490

Customer Aquisition

CRM helps in determining which customers to target based on known or learned characteristics that will drive growth. This describes which of the three CRM objectives?

reducing features

Cost reduction is a specific method for introducing lower-cost products to the market. This may involve

Semi-Structured Data

Data, such as extensible markup language (XML) files, that contains some elements of structure-but not enough to make them easily analyzable by automated means.

false

Durable products such as televisions and microwave ovens have a shorter product life than nondurable products such as health and beauty products.

specific

Elba's new blouse had a label that said it was guaranteed not to shrink or fade as long as it was dry cleaned and not hand-washed. This is an example of a ________ warranty.

true

Goods incorporated directly in a manufacturer's process are called materials (either natural products or farm products) or parts (either fully assembled or components).

overreliance on outside-in measurement

Having too many internal metrics puts the focus on what a company already knows and fails to put the focus on the unpredictably dynamic external marketplace. Which pitfall of marketing dashboards does this represent

Companies recoup costs and begin to realize a return on their investment.

How is the growth stage of the product life cycle (PLC) characterized with respect to sales revenue and profitability?

true

Marketers have two key communications strategic decisions: the degree to which marketing communications focuses on a single product, and the allocation of budget money across product items in a product line.

false

Marketing dashboards display information in numerical formats and offer subjective feedback about initiatives and results.

true

Marketing managers are a core contributor to the success of CRM by virtue of their expertise on customers and relationships.

good/better/best

Pricing strategy is related to product line strategy. Often multiple price points are targeted at specific markets with unique features following a ________ product line strategy.

false

Product definition has three objectives: define the product's value proposition, identify the key suppliers of raw materials and the nature of those markets, and define the product's characteristics.

true

Return on marketing investment (ROMI) is the impact an investment in marketing has on a firm's financial success.

false

The administration of information security when using CRM is part of the marketing manager's job.

convinced of the product's claims and value proposition before making a commitment

The early majority represents a good portion of total product sales. Generally this group needs to be

business case analysis

The probability of a product's success is determined in the ________ stage of the product development process

true

Trial purchase is a key focus in product launch because if you can get customers to try a new product, you can win them over with superior product design, features, and value.

touchpoints

When a sales representative calls on a customer, or a call comes in to the customer service center, these are called customer

variety

When the Chicago police are investigating a crime, they use video from posted cameras, verbal accounts from eyewitnesses, text from social media, and video and audio from police officers' body cameras. What feature of Big Data is BEST represented here?

Structured Data

data that is easily placed into specific categories and stored for future analysis.

Big Data

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

MRO Supplies

everyday items that a company needs to keep running

ROCI

is an offshoot of ROMI that was developed to apply the same principles to customers

Form

shape,size, color, and other physical elements of a product

customer lifetime value

the dollar value of a customer relationship based on the present value of the projected future cash flows from the customer relationship.

point-of-sales (POS)

used in retail locations commonly used to determine a customer's relative value

Product opportunity process

1. Define and test the product idea 2. Create a marketing strategy for the product 3. Analyze the product's business case

new product development cycle

1. identify product opportunities 2. define the product opportunity 3. develop the product opportunity

true

A point-of-sale system is an example of a customer touchpoint.