Adaptive Learning Assignment 12
According to Harvard Business School professor Clayton Christensen, there are over 30,000 new products introduced every year, and % of these products fail.
95
Why is an organization's chief financial officer more likely to have an accurate picture of its total cash flow if the organization has ERP software that integrates its financial management system? More than one answer may be correct.
A single cash flow report can be generated for the entire organization. A single cash flow report can be generated for the entire organization. Real-time cash flow information can be generated quickly, at any time. Real-time cash flow information can be generated quickly, at any time.
ERP systems help organizations improve operational efficiency in which 3 of the following ways?
Access to data Centralized database Customizable
Which of the following explain the importance of CRM to businesses? More than one answer can be selected.
CRM is used to manage critical relationships Systems assist organizations to help synchronize customer interactions CRM systems provide insights into customer satisfaction metrics
Select the sources of information that a CRM system uses to collect data about current customers.
Customer Surveys
Match the term regarding sources of customer data to the correct statement. Customer Surveys Social Media Monitoring Procurement Methods Analytics
Customer Surveys: Utilized to collect feedback from customers. They can be deployed using a variety of means including paper, smartphones, email, and over the phone. Social Media: Organizations can leverage various of these platforms and integrate them within a CRM platform. These sites include YouTube, Instagram, Facebook, and TikTok. Monitoring Procurement Methods: Anticipating preferred shopping methods, customer motivation, purchase frequency, and spending habits allows businesses to be more profitable. Analytics: Used to uncover trends in the data that is collected about customers.
Select what's true about how businesses use CRM systems to analyze customer information.
Customer relationship management (CRM) analytics provides insights into customer behavior that can be used to make informed business decisions. Information is gathered from point of sale and e-commerce technology as well as through customer interactions. Often CRM systems use data mining to extract information from a customer database.*
Customer interaction encompasses all the communication that takes place between a customer and an organization. This includes which of the following:
Email Traditional Mail Social Media
Drag and drop the correct response into the empty box. ERP software integrates several software packages into a single platform. An example of one of these software packages is ___ software, that stores employee compensation and performance information.
HRM
A _____ share of customer or share of wallet means that existing customers are spending more to purchase products or services from one organization than they are from direct or indirect competitors.
High
Which of the following are types of identity data?
Identity Data: Name, Address, Date of Birth, Gender
Which of the following are popular CRM options that are used to assist with sales prospecting?
LinkedIn Sales Navigator Clearbit Prospector Zoominfo
There are a number of different business software applications that can be integrated with an ERP system. Select 3 commonly included application modules.
PM BI CRM
Drag and drop the correct response into the empty box. Cloud-based ERP solutions are usually offered as ___.
SaaS
Drag and drop the correct response into the empty box. Integrating a business software module into an ERP has several advantages. Which business software module includes payment information from customers?
TPS software
Drag and drop the correct response into the empty box. A key component, and major advantage, of an ERP is its ___.
centralized data base
If a customer segmentation tool supports integration, what is it able to do?
efficiently link data from various sources and platforms
Cloud-based ERP systems are a form of as a Service (SaaS).
software
According to Hubspot, in a recent survey ___ % of sales professionals rated sales prospecting as the most difficult stages in the sales process. CRM systems can assist with prospecting sales targets. Please enter a number for your answer.
42
According to Salesforce.com, segmented marketing campaigns have been shown to generate an average of a 760% increase in revenue. When selecting a customer segmentation tool Salesforce.com has identified four factors to consider. One of these factors is integration. Integration is:
The ability to efficiently link data from various sources and platforms.
A company is trying to determine why their CRM software is not generating better leads and asks you to analyze their process. Which of the following could be reasons why their CRM is not successfully generating leads? More than one answer may be correct.
The company only has a presence on Facebook—it has no social media presence on any other platform. The company only has a presence on Facebook—it has no social media presence on any other platform. The CRM is not set up to track which emails potential customers are clicking on to get to their e-commerce site. The CRM is not set up to track which emails potential customers are clicking on to get to their e-commerce site.
One of the benefits of using a CRM system is that data can be analyzed and provided to assist in measuring the value that the future lifetime revenue an organization's customers will generate minus customer acquisition costs and customer retention costs. This value is referred to as customer
equity
Systems that allow organizations the ability to measure cash flows, calculate tax liabilities, maintain compliance to legal and accounting regulations, and optimize profitability are ___ management systems.
financial
Systems that allow organizations the ability to measure cash flows, calculate tax liabilities, maintain compliance to legal and accounting regulations, and optimize profitability are management systems.
financial
Drag and drop the correct response into the empty box. Regulatory and compliance information can be created and maintained from a centralized location when ___ is integrated into an enterprise resource management solution.
financial management systems software
The integration of transaction ___ systems (TPS) with ERP has the ability to reduce labor costs. Due to the streamlined nature of transaction reporting, the services of accounts receivable or payroll may be reduced or eliminated
processing
What do customer relationship management (CRM) systems help businesses to do to retain their existing customers? More than one answer may be correct.
provide services to customers measure customer satisfaction maintain customer engagement
Enterprise ___ planning (ERP) is a software that businesses use to manage activities in both the internal and external operational environment.
resource
Enterprise resource management (ERP) systems can be designed to include a module provides the ability to join human ___ management and information technology to provide a single source of connectivity and data exchange for personnel-related information.
resource
Software designed to handle a variety of financial calculations that are used for reporting and monitoring of business performance including tracking accounts receivable and payable, billing, and payroll along with payment processing, ledger journaling, expenses, and purchase orders are referred to as ___ system software.
accounting
Because they facilitate informed business decisions by integrating data from various operational areas within the organization, ___ resource planning systems allow managers to view reports that are generated from across the organization.
enterprise
By 2021 customer relationship management systems, as predicted by the Gartner IT Services company, will be the single largest revenue area of spending in ___ software.
enterprise
In 2015 _ faced the Cambridge Analytica scandal in which the firm paid Facebook to acquire its users' personal data. It is estimated that over 87 million people were affected by this activity.
Select what's true about how businesses use CRM systems to develop relationships with customers.
Information from CRM systems can be efficiently and intelligently used to make informed business decisions and to develop relationships with their customers. CRM systems provide organizations a clear overview of their customers. Data collected by CRM systems includes customers' likes and dislikes, what content they engage with, and what they post about competitors.*
Which of the following are types of qualitative data?
Qualitative Data: Attitude, Motivation, Opinion
CRM software assists organizations in identifying marketing qualified ___ (MQLs).
leads
One disadvantage of ERP systems is that they often have steep ___ curves, making it difficult for users to implement or even comprehend a new system without significant training.
learning
Users often find it difficult to implement or even comprehend a new ERP system without significant training because of ERPs' steep
learning curves
According to Salesforce.com, which of the following are factors to consider when selecting a customer segmentation tool? More than one answer can be selected.
Data collection tools Integration Cost
Most HRM modules provide a structured dashboard that provides information to managers including information such as which 3 of the following?
Employee performance review status Employee compensation Employee absences or leaves
Which of the following statements about how CRM systems assist businesses in targeting a market segment are true?
Organizations must precisely identify their target markets so they best utilize resources when marketing to potential and existing customers.* CRM systems are used to collect data from customer transactions. This data is used for target market identification. CRM systems provide a variety of analytical tools, including those used to identify and understand the target market.*
Disadvantages of implementing an ERP system include which 3 of the following?
