How can a customer relationship management (CRM) system help a business?

It can effectively manage, analyze, & improve business/cust relationship

Distribution involves efficiently managing the…

acquisition of raw materials and the movement of products

What is an essential aspect to remember when developing a customer management strategy?

remember that customers are people, not numbers

What is the final stage of the customer and business relationship?

sustaining a committed relationship

A capital-intensive company is a business that requires a lot of…

capital to maintain its operations.

In a distribution channel, the producer’s role is...

to use raw materials and employee labor to make a finished product.

What is the purpose of having a quality customer management strategy?

to identify, grow, and retain profitable customers

In a distribution channel, the dealer’s role is…

to buy from the producer another intermediary before selling to consumer

firms that sell goods to end consumers.

What are customer relationships?

the ways in which a business communicates and interacts with customers

What are some of the advantages of a business creating a community for its customers?

increases brand loyalty and feedback for business development

Which function is MOST associated with distribution channels?

reduces the number of transactions required to get a product

The ideation stage is…

the beginning of a business’s life cycle.

Why should a company have a customer management strategy?

can set up a company with long-term sustained success

One-Level indirect channels involve

selling: manufacturer > retailer > consumers

Skilled labor, such as teachers and doctors, requires a specific set of…

knowledge, education, abilities, and training.

Three-Level indirect channels involve

selling: manufacturer > agent> wholesaler > retailer > consumer

firms that sell goods to end consumers.

What is an advantage of co-creation in business?

customers tell the company what they want which decreases uncertainty

In a distribution channel, what is the retailer’s role?

to sell goods to consumers & to industrial users for their own consumption

How can a company’s vision statement help a business succeed?

helps inspire & focus those within organizations to act towards an outcome

What is a question that business owners often ask themselves in order to get their product to the right market

Where should we make our product available?

What is a strategic marketing approach that analyzes customer interaction data to improve the engagement

customer relationship marketing

business gets to know potential consumers (1st phase)

Which of the following is true of a producer?

A producer is also commonly called a manufacturer.

