Unit 4: Customer Relationships and Strategies Test

Unit 4: Customer Relationships and Strategies Test

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Unit 5: Organizing a Sales Force Test...

17 terms rthor74Preview Sales Management Module 6 & 7 58 terms jyasin89Preview D099 Unit Test Questions 58 terms egrody1Preview WGU S 70 terms gfle How should a company use customer relationship management (CRM) to have a customer-centric approach to all business activities?-By sharing risks and rewards in a relationship business model

Explanation:

Sharing risks and rewards places the customer at the center of the company's operations and promotes a customer-centric approach. Experiencing the business relationship through the customer's perspective allows the company to balance profits with relationships.How should a company use buyer demographic data to execute one-to-one marketing using customer relationship management (CRM)?-Create personalized marketing experiences

Explanation:

A company should use buyer demographics to create personalized marketing experiences that engage and build relationships. Personalized marketing experiences create effective one-to-one marketing using CRM.A company seeks to expand into new consumer markets in the western United States. It has chosen to use U.S.Census data to help segment customers.Which relevant information will the company gain from the Census that aids in its expansion and segmentation efforts?-Demographic traits of potential customers

Explanation:

U.S. Census data provides information on demographic factors including sex, race, ethnicity, and age.How does big data support the customer relationship management (CRM) process?-It reveals customer buying behavior.

Explanation:

Using big data is something firms can do to discover customer buying behavior.Companies must access the large data sets and go beyond traditional data mining methods to discover the sought-after information important to CRM.

How can marketers present customer relationship management (CRM) data for understanding and analysis?-Dashboard metrics

Explanation:

Marketers use dashboard metrics to evaluate trend data to help them better meet customer needs. Dashboards provide real-time analysis and evaluation of customer and trend data that can be used to improve customer offerings and experiences.An organization with an innovative approach to cybersecurity learns from its analytics team that 83% of prospects who sign up for a product demo result in purchasing and keeping the software for at least a year.However, only 12% of prospects are signing up for this demo.How should the organization use this data?-Increase advertising and promotion of the demo

Explanation:

The company should increase advertising and promotion of the demo because only a small proportion of its prospects are signing up for the demo, and those who do see the demo converted into customers at a high rate.Which key performance indicator is measured by the comparison of the increase in gains from one product and a decrease in a similar product?-Cannibalization rate

Explanation:

Cannibalization rates are calculated by comparing two similar products sold by the same company.Which key performance indicator is measured when analyzing the expenses involved when gaining a paying customer?-Customer acquisition cost

Explanation:

Customer acquisition looks at the expenses involved in gaining a customer.A company sales team is meeting after receiving completed sales analyses on long-term trends to determine where the company should place its marketing efforts for the next quarter.Which type of analysis did the sales team receive?-Prescriptive

Explanation:

This type of analysis answers questions about a company's next steps. Here the company sales team wants to determine the correct actions to achieve sales goals in the next quarter.A company analyst uses data from production, customer feedback, and reasons for returned products to ensure the correct amount of product is produced at the right time.Which business activity do these data help the company measure?-Operational efficiency

Explanation:

A company analyst using data from production, customer feedback, and reasons for returned products is measuring operational efficiency. This practice will help ensure that the correct amount of product is being produced at the correct time.How should a company use third-party websites for customer relationship management (CRM)?-To integrate data collected from campaigns

Explanation:

A company should use third-party websites to integrate data collected from campaigns. Collecting and using the data allows marketers to develop customized approaches to engaging buyers with dynamic content.

What is the purpose of market segmentation in the customer relationship management process?-It is the appropriate use of marketing messages to specific groups.

Explanation:

A company should use third-party websites to integrate data collected from campaigns. Collecting and using the data allows marketers to develop customized approaches to engaging buyers with dynamic content.A retail store that sells high-performance running shoes relies on relationship marketing with loyal customers to improve its business.Which tactic should the firm use for this marketing approach?-Conduct regular free fun runs for customers An online retailer logs the number of customer clicks made on its website and tracks all related purchase data.The retailer takes this action to create detailed customer profiles that provide insights which are used to create personalized offerings for each customer.Which customer relationship management (CRM) strategy is the retailer using?-one-to-one marketing

Explanation:

One-to-one marketing relies on tracking customer usage and buying data in order to create individualized marketing plans for each customer.A business is initially gathering information about customer purchases, trends, and competitive data.Which customer relationship management (CRM) process cycle is this business in?-Knowledge discovery

Explanation:

Knowledge discovery focuses on gathering information about customer purchases, trends, and competitive data.A company wants to develop a 360-degree customer view of its online purchasing experience.How should the company achieve this goal?-Review social media interactions

Explanation:

Social media interactions provide valuable information about the customer's online purchasing experience that the company can use to develop a 360-degree customer view.A firm's marketing team uses sales analytics to prioritize its current customers so that marketing messages can target the current customers more effectively.Which action is the marketing team taking?-Segmentation

Explanation:

The use of the sales analytics to prioritize its customers into groups is segmenting the customers so that the marketing department can send the right marketing message to each industry group.An organization with an innovative approach to cyber- security learns from its analytics team that 83% of prospects who sign up for a product demo result in purchasing and keeping the software for at least a year.However, only 12% of prospects are signing up for this demo. How should the organization use this data?-Increase advertising and promotion of the demo

Explanation: The company should increase advertising and promotion of the

demo because only a small proportion of its prospects are signing up for the demo, and those who do see the demo converted into customers at a high rate.

A salesperson is feeling pressure to meet sales goals for the quarter.How should the salesperson determine whether goals have been met?-Conduct a win-loss review of purchases

Explanation:

The salesperson should conduct a win-loss review of purchases to determine if sales goals for the quarter have been met. Win-loss reviews identify whether a sale is made or not and the number of opportunities that were presented to make the sale.A sales manager wants to evaluate the performance of the sales team's ability to move buyers along the sales funnel toward final purchase.How should the sales manager evaluate the sales team?-Analyze conversion ratios

Explanation:

A sales manager that wants to evaluate the performance of the sales team's ability to move buyers along the sales funnel should analyze conversion ratios.Conversion ratios reveal a salesperson's ability to move buyers through the sales funnel towards final purchase.Dashboard Metrics-Measurements of the results delivered by complex processes and systems Cannibalization ratios-are calculated by comparing two similar products sold by the same company Operational Efficiency (2)-using data from production, customer feedback, and reasons for returned products is measuring operational efficiency.-goods at correct time One-to-One Marketing-developing a unique mix of goods and services for each individual customer 360 Degree Feedback Example-social media interactions Win-Loss Review-reviews identify whether a sale is made or not and the number of opportunities that were presented to make the sale.Conversion Ratios-The rate at which a salesperson moves, or converts, potential customers from one stage of the sales cycle to the next.