MKTG 680 Smartbook

______ 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

What is the "dark side of CRM"?

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

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

- 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.

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

- 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. - Adopting a relationship business model overall, with mutually shared rewards and risk management.

Which of the following are commonly expressed objections about an overreliance on ROMI? Select all that apply.

- 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.

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

What are two goals of any dashboard?

- predictive foresight - diagnostic insight

What are four types of marketing analytic approaches include?

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

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

- volume - veracity - velocity - variety

The most valuable sources of big data for marketers are those that

- yield actionable insights - capture data on current customers - capture data on potential customers

What do we call an organization-wide effort to ensure all aspects of a customer's encounters with the firm meet or exceed their expectations?

Customer Experience Management

______ 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

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

analysis and refinement

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

Business systems, social media platforms, internet-connected devices, mobile apps, commercial entities, and government entities are all sources of information for _____ _____

big data

The ever-increasing quantity and complexity of data that is continuously being produced by various technological sources is referred to as

big data

_____ _____ is an analytic method that identifies which products or services to recommend based on a determination of how similar a product or service seems to be to those that the customer has demonstrated a preference for in the past.

content filtering

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 ______, particularly among younger customers

customer empowerment

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.

customer relationship management (CRM)

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

customer satisfaction

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

customers

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

A(n) ______ touchpoint allows for two-way information exchange between the customer and a firm's salesperson, customer service representative, interactive website, and so on

interactive

The process of analyzing the customer information acquired through various customer touchpoints.

knowledge discovery

Customer _____ refers to the degree to which an individual will resist switching, or defecting, from one offering to another. (Enter one word in the blank)

loyalty

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

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

organizational learning

Investment decisions in marketing must consider which four basic elements?

risks level of investment Hurdle rates returns

The level of liking an individual harbors for an offering is called customer _____

satisfaction

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

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

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