BUS 2050 Marketing, Sales & Customer contact Final Exam Review Q & A 2026 (Complete And Verified Study material) (19pages) LEARNEXAMS

1. What is the primary goal of customer relationship management (CRM) in marketing? - A) To increase short-term sales - B) To reduce marketing costs - C) To build and maintain long-term customer relationships - D) To automate customer service processes Answer: C) To build and maintain long-term customer relationships Rationale: CRM is focused on developing long-term relationships with customers, which can lead to increased loyalty and repeat business, rather than just short-term sales or cost reduction. 2. In the context of sales, what does the term 'lead qualification' refer to? - A) Identifying potential customers - B) Determining the potential revenue from a sale - C) Assessing a lead's readiness to make a purchase - D) Calculating the cost of acquiring a new customer Answer: C) Assessing a lead's readiness to make a purchase Rationale: Lead qualification involves evaluating whether a potential customer is likely to buy, based on factors like need, budget, and timing. 3. Which of the following best describes the concept of 'value proposition' in marketing? - A) The total cost of a product or service - B) The operational efficiency of a company - C) The unique benefits and advantages offered to customers - D) The brand reputation in the market Answer: C) The unique benefits and advantages offered to customers Rationale: A value proposition outlines the distinct value a product or service provides, setting it apart from competitors and addressing customer needs. 4. What is the role of 'customer segmentation' in effective marketing? - A) To ensure uniformity in marketing messages - B) To divide the market into groups based on similar characteristics - C) To focus on a single, large market segment - D) To increase product prices based on customer income Answer: B) To divide the market into groups based on similar