Steep learning curve High costs Maintenance costs
From the following list, select ways in which CRM systems are used for customer acquisition.
acquiring customers using social media, search, affiliate, referral, and email marketing acquiring customers using social media, search, affiliate, referral, and email marketing tracking customer acquisition using a lead generation funnel tracking customer acquisition using a lead generation funnel tracking prospective and current customers through all stages of the funnel tracking prospective and current customers through all stages of the funnel
ERP software takes data from computer-_ design (CAD) files and decodes the design and manufacture specifications into usable information for use throughout the manufacturing process.
aided
What must be integrated into an organization's enterprise resource management solution to allow it to create and maintain regulatory and compliance information from a centralized location?
financial management systems software
Drag and drop the correct response into the empty box. While ERP systems offer many competitive advantages to users, particularly those in upper management, a significant disadvantage is their ___.
high costs
Systems that assist organizations to synchronize business operating units relating to customer interaction are customer ___ management systems.
relationship
The design of a CRM system that collects data on customer interaction should include which of the following elements?
Automation Monitoring customer interactions Treating customers as individuals
Drag and drop the correct response into the empty box. Benefits of integrating ___ into an ERP include better visibility of customer relationships, faster billing, and single source reporting via user customized dashboards.
CRM software
Which of the following statements about how CRM systems assist businesses in targeting a market segment are true?
CRM software is often used to identify an organization's target market and to provide critical insights into the profiles of these customers. An organization's target market shares common characteristics including geographic location, demographic and psychographic backgrounds, and income level Analysis of customer characteristics is an important part of the target market identification process.
Which of the following statements about how CRM systems assist businesses in targeting a market segment are true?
CRM systems are used to collect data from customer transactions. This data is used for target market identification. Organizations must precisely identify their target markets so they best utilize resources when marketing to potential and existing customers.* CRM systems provide a variety of analytical tools, including those used to identify and understand the target market.*
Match the types of CRM analytics with the correct description. Customer Segmentation Customer Value and Profitability Personalization Predictive Modeling
Customer Segmentation: Customers are grouped into homogenous segments where behavior can more easily be analyzed. Customer Value and Profitabiity: Identification of which customers create the highest revenue is made. Personalization: Customized marketing is created based on individual customer behavior. Predictive Modeling: Prior information is used to assist in the determination of the success or failure of future endeavors.
Customer ___ is the value that the future lifetime revenue an organization's customers will generate minus customer acquisition costs and customer retention costs.
Equity
Select the true statements about CRM systems and how they assist businesses in qualifying potential customers.
Pursuing unqualified leads can be costly to a company because spending marketing dollars to pursue them often does not succeed Qualifying a potential customer occurs when an organization determines whether or not an individual or business makes sense to pursue as a potential customer. Many CRM software programs offer the opportunity to create customized sales funnels based on specific organizational needs and sales characteristics.
With accounting management software, organizations can not only structure basic accounting information, but track a variety of other resources including which 2 of the following?
Tangible assets Intangible assets
Select the true statements about how CRM market analytics improve the quality of customer data collection.
The quality of this data collected from various sources including point of sale and social media impacts the overall effectiveness of a CRM system. Analytics provided by CRM help to improve business processes and efficiencies. CRM relies heavily on data that is collected from a variety of sources including point of sale, e-commerce, social media, and email marketing.
According to the FTC Section ___ , the government has the authority to prevent unfair or deceptive trade practices. The FTC has the authority to take legal action against organizations that fail to implement and maintain reasonable data security measures, fail to publish and follow a privacy policy, and fail to provide sufficient security for personal data stored by the organization.
five
Which level of share of wallet means that existing customers are spending more to purchase products or services from one organization than they are from direct or indirect competitors?
high share of wallet
Describe the factors associated with maintenance costs incurred by employing an enterprise resource planning (ERP) system. More than one answer may be correct.
increased IT personnel software consultants
Research shows that qualified sales leads result in better close rates and a higher return on ___ (ROI). This process can be difficult to execute without the assistance of CRM software.
investments
Analytics can provide insight into how customers and members of the organization interact with the customer relationship management ___. This information can be used to design data collection strategies that encourage interaction and use.
systems
Of the following benefits, which two can managers access through an integrated HRM software module included in an ERP system?
the ability to retrieve and analyze human resources data in a centralized location a presentation that supports decision making through the efficient use of employee data
Which of the following is an example of how the project communications piece of project management software could be used when integrated with enterprise resource planning software? More than one answer may be correct.
the client is able to access information about all phases of the project in one place, reducing the need for individual status reports the visual project completion map is automatically updated as phases are completed
Which of the following statements about how CRM systems assist businesses in targeting a market segment are true?