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Intro to Business Pt 3

97 termsStudBud Administration

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Questions 97

Answers

1
In a distribution channel, the consumer’s role is...
to use raw materials and employee labor to make a finished product.
to purchase a good or service.
to sell goods to other consumers and to industrial users.
to buy only from certain intermediaries.
2
How can a customer relationship management (CRM) system help a business?
It can effectively manage, analyze, & improve business/cust relationship
It can automatically increase the customer's perspective.
It eliminates the need for a human resources department.
It has the ability to convince others that the product was organic.
3
In the growth stage, a business experiences rising revenue and customers.
True
False
4
Distribution involves efficiently managing the…
overall production of services and goods to new customers.
acquisition of raw materials and the movement of products
hiring of new employees.
training of new employees.
5
What is an essential aspect to remember when developing a customer management strategy?
competitors likely have a great strategy that should be replicated
remember that customers don’t know what they want
remember that customers are people, not numbers
focus only on the sales transaction
6
The Internet has not significantly affected traditional distribution channels.
False
True
7
What is the final stage of the customer and business relationship?
sustaining a committed relationship
providing discounts to incentivize visitors
meeting and acquiring customers
identifying potential secondary markets
8
A capital-intensive company is a business that requires a lot of…
parking spaces for top employees.
capital to maintain its operations.
contracts with smaller businesses.
lawyers to handle criminal cases.
9
What else is the marketing mix referred to as
new venture promotion
advertising
5 Ms of management
4 Ps of marketing
10
In a distribution channel, the producer’s role is...
to purchase a good or service.
to contact all the customers ordering the same product.
to sell goods to consumers & to industrial users for their own consumption.
to use raw materials and employee labor to make a finished product.
11
What is the purpose of having a quality customer management strategy?
to understand the motivation of the employees
to provide a vision statement that connects with customers
to identify, grow, and retain profitable customers
to develop SMART goals
12
What type of distribution is it when smartphone manufacturers partner with wireless service providers in one location
direct selling
exclusive distribution
selective distribution
dual distribution
13
What is one benefit of customer relationship marketing?
improving customer loyalty
cost of goods sold decreases
increasing total inventory
discovering potential investor
14
Wholesalers are sometimes referred to as the middlemen.
False
True
15
Marketing reach refers to the estimated number of potential customers that will see a specific marketing campaign.
False
True
16
In a distribution channel, the dealer’s role is…
to buy from the producer another intermediary before selling to consumer
to purchase a good or service.
to use raw materials and employee labor to make a finished product.
to sell goods to consumers & to industrial users for their own consumption.
17
Retailers are…
firms that sell exclusive products to athletes.
firms that sell goods to end consumers.
online businesses that cater to rich customers.
companies that limit the number of customers they serve.
18
What are customer relationships?
the feeling of love that is experienced by customers
the reasons why customers feel connected to a business's competitors
the loyalty that is expressed by customers to a specific brand
the ways in which a business communicates and interacts with customers
19
What is the term for a set of marketing strategies that includes product, pricing, place, and promotion?
management plan
marketing mix
creative component
panning posse
20
The second phase of the distribution process is evaluation.
True
False
21
The Internet has not significantly affected traditional distribution channels.
False
True
22
Customer loyalty is how likely a customer will continue to purchase from a business or become a recurring customer.
True
False
23
Only the first stage of the business life cycle has a unique set of challenges.
False
True
24
What are some of the advantages of a business creating a community for its customers?
decreases the cost of high quality employees and their benefits
increases profit margin and total company expenses
decreases the length of the sales process and production time
increases brand loyalty and feedback for business development
25
What is the term for a mix of beliefs and assumptions about what is likely to happen in the future?
frustrations
indications
perceptions
expectations
26
Personal assistance is an interaction with an automated service designed by a business for customers
True
False
27
Which function is MOST associated with distribution channels?
deletes the number of products which have defects
increases number of services required to get customer to product
reduces the number of transactions required to get a product
provides a large variety of products to online shoppers
28
The main goal of a distribution channel is to make the product available to the customer.
False
True
29
The ideation stage is…
the second stage of a business’s life cycle.
the beginning of a business’s life cycle.
the middle of a business’s life cycle.
the end of a business’s life cycle.
30
Why should a company have a customer management strategy?
allows a company to hire better employees
can motivate the leadership team to work more efficiently
can set up a company with long-term sustained success
lets companies know which competitors are most profitable
31
What is the term for a moment that a potential or current customer engages with the business or brand
customer touchpoint
company touchpoint
retailers touchpoint
business touchpoint
32
One-Level indirect channels involve
selling: manufacturer > retailer > consumers
selling: manufacturer > wholesaler > retailer > consumers
selling: manufacturer > agent> wholesaler > retailer > consumer
selling: manufacturer > consumers
33
Intensive distribution is one of the oldest ways of selling products.
False
True
34
In marketing, a prospect is a potential customer that has been identified through market research to be interested
False
True
35
Wholesalers are sometimes referred to as the middlemen.
True
