Sales Management Module 4 & Module 5 - (Total 15%)

Which performance metric is demonstrated when 5 of 100 email recipients make a purchase? Market share Activity goal Conversion ratio Sales by product

Conversion ratio

A CRM system increases a favorable customer experience and improves communication through tracking the connection of an organization with customers on all touchpoints. Improved efficiency Customer focus Enhanced accountability Data accessibility

Customer focus

Integrated CRM systems have instruments for collecting, analyzing, and making sense of customers' and prospects' information, so an organization can gather ideas to enhance its services and offerings. Improved efficiency Customer focus Enhanced accountability Data accessibility

Data accessibility

A CRM system can improve workflows and communication between teams and employees, defining roles and responsibilities in an organization. Improved efficiency Customer focus Enhanced accountability Data accessibility

Enhanced accountability

How many total touchpoints occur between Freedom Rock Bicycles and Daniel? Six Five Four Three

Four

A CRM system organizes information, records, and reports and automates, streamlines, and monitors workflows and activities quickly. CRM systems are also intended to integrate with a broad range of company and office platforms in order to provide superior flexibility Improved efficiency Customer focus Enhanced accountability Data accessibility.

Improved efficiency

Which part of the customer relationship management (CRM) process involves gathering insight about why a customer purchases a specific product? Market planning Knowledge discovery Analysis and refinement Customer interaction

Knowledge discovery

Which key performance indicator (KPI) does the greater number of version 3.0 sales represent? Sales target Average purchase value Sales growth Average profit margin

Sales growth

A salesperson is feeling pressure to meet sales goals for the quarter. How should the salesperson determine whether goals have been met? a. Conduct a win-loss review of purchases b. Evaluate product sentiment by customer c. Identify the product value to customer d. Analyze reviews of customer satisfaction

a. Conduct a win-loss review of purchases

A retail store that sells high-performance running shoes relies on relationship marketing with loyal customers to improve its business. Which tactic should the firm use for this marketing approach? a. Conduct regular free fun runs for customers b. Report on strategic partnerships related to marketing c. Promote its corporate social responsibility initiatives d. Advertise its marketing philosophy in its annual report

a. Conduct regular free fun runs for customers

Which business practice is essential to creating one-to-one marketing? a. Creating a marketing database with customer information b. Using multiple touchpoints to interact with customers c. Educating staff to be knowledgeable of the company website d. Investing in a large advertising budget

a. Creating a marketing database with customer information

A company seeks to expand into new consumer markets in the western United States. It has chosen to use U.S. Census data to help segment customers. Which relevant information will the company gain from the Census that aids in its expansion and segmentation efforts? a. Demographic traits of potential customers b. Past buyer behavior of potential customers c. Predicted future buyer behavior of potential customers d. Psychographic traits of potential customers

a. Demographic traits of potential customers

An online retailer logs the number of customer clicks made on its website and tracks all related purchase data. The retailer takes this action to create detailed customer profiles that provide insights which are used to create personalized offerings for each customer. Which customer relationship management (CRM) strategy is the retailer using? a. One-to-one marketing b. Direct response marketing c. Relationship marketing d. Mass marketing

a. One-to-one marketing

Synesthor, a tech company specializing in cybersecurity, has launched a multichannel campaign to sell version 3.0 of its software called Wistopro. One of its sales methods includes emailing business-to-consumer (B2C) customers who purchased version 2.0 a year ago, but not all of them. The customers who do receive an email had visited the Synesthor website at least six times within the past year. Frequent customers received a different version of the email, offering additional products. The email campaign is very successful, convincing 5 out of 100 email recipients to make a purchase; and the number of sales of version 3.0 is outnumbering the sales of version 2.0. hich level of data analytics did Synesthor use to determine which customers to email? a. Predictive analytics b. Descriptive analytics c. Diagnostic analytics d. Prescriptive analytics

a. Predictive analytics

What are two types of tools that are part of the predictive analytics process? Choose two options. a. Predictive lead scoring b. Demographics and firmographics c. Lead nurturing d. Product demonstrations e. Sales performance monitoring

a. Predictive lead scoring e. Sales performance monitoring

A firm's marketing team uses sales analytics to prioritize its current customers so that marketing messages can target the current customers more effectively. Which action is the marketing team taking? a. Segmentation b. Collection c. Placing d. Processing

a. Segmentation

How does a customer relationship management (CRM) system promote a customer-centric culture in an organization? Choose three answers. a. Valuing the customer as a business asset b. Creating a technology-based experience for the customer c. Improving customer satisfaction through optimized business processes d. Educating customers about the benefits of brand loyalty e. Directing customized solutions toward a customer's needs or desires

a. Valuing the customer as a business asset c. Improving customer satisfaction through optimized business processes e. Directing customized solutions toward a customer's needs or desires