Analysis of customer characteristics is an important part of the target market identification process. An organization's target market shares common characteristics including geographic location, demographic and psychographic backgrounds, and income level CRM software is often used to identify an organization's target market and to provide critical insights into the profiles of these customers.
What business software applications are commonly integrated with an enterprise resource planning (ERP) system as modules? Select all of the correct answer options.
CRM PM BI
Match the terms concerning how customer relationship management market analytics are used to develop new products to the correct narrative. CRM analytics can be used to test the viability of products or services. This viability check results from the analysis of consumption trends and usage behaviors. Analytics around this data can provide insights about what features to include or improve in a new product or service. CRM systems can be designed to capture data about why users are buying a product or service and how they are using it. CRM systems can be designed to capture data about why users are buying a product or service and how they are using it.
CRM analytics can be used to test the viability of products or services. This viability check results from the analysis of consumption trends and usage behaviors: Variability Analytics around this data can provide insights about what features to include or improve in a new product or service: Product/Service Measurements CRM systems can be designed to capture data about why users are buying a product or service and how they are using it: User Experience CRM systems can be designed to capture data about why users are buying a product or service and how they are using it: Product Development
Which of the following statements about how CRM systems assist businesses in targeting a market segment are true?
An organization's target market shares common characteristics including geographic location, demographic and psychographic backgrounds, and income level Analysis of customer characteristics is an important part of the target market identification process. CRM software is often used to identify an organization's target market and to provide critical insights into the profiles of these customers.
One of the first computer-aided design programs ever developed was also among the first to be integrated into ERP systems. This popular program is ___ .
AutoCAD
Which of the following statements about CRM systems use in customer acquisition are true?
Customers can be acquired using a number of approaches including social media, search, affiliate, referral, and email marketing. * CRM software systems track prospective customers (and current customers) through the various stages of the funnel Organizations often track customer acquisition using a lead generation funnel
One of the benefits of using a CRM system is that data can be analyzed and provided to assist in measuring customer __. It is the value that the future lifetime revenue an organization's customers will generate minus customer acquisition costs and customer retention costs.
Equity
Advantages of integrating project management software into an enterprise resource planning system include which 3 of the following?
Integration allows for projects to be divided into phases, subprojects, and tasks to make data analysis and project monitoring easier. Integration provides a centralized location where data is stored and easily retrieved, allowing management to review planning, management, and analysis of an organization's project. Integration provides management with the ability to assign project management tasks and responsibilities.
Which two of the following statements describe key benefits of an integrated computer-assisted design (CAD) module within an ERP system?
Managers can track processes that use computer-assisted design throughout an entire manufacturing cycle. Managers can track processes that use computer-assisted design throughout an entire manufacturing cycle. Managers can monitor the use of materials, machines and labor, and level of completion within CAD processes. Managers can monitor the use of materials, machines and labor, and level of completion within CAD processes.
Which of the following are considered customer interaction metrics? More than one answer can be selected.
Sales Marketing Service
Why are social media sites, such as Facebook, TikTok, and LinkedIn, valuable sites for companies looking to purchase third-party data? More than one answer may be correct.
Social media users willingly share personal information on these sites that companies can use to specifically target advertisements and promotions. Social media users willingly share personal information on these sites that companies can use to specifically target advertisements and promotions. Few social media users read the terms of service and understand how their data is being used. Few social media users read the terms of service and understand how their data is being used.
Match the privacy law or regulation to the correct explanation.
