MAR 3803 SB CHP5

CRM process cycle

1. knowledge discovery 2. market planning 3. customer interaction 4. analysis and refinement

What is the premise behind influencer marketing?

A consumer's purchases are often influenced by the views, opinions, and behavior of others.

A key component of a strong customer relationship with a firm is ______.

A high level of trust

Interactive touchpoints might include which of the following situations?

A salesperson sells you an upgrade to fix a problem with your cell phone. A customer service representative helps you follow up on a gift delivery. A telemarketer offers you information on a special deal for existing cable customers.

Select all of the components that are part of a customer-centric culture.

Adopting a relationship business model overall, with mutually shared rewards and risk management. Increasing formalization of customer analysis processes. Redefining the selling role within the firm to focus on customer business solutions. Focusing on continuous improvement principles stressing customer satisfaction and loyalty. Taking a proactive leadership role in educating customers about value chain opportunities available.

When organizational learning occurs based on the customer response to the implemented strategies and programs, this is referred to as ________ and _______

Analysis and refinement

In the end, marketing management is both a science and an art. The ___________ side understands that sometimes the difference between success and failure depends largely on creativity, insight, and the good fortune to have a great idea that is hitting the market at just the right time.

Art

Too many tactical metrics; not enough strategic insight

Because of the focus over the past decade on holding marketing accountable for financial results, intermediary metrics have proliferated.

_____ describes the ever-increasing quantity and complexity of information that is continuously being produced by a variety of technological sources.

Big data

A comprehensive business model for increasing revenues and profits by focusing on customers is called______.

CUSTOMER RELATIONSHIP MANAGEMENT

Marketing _______ include a set of methods facilitated by technology that use individual-level and market-level data to identify meaningful patterns that can improve marketing-related decisions.

analytics

Which phase of the CRM process represents the actual implementation of customer strategies and programs?

customer interaction

Which terms refers to whether or not a particular offering meets or exceeds a customer's expectations?

customer satisfaction

A firm that is Blank______ places the customer at the core of the enterprise including everything that happens, both inside and outside the firm.

customer-centric

A marketing _______ is a comprehensive system providing managers with up-to-the-minute information necessary to run their operation.

dashboard

What are four types of marketing analytic approaches include?

diagnostic analytics predictive analytics descriptive analytics prescriptive analytics

Two primary goals of any marketing dashboard are _____ insight and _____ foresight.

diagnostic and predictive

Structured data refers to data that is_____.

easily placed into specific categories and stored for future analysis

Which are potential pitfalls in marketing dashboards? Select all that apply.

forgetting to market the dashboard internally over-reliance on "inside-out" measurement too many tactical metrics; not enough strategic insight

What two factors are considered when discussing marketing analytic approaches?

level of analytic complexity value created from using the approach

What is the phase of the CRM process that uses the output from the knowledge discovery phase?

marketing planning

Investment decisions in marketing must consider which four basic elements?

risks Hurdle rates returns level of investment

______ analysis is a type of analytic method that identifies the general attitude contained with a message by an analysis of its content.

sentiment

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 Blank______ data.

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

_____ represents the actual implementation of the customer strategies and programs.

Customer Interaction

The degree to which an individual will resist switching, or defecting, from one offering to another is called______.

Customer Loyalty

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 ______ is where the selling firm touches the customer in some way, thus allowing for information about him or her to be collected.

Customer touchpoint

As a business model, CRM aims to increase revenue and profits by focusing on ______.

Customers

True or false: Touchpoints must be interactive, involving direct interface between a customer and a company's contact person.

False

Over-reliance on "inside out" measurement

Having too many internal measures puts the focus on what you already know instead of on the unpredictably dynamic external marketplace.

______ is a form of social media marketing involving endorsements and product placement from influencers, people, and organizations who have a purported expert level of knowledge or social influence in their field.

Influencer Marketing

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.

Influencers

Marketing planning

Information enables the capability to develop marketing and customer strategies and programs.

____ touchpoints allow for a two-way information exchange.

Interactive

Customer _____ is usually based on high satisfaction coupled with a high level of perceived value derived from the offering and a strong relationship with the provider and its brand(s).

Loyalty

________ represents a key use of the output from the knowledge discovery phase.

Market Planning

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

A comprehensive system providing managers with up-to-the-minute information necessary to run their operation is called a ______

Marketing dashboard

Forgetting to market the dashboard internally

One measure of the success of a marketing dashboard is the level at which it is used by managers and executives throughout the firm.

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

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.

POS (point of sales)

What are two goals of any dashboard?

Predictive foresight Diagnostic insight

Knowledge Discovery

Process of analyzing the customer information acquired through various customer touchpoints

Which of the following are commonly expressed objections about an overreliance on ROMI?

Pursuit of ROMI during flat periods can be viewed as "causing" underperformance and suboptimal levels of activity. ROMI requires the profit to be divided by expenditure, yet other performance measures consider profit or cash flow after deducting expenditures. Typically marketing expenditures are not treated as an investment in a company's accounting system.

What are commonly expressed objections about an overreliance on ROMI? Select all that apply.

ROMI ignores the effect of the marketing assets of the firm and tends to lead managers toward a more short-term decision perspective. Calculating ROMI requires knowing what would have happened if the incremental expenditure had not occurred. When executives discuss ROMI with different metrics in mind, confusion results and the value of the metric degrades.

_____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

Customer_____ means the level of liking an individual harbors for an offering.

Satisfaction

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

customer interaction

The actual implementation of the customer strategies and programs.

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.

True or false: The information systems that companies use for different internally and externally facing business functions provide critical information for maximizing the value of customers.

True

Select all of the characteristics that are commonly referred to as the "Vs" of Big Data.

Veracity Variety Volume Velocity

Analysis and Refinement

Where organizational learning occurs based on customer response to the implemented strategies and programs.

What is the "dark side of CRM"?

a feeling by customers that information a firm collects about them will be used for unintended purposes