False
36
Channels of distribution can be divided into the direct channel and the indirect channel.
True
False
37
Skilled labor, such as teachers and doctors, requires a specific set of…
plans, goals, objectives, and ambitions.
knowledge, education, abilities, and training.
family, friends, associates, and coworkers.
appointments, meetings, schedules, and conferences.
38
Three-Level indirect channels involve
selling: manufacturer > retailer > consumers
selling: manufacturer > wholesaler > retailer > consumers
selling: manufacturer > consumers
selling: manufacturer > agent> wholesaler > retailer > consumer
39
Retailers are…
firms that sell goods to end consumers.
companies that limit the number of customers they serve.
firms that sell exclusive products to athletes.
online businesses that cater to rich customers.
40
What is the strategic process that a company utilizes to earn new customers?
customer management
customer base
customer acquisition
customer support
41
What is the term for the customers that repeatedly purchase products or services from a business?
marketer’s base
retailer base
customer base
distributor’s base
42
Branding is defined as a marketing campaign that provides a promotion in the form of a discounted rate to an individual
False
True
43
What is an advantage of co-creation in business?
businesses increase the likelihood that they will get investors
customers develop products & then sell what the business needs
employees gain the flexibility to design their own products
customers tell the company what they want which decreases uncertainty
44
In a distribution channel, what is the retailer’s role?
to purchase a good or service
to sell goods to consumers & to industrial users for their own consumption
to use raw materials and employee labor to make a finished product.
to buy straight from the producer or from another intermediary
45
A company’s choice of distribution channel will not affect the pricing, shipping, and availability of its product.
False
True
46
How can a company’s vision statement help a business succeed?
connects customers with a business's competitors
helps employees define their own personal goal
helps inspire & focus those within organizations to act towards an outcome
forces customers to try a new product
47
What is a question that business owners often ask themselves in order to get their product to the right market
Where should we make our product available?
What should the packaging of the product be?
What are the different forms of payment that the business should accept?
Should I provide a one-year warranty on the product?
48
What is a strategic marketing approach that analyzes customer interaction data to improve the engagement
customer relationship marketing
profitable position marketing
online digital marketing
virtual visualization marketing
49
Awareness is...
business decids on what leaders will run company (4th phase)
business calculates profits earned within year (last phase)
business determines required # of customers to be successful (2nd phase)
business gets to know potential consumers (1st phase)
50
Which of the following is true of a producer?
A producer does not create or provide goods and services.
A producer is also commonly called a manufacturer.
A producer does not use raw materials.
A producer avoids any employee labor.
51
What is the term for creating value in collaboration with the customers?
co-creation
individualistic growth
business development
partner progression
52
In marketing, a visitor is another name for a customer or current user.
False
True
53
What is the last stage in a business life cycle?
exit
growth
launch
ideation
54
The 3rd phase of distribution process is ________. By then, the product has been developed and evaluated for __________.
evaluation; cost
delivery; quality
purchase; safety
awareness; safety
55
Why is self-service assistance beneficial for a business to utilize?
because the business can learn what future products they should develop
it makes the customer feel they are getting a personalized experience
because it forces customers to remain loyal to the business
because it allows customers to service themselves without human assistance
56
In direct selling; adress the ___ of customer, enhance their ___ experiences, & receive ______
wants; learning; compliments
concerns; training; money
likes; travelling; feedback
needs; shopping; feedback
57
What are the four Ps of marketing?
possession, present, productive, predisposition
position, pessimistic, profile, persistence
purpose, prolific, passion, presence
price, promotion, place, product
58
A customer journey includes all of the experiences that customers go through when interacting with a company over time.
True
False
59
The fourth phase of the distribution process is delivery.
True
False
60
Which of the following is true of a producer?
A producer is also commonly called a manufacturer.
A producer does not use raw materials.
A producer avoids any employee labor.
A producer does not create or provide goods and services.
61
Distribution involves efficiently managing the…
training of new employees.
acquisition of raw materials and the movement of products
overall production of services and goods to new customers.
hiring of new employees.
62
The 2nd phase of distribution process is __________, when product has been developed or manufactured for consumer _____
after-sales; sampling
delivery; buying
purchase; selling
evaluation; use
63
What does the SMART goal acronym stand for?
short-term, measurable, attainable, relevant, and time-bound
short term, measurable, accurate, reliable, and tough
specific, measurable, attainable, relevant, and time-bound
specific, measurable, accurate, results, and tough
64
Under the umbrella label of “business," there is __________ variation in the types and functions of companies.
little
no
some
tremendous
65
Distribution strategy involves…
creating computer workshops for seasoned workers.
creating the channel of flow a product from the producer to the consumer.
creating structure for companies with no leaders.
creating training for new employees.
66
What is a vision statement?
a clear expression of what a business venture aims to become in the future
a picture of the future described in words
both creative and exploratory process in creating the vision
concepts & ideas that inspire & focus people’s actions toward an outcome
67
Two level indirect channels involve...
selling: manufacturer > retailer > consumers
selling: manufacturer > consumers
selling: manufacturer > agent> wholesaler > retailer > consumer
selling: manufacturer > wholesaler > retailer > consumers
