SOLVED

61) Which of the following is true of perceptual maps? A) They are only used during the new product development process. B) They are the most effective method for predicting product success. C) They identify consumer shopping preferences in terms of retail and nonretail locations. D) They are not useful in business-to-business marketing. E) They cannot be created without consumer research. 62) CRM stands for ________. A) consumer relationship marketing B) consumer retention management C) customer relationship management D) customer retention marketing E) consumer response management 63) A company’s first step in customer relationship management should be to ________. A) rank its customers in terms of sales volume B) identify customers that cost the company money C) identify types of transactions and determine which will be abandoned D) identify customers and get to know them in as much detail as possible E) determine which aspect of the product will be customized to meet the individual needs of its customers 64) Many marketing experts advocate ________ programs that allow a company to talk to individual customers and adjust elements of the marketing mix to satisfy the specific needs of each customer. A) customer relationship management B) psychographic segmentation C) transactional management D) B2B marketing E) C2C marketing 65) In one-to-one marketing, after a marketer has identified customers and knows them in as much detail as possible, the next step is for the marketer to ________. A) interact with the customers and find ways to improve cost efficiency B) make efficiency of interactions with customers the priority C) differentiate these customers in terms of both their needs and their value to the company D) customize some aspects of the products or services offered to each customer E) implement a mass customization program 66) Which of the following statements about customer relationship management (CRM) programs is true? A) The success of a CRM program relies on its use of mass communication channels. B) CRM programs include information gathered from each customer touchpoint. C) Internet technology is a barrier to the successful implementation of CRM programs. D) To succeed, all companies should engage in CRM every time they interact with a customer. E) Only consumer marketers can benefit from the use of CRM programs. 67) Which of the following is not a focus of customer relationship management? A) customer prioritization B) share of customer C) lifetime value of the customer D) customer equity E) undifferentiated targeting 68) Companies that successfully practice customer relationship management measure success by ________. A) share of market and market growth rate B) business potential and industry potential C) share of customer and lifetime value of the customer D) PRIZM and VALS2 E) cost of customer and duration of relationship with customer 69) CRM firms focus on increasing their ________, not share of market. A) share of profit B) share of audience C) share of segment D) share of usage E) share of customers 70) The ________ is the potential profit generated by a single customer’s purchase of a firm’s products over the customer’s lifetime. A) lifetime value of a customer B) priority of a customer C) segmentation of a customer D) share of a customer E) equity of a customer