test Flashcards

Question

PURSUIT OF PRELOVED

Answer 1

Thrifting is trending. Consumers are moving from an owning to an experiencing mindset. Sustainability and individuality are removing the stigma associated with secondhand shopping and driving peer-to-peer commerce.

Answer 2

The digital world is evolving beyond virtual hangouts to immersive 3D realities. Consumers are embracing these digital spaces to socialise with communities. inovative companies have already employed AR / VR applications in their business processes. Consumers using online games and video-first social media for streaming and socialising are establishing the groundwork for The Metaverse Movement.

Answer 3

The pandemic triggered consumers to make The Great Life Refresh, resulting in drastic personal changes and a collective reboot of values, lifestyles and goals. Consumers will continue to navigate the turbulence of the pandemic. Companies catering to The Great Life Refresh stand to be seen as partners, helping consumers adapt to a new way of life. Businesses should tailor marketing to acknowledge and support consumers’ decisions to take action.

Answer 4

Consumers are gaining confidence in investing and becoming savvy savers to strengthen financial security. Financial Aficionados take control of their money and use services to track their transactions. Money management apps that are consumer-centric, digestible, educational and simple stand to benefit in this era of financial democratisation. These businesses will build customer loyalty at a time when trust in financial institutions is waning.

Answer 5

Older consumers were forced online as the world shut down. Now, familiar and comfortable with technology, Digital Seniors are empowered to make purchases and use services through this channel. The pandemic broadened older consumers’ minds to the benefits of the digital world. As older consumers embrace technology, human interactions will remain a prevalent component of how they engage with brands.

Answer 6

Green activism and low-carbon lifestyles are here to stay. Consumers expect brands to step up and are taking action through the products they purchase as concerns over the climate emergency escalate. Digital innovation is reshaping how retailers, manufacturers and consumers transition to a new era of environmental transparency. Tech tools, such as digital product labelling and mobile tracking apps, help consumers trace ethical claims, their carbon footprint and recycling habits on their phones.

Answer 7

Faced with challenges in securing their usual or desired products and services, Backup Planners are looking for ways to purchase similar items or finding creative solutions to obtain alternatives By late 2022, supply chains should start to stabilise and access to products should revert to pre-COVID-19 levels. Yet, new shopping habits will dictate how Backup Planners discover and select products, from locally sourced to direct-to-consumer brands to subscription services.

Answer 8

Time is precious. Efficiency, immediacy, and simplicity are in demand as consumers seek convenience in every aspect of their lives. They expect access to everything anytime and anywhere, instant gratification with minimal effort, and seamless experiences without having to ask for it.

Answer 9

Personalise without compromise Everything on demand Smarter homes The metaverse

Answer 10

Pricing Simple solutions The right tools Access and availability

Answer 11

Consumers expect brands to take action and have a tangible impact. They demand authenticity and consistency.

Answer 12

Less = more Community and collaboration Fun and functional

Answer 13

You need to connect with your customers in a meaningful way. Touchpoints should be intentional, and every stage of the user journey should be enhanced.

Answer 14

A holistic approach Brand purpose Workplace culture Outreach and advocacy

Answer 15

Brands are tasked with putting the “custom” in “customer.” You’ll want to offer solutions or deliver precision products that address certain concerns.

Answer 16

Competitive advantage Education and efficacy Get ahead or get left behind

Answer 17

Ingredients, materials, design, features—these are all aspects you can level up to improve your offer. Regardless, products that command a premium price point must help consumers achieve their lifestyles and align with their personal choices. Benefits need to be obvious and equate to the cost.

Answer 18

Services that add value Positioning A wellness lens Digital capabilities

Answer 19

consumers seek value in different ways. Stretching resources also means a shift towards conscious consumption and the need or desire to be less wasteful. Brands will need to cater to varying demands.

Answer 20

Value for money Explicit benefits Creative solutions

Answer 21

Technology powers an enriched customer journey. Automation can improve efficiencies while AR and VR can elevate brand engagements. You can make use of digital tools to deliver a truly curated, consumer-centric experience.

Answer 22

Ubiquity - Retail operations need to be agile and adaptable to serve shoppers at any moment. New selling models Tech upgrades

Answer 23

a big challenge remains: the price tag. Consumers aren’t typically willing (or even able) to pay a premium for these solutions. Brands will need to make the sustainable option an affordable one, too.

Answer 24

Commit to the cause u can review all business functions like strategic partnerships or supply chain management and find opportunities to effect positive change. Circularity Affordable alternatives

Answer 25

Scientific developments and digital adoption will continue to expand market potential. Tech-enabled wellness creates precise, data- driven solutions and advanced diagnostics. Your products or services should help your customers achieve optimal health.

Answer 26

Multiple dimensions->Physical and mental health Reliable and credible products->real results Precise data -> Consumers want accurate data to make informed decisions about their health

Answer 27

1. Identify and Prioritise 2. Assess 3. Build Your Innovation Pipeline 4. Review and Evolve

Answer 28

First, you need to identify which megatrends are the most relevant for your business. Take Pursuit of Value Keep your customer top of mind. After you nail down your top ones, it’s time to prioritise.

Answer 29

Next, evaluate the impact of each on your sectors or product categories Begin to pinpoint specific consumer needs per megatrend that you can explore and look for relevant campaigns or case studies to see how each is materialising in the market.

Answer 30

Once you have a clear vision of growth potential, divide opportunities into immediate and long-term timelines. Put into motion the initiatives that your existing portfolio and capabilities can capitalise on with limited investment.

Answer 31

Consumer behaviour and priorities change with the world around us, and your business strategy needs to do the same. Don’t make this a one-time process. These developments shift over time as new milestones, technologies or events alter our habits.

