Question 1

Reinartz and Kumar concluded in their study that

Accepted Answer

A) loyalty programs do not work. 
B) companies should not spend too much money on short-term customers. 
C) the idiosyncratic fit should be the basis of not only customization but also personalization. 
D) companies should avoid short-term, transactional buyers altogether . 
E) all of the above 
A) loyalty programs do not work. 
B) companies should not spend too much money on short-term customers. 
C) the idiosyncratic fit should be the basis of not only customization but also personalization. 
D) companies should avoid short-term, transactional buyers altogether . 
E) all of the above

Question 2

What type of marketing is about building customer lifetime personalized dialogues across all marketing channels?

Accepted Answer

A) Interactive Marketing 
B) Interface Marketing 
C) Conversational Marketing 
D) Didactic Marketing 
E) Confluence Marketing 
A) Interactive Marketing 
B) Interface Marketing 
C) Conversational Marketing 
D) Didactic Marketing 
E) Confluence Marketing

Question 3

The customer's perception of how much better than the company's other customers she is treated is referred to as

Accepted Answer

A) the idiosyncratic-fit heuristic. 
B) up-selling. 
C) trading-up. 
D) preferential treatment. 
E) rewarding. 
A) the idiosyncratic-fit heuristic. 
B) up-selling. 
C) trading-up. 
D) preferential treatment. 
E) rewarding.

Question 4

Which of the following is the most conversationally oriented of all CRM strategies?

Accepted Answer

A) idiosyncratic fit heuristic 
B) rewarding 
C) up-Selling 
D) profit driving 
E) customization 
A) idiosyncratic fit heuristic 
B) rewarding 
C) up-Selling 
D) profit driving 
E) customization

Question 5

Moments of truth are

Accepted Answer

A) assistance a customer receives during a crisis. 
B) occurring more frequently due to social networking. 
C) when customers are asked to provide sensitive, personal information. 
D) when new employees are being hired and asked to take a lie detector test regarding criminal records and employment. 
E) none of the above 
A) assistance a customer receives during a crisis. 
B) occurring more frequently due to social networking. 
C) when customers are asked to provide sensitive, personal information. 
D) when new employees are being hired and asked to take a lie detector test regarding criminal records and employment. 
E) none of the above

Question 6

Companies should develop retention strategies based on monetary, social or humanistic bonds.

Accepted Answer

A) True 
 B)False

Question 7

One of the key objectives in successful acquisition is increasing adverse selection.

Accepted Answer

A) True 
 B)False

Question 8

Reinartz and Kumar in an empirical studied showed that

Accepted Answer

A) the idiosyncratic fit heuristic is a global reaction to programmatic customization. 
B) the relationship between length of time as a customer and amount of profit for the company might be far from positive. 
C) many longtime customers are nothing but barnacles. 
D) loyalty may be vastly overrated. 
E) B, C and D are true 
A) the idiosyncratic fit heuristic is a global reaction to programmatic customization. 
B) the relationship between length of time as a customer and amount of profit for the company might be far from positive. 
C) many longtime customers are nothing but barnacles. 
D) loyalty may be vastly overrated. 
E) B, C and D are true

Question 9

Successful CRM begins with acquisition of the right customers and avoiding customers who will be costly to serve.

Accepted Answer

A) True 
 B)False

Question 10

Personalization according to the book refers to a company-controlled web site that a customer can modify to suit their purposes.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is NOT true?

Accepted Answer

A) Some customers just cost too much to serve. 
B) Some customers drive company profits down. 
C) Companies should consider getting rid of complainers, customers who always return merchandise, and customers who only buy on sale with coupons. 
D) Research has shown that customers who return merchandise consistently are oftentimes companies most profitable customers 
E) Some customers will just never become profitable. 
A) Some customers just cost too much to serve. 
B) Some customers drive company profits down. 
C) Companies should consider getting rid of complainers, customers who always return merchandise, and customers who only buy on sale with coupons. 
D) Research has shown that customers who return merchandise consistently are oftentimes companies most profitable customers 
E) Some customers will just never become profitable.

Question 12

Home Depot has created a "demon" list of customers who have been told not to shop there anymore.

Accepted Answer

A) True 
 B)False

Question 13

When customers begin buying less than they did before, it is referred to as

Accepted Answer

A) the prime defection indicator. 
B) downward migration. 
C) purchase attrition. 
D) marginalization. 
E) all of the above 
A) the prime defection indicator. 
B) downward migration. 
C) purchase attrition. 
D) marginalization. 
E) all of the above

Question 14

Personalization can refer to

Accepted Answer

A) how warmly a person feels he or she is treated. 
B) a company-controlled website. 
C) mass customization. 
D) generating opinion leadership. 
E) bringing friends and family into the program. 
A) how warmly a person feels he or she is treated. 
B) a company-controlled website. 
C) mass customization. 
D) generating opinion leadership. 
E) bringing friends and family into the program.

Question 15

Which of the following is false regarding acquisition of new customers?