State-specific law that mandates disclosure about data collection policies and gives individuals the ability to access, correct, and delete personal information: California Consumer Privacy Act (CCPA) Governs data protection and privacy in the European Union and European Economic Area. Additionally, it governs the transfer of personal data outside the EU: Europe's General Data Protection Regulation (GDPR) This is a US law that governs personal information collected by financial institutions: The Gramm Leach Bliley Act This act regulates the gathering and use of credit reporting information: Fair Credit Reporting Act
Integrating a business software module into an ERP has several advantages. Which of the following business software modules includes customer payment information?
TPS software
Select the true statements about the risks involved with storing customer data.
The main reason most data breaches occur is due to misconfigured databases and services. According to research by Risk Based security, there were 2037 publicly reported data breaches in the first half of 2020. In the first half of 2020, data breaches exposed over 27 billion records of information.
According to research by Risk Based security, there were 2037 publicly reported data breaches in the first half of 2020.
True
Drag and drop the correct response into the empty box. ERP software provides value by integrating several software packages into a single platform. An example of one of these software packages is ___ software, that records ledger journaling and billing.
accounting
In the initiation process of project management the client and project manager determine if the project is SMART. The A in SMART refers to ___.
attainable
Descriptive data about a customer includes categories such as
lifestyle and career
Project scheduling and project communications are two functions provided by project ___ (PM) software.
management
Why does Europe's General Data Protection Regulation (GDPR) govern the transfer of data outside of the EU? More than one answer may be correct.
to ensure data protection wherever the data is processed to prevent companies from circumventing the rule by processing or hosting data outside of the EU
Share of customer, also known as share of , focuses on getting as much business as possible from fewer customers.
wallet
From the following list, select all the customer characteristics that are commonly analyzed by a CRM and used to create an ideal customer profile.
where customers are located what customers buy and how often why customers make their purchase
Match the strategy for how customer relationship management market analytics improve the quality of customer data collection to the correct explanation. CRM data collection can be streamlined by using analytics to determine end-user needs. A better understanding of users' unique preferences and activities can help to guide data collection. CRM analytics can provide information about where data erosion occurs and how processes can be improved to minimize it. CRM analytics can provide insight into how customers and members of the organization interact with the CRM system. This can be used to encourage interaction and use.
CRM data collection can be streamlined by using analytics to determine end-user needs. A better understanding of users' unique preferences and activities can help to guide data collection: End-user Needs CRM analytics can provide information about where data erosion occurs and how processes can be improved to minimize it: Standardized Data Collection Processes CRM analytics can provide insight into how customers and members of the organization interact with the CRM system. This can be used to encourage interaction and use: Demonstrate the Value of CRM
Which of the following statements about how CRM systems assist businesses in targeting a market segment are true?
CRM systems provide a variety of analytical tools, including those used to identify and understand the target market.* CRM systems are used to collect data from customer transactions. This data is used for target market identification. Organizations must precisely identify their target markets so they best utilize resources when marketing to potential and existing customers.*
Organizations legitimately collect data from individuals for a variety of purposes including for CRM. While this information is legitimately collected, many organizations go on to sell this data to third parties who often use it for marketing and demographic analysis. Consider your favorite mobile app. Have you ever read the fine print before clicking the "I agree" button? Most people have never taken the time to read the fine print which often includes giving permission to the organization to use your data. In 2015 Facebook faced the Cambridge Analytica scandal in which the firm paid Facebook to acquire their users' personal data. It is estimated that over 87 million people were affected by this activity. As a result, many organizations (due to influence from regulatory agencies) are now more transparent about what kinds (if any) of data may be sold to third parties. Most consumers expect that the organization they share their personal data with will use it in ethical ways. However, data privacy and security are very difficult to control on the individual level. It is up to the organization to determine what types of data they will collect, how they will use this data, and to properly communicate these policies and procedures with the public.
Organizations legitimately collect data from individuals for a variety of purposes including for CRM. Many organizations sell consumer data to third parties who use the data for marketing and demographic analysis.