68
In a distribution channel, what is the wholesaler’s role?
to use raw materials and employee labor to make a finished product
to purchase a good or service
to buy from manufacturers and sell to retailers
to sell goods to consumers & to industrial users for their own consumption
69
What is the process of developing an action-based plan that is designed to guide and motivate toward a goal?
vision planning
goal setting
development plan
marketing goals
70
Distribution can now be physical or digital depending on...
the type of service and leaders.
the type of customer and location.
the type of business and industry.
the type of management and products.
71
Which of the following are examples of business commitments?
a sales call and a email pitch
discussing sales operations and providing logistical insight
an appointment and an agreement to attend a product demonstration
customizing a product and receiving an order form
72
A __________ consumer always looks for a __________ before making a purchase.
seasonal; customer
loyal; sample
discount; friend
discount; deal
73
What are the stages of a business life cycle?
ideation, launch, growth, maturity, decline, exit
ideation, launch, growth, maturity, decline, exit
beginning, startup, middle, declining
startup, entrepreneur, developer, end stage
74
Which of the following accurately describes an indirect channel?
when a manufacture involves an intermediary
when a manufacturer ships to large retailers
when a manufacturer informs small business owners
when a manufacturer contacts the customers directly.
75
In which phase should a business ensure the benefits outweigh the costs of product development?
after-sales phase
evaluation phase
awareness phase
delivery phase
76
Customer retention refers to strategic methods implemented by companies to increase the number of returning customers.
False
True
77
What is the definition of a distribution channel?
a collection of customers purchasing the same products
an arrangement of entrepreneurs providing the same service to customers
an arrangement of businesses through which a good or service passes
a collection of business managers developing a business strategy
78
What is customer management?
the process of managing the relationship of customers w/ their environment
the process of managing customers' relationships with each other
the process of managing the relationship of an organization & its customers
the process of managing customers relationship with brands
79
What is the benefit of customer acquisition?
motivates employees to work harder
convinces the founder of the business that the business idea is plausible
protects others from replicating the business model
improves business growth by acquiring customers in a cost-effective way
80
__________ is the 1st phase of distribution process, which is when the business gets to know __________ consumers
purchase; new
awareness; potential
evaluation; young
after-sales; rich
81
_______ consumers buy products based upon specific wants. _______ consumers buy products depending upon the season.
loyal; discount
bargain-hunter; need-based
discount; loyal
need-based; seasonal
82
What is an example of a question related to the product element of marketing?
Where are the different places that the product should be sold?
What level of quality should be produced?
What forms of media should be used to promote the product?
How much should the product cost the consumer?
83
In a distribution channel,________ are in the middle of the distribution process, between the ________ and the _________
producers; teacher; student
end-users; male; female
intermediaries; producer; end-user
intermediaries; supervisor; employee
84
What type of assistance has no human interaction with the customer?
online service
dedicated service
automatic service
self-service
85
Which of the following is always true of a consumer?
A consumer buys goods and/or services.
A consumer is a company in a foreign country.
A consumer must reside in the United States.
A consumer cannot be a child.
86
The 5th phase of distribution process is ______ & refers to a transaction that normally takes place ____ sale & delivery
awareness; before
after-sales; after
evaluation; while
delivery; during
87
A wholesaler is a business that sells products directly to customers.
True
False
88
Dedicated personal assistance is to have a customer representative specifically assigned to a client.
True
False
89
Dual distribution is when companies…
decide how many products to sell at the same time.
decide to work with wholesalers and retailers but also have storefronts
decide where the products will be sold.
decide who the products will be sold to.
90
A so-called loyal consumer...
purchases a product based upon a need.
purchases a product simply because they see the item in-store.
purchases a product because it is organic.
purchases the same product repeatedly from the same company.
91
How is goal setting beneficial to individuals and businesses?
It forces individuals and businesses to obsess over the goal.
It creates an action-based plan to guide & motivate an individual/business
It reminds individuals and businesses that goals are not essential
It focuses only on external factors that support an individual’s vision.
92
What is the name for a diagram that can be used to plot all of the customer touchpoints?
business solution forecast
customer relationship form
customer infused spreadsheet
customer journey map
93
What is the first step of the customer acquisition process?
reaching out to current customers by email
identifying potential customers
identifying potential investors
hiring quality employees
94
The 4th phase of distribution process is _____ & is skipped if product is purchased through a _____ distribution channel
delivery; direct
awareness; creative
purchase; creation
after sales; sample
95
Which of the following is included in the after-sales service function?
connection, teaching, repair, and replacement-parts support
travelling, gifting, trusting, and customer service
training, learning, scaling, and shopping
paying, collecting, sharing, and listening
96
What is involved in the customer relationship?
customer service, support, sales, & marketing interaction
only the moment that the sale is completed
the business launch and the closure or exit plan of the business
upper, lower, & middle management activities
97
What is the basic formula for calculating customer reach?
revenue minus expenses
total marketing expenses minus plus net profit
advertising cost plus total sales
impressions divided by frequency

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