Answers "What happened?" a. descriptive analytics b. diagnostic analytics c. predictive analytics d. prescriptive analytics

a. descriptive analytics

Country, state, zip code a. geographic b. behavioral c. demographic d. psychographic e. cultural

a. geographic

The speed at which data are sent and collected a. velocity b. volume c. variety

a. velocity

Which type of data from the 360-degree view of the customer did Synesthor capture by recording the number of website visits? a. Firmographic data b. Behavioral data c. Fit data d. Internal data

b. Behavioral data

An organization with an innovative approach to cyber-security learns from its analytics team that 83% of prospects who sign up for a product demo result in purchasing and keeping the software for at least a year. However, only 12% of prospects are signing up for this demo. How should the organization use this data? a. Implement a customer retention program for current users b. Increase advertising and promotion of the demo c. Revisit the techniques used at the product demo d. Reduce the price of the software to increase sales

b. Increase advertising and promotion of the demo

What is the purpose of market segmentation in the customer relationship management process? a. It is effective manufacturing of new products into an emerging market. b. It is the appropriate use of marketing messages to specific groups. c. It is the correct development method for creating warranties for new products. d. It is the thorough implementation of marketing budgets for competitive firms.

b. It is the appropriate use of marketing messages to specific groups.

The sales department is informed that there will be delays with merchandise deliveries for the next month due to a change in the company's delivery carrier. The sales manager takes this into account as she forecasts performance for the next month. Which factor does the delivery delay represent for the sales forecast? a. Personnel change b. Planning issue c. Competitor market d. Economic climate

b. Planning issue

Customer usage of product, desired benefits, how they shop or pay, their loyalty status. a. geographic b. behavioral c. demographic d. psychographic e. cultural

b. behavioral

Answers "Why did it happen?" a. descriptive analytics b. diagnostic analytics c. predictive analytics d. prescriptive analytics

b. diagnostic analytics

The amount of data available, including anything from customer transactions to scientific data a. velocity b. volume c. variety

b. volume

A sales manager wants to evaluate the performance of the sales team's ability to move buyers along the sales funnel toward final purchase. How should the sales manager evaluate the sales team? a. Review new opportunities b. Count total demonstrations c. Analyze conversion ratios d. Measure hours in meetings

c. Analyze conversion ratios

How should a company use customer relationship management (CRM) to have a customer-centric approach to all business activities? a. By pushing the company message to all product consumers b. By maximizing company revenues through standardizing products c. By sharing risks and rewards in a relationship business model d. By providing the same promotional messages across all target segments

c. By sharing risks and rewards in a relationship business model

Which key performance indicator is measured by the comparison of the increase in gains from one product and a decrease in a similar product? a. Sales growth b. Customer acquisition cost c. Cannibalization rate d. Average purchase value

c. Cannibalization rate

Which key performance indicator is measured when analyzing the expenses involved when gaining a paying customer? a. Cannibalization rate b. Sales growth c. Customer acquisition cost d. Average purchase value

c. Customer acquisition cost

How can marketers present customer relationship management (CRM) data for understanding and analysis? a. Gantt chart presentation b. Business model canvas c. Dashboard metrics d. Process re-engineering

c. Dashboard metrics

Where should Freedom Rock Bicycles place the information from Daniel's survey? a. Dashboard b. Company website c. Data warehouse d. Intranet

c. Data warehouse

Which business practice does relationship marketing focus on? a. Using the internet to mine big data from customers b. Getting a message out to as many potential customers as possible c. Emphasizing customer retention and satisfaction d. Differentiating a segment of customers in a market

c. Emphasizing customer retention and satisfaction

An organization with an innovative approach to cybersecurity learns from its analytics team that 83% of prospects who sign up for a product demo result in purchasing and keeping the software for at least a year. However, only 12% of prospects are signing up for this demo. How should the organization use this data? a. Reduce the price of the software to increase sales b. Revisit the techniques used at the product demo c. Increase advertising and promotion of the demo d. Implement a customer retention program for current users

c. Increase advertising and promotion of the demo

How does big data support the customer relationship management (CRM) process? a. It increases the need for customer service. b. It replaces traditional market research. c. It reveals customer buying behavior. d. It decreases marketing research expenses.

c. It reveals customer buying behavior.

