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MBA 706-M. Kim-Summer AP1 '23 Questions and Answers
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MBA 706-M. Kim-Summer AP1 '23 Questions and Answers
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MBA 706 test 2- Questions and AnswersSatisfaction CORRECT ANS-is a person's feelings of pleasure or disap- pointment that result
from comparing a product's perceived per- formance (or outcome) to expectationS
-depends on product and service quality
Periodic surveys CORRECT ANS-can track customer satisfaction directly and ask additional
questions to measure repurchase intention and the respondent's likelihood or willingness to
recommend the company and brand to others.
quality CORRECT ANS-Is the totality of features and characteristics of a product or service
that bear on its ability to satisfy stated or implied needs.
profitable customer CORRECT ANS-a person, household, or company that over time yields
a revenue stream exceeding by an acceptable amount the company's cost stream for
attracting, selling, and serving that customer.
customer profitability analysis CORRECT ANS-Is best conducted with the tools of an
accounting technique called activity based costing(ABC) The company estimates all revenue
coming from the customer, less all costs (including the direct and indirect costs of serving each
customer)
*Companies that fail to measure their costs correctly are also not measuring their profit
correctly are most likely to misallocate their marketing efforts.
Customer Lifetime Value (CLV) CORRECT ANS-describes the net present value of the stream
of future profits expected over the customer's lifetime purchases.
CLV calculations provide a formal quantitative framework for planning customer investment
and help marketers adopt a long-term perspective
, MBA 706 test 2- Questions and Answers
Customer Relationship Management (CRM) CORRECT ANS-is the process of carefully
managing detailed information about individual customers and all customer "touch points" to
maximize loyalty.
CRM enables companies to provide excellent real-time customer service through the effective
use of individual account information.
Customer touch point CORRECT ANS-any occasion on which a customer encounters the
brand and product—from actual experience to personal or mass communications to casual
observation.
Personalizing marketing CORRECT ANS-is about making sure the brand and its marketing
are as personally relevant as possible to as many customers as possible—a challenge, given
that no two customers are identical.
permission marketing CORRECT ANS-The practice of marketing to consumers only after
gaining their expressed permission, is based on the premise that marketers can no longer use
"interruption marketing" via mass media campaigns.
4 step framework for one-to-one marketing CORRECT ANS-1. Identify your prospects and
customers
2. Differentiate customers in terms of (1) their needs and (2) their value to your company
3. Interact with individual customers to improve your knowledge about their individual needs
and to build stronger relationships
4. Customize products, services, and messages to each other
to reduce defection rate company must: CORRECT ANS-1. Define and measure its retention
rate.
2. Distinguish the causes of customer attrition and identify those that can be managed better.
3. Compare the lost customer's lifetime value to the costs of reducing the defection rate.
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