MKT Principles Final Review

A customer relationship management (CRM) system is a technology system for managing all company interactions with current and potential:

• Customers
• Pipelines
• Products
• Analytics

Which stage of the sales pipeline is where a company identifies potential customers?

• qualification
• prospecting
• nurturing
• retention

Which stage of the sales pipeline is when a company converts the potential customer into an official sale?

• closure
• qualification
• prospecting
• retention

The electronic storage of large amounts of company information is:

• sales data
• icloud
• data warehouse
• data mining

The process of finding patterns and anomalies (irregularities) in data to predict outcomes is:

• customer retention
• account management
• data warehousing
• data mining

Which term refers to the actions a company takes to keep, and maintain repeat customers?

• customer retention
• quote management
• sales force automation
• agent performance tracking

Complete the sentence. The ____________ from a CRM can help a company see where patterns and problems may occur in a customer lifecycle and address those concerns quickly and proactively.

• leads
• analytics
• automation
• tracking

What is the marketing concept?

• A marketing activity that involves making customers aware of an organization’s product or service, and convinces them that they want or need it.
• Informing potential customers that a product or service exists, and the results they should expect from using it.
• A marketing activity an organization engages in to collect data about existing customers’ perceptions of the organization.
• To analyze and identify the needs and wants of customers, and build strategies to satisfy those needs and wants, better and more effectively than its competitors.

What role does marketing play in a private enterprise system?

• It limits the number of options people have for buying products and services.
• It provides the information customers need to make an appropriate buying decision.
• It connects customers with businesses that can meet their wants and needs.
• It prevents businesses from sharing information that isn’t relevant in meeting needs.

To promote a product is to:

• inform potential customers that a product or service exists, and the results they should expect from using it
• hire more people, which creates more jobs, which increases tax revenues.
• engage in the process of collecting data about existing customers’ perceptions of the product and organization.
• to analyze and identify the needs and wants of customers, and build strategies to satisfy those needs and wants, better and more effectively than its competitors.