SALES MANAGEMENT D099 ACTUAL FINALS
QUESTIONS AND ANSWERS SET A+
✔✔functional relationships - ✔✔limited, ongoing relationships that develop when a
buyer continues to purchase a product from a seller out of habit, as long as its needs
are met
✔✔affiliative selling relationships - ✔✔a situation where the buyer needs extensive
expertise from the seller to make a decision
✔✔alliance agrements - ✔✔a formal agreement among companies who want to share
resources to create a competitive advantage
✔✔joint R&D agreements - ✔✔businesses join to develop a specific product or service
✔✔co-marketing agreements - ✔✔an agreement where companies share resources to
market their products together
✔✔minority investments - ✔✔an investment by an organization in another organization
in which the investor firm holds less than 50% of the shares
✔✔supply chain management - ✔✔the management of a network of interconnected
businesses involved in the provision of product and service packages required by the
end customers in a supply chain
✔✔just-in-time (JIT) - ✔✔a manufacturing system in which materials or components are
delivered immediately before they are required in order to minimize inventory costs
✔✔preferred supplier - ✔✔a company that has an agreement with another company to
supply it with goods or services
,✔✔customer acquisition - ✔✔process of gaining new customers by persuading them to
purchase a company's products/services
✔✔customer retention - ✔✔the ability of a company or product to retain its customers
over some specified period
✔✔CRM process cycle - ✔✔1. Knowledge discovery
2. Market planning
3. Customer interaction
4. Analysis and refinement
✔✔data mining - ✔✔the practice of examining large databases in order to generate new
information
✔✔data warehousing - ✔✔electronic storage of a large amount of info by a business or
organization
✔✔data integrity - ✔✔the accuracy and validity of data
✔✔touchpoints - ✔✔any way a consumer can interact with a business, whether it be
person-to-person, through a website, an app, or any form of communication
✔✔key performance indicators (KPIs) - ✔✔a type of performance measurement. KPIs
evaluate the success of an organization or of a particular activity in which it engages
✔✔mass marketing - ✔✔a market strategy in which a firm tries to appeal to the whole
market by broadcasting a message that will reach the largest amount of people possible
✔✔target market - ✔✔a particular group of consumers at which a product or service is
aimed
✔✔market segmentation - ✔✔The process of defining and subdividing a large
homogenous market into clearly identifiable segments having similar needs, wants, or
demand characteristics
✔✔big data - ✔✔large, complex data sets that require nontraditional data processing
software
✔✔database marketing - ✔✔a form of direct marketing using databases of customers or
potential customers to generate personalized communications in order to promote a
product or service for marketing purposes
✔✔one-to-one marketing - ✔✔creating a unique marketing mix for every customer
, ✔✔CRM analytics - ✔✔a systematic electronic analysis of customer data to improve
decision-making
✔✔sales analytics - ✔✔the process of generating insights from sales data to identify,
model, understand, and predict sales trends and forecasts from large data sets
✔✔descriptive analytics - ✔✔a preliminary stage of data processing that creates a
summary of historical data to yield useful info and possibly prepare the data for further
analysis
(answers "what happened")
✔✔diagnostic analytics - ✔✔a deep look at data to attempt to understand the causes of
events and behaviors
(answers "why did something happen")
✔✔predictive analytics - ✔✔the use of data to identify the past patterns to predict the
future
(answers "what will happen")
✔✔prescriptive analytics - ✔✔type of data analytics that factors information about
possible situations or scenarios, available resources, past performance, and current
performance, and suggests a course of action or strategy
(answers "how can we make it happen")
✔✔3 V's of big data - ✔✔volume, velocity, and variety
✔✔distributed computing - ✔✔a model in which components of a software system are
shared among multiple computers
✔✔ideal customer profiles (ICP) - ✔✔a categorical description of a customer that would
benefit immensely from a company's offerings and provides significant value in
exchange
✔✔360-degree customer view - ✔✔a process of collecting aggregated data from
various customer touchpoints for complete understanding of the customer and to guide
interactions with the customer
✔✔fit data - ✔✔attribute data about a customer
✔✔behavioral data - ✔✔data based on a customer's action or behavior
✔✔firmographics - ✔✔descriptive attributes of firms that can be used to aggregate
individual firms into meaningful market segments
