31 Dec 1 Which customization activities would most likely
1 Which customization activities would most likely increase a customer’s long-term value? a Expanding the need set b Improving the quality of the product c Improving service quality d None of the above2 Which of the following companies would benefit least from creating value streams? a furniture retailer b music instrument retailer c wine retailer d car dealer3 Failing to align supply-chain management with demand-chain management results in: a underdelivering b overdelivering c lost share-of-customer opportunities d all of the above4 One lingerie company makes a slip that a customer can cut off in a finished way to make the slip the length she wants What customization does the company offer? a Adaptive customization b Cosmetic customization c Collaborative customization d Transparent customization5 The two kinds of customization that provide the greatest competitive advantage are because they remember what a customer wants: a Adaptive and cosmetic b Collaborative and transparent c Adaptive and collaborative6 What primarily drives the success of mass customization? a customer collaboration b offering bundled options c extensive inventory d unique personalization7 Which of the following aspects would be part of a customer’s enhanced need set? a Timing or frequency b Promotion and marketing communication c Related products or services d Help lines and product support8 What technique helps customization reduce a company’s all-in costs? a modularization b speculative manufacturing c make-to-forecast model d personalization9 Which of the following characterizes mass customization (vs mass production)? a economies of scale b speculative shipping costs c inventory carry costs d demand chain management10 The demand chain includes all of the following except: a back-end production b customer service operations c marketing d front-end sales11 The difference between what customers want and what they’re willing to settle for is: a customer satisfaction b customer sacrifice c customer experience d customer dissatisfaction Chapter 1112 Predictive modeling includes all of the following steps except: a devising an equation for LTV that includes data on measurable behaviors b identifying the most predictive variables currently available c generating a second equation to predict individual customer’s LTV d using transactional data to calculate LTV retrospectively13 All of the following are leading indicators of LTV change except a Lifetime value drivers b Employee attitudes c Behavioral cues d Lifestyle changes14 Illustrating the importance of the customer as financial asset, Amazon’s Jeff Bezos has said that he prioritizes spending on all of the following except: a advertising b free shipping c lower prices d service enhancement15 The metric that measures how well an enterprise is using customers to create short-term and longterm value is: a return on investment b return on customer c return on equity d quarterly product sales16 Gupta and Lehmann’s customer equity study showed that customer equity was measurably impacted most by: a reducing the cost of new customer acquisition b increasing customer retention rates c raising product margins d increasing stock prices17 Traditional measures of financial success emphasize: a prioritizing long-term value over short-term value b prioritizing short-term value over long-term value c balancing short-term value with long-term value d focusing on long-term value to the exclusion of short-term value18 The actual economic value of any business enterprise can be measured in terms of: a the discounted net present value of the future stream of cash flow b the future value of the net present cash flow c the discounted net present value of average past earnings d the future value of past net cash flow19 Creating maximum customer value requires: a prioritizing long-term value over short-term value b prioritizing short-term value over long-term value c balancing short-term value with long-term value d focusing on long-term value to the exclusion of short-term value20 Value creators are companies whose: a customer value rate is below their cost of capital b customer value rate is above their cost of capital c customer value rate is equal to their cost of capital d customer value rate is below zero21 Legacy metrics include all of the following EXCEPT: a Quarterly product sales b customer’s asset value c number of new customers acquired d return on investment22 Customer equity includes the LTV of: a past and present customers b present and future customers c present customers only d past, present, and future customers Chapter 1223 What characteristic dictates most whether a company would benefit from customer analytics? a whether the company has a Web site b whether the company generates large amounts of customer-specific information c whether a company is customer-centric d the number of employees a company has24 The primary purpose of customer analytics is: a develop a deeper relationship with the customer b assign a dollar value to customer data c reduce marketing expenses d increase customer service25 Dirty data can mean all of the following except: a private b expired c irrelevant d nonsequential26 According to the case study presented in Chapter 12, Verizon Wireless discovered which of the following benefits from customer analytics? a short-term revenue increase b reduced marketing costs c reduced customer service costs d easier and faster transactions27 Preparing customer data for analysis (the analysis process) includes which of the following steps? a classification, estimation, regression, prediction, and clustering b identification, differentiation, interaction, customization c collecting, defining, analyzing, comparing d ranking, modeling, simulating, learning28 The second stage in the evolution of CRM software is: a SaaS CRM b CRM in the cloud c Open-source CRM d Enterprise CRM Chapter 1329 The lowest level of consciousness in the development of the organization is: a Internal cohesion b External cohesion c Transformation d Self-esteem30 What is the biggest obstacle for most companies making the transition to becoming a customerstrategy enterprise? a Transforming employee culture b Establishing new and consistent criteria and metrics for success in a customer-centric environment c Appointing capabilities managers d Relationship governance31 Customer relationship managers will be directly responsible for: a customer portfolios b product lines c capabilities managers d product managers32 All of the following are ways a customer-strategy enterprise might meet the goal of maximizing the customer base except: a retaining profitable customers and growing them b acquiring as many new customers as possible c eliminating unprofitable customers d customizing products, prices, services, and/or communications for each customer33 Which of the following statements is true about using satisfaction as a proxy for measuring loyalty? a Loyal customers are likely to be satisfied, and satisfied customers are likely to be loyal b Loyal customers are likely to be satisfied, but not all satisfied customers will be loyal c Not all loyal customers are satisfied, but satisfied customers are likely to be loyal d Not all loyal customers will be satisfied, and not all satisfied customers will be loyal34 All of the following are key questions for a company transitioning to a customer-strategy enterprise except: a Who will be responsible for keeping and growing each customer? b Who will be responsible for building short-term and long-term customer value? c What authority will the chief executive have to change how the enterprise treats customers individually? d By what criteria will success be measured, reported, and used for compensation?35 Competitive advantage in using customer information means outperforming rivals in each of the following steps except: a Collaborating b Utilizing c Collating d Sharing Chapter 1436 The picket fence strategy is best suited for: a small-to-medium businesses b large businesses c businesses who already identify customers individually and differentiate them by value d businesses who do not yet identify or differentiate their customers individually37 All of the following agreements would likely ease the sales department’s transition except: a addressing ways salespeople can save time and earn higher commissions b phasing out the use of sales force automation software c specifying which information is for enterprise use and which is for their use only d prioritizing which information is needed about customers38 In the transition to a customer-strategy enterprise, the human resources department plays all of the following roles except: a evaluating whether the company has the capability to change b addressing all key recruiting, training, and ongoing support issues c creating new career path opportunities d aligning technology implementation with business strategy39 The greatest competitive advantage in managing employees in a customer-strategy organization lies in: a Using technology to automate more routine jobs b Equalizing salaries to value lower-tier employees c Making the most talented employees more productive d Setting clear rules about personal use of company resources40 For the customer service department, when considering self-service options for customers, what is the best approach? a prioritizing direct CSR contact with the customer whenever possible b prioritizing self-service for the customer whenever possible c balancing CSR contact and self-service d having all options available to all customers, and allowing the customer to choose ? CSR: Customer Service Representative41 One of the challenges in a sales department’s transition to customer strategy is: a more sales reps have fewer responsibilities b it becomes more difficult to share information across the firm c commissions often decrease d sales reps’ work becomes more visible42 Segment management is best suited for: a small-to-medium businesses b large businesses c businesses who already identify customers individually and differentiate them by value d businesses who do not yet identify or differentiate their customers individually
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