Accepted Answer

A) Successful CRM acquisition strategy includes avoiding customers who will be costly to serve. 
B) Companies should avoid targeting the wrong customers because they will only have to reject their applications later. 
C) Companies should mine their data bases to identify the right types of customers. 
D) Company acquisition strategies should target even those customers who will not qualify now, but they may qualify later. 
E) all of the above are true 
A) Successful CRM acquisition strategy includes avoiding customers who will be costly to serve. 
B) Companies should avoid targeting the wrong customers because they will only have to reject their applications later. 
C) Companies should mine their data bases to identify the right types of customers. 
D) Company acquisition strategies should target even those customers who will not qualify now, but they may qualify later. 
E) all of the above are true

Question 16

Customers downwardly migrate for a variety of reasons. Which of the following is not one of them?

Accepted Answer

A) to relieve cognitive consonance 
B) attraction to a better mix by the competition 
C) change in life-stage 
D) change in lifecycle 
E) dissatisfaction 
A) to relieve cognitive consonance 
B) attraction to a better mix by the competition 
C) change in life-stage 
D) change in lifecycle 
E) dissatisfaction

Question 17

Adverse selection hurts a company by wasting money on promotional efforts to the wrong people.

Accepted Answer

A) True 
 B)False

Question 18

Reinartz and Kumar in an empirical study showed that the idiosyncratic fit heuristic is a global reaction to programmatic customization.

Accepted Answer

A) True 
 B)False

Question 19

The CLV for a Domino's Pizza customer is

Accepted Answer

A) 500 
B) 1500 
C) 2500 
D) 5000 
E) 50000 
A) 500 
B) 1500 
C) 2500 
D) 5000 
E) 50000

Question 20

Win-back strategies

Accepted Answer

A) are sometimes referred to as regain management or comeback strategies. 
B) seldom are effective. 
C) result in 60% return of lost customers within 6 months. 
D) are more widely practiced in non-contractual settings. 
E) are best used in conjunction with Trading-Up offers. 
A) are sometimes referred to as regain management or comeback strategies. 
B) seldom are effective. 
C) result in 60% return of lost customers within 6 months. 
D) are more widely practiced in non-contractual settings. 
E) are best used in conjunction with Trading-Up offers.

Reinartz and Kumar concluded in their study that

What type of marketing is about building customer lifetime personalized dialogues across all marketing channels?

The customer's perception of how much better than the company's other customers she is treated is referred to as

Which of the following is the most conversationally oriented of all CRM strategies?

Moments of truth are

Companies should develop retention strategies based on monetary, social or humanistic bonds.

One of the key objectives in successful acquisition is increasing adverse selection.

Reinartz and Kumar in an empirical studied showed that

Successful CRM begins with acquisition of the right customers and avoiding customers who will be costly to serve.

Personalization according to the book refers to a company-controlled web site that a customer can modify to suit their purposes.

Which of the following is NOT true?

Home Depot has created a "demon" list of customers who have been told not to shop there anymore.

When customers begin buying less than they did before, it is referred to as

Personalization can refer to

Which of the following is false regarding acquisition of new customers?

Customers downwardly migrate for a variety of reasons. Which of the following is not one of them?

Adverse selection hurts a company by wasting money on promotional efforts to the wrong people.

Reinartz and Kumar in an empirical study showed that the idiosyncratic fit heuristic is a global reaction to programmatic customization.

The CLV for a Domino's Pizza customer is

Win-back strategies

Introduction to Customer Relationship Management

The History and Development of CRM

Relationship Marketing and CRM

Organization and CRM

CRM and Data Management

Technology and Data Platforms

Database and Customer Data Development

Business-To-Business CRM

Understanding the Customercompany Profit Chain: Satisfaction, Loyalty, Retention, and Profits

Privacy and Ethics Considerations

CRM Program Measurement and Tools

Social Networking and CRM

CRM Trends, Challenges, and Opportunities

Filters

Exam 10: The CRM Strategy Cycle: Acquisition, Retention

Reinartz and Kumar concluded in their study that

What type of marketing is about building customer lifetime personalized dialogues across all marketing channels?

The customer's perception of how much better than the company's other customers she is treated is referred to as

Which of the following is the most conversationally oriented of all CRM strategies?

Moments of truth are

Companies should develop retention strategies based on monetary, social or humanistic bonds.

One of the key objectives in successful acquisition is increasing adverse selection.

Reinartz and Kumar in an empirical studied showed that

Successful CRM begins with acquisition of the right customers and avoiding customers who will be costly to serve.

Personalization according to the book refers to a company-controlled web site that a customer can modify to suit their purposes.

Which of the following is NOT true?

Home Depot has created a "demon" list of customers who have been told not to shop there anymore.

When customers begin buying less than they did before, it is referred to as

Personalization can refer to

Which of the following is false regarding acquisition of new customers?

Customers downwardly migrate for a variety of reasons. Which of the following is not one of them?

Adverse selection hurts a company by wasting money on promotional efforts to the wrong people.

Reinartz and Kumar in an empirical study showed that the idiosyncratic fit heuristic is a global reaction to programmatic customization.

The CLV for a Domino's Pizza customer is

Win-back strategies

Introduction to Customer Relationship Management

The History and Development of CRM

Relationship Marketing and CRM

Organization and CRM

CRM and Data Management

Technology and Data Platforms

Database and Customer Data Development

Business-To-Business CRM

Understanding the Customercompany Profit Chain: Satisfaction, Loyalty, Retention, and Profits

Privacy and Ethics Considerations

CRM Program Measurement and Tools

Social Networking and CRM

CRM Trends, Challenges, and Opportunities

Filters