CRM FINAL
1. The customer lifecycle is made up of three core customer management processes: customer acquisition, customer retention and customer development.
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2. The customer lifecycle is made up of four core customer management processes: customer acquisition, customer retention, customer strategy and customer development
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3. Customer retention is the number of customers doing business with a firm at the end of a financial year, expressed as percentage of those who were active customers at the beginning of the year.
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4. Customer related data might be retained in: product silos, channel silos, functional silos and customer retention
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5. Customer related data might be retained in: product silos, channel silos and functional silos.
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6. Raw customer retention rate: this is the number of customers doing business with a firm at the end of a trading period, expressed as percentage of those who were active customers at the beginning of the period.
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7. Profit-adjusted retention rate: this is the value of sales achieved from the retained customers, expressed as a percentage of the sales achieved from all customers who were active at the beginning of the period
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8. Improving customer retention is an important objective for many CRM implementations.It's deffinition and measurement need to be sensitive to the sales, profitability and value issues discussed previously
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9. There is a strong economic argument in favour of customer retention, and it goes as follows: increasing purchases as tenure grows, lower customer managements costs over time, customer referrals, premium prices and customer development.
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10. Increasing purchases as tenure grows: customers who willingly commit more of their purchases to a preffered supplier are generally more satisfied that customers who do not.
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11. Premium prices: customers who are satisfied in their relationship may reward their suppliers by paying higher prices.
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12. The customers who have greatest strategic value to your company are prime candidates for your retention efforts.
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13. The customers who have no any strategic value to your company are prime candidates for your retention efforts.
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14. The former are generally considered positive, and latter negative, customer retention strategies
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15. Noriaki Kano has developed a product quality model that distinguishes between three forms of quality, which are: basic quality, linear quality and attractive quality
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16. There are two common forms of value-adding programme: loyalty schemes and customer
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17. Loyalty scheme/programme is a scheme that offers delayed or immediate incremental rewards to customers for their cumulative patronage.
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18. Four different forms of commitment have been identified: instrumental, relational, intelectual and values-based.
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19. A customer club is a company-run membership organization that offers a range of value-adding benefits exclusively to members.
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20. B2B researchers have identifi ed many different forms of bond between customers and suppliers. These include interpersonal bonds, technology bonds (as in EDI), legal bonds and process bonds.
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21. Financial bond: when each party grows to know and understand the other’s processes and structures, strengths and weaknesses.
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The customer lifecycle is made up of three core customer management processes:
A) customer acquisition
B) customer retention
C) customer development
D) all of the above
. Customer retention is:
A) is the number of customers doing business with a firm at the end of a financial year, expressed as percentage of those who were active customers at the beginning of the year
B) is the maintenence of continuous trading relationships with customers over the short term.
Customer related data might be retained in:
A) customer retention
B) product silos
C) channels silos
D) functional silos
25. Lower customer management costs over time:
A) customers who willingly commit more of their purchases to a preferred suplier are generally more satisfied than customers who do not.
B) The relationship start-up costs that are incurred when a customer is acquired can be quite high.
. Positive customer retention strategies:
A) Customer delight
B) Adding customer-percieved value
C) Creating social and structural bonds
D) Building customer engagement
E) All of the above
. Basic qualities are those that:
A) Surprise, delight and excite customers
B) Customer routinely expects in the product
C) Customer wants more or less
. Loyalty schemes can be defined as follows:
A) offers a range of value-adding benefits exclusively to members.
B) offers delayed or immediate incremental rewards to customers for their cumulative patronage.
In-pack or on-pack voucher:
A) customers collect proofs of purchase, such as store receipts or barcodes from packaging, which are surrendered for chas or gifts
B) refunds that the customer recieves after purchase
C) None of the above
. Different forms of bond between customers and suppliers can be split into two major categories:
A) Social bonds
B) Process bonds
C) Legal bonds
D) Structural bonds
Select 5 different types of structural bond that can be identified, all characterzed by an investment of one or both parties in the other:
A) Social
B) Economical
C) Legal
D) Financial
E) Project
F) Geographic
G) Values-based
Three different forms of commitment have been identified:
A) Instrumental commitment
B) Emotional commitment
C) Rational commitment
D) Values-based commitment
Relational commitment:
A) Customers can become highly attached to a company's people
B) Customers are convinced that no other offer or company could do a better job of meeting their needs
. Number of competitors, corporate culture, channel culture, channel configuration, purchasing practices, ownership expectations and ethical concerns are:
A) Key performance indicators of customer retention programmes
B) Roles of research
C) Contextual considerations that have an impact on customer retention practices
Companies can reduce levels of customer churn by researching a number of questions:
A) Why are customers churning?
B) Are there any lead indicators of impending defection?
C) What can be done to address the root causes?
D) All of the above.
Cross-selling is:
A) Selling higher priced or higher margin products and services to an existing customer.
B) Selling additional products and services to an existing customer
. Up-selling is:
A) Selling additional products and services to an existing customer
B) Selling higher priced or higher margin products and services to an existing customer.
There are a number of strategies for sacking customers:
A) Raise prices
B) Lower prices
C) Unbundle the offer
D) Respecify the product
E) Reorganize sales,marketing and service departments
F) Introduce ABC class service
. Raise prices:
A) customers can choose to pay the higher price.
B) customers can not choose to pay the higher price.
Companies fall into three clusters in respect of the customer-sacking behaviours:
A) hardliners
B) appeasers
C) undecided
D) all of the above
. Hardliners:
A) take a more cautious approach concerning the termination of unprofi table relationships, above all due to strategic considerations such as not playing customers into competitors ’ hands
B) take an active and rigorous stance in terminating unprofi table relationships, including the regular clearance of their customer portfolio.
. Appeasers:
A) take a more cautious approach concerning the termination of unprofi table relationships, above all due to strategic considerations such as not playing customers into competitors ’ hands
B) take an active and rigorous stance in terminating unprofi table relationships, including the regular clearance of their customer portfolio.
1. The term 'network' can, in general terms, be thought of as structure made up of nodes that are related to each other by threads
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2. Business network is made up of nodal companies, organizations and individuals, and the relationships between them
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3. Business network is the sum total of a company's network relationships and all the activity links , resource ties and actor bonds that these relationships contain
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4. Network position is made up of nodal companies, organizations and individuals, and the relationships between them
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5. Network position is the sum total of a company's network relationships and all the activity links , resource ties and actor bonds that these relationships contain
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6. Networks are not important from a strategic CRM perspective, because network members supply the material inputs, services, funding, people, technology amd knowledge that are used to create value propositions for the focal firm's customers
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7. Networks are important from a strategic CRM perspective, because network members supply the material inputs, services, funding, people, technology amd knowledge that are used to create value propositions for the focal firm's customers
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8. Networks provide services such as advertising, logistics and distribution that help raise and satisfy customer demand.
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