A company analyst uses data from production, customer feedback, and reasons for returned products to ensure the correct amount of product is produced at the right time. Which business activity do these data help the company measure? a. Fraud b. Sales management c. Operational efficiency d. Compliance

c. Operational efficiency

Why does an organization use key performance indicators (KPIs) in customer relationship management? a. To track total cost of marketing overhead b. To determine an advertising budget c. To assess success in dealing with customers d. To convert potential customers into actual customers

c. To assess success in dealing with customers

Which opportunity is presented when Synesthor analyzes the data from frequent customers? a. Forecasting b. Planning c. Upselling d. Budgeting

c. Upselling

Age, gender, race, ethnicity, education, and income. a. geographic b. behavioral c. demographic d. psychographic e. cultural

c. demographic

Answers "What will happen?" a. descriptive analytics b. diagnostic analytics c. predictive analytics d. prescriptive analytics

c. predictive analytics

The various forms of data, including structured and unstructured forms. a. velocity b. volume c. variety

c. variety

Which segmentation practice does Freedom Rock Bicycles follow when it does not alert Daniel of its bicycle sale? a. Geographic segmentation b. Psychographic segmentation c. Demographic segmentation d. Behavioral segmentation

d. Behavioral segmentation

How should a company use buyer demographic data to execute one-to-one marketing using customer relationship management (CRM)? a. Generate reports on brand quality improvements b. Identify competitor approaches to customer acquisition c. Respond to new market entrants in industry d. Create personalized marketing experiences

d. Create personalized marketing experiences

Daniel recently moved to a new city and receives a brochure in the mail from Freedom Rock Bicycles that says "welcome to your new home" and offers a discount on his first tune-up. He finds their offer to be attractive and brings his bike to the shop. A week after he brings his bike home, Freedom Rock emails Daniel a survey asking about his experience, which he answers. A year later, he is sent an automated email reminder for an upcoming tune-up. However, unlike other customers, Daniel does not receive an email about a sale on new bikes, because he indicated in the survey that his bike is only one year old. How is Freedom Rock Bicycles demonstrating customer relationship management (CRM) when it sends Daniel a welcome brochure in the mail? a. Customer profitability b. Customer preference c. Customer retention d. Customer acquisition

d. Customer acquisition

Which benefit of the customer relationship management (CRM) process is illustrated by the automated nature of the email that Freedom Rock Bicycles sends to Daniel? a. Knowledge discovery b. Enhanced accountability c. Data accessibility d. Improved efficiency

d. Improved efficiency

A company sales team is meeting after receiving completed sales analyses on long-term trends to determine where the company should place its marketing efforts for the next quarter. Which type of analysis did the sales team receive? a. Diagnostic b. Demographic c. Correlation d. Prescriptive

d. Prescriptive

A company wants to develop a 360-degree customer view of its online purchasing experience. How should the company achieve this goal? a. Analyze call center volume b. Perform a product quality audit c. Hire a website developer d. Review social media interactions

d. Review social media interactions

Which type of data is used for market segmentation? a. The details for any goods or services related to a company's product b. The marketing methods of a company's competition c. The contributions of a company's employees to production or distribution d. The demographics of a company's customer base

d. The demographics of a company's customer base

How should a company use third-party websites for customer relationship management (CRM)? a. To evaluate sales management effectiveness b. To establish annual marketing budgets c. To generate sales forecasts for the upcoming cycle d. To integrate data collected from campaigns

d. To integrate data collected from campaigns

Answers "How can we make it happen?" a. descriptive analytics b. diagnostic analytics c. predictive analytics d. prescriptive analytics

d. prescriptive analytics

Values, opinions, attitudes, and lifestyle. a. geographic b. behavioral c. demographic d. psychographic e. cultural

d. psychographic

Country of origin, language, religion, dietary preferences, family structure, and social roles. a. geographic b. behavioral c. demographic d. psychographic e. cultural

e. cultural