MRKT 486 MIDTERM EXAM UPDATED
ACTUAL Exam Questions and CORRECT
Answers
marketing is about - CORRECT ANSWER - creating, delivering and communicating value
the goals of any business is - CORRECT ANSWER - is to create and deliver value while
capturing profit
fundamental goals for any company - CORRECT ANSWER - Attracting and retaining
customers
your scarcest resource - CORRECT ANSWER - customers
wikipedia defines CRM as - CORRECT ANSWER - a system for managing a company's
interactions with current and future customers. It involves using technology to organize,
automate and synchronize sales, marketing, customer service, and technical support
3 types of CRM - CORRECT ANSWER - strategic, operational, analytical
Strategic CRM - CORRECT ANSWER - core customer-centric business strategy that aims
at winning and keeping profitable customers
Operational CRM - CORRECT ANSWER - focuses on the automation of customer-facing
processes such as selling, marketing and customer service
Analytical CRM - CORRECT ANSWER - process through which organizations transform
customer-related data into actionable insight for either strategic or tactical purposes
,Marketing Concept - CORRECT ANSWER - focusing on customer needs,
aligning all functions of the company
realizing a profit by satisfying customer needs
customer concept - CORRECT ANSWER - the conduct of all marketing activities with the
belief that the individual customer is the central unit of analysis and action
the social customer - CORRECT ANSWER - - consumes information in a different way
- learns about products/brands through social channels
- expects companies to engage on his/her terms
- expects everyone from a company to have the same background on his/her situation and issues
the social customer - CORRECT ANSWER - is in control of the relationship
customer value - CORRECT ANSWER - the economic value of the customer relationship
to the company expressed as a contribution margin or net profit
Customer LTV - CORRECT ANSWER - a prediction of the net profit attributable to the
entire future relationship with the customer (or segment)
CRM is - CORRECT ANSWER - the strategic process of selecting customers that a
company can most profitably serve and shaping interactions between a company and these
customers. The ultimate goal is to optimize the current and future value of customers for the
company
relationship definition - CORRECT ANSWER - composed of a series of interactive
episodes between parties over time.
Episodes are time bound (have a beginning and an end) and are nameable.
Episodes are composed of a series of interactions. Interaction consists of action and response to
that action.
, The parties may have different ideas about whether they are in a relationship.
hierarchy of relationships - CORRECT ANSWER - - Exploratory
- Basic
- Cooperative
- Interdependent
- Integrated
phases of a relationship - CORRECT ANSWER - awareness, exploration, expansion,
commitment, dissolution
awareness - CORRECT ANSWER - Each party becomes to the attention of the other as a
possible exchange partner
exploration - CORRECT ANSWER - Investigation and testing phase during which parties
explore each other's capabilities and performance. Some trial purchasing takes place. If the trial
is unsuccessful, the relationship can be terminated with few costs
Expansion - CORRECT ANSWER - Interdependence increases. More transactions take
place. Trust develops.
Commitment - CORRECT ANSWER - Increased adaptation on both sides
Mutually understood roles and goals
Automated purchasing processes are a sure sign of commitment
Dissolution - CORRECT ANSWER - the break up
relationship termination - CORRECT ANSWER - can be bilateral or unilateral
ACTUAL Exam Questions and CORRECT
Answers
marketing is about - CORRECT ANSWER - creating, delivering and communicating value
the goals of any business is - CORRECT ANSWER - is to create and deliver value while
capturing profit
fundamental goals for any company - CORRECT ANSWER - Attracting and retaining
customers
your scarcest resource - CORRECT ANSWER - customers
wikipedia defines CRM as - CORRECT ANSWER - a system for managing a company's
interactions with current and future customers. It involves using technology to organize,
automate and synchronize sales, marketing, customer service, and technical support
3 types of CRM - CORRECT ANSWER - strategic, operational, analytical
Strategic CRM - CORRECT ANSWER - core customer-centric business strategy that aims
at winning and keeping profitable customers
Operational CRM - CORRECT ANSWER - focuses on the automation of customer-facing
processes such as selling, marketing and customer service
Analytical CRM - CORRECT ANSWER - process through which organizations transform
customer-related data into actionable insight for either strategic or tactical purposes
,Marketing Concept - CORRECT ANSWER - focusing on customer needs,
aligning all functions of the company
realizing a profit by satisfying customer needs
customer concept - CORRECT ANSWER - the conduct of all marketing activities with the
belief that the individual customer is the central unit of analysis and action
the social customer - CORRECT ANSWER - - consumes information in a different way
- learns about products/brands through social channels
- expects companies to engage on his/her terms
- expects everyone from a company to have the same background on his/her situation and issues
the social customer - CORRECT ANSWER - is in control of the relationship
customer value - CORRECT ANSWER - the economic value of the customer relationship
to the company expressed as a contribution margin or net profit
Customer LTV - CORRECT ANSWER - a prediction of the net profit attributable to the
entire future relationship with the customer (or segment)
CRM is - CORRECT ANSWER - the strategic process of selecting customers that a
company can most profitably serve and shaping interactions between a company and these
customers. The ultimate goal is to optimize the current and future value of customers for the
company
relationship definition - CORRECT ANSWER - composed of a series of interactive
episodes between parties over time.
Episodes are time bound (have a beginning and an end) and are nameable.
Episodes are composed of a series of interactions. Interaction consists of action and response to
that action.
, The parties may have different ideas about whether they are in a relationship.
hierarchy of relationships - CORRECT ANSWER - - Exploratory
- Basic
- Cooperative
- Interdependent
- Integrated
phases of a relationship - CORRECT ANSWER - awareness, exploration, expansion,
commitment, dissolution
awareness - CORRECT ANSWER - Each party becomes to the attention of the other as a
possible exchange partner
exploration - CORRECT ANSWER - Investigation and testing phase during which parties
explore each other's capabilities and performance. Some trial purchasing takes place. If the trial
is unsuccessful, the relationship can be terminated with few costs
Expansion - CORRECT ANSWER - Interdependence increases. More transactions take
place. Trust develops.
Commitment - CORRECT ANSWER - Increased adaptation on both sides
Mutually understood roles and goals
Automated purchasing processes are a sure sign of commitment
Dissolution - CORRECT ANSWER - the break up
relationship termination - CORRECT ANSWER - can be bilateral or unilateral
