Module 6 McGraw Hill
ERP systems help organizations improve operational efficiency in which 3 of the following ways?
1. Centralized database 2. Access to data 3. Customizable
Disadvantages of implementing an ERP system include which 3 of the following?
1. High costs 2. Steep learning curve 3. Maintenance costs
Which of the following are popular CRM options that are used to assist with sales prospecting?
1. LinkedIn Sales Navigator 2. Zoominfo 3. Clearbit Prospector
Which of the following are types of qualitative data?
1. attitude 2. opinion 3. motivation
Identity Data
1. name 2. address 3. gender 4. date of birth
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 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.
5
According to Harvard Business School professor Clayton Christensen, there are over 30,000 new products introduced every year, and % of these products fail.
95
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. 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
Monitoring Procurement Methods
Anticipating preferred shopping methods, customer motivation, purchase frequency, and spending habits allows businesses to be more profitable.
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
The design of a CRM system that collects data on customer interaction should include which of the following elements?
Automation Treating customers as individuals Monitoring customer interactions
ERP software integrates several software packages into a single platform. An example of one of these software packages is ___ software, that engineers use in the design process.
CAD
Select the true statements about how CRM market analytics improve the quality of customer data collection.
CRM relies heavily on data that is collected from a variety of sources including point of sale, e-commerce, social media, and email marketing. 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.
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. 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
Which of the following statements about CRM systems use in customer acquisition are true?
CRM software systems track prospective customers (and current customers) through the various stages of the funnel Customers can be acquired using a number of approaches including social media, search, affiliate, referral, and email marketing. Organizations often track customer acquisition using a lead generation funnel
Which of the following statements about how CRM systems assist businesses in targeting a market segment are true? (2)
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.
Select what's true about how businesses use CRM systems to develop relationships with customers.
CRM systems provide organizations a clear overview of their customers. Information from CRM systems can be efficiently and intelligently used to make informed business decisions and to develop relationships with their customers. Data collected by CRM systems includes customers' likes and dislikes, what content they engage with, and what they post about competitors.
Customer Segmentation
Customers are grouped into homogenous segments where behavior can more easily be analyzed.
Personalization
Customized marketing is created based on individual customer behavior.
According to Salesforce.com, which of the following are factors to consider when selecting a customer segmentation tool?
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 absences or leaves Employee compensation
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.
This act regulates the gathering and use of credit reporting information.
Fair Credit Reporting Act
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
Customer Value and Profitability
Identification of which customers create the highest revenue is made.
ERP systems can be integrated with financial management systems to provide centralized access and management of financial data. The benefits of this type of integration include which 3 of the following?
Improved visibility The ability to generate financial reports Structured compliance architecture
Select what's true about how businesses use CRM systems to analyze customer information.
Information is gathered from point of sale and e-commerce technology as well as through customer interactions. Customer relationship management (CRM) analytics provides insights into customer behavior that can be used to make informed business decisions. Often CRM systems use data mining to extract information from a customer database.*
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?
Intangible assets Tangible assets
Advantages of integrating project management software into an enterprise resource planning system include which 3 of the following?
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 allows for projects to be divided into phases, subprojects, and tasks to make data analysis and project monitoring easier. Integration provides management with the ability to assign project management tasks and responsibilities.
Select the true statements about CRM systems and how they assist businesses in qualifying potential customers.
Many CRM software programs offer the opportunity to create customized sales funnels based on specific organizational needs and sales characteristics. 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.
Select the true statements about the ethical considerations of selling customer data to third parties.
Many organizations sell consumer data to third parties who use the data for marketing and demographic analysis. Organizations legitimately collect data from individuals for a variety of purposes including for CRM.
Which of the following are considered customer interaction metrics?
Marketing Service Sales
Social Media
Organizations can leverage various of these platforms and integrate them within a CRM platform. These sites include YouTube, Instagram, Facebook, and TikTok.
Predictive Modeling
Prior information is used to assist in the determination of the success or failure of future endeavors.
Integration of TPS with ERP has many advantages to managers including which 3 of the following?
Reduces human error Saves time Labor cost reduction
Cloud-based ERP solutions are usually offered as ___.
SaaS
Customer interaction encompasses all the communication that takes place between a customer and an organization. This includes which of the following:
Social media Email Traditional mail
Which of the following explain the importance of CRM to businesses?
Systems assist organizations to help synchronize customer interactions CRM systems provide insights into customer satisfaction metrics CRM is used to manage critical relationships
Integrating a business software module into an ERP has several advantages. Which business software module includes payment information from customers?
TPS software
According to this law, the government has the authority to prevent unfair or deceptive trade practices.
The Federal Trade Commission Section 5
This is a US law that governs personal information collected by financial institutions.
The Gramm Leach Bliley Act
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.
Analytics
Used to uncover trends in the data that is collected about customers.
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.
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
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
CRM systems and software constantly being updated to help prevent data breaches. Software that is not consistently updated is potentially at risk for data breaches.
consistent updates to CRM software
Select the sources of information that a CRM system uses to collect data about current customers.
customer surveys
Data collected from ___ includes customer information, order history, shipping information, and customer satisfactions measures.
e-commerce operations
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
Customer ___ is the value that the future lifetime revenue an organization's customers will generate minus customer acquisition costs and customer retention costs.
equity
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
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
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
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.
investment
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
Along with identifying wanted or needed products, CRM software allows organizations to accomplish which 3 of the following?
maintain customer engagement and relationships identify and attract prospective customers ultimately increase sales
CRM analytics often give insights that foster innovation. This information can be used by decision-makers to identify strong areas and potential growth areas.
product development
Analytics around this data can provide insights about what features to include or improve in a new product or service.
product/service measurements
It is important to make sure staff who interact with the CRM system are properly trained and that managed access and access-levels are in place.
proper CRM administration
Systems that assist organizations to synchronize business operating units relating to customer interaction are customer ___ management systems.
relationship
Enterprise ___ planning (ERP) is a software that businesses use to manage activities in both the internal and external operational environment.
resource
It is important to take security measures to protect data. This can be accomplished by ensuring firewalls and routers are secured and that all software is up to date.
server security
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
According to research by Risk Based security, there were 2037 publicly reported data breaches in the first half of 2020.
true
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 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
Share of customer, also known as share of ___ , focuses on getting as much business as possible from fewer customers.
wallet
