MKT 372 ANSWERS AND QUESTIONS SET A+
✔✔Getting the lead out - ✔✔At La Rue Fashions, there is a certain customer who
makes large purchases every Friday and returns everything two weeks later. In
response, the manager recently created a policy and published it. It included specifics of
the store's terms regarding returned merchandise stating that all tags must be intact; the
clothing must not have been worn; and it must be returned within seven days to receive
credit. Which of the following best describes the retailer's actions?
✔✔ True - ✔✔Customer loyalty can be enhanced by creating an appealing brand
image.
✔✔False - ✔✔Customer loyalty is limited to ensuring satisfaction by offering a wide
assortment of products.
✔✔True - ✔✔A customer database normally contains information on customer
preferences.
✔✔False - ✔✔Cookies are not equipped to track customer interactions on social
networking sites.
✔✔True - ✔✔The customer lifetime value (CLV) is the expected contribution from the
customer to the retailer's profits over his or her entire relationship with the retailer.
✔✔True - ✔✔A specific type of data analysis that focuses on the composition of the
bundle of merchandise purchased by a consumer during a single shopping occasion is
called a market basket analysis.
✔✔True - ✔✔Frequent-shopper programs are expensive to implement and manage.
✔✔True - ✔✔Effective frequent-shopper programs are transparent.
✔✔False - ✔✔Customers in the platinum segment place more value on the price of a
product.
, ✔✔True - ✔✔Developing retail programs for small groups or individual customers is
referred to as 1-to-1 retailing.
✔✔Customer Loyalty - ✔✔_____ indicates that customers are committed to purchasing
merchandise and services from the retailer regardless of competing retailers'
enticements.
✔✔To develop a base of loyal customers who patronize the retailer frequently -
✔✔What is the primary objective of CRM process?
✔✔customers are committed to purchasing from the retailer and will seldom shop at
competing stores. - ✔✔Customer loyalty means:
✔✔customer relationship management - ✔✔A business philosophy and set of
strategies, programs, and systems that focuses upon identifying and building loyalty
with a retailer's most valued customers is called _____.
✔✔develop loyalty and repeat-purchase behavior. - ✔✔The objective of the CRM
process is to:
✔✔Share of wallet - ✔✔_____ refers to the percentage of the customers purchases
made from the retailer.
✔✔It is an emotional connection between a retailer and a customer. - ✔✔Which of the
following statements is true of customer loyalty?
✔✔Lower prices - ✔✔Retailers will use all BUT which of the following to retain and
increase share of wallet from their best customer?
✔✔All of these statements describe customer relationship management. - ✔✔Which of
the following statements does NOT describes the customer relationship management
process that retailers implement?
✔✔Implementing programs - ✔✔Which is the final step in the CRM process?
✔✔collecting customer data - ✔✔The first step in the CRM process is _____.
✔✔customer database - ✔✔A(n) _____ forms the foundation for all CRM activities.
✔✔Details of competitor patronization - ✔✔Which of the following information does NOT
form a part of the customer database of a retailer?
✔✔Getting the lead out - ✔✔At La Rue Fashions, there is a certain customer who
makes large purchases every Friday and returns everything two weeks later. In
response, the manager recently created a policy and published it. It included specifics of
the store's terms regarding returned merchandise stating that all tags must be intact; the
clothing must not have been worn; and it must be returned within seven days to receive
credit. Which of the following best describes the retailer's actions?
✔✔ True - ✔✔Customer loyalty can be enhanced by creating an appealing brand
image.
✔✔False - ✔✔Customer loyalty is limited to ensuring satisfaction by offering a wide
assortment of products.
✔✔True - ✔✔A customer database normally contains information on customer
preferences.
✔✔False - ✔✔Cookies are not equipped to track customer interactions on social
networking sites.
✔✔True - ✔✔The customer lifetime value (CLV) is the expected contribution from the
customer to the retailer's profits over his or her entire relationship with the retailer.
✔✔True - ✔✔A specific type of data analysis that focuses on the composition of the
bundle of merchandise purchased by a consumer during a single shopping occasion is
called a market basket analysis.
✔✔True - ✔✔Frequent-shopper programs are expensive to implement and manage.
✔✔True - ✔✔Effective frequent-shopper programs are transparent.
✔✔False - ✔✔Customers in the platinum segment place more value on the price of a
product.
, ✔✔True - ✔✔Developing retail programs for small groups or individual customers is
referred to as 1-to-1 retailing.
✔✔Customer Loyalty - ✔✔_____ indicates that customers are committed to purchasing
merchandise and services from the retailer regardless of competing retailers'
enticements.
✔✔To develop a base of loyal customers who patronize the retailer frequently -
✔✔What is the primary objective of CRM process?
✔✔customers are committed to purchasing from the retailer and will seldom shop at
competing stores. - ✔✔Customer loyalty means:
✔✔customer relationship management - ✔✔A business philosophy and set of
strategies, programs, and systems that focuses upon identifying and building loyalty
with a retailer's most valued customers is called _____.
✔✔develop loyalty and repeat-purchase behavior. - ✔✔The objective of the CRM
process is to:
✔✔Share of wallet - ✔✔_____ refers to the percentage of the customers purchases
made from the retailer.
✔✔It is an emotional connection between a retailer and a customer. - ✔✔Which of the
following statements is true of customer loyalty?
✔✔Lower prices - ✔✔Retailers will use all BUT which of the following to retain and
increase share of wallet from their best customer?
✔✔All of these statements describe customer relationship management. - ✔✔Which of
the following statements does NOT describes the customer relationship management
process that retailers implement?
✔✔Implementing programs - ✔✔Which is the final step in the CRM process?
✔✔collecting customer data - ✔✔The first step in the CRM process is _____.
✔✔customer database - ✔✔A(n) _____ forms the foundation for all CRM activities.
✔✔Details of competitor patronization - ✔✔Which of the following information does NOT
form a part of the customer database of a retailer?