Answer 32

do NOT ONLY WANT TO SELL ONE but they also want customers to be delighted about their products and services and intent to sell more to the existing customers. Thus, those type of organization target to not only sale but also a long-term and trust relationship with these customers in order to accompany them in a long journey and sell products and services during the long journey. relationship marketing regards customers service a key component in the business chain Relationship marketing has broader, longer-term goals than traditional marketing. Some relationship marketing strategies including branding, customer service training, community and media relations, social media, newsletters, blogs, referral programs and frequent buyer incentives.

Answer 33

Customer Relationship Management software integrating with socialmedia channels

Answer 34

allowing your teams t o leverage social informationt ounderstanda n dengagecustomers, gain market insights, and provide better customer service

Answer 35

* A business-or even a customer-creates a fan page for your company or product on Facebook. People who like your brand and the way you conduct business will sign up as fans, creating a venue for communication, marketing and networking. A business can quickly get information out to users who are interested in the company or its products. * A business can follow conversations about its brand for real-time market data and feedback. * A customer can easily tell a company -and evervone else-about their experiences with the company, whether those experiences are good or bad. * A business can respond very quickly to negative feedback; attend to customer problems; and maintain, regain or rebuild customer confidence. * A customer can use social networking sites to offer ideas for future products or tweaks to current ones.

Answer 36

Social CRM tools use the following metrics to measure the level of successful customer engagement: Traffic Engagement level of followers brand mentions

Answer 37

Social CRM measures traffic and conversion rates from social media platforms. This enables a business to see how many customers visit sites and how those clicks convert into value.

Answer 38

Social CRM enables you to measure not just clicks, but user engagement with the sites.

Answer 39

Social CRM helps identify active followers and how they do or do not interact with the company's content.

Answer 40

Social CRM helps measure how many followers are talking about a company or brand and if those customers are sharing their experiences via social media platforms.

Answer 41

-Organizational wise change of priority to customers. - Significant investment of time and money - Threatens management’s control/power struggle - Heightens people’s resistance to change - Inappropriate integration leads to disaster

Answer 42

This concept focuses on developing, maintaining, and retaining long-term relationships with customers for the benefit of the organization.

Answer 43

The concept of search engine optimization is the key to organization in the age of the internet. Blogs, video clips, social networks, etc. play an increasingly important role in relationship marketing. These mediums are interactive in nature and help companies maintain real-time relationships with consumers.

Answer 44

The field of information technology is going to be ever-changing and will become more sophisticated. But the key focus will remain on the relationship component by utilizing consumer experiences and ideas. As the sophistication of product and services increase, the basis of differentiation will reduce, thus customer experience and relationship will drive the value of satisfaction.

Answer 45

is a growing effort at all levels of government to respond quickly, succinctly and accurately to citizen requests or inquiries for answers to questions and general information about policies, practices, and procedures.

Answer 46

foster closer, more effective and efficient working relationships, to better anticipate and meet customer/citizen needs and to develop a more detailed working understanding of what customers/citizens want, expect, and need from those who serve them.

Answer 47

provide rapid, accurate, and consistent information about how the government works, and to answer questions from citizens in similar fashion. USA services provides a clearinghouse for misdirected phone calls and e- mails, and offers a contact center to provide IT specialists and automated responses to citizen inquires by phone and over the Internet. Similar efforts are underway at state, county, and municipal levels, as governments seek to interact more effectively with the people they serve.

Answer 48

Partner relationship management

Answer 49

is a combination of the software, processes and strategies companies use to streamline business processes with partners who sell their products.

Answer 50

web- or cloud-based and typically include a partner portal, customer database, and other tools that allow companies and partners to manage leads, revenues, opportunities and sales metrics. Partner relationship management systems also track inventory, pricing, discounting and operations.

Answer 51

Many companies rely on partner companies to sell products on their behalf as part of a channel strategy, in addition to or instead of using a direct distribution channel. Those indirect channels may include value-added resellers (VARs), retailers, consultants, managed service providers (MSPs), systems integrators (SIs), original equipment manufacturers (OEMs) or independent software vendors (ISVs). Having a partner relationship management system in place helps channel managers streamline all of their partner sales processes and minimize duplication within the business.

Answer 52

PRM is similar to customer relationship management (CRM) in that companies use CRM systems to monitor the marketing, sales and service process of customer relationships. When working directly with a customer, a sales rep can target the consumer and work one-to-one with that potential customer. While CRM does help with the relationship between a business and a customer, it's much more focused on the C and M of CRM -- once it converts a lead into a customer, it's about managing that next purchase.

Answer 53

software is typically cloud-based and includes content management, lead distribution, deal registration, marketing development, promotions, pricing and sales analytics. PRM apps also support customization, so companies can personalize their software for specific partners. In addition, PRM software should include:

Answer 54

The PRM market has expanded over the past 10 years, according to Gartner, providing more use and benefits for companies that rely on partner relationships. Channel sales managers need different tools to manage different styles of customers, and PRM software can help provide the necessary capabilities for partner sales. Vendors large and small have moved to fill that space, including Salesforce, IBM and NetSuite (owned by Oracle), as well as PRM-specific vendors Allbound Inc., Impartner Inc., Magentrix Corp. and others.

Answer 55

* Partner portals for vendors to communicate and exchange data with their channel partners; * Access management features to control who can view what data; * Collaboration tools for vendor and partner employees to work together on business opportunities; * Dashboards with partner performance management tools to measure goals and monitor results using key performance indicators; and * Integration with business tools including contract management, content management systems, project management, time management, expenses, calendars and communication channels.

Answer 56

A successful PRM implementation fosters collaboration and profitable relationships between dealers, vendors, and