CRM & Data Analytics Midterm Exam
prep
What is Customer Value? - correct answersThe relationship between benefits and the sacrifice necessary
to obtain those benefits.
Can organizations pay external agencies for additional data about their potential customers? - correct
answersTrue
Is the following an example of CRM? A hotel and casino keeping a log of hours played and money
gambled and offering free rooms in exchange for higher levels of play. - correct answersTrue
How does operational CRM differ from analytical CRM? - correct answersOperational CRM deals with
customer interactions while analytical does not.
Is A grocery store offering loyalty cards with discounts to its customers an example of how transaction
data can be used in a customer relationship management (CRM) system? - correct answersTrue
One valuable tool for measuring calculating customer loyalty is RFM. This measures combines
information about the Recency, Frequency and ___________________________________ of customer
purchases. - correct answersMonetary Value
CLV can be calculated at the level of the individual customer, the customer segment or the
____________________________ level. - correct answersCohort
The satisfaction-profit chain shows the links between customer satisfaction, loyalty and
____________________________________. - correct answersBusiness Performance
To develop trust in another party, it is important that the party is competent, reliable exhibits some kind
of _______________________ behavior. - correct answersBenevolent
To calculate CLV, you need to have the purchase probability, gross margins, cost of serving and acquiring
a customer and the _________________________________. - correct answersDiscount rate for future
cash flows
In advertising are the concepts of "reach" and "frequency" basically the same thing? - correct
answersFalse
prep
What is Customer Value? - correct answersThe relationship between benefits and the sacrifice necessary
to obtain those benefits.
Can organizations pay external agencies for additional data about their potential customers? - correct
answersTrue
Is the following an example of CRM? A hotel and casino keeping a log of hours played and money
gambled and offering free rooms in exchange for higher levels of play. - correct answersTrue
How does operational CRM differ from analytical CRM? - correct answersOperational CRM deals with
customer interactions while analytical does not.
Is A grocery store offering loyalty cards with discounts to its customers an example of how transaction
data can be used in a customer relationship management (CRM) system? - correct answersTrue
One valuable tool for measuring calculating customer loyalty is RFM. This measures combines
information about the Recency, Frequency and ___________________________________ of customer
purchases. - correct answersMonetary Value
CLV can be calculated at the level of the individual customer, the customer segment or the
____________________________ level. - correct answersCohort
The satisfaction-profit chain shows the links between customer satisfaction, loyalty and
____________________________________. - correct answersBusiness Performance
To develop trust in another party, it is important that the party is competent, reliable exhibits some kind
of _______________________ behavior. - correct answersBenevolent
To calculate CLV, you need to have the purchase probability, gross margins, cost of serving and acquiring
a customer and the _________________________________. - correct answersDiscount rate for future
cash flows
In advertising are the concepts of "reach" and "frequency" basically the same thing? - correct
answersFalse
