers
customer empowerment
The actual implementation of the customer strategies and programs takes place in the ______ stage of the CRM process cycle.
customer interaction
Return ____ _____on is an estimate of the projected financial returns from a customer over the long run.
customer investment
The dollar value of a customer relationship generated for a firm through building a life-long relationship with a customer is called
customer lifetime value
is the dollar value of a customer relationship based on the present value of the projected future cash flows from the customer relationship
customer lifetime value
A(n)____ - ______set is a person's belief that understanding and satisfying customers, whether internal or external to the organization, is central to the proper execution of his or her job.
customer mind
is a comprehensive business model for increasing revenues and profits by focusing on customers.
customer relationship management (CRM)
What are three objectives of CRM?
customer retention customer acquisition customer profitability
Which terms refers to whether or not a particular offering meets or exceeds a customer's expectations?
customer satisfaction
______ is where the selling firm touches the customer in some way, thus allowing for information about him or her to be collected.
customer touchpoint
is a sophisticated analytical approach to using the massive amounts of data accumulated through the CRM system to develop segments of customers for purposes of either market research or development of market segmentation and target marketing strategies.
data mining
Which of the following establishes the best environment for handling all the customer data generated through the touchpoints and transforming those data into useful information for marketing management decision making and planning?
data warehousing
Measurements produced from ______ analytics might include sums, averages, or measures of changes in variables of interest.
descriptive
Statistical methods such as linear regression are a form of ______ analytics.
descriptive
analytics utilizes data to provide summary insights.
descriptive
Gathering insights into the relationship of different marketing-relevant factors that can help marketing managers make appropriate future decisions is the purpose of ______ analytics.
diagnostic
analytics utilizes data to explore the relationships between different marketing-relevant factors that influence the organization's performance either directly or indirectly
diagnostic
analytics utilizes data to explore the relationships between different marketing-relevant factors that influence the organization's performance either directly or indirectly.
diagnostic
Two primary goals of any marketing dashboard are ____ insight and ____ foresight.
diagnostic and predictive
What are two goals of any dashboard?
diagnostic insight predictive foresight
marketing involves utilizing the data generated from data mining to contact individuals by various means of marketing communication.
direct
Customer ______ reflects the extent to which a firm consistently provides its customers various avenues to connect with the firm and actively shape the nature of their encounters and connect and collaborate with each other.
empowerment
Which are three elements of great marketing dashboards?
enhanced return on marketing investment ability to translate goals into a set of marketing objectives
When an ROCI analysis identifies a customer who exhibits a low predicted lifetime value, sometimes a company has to ______ a customer.
fire
What term has been given to the shifting of investment of resources from a less attractive customer to more profitable ones?
firing a customer
Which are potential pitfalls in marketing dashboards?
forgetting to market the dashboard internally too many tactical metrics; not enough strategic insight over-reliance on "inside-out" measurement
means that structure, processes and tools, and managerial knowledge and commitment are formally established in support of the culture.
formalization
Marketing managers study the way that users communicate with each other on social media, and who they communicate with in order to better understand
how individuals and groups wield influence on others
As more smart devices enter the market and more products gain the capability to become network-connected, companies can better understand ______.
how to modify future product design how customers use the specific product which product features are not popular
As more smart devices enter the market and more products gain the capability to become network-connected, companies can better understand
how to modify future product design which product features are not popular how customers use the specific product
Examples of personalization applications using marketing analytics are the recommendation systems used by electronic retailers and digital content providers. These include which of the following?
hybrid methods content filtering collaborative filtering
What are the three levels of granularity used in personalization?
individual personalization mass personalization segment-level personalization
touchpoints allow for a two-way information exchange.
interactive
Customer ______ refers to the degree to which an individual will resist switching, or defecting, from one offering to another.
loyalty
Descriptive, diagnostic, predictive, and prescriptive are all terms used to identify different types of ______.
marketing analytics
A comprehensive system providing managers with up-to-the-minute information necessary to run their operation is called a
marketing dashboard
What is the phase of the CRM process that uses the output from the knowledge discovery phase?
marketing planning
represents a key use of the output from the knowledge discovery phase.
marketing planning
A great marketing dashboard will
measure the financial impact of marketing programs track how marketing assets are progressing offer insight on what is happening in the market and why
What two factors are at the source of the increasing amount of structured and unstructured data being made available to marketing managers?
network connectivity smart devices
The analysis and refinement phase of the CRM process that is based on customer response to the firm's implementation strategies and programs is referred to as
organizational learning
Recommendation systems, such as content filtering and collaborative filtering, are examples of _____ using marketing analytics.
personalization
Recommendation systems, such as content filtering and collaborative filtering, are examples of ______ using marketing analytics.
personalization
The collection of customer information through ______ systems in retail locations is commonly used to determine a customer's relative value and can also provide insight into what kinds of products would most appeal to a customer.
point-of-sales (POS)
The value of ______ analytics is that it helps to provide direction into the impact of possible changes in marketing-relevant factors on related outcomes.
predictive
Mario is a marketing manager at Donnoll Company. He wants to assess a series of "what-if" scenarios. Which analytics approach is Mario likely to use to answer these questions?
prescriptive
What are four types of marketing analytic approaches include?
prescriptive analytics descriptive analytics diagnostic analytics predictive analytics
Data, such as Extensible Markup Language (XML) files, that contain some elements of structure—but not enough to make them easily analyzable by automated means—are referred to as ______ data.
semi structured
Gracie's Restaurant Group has been receiving a lot of feedback through marketing analytics. On the restaurant's Facebook page, customers are noting that the service is excellent and that the main dishes are quite good, but the desserts are far too heavy and sweet. This is an example of ______.
sentiment analysis
Naomi just received data on company sales figures by salesperson and product. She organizes the information into a Microsoft Excel spreadsheet because putting the data into tables with columns will make the information more clear. This is an example of ______ data
structured
data are generated with a logical organization so that it is more readily analyzable for knowledge creation.
structured
Customer _____ are occurrences in which the selling firm touches the customer in some way and allows for information about him or her to be collected.
touchpoints
The information systems that companies use for different internally and externally facing business functions provide critical information for maximizing the value of customers.
true
Although _____ data are not immediately actionable, it is the most common form of data available to organizations and a rich source of information on customer behavior.
unstructured
Data that are generated in such a way that it does not possess a specific organizational structure that makes it readily analyzable for knowledge creation is called ______ data.
unstructured
Posts that people make on social media, e-mails sent to customer service representatives, and call logs from salespeople are all types of ______ data.
unstructured
A major brand of snack products has enlisted the help of its customers to come up with new flavors for its most popular brand of potato chips. This is an example of customer ______.
value co-creation
When customers and providers combine forces and work together to produce offerings of value, it is called customer
value co-creation
data ______ provides the opportunity to combine large amounts of information and then use techniques to learn more about current and potential customers.
warehouse