QUESTIONS AND ANSWERS SET A+
✔✔functional relationships - ✔✔limited, ongoing relationships that develop when a
buyer continues to purchase a product from a seller out of habit, as long as its needs
are met
✔✔affiliative selling relationships - ✔✔a situation where the buyer needs extensive
expertise from the seller to make a decision
✔✔alliance agrements - ✔✔a formal agreement among companies who want to share
resources to create a competitive advantage
✔✔joint R&D agreements - ✔✔businesses join to develop a specific product or service
✔✔co-marketing agreements - ✔✔an agreement where companies share resources to
market their products together
✔✔minority investments - ✔✔an investment by an organization in another organization
in which the investor firm holds less than 50% of the shares
✔✔supply chain management - ✔✔the management of a network of interconnected
businesses involved in the provision of product and service packages required by the
end customers in a supply chain
✔✔just-in-time (JIT) - ✔✔a manufacturing system in which materials or components are
delivered immediately before they are required in order to minimize inventory costs
✔✔preferred supplier - ✔✔a company that has an agreement with another company to
supply it with goods or services
,✔✔customer acquisition - ✔✔process of gaining new customers by persuading them to
purchase a company's products/services
✔✔customer retention - ✔✔the ability of a company or product to retain its customers
over some specified period
✔✔CRM process cycle - ✔✔1. Knowledge discovery
2. Market planning
3. Customer interaction
4. Analysis and refinement
✔✔data mining - ✔✔the practice of examining large databases in order to generate new
information
✔✔data warehousing - ✔✔electronic storage of a large amount of info by a business or
organization
✔✔data integrity - ✔✔the accuracy and validity of data
✔✔touchpoints - ✔✔any way a consumer can interact with a business, whether it be
person-to-person, through a website, an app, or any form of communication
✔✔key performance indicators (KPIs) - ✔✔a type of performance measurement. KPIs
evaluate the success of an organization or of a particular activity in which it engages
✔✔mass marketing - ✔✔a market strategy in which a firm tries to appeal to the whole
market by broadcasting a message that will reach the largest amount of people possible
✔✔target market - ✔✔a particular group of consumers at which a product or service is
aimed
✔✔market segmentation - ✔✔The process of defining and subdividing a large
homogenous market into clearly identifiable segments having similar needs, wants, or
demand characteristics
✔✔big data - ✔✔large, complex data sets that require nontraditional data processing
software
✔✔database marketing - ✔✔a form of direct marketing using databases of customers or
potential customers to generate personalized communications in order to promote a
product or service for marketing purposes
✔✔one-to-one marketing - ✔✔creating a unique marketing mix for every customer
, ✔✔CRM analytics - ✔✔a systematic electronic analysis of customer data to improve
decision-making
✔✔sales analytics - ✔✔the process of generating insights from sales data to identify,
model, understand, and predict sales trends and forecasts from large data sets
✔✔descriptive analytics - ✔✔a preliminary stage of data processing that creates a
summary of historical data to yield useful info and possibly prepare the data for further
analysis
(answers "what happened")
✔✔diagnostic analytics - ✔✔a deep look at data to attempt to understand the causes of
events and behaviors
(answers "why did something happen")
✔✔predictive analytics - ✔✔the use of data to identify the past patterns to predict the
future
(answers "what will happen")
✔✔prescriptive analytics - ✔✔type of data analytics that factors information about
possible situations or scenarios, available resources, past performance, and current
performance, and suggests a course of action or strategy
(answers "how can we make it happen")
✔✔3 V's of big data - ✔✔volume, velocity, and variety
✔✔distributed computing - ✔✔a model in which components of a software system are
shared among multiple computers
✔✔ideal customer profiles (ICP) - ✔✔a categorical description of a customer that would
benefit immensely from a company's offerings and provides significant value in
exchange
✔✔360-degree customer view - ✔✔a process of collecting aggregated data from
various customer touchpoints for complete understanding of the customer and to guide
interactions with the customer
✔✔fit data - ✔✔attribute data about a customer
✔✔behavioral data - ✔✔data based on a customer's action or behavior
✔✔firmographics - ✔✔descriptive attributes of firms that can be used to aggregate
individual firms into meaningful market segments
