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Exam 21: Customer Relationship Management (CRM)

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Question 61

Multiple Choice

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The Gramm-Leach-Bliley Act enforces:

A) privacy guidelines for financial information
B) privacy guidelines for medical records
C) privacy guidelines that regulate telemarketers
D) privacy guidelines that regulate Internet marketers
E) privacy guidelines that regulate all business activities

F) B) and E)
G) B) and C)

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Question 62

Multiple Choice

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As the second step in the CRM cycle a company must:

A) establish marketing objectives
B) captures relevant customer data on interactions
C) identify customer relationships with the organization
D) understand the interactions the company has with current customers
E) decide on a segmentation strategy

F) A) and D)
G) All of the above

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Question 63

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Les Ailes de la Mode is a Quebec retail store that promotes the highest quality customer service by maintaining the importance of each _____,the point at which customer and store personnel exchange information and develop learning relationships.

_____ uses a past set of occurrences to predict the likelihood that some other occurrence,such as a response or purchase,will take place in the future.

The difference between traditional marketing and customer relationship marketing can be compared to the difference between:

Which of the following statements about a CRM system is true?

When Ford Motor Company launched an online effort to market its F-Series trucks,it created a database.One potential problem with the use of this database is:

Customer relationship management (CRM)requires that organizations be organized around customer segments.

Which of the following would allow an online retailer like Frontgate to learn that customers who purchase electronic products also purchase home office furniture?

Many high-end hotel chains award points for every dollar spent in one of their hotels.Customers who earn a high number of points are given special privileges that may include upgraded hotel rooms or several free nights.This is an example of the leveraging of customer information to:

_____ is the addition of information to customer or prospect records for the purpose of better describing or better determining the responsiveness of customers or prospects.

What is a touch point? Give two examples of touch points.

The cable industry needs to identify current and future traffic patterns so it can manage the growth of cable systems.Because of high costs,it is undesirable to buy bandwidth before it is needed.It is also time-consuming to upgrade a cable system.Furthermore,consumers hate to wait for capacity increases.Therefore,the industry should use _____ to determine when and where new systems should be implemented.

The executive vice president of Hudson's Bay Company in Canada (a major retail chain) said in an interview,"We have to be able to offer customers what they want when they want it.We need better insight into their spending--we have gaps in knowledge of how customers spend." _____ interactions would provide the retail chain the best opportunity for learning about its customers.

"Lots of organizations have customer data,but not in a way that's useful," said a speaker at a recent retail marketing conference."Retailers have all kinds of data in different places--they don't have a single view of the customer." The speaker is saying that retailers do NOT use:

Through campaign management,all areas of the company participate in the development of programs targeted to customers.

_____ is the process by which learned information from customers is centralized and shared in order to enhance the relationship between customers and the organization.

Kraft Foods Kraft Foods has created the Kraft food & family magazine. Inside each magazine there are recipes, coupons for Kraft products, and new product ideas. Readers can vote and provide ratings and feedback on their favorite recipes at kraftfoods.com. Readers are also encouraged to provide their own recipes that they have created. To receive the magazine a consumer has to fill out a "profile" which asks such questions as whether or not they like to cook, their age and the ages of their kids, their gender, and preferred language. Visitors to kraftfoods.com are required to sign in to vote or suggest ideas to the company. Kraft then sends a "thank you" email for participating in their Web site. These activities show that Kraft is involved with its most loyal customers. -Kraft's food & family.Consumers that receive food & family magazine have several contacts with Kraft Foods in which there is a sharing of information.For example,to receive the magazine readers must complete a profile.Also,consumers are allowed to send in recipes and to vote and provide ratings and feedback on their favorite recipes at kraftfoods.com.Each of these contacts is considered a:

Taquan recently purchased a GE microwave oven using a $50 rebate offer.He filled out the rebate certificate and sent it to an address provided by GE.The rebate certificate contained Taquan's full name,his phone number,his address,and some purchase information.Taquan has most likely become part of GE's _____ list.

The traditional approach for acquiring data from customers is through: