Wk 3 - Practice: Ch. 5, CRM, Big Data, and Marketing Analytics

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

Big data

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

False.

A key component of a strong customer relationship with a firm is ______. a low level of customer empowerment a high level of trust a low level of touchpoints a high level of profitability

a high level of trust

Place the elements of the CRM process cycle in the correct order. NOTE: The first step in the process should be the top item on your list. Knowledge Discovery. Analysis and Refinement. Marketing Planning. Customer Interaction.

1. Knowledge Discovery . 2. Marketing Planning . 3. Customer Interaction . 4. Analysis and Refinement.

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

The ever-increasing quantity and complexity of data that is continuously being produced by various technological sources is referred to as ______. information overload. infomania. megadata. big data

big data

The actual implementation of the customer strategies and programs takes place in the ______ stage of the CRM process cycle. analysis and refinement marketing planning knowledge discovery customer interaction

customer interaction

A comprehensive business model for increasing revenues and profits by focusing on customers is called ______. customer acquisition customer profitability management customer relationship management customer retention

customer relationship management

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. return on customer investment. customer interaction. customer relationship

customer touchpoint.

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

dashboard

Structured data refers to data that is ______. never organized into tables often focused on posts in social media usually composed of video and audio components easily placed into specific categories and stored for future analysis

easily placed into specific categories and stored for future analysis.

___ touchpoints allow for a two-way information exchange.

interactive

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 mobile data analysis structured data collection semi-structured data analysis

marketing analytics

A comprehensive system providing managers with up-to-the-minute information necessary to run their operation is called a ______. contingency plan marketing audit marketing dashboard marketing plan

marketing dashboard

What is the phase of the CRM process that uses the output from the knowledge discovery phase? database marketing. analysis and refinement marketing planning customer interaction

marketing planning

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 ______. a) marketing planning. b) organizational learning. c) customer touchpoints. d) customer interaction.

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. social media platforms government websites national surveys point-of-sales (POS)

point-of-sales (POS)

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 ______. zero-based investments return on marketing investment share of voice planning strategic marketing investments

return on marketing investment

In the end, marketing management is both a science and an art. The ___ side craves quantification and relishes the ability to provide numeric evidence of success to superiors in a firm and to stockholders.

scientific

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 ______. prescriptive analytics sentiment analysis attribution predictive analysis

sentiment analysis

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

___ ___ ___ is a comprehensive business model for increasing revenues and profits by focusing on customers.

Field 1: Customer or C. Field 2: relationship or R. Field 3: management or M

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

Field 1: analysis Field 2: refinement or refine

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.

Field 1: artistic or art

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

Field 1: diagnostic. Field 2: predictive.

___ ___ represents a key use of the output from the knowledge discovery phase. (Enter one word in each blank.)

Marketing planning

______ represents either the revenue or the margin generated by a marketing program divided by the cost of that program at a given risk level. CLV ROCI ROMI CRM

ROMI

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

Sentiment

___ data are generated with a logical organization so that it is more readily analyzable for knowledge creation.

Structured

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.

What is the "dark side of CRM"? a feeling by customers that information they provide to a firm is not really used at all a feeling by customers that information a firm collects about them will be used for unintended purposes a feeling by management that unless CRM generates huge profits, it is not worth doing a feeling by company employees that the time they spend collecting customer data is a waste of time

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

Predictive foresight—using the diagnostic experience to better forecast results under various assumptions about circumstances and resource allocations, is one of the most important functions of ______. CRM influencer marketing attribution a marketing dashboard

a marketing dashboard

Select all that apply: What are commonly expressed objections about an overreliance on ROMI? ROMI is minimized during the period when profits are still growing. 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. ROMI ignores the effect of the marketing assets of the firm and tends to lead managers toward a more short-term decision perspective.

- . 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 .

Select all that apply: Select all of the components that are part of a customer-centric culture. Increasing formalization of customer analysis processes. Taking a proactive leadership role in educating customers about value chain opportunities available. Redefining the selling role within the firm to focus on customer business solutions. Adopting a relationship business model overall, with mutually shared rewards and risk management. Presenting customers with guaranteed low prices as a result of the partnership. Focusing on continuous improvement principles stressing customer satisfaction and loyalty.

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

Match the elements of the CRM process cycle with its corresponding description: Knowledge Discovery: Marketing Planning: Customer Interaction: Analysis and Refinement:

- Knowledge Discovery: The process of analyzing the customer information acquired through various customer touchpoints . - Marketing Planning: Information enables the capability to develop marketing and customer strategies and programs . - Customer Interaction: The actual implementation of the customerstrategies and programs . - Analysis and Refinement: Where organizational learning occurs based on customer response to the implemented strategies and programs .

Select all that apply: Which of the following are commonly expressed objections about an overreliance on ROMI? Select all that apply. Marketers generally know what would have happened if the incremental expenditure had not occurred. Typically marketing expenditures are not treated as an investment in a company's accounting system. 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 . - 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.

Drag and drop the descriptions against the corresponding potential pitfall in marketing dashboards. over-reliance on "inside-out"measurement: too many tactical metrics; not enough strategic insight: forgetting to market the dashboard internally:

- 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 . - 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 . - 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.

Select all that apply: What are four types of marketing analytic approaches include? prescriptive analytics diagnostic analytics descriptive analytics predictive analytics situational analytics structured analytics

- prescriptive analytics . - diagnostic analytics . - descriptive analytics . - predictive analytics.

Select all that apply: Which are potential pitfalls in marketing dashboards? too many tactical metrics; not enough strategic insight forgetting to market the dashboard internally over-reliance on "inside-out" measurement establishment of direct links between marketing spending and profits

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

Select all that apply: What two factors are considered when discussing marketing analytic approaches? types of decisions the approach offers value created from using the approach level of support needed level of analytic complexity

- value created from using the approach . - level of analytic complexity.