CRM 2 Midterm preparation is important for our life not to lose 500 km and go to summer school skyjdje published on November 27, 20176 responses 0 Questions in vertical order Mystery shopping involves the recruitment of paid shoppers to report on their customer experience with the company sponsoring the research true false CRM is the core business strategy that integrates external processes and functions and internal networks, to create and deliver value to targeted customers at a profit TRUE FALSE CRM is an IT issue. TRUE FALSE Production-oriented business believe that customers choose high-price products TRUE FALSE Communications include company-generated messaging such as advertising, brochures, newsletters and annual reports. true false Fundamental reason for companies wanting to build relationships with customers isn't economic. true false Data mining can be thought of as the creation of intelligence from selected quantities of data. true false High involvement product categories have low personal significance or relevance to customers. true false Websites and electronic media offer limited opportunities to create customer experiences. True False CSFs are attributes and variables that can significantly impact business outcomes true false All CRM initiatives involve IT investments True False The commitment phase is characterized by decreasing adaptation and mutually understood roles and goals. true false Process mapping is a form of blueprinting, a technique popularized by G. Lyn Shostack. true false The main goal of the audit is to get a clear insight into the strengths and weaknesses of the company's customer strategy. true false Calculus-based trust is present in late stages of a relationship and is quite calculative true false CRM is marketing process TRUE FALSE Stability – the process has identified weaknesses which are being addressed True False Executive sponsor is typically a board level senior executive who commits real time to the project and ensures that resources are made available true false The customer activity cycle (CAC) aims to depict the processes that customers go through when deciding how to manage their transactions in B2C cycle. true false Customization has both cost and revenue implications true false Relationship is composed of series of interactive episodes between dyadic parties over time. true false Physical evidence includes a company’s premises but excludes their internal and external environments, print materials, websites, corporate uniforms and vehicle livery true false A brand is any name, design, style, word or symbol that distinguishes a product from its competitors. true false The term portfolio is often used in the context of investments to describe the collection of assets owned by an individual or institution true false CRM is the core business strategy that integrates internal processes and functions and external networks, to create and deliver value to targeted customers at a profit. true false TCO looks only at the costs of acquiring products true false 23. Payne's five-process modelThe strategy development processThe value creation processThe multichannel integration processThe performance assessment processThe information management process: true false Primary data are data that have already been collected True False Analytical CRM uses customer-related data to support the marketing sales and service decisions that aim to enhance the value created and from customers. true false Referrals are generated by existing, satisfied customers through their unpaid advocacy. true false CRM is about loyalty schemes. TRUE FALSE 22. Relationship satisfaction is the same as commitment. true false CRM needs ABC because of its overriding goal of generating profitable relationships with customers. true false Over time, relationship lighten, trust and commitment between parties is likely to drop. true false Customer intimacy: companies aligning with this value discipline aim to provide the best products, services or solutions to customers true false Intellectual buy in is Where people now what has to be changed and understand the justification for the change true false Expansion is the phase in which there is decreasing interdependence true false CRM is the process of managing all aspects of interaction a company has with its customers, excluding prospecting, sales and service. TRUE/FALSE True False Operational CRM focuses on the automation of customer-facing process such as selling, marketing and customer service. true false Comanies collect data from number of sources true false Database marketing is more evident in strategic, operational and collaborative CRM. true false Organization for Economic Cooperation and Development (OECD) developed a set of principles that has served the foundation for personal data protection legislation around the world. true false 9. Francis Buttle's model, consists of five primary stages and 3 supporting conditions leading towards the end goal of enhanced customer profitability. TRUE FALSE If the customer returns repeatedly because she likes the store's atmosphere, the way the coffee is prepared or has taken a shine to the barista, is a example of a relationship. true false Service recovery includes all the actions taken by a company to resolve a service failure. true false A customer or market-oriented company shares a set of beliefs about putting the customer first. true fasle Customization has both cost and revenue implications true false The B2C customer is the beginning consumer: an individual or a household True False Contact management lets users manage their communications programme with the companies. TRUE FALSE CRM can be implemented by any company. TRUE FALSE Most businesses have a scheme for classifying their customers according to their value true false CRM is grounded on high quality customer-related data and enabled by information technology. true false Heterogeneous services can be mechanically reproduced to exact specifications and tolerances. true false Benevolence - a belief that one party acts in the interests of themselves true false Opetaions managment can use customer-related data to produce customized products and services true false Unilateral termination is when none of the parties move to end the relationship. true false Channels partners only distribute the ERP product true false Bystanders understand the changes being introduced, but feel no emotional buy-in to the change. true false Analytical CRM focuses on the intelligent mining of customer-related data for analytical or tactical purposes TRUE FALSE Automation of selling activities is often linked to efforts to improve and standardize the selling process true false The external audit analyses the macro- and micro-environments in which the customer operates. true false Contact management lets users manage their communications programme with the customers. true false Many B2B companies classify their customers into groups based on sales revenue. true false When customer buys an occasional latte from a coffee shop, is a example of a relationship. true false Are customers willing to pay a premium for customization? true false CRM is database marketing TRUE FALSE All relationships reach the commitment phase. true false Service guarantees is an explicit promise to the customer that a prescribed level of service will be delivered. true false Products that offer better solutions to problems create more value for customers true false Commitment is shown by an exchange partner believing that an ongoing relationship with another isn't as important as the maximum effort to maintain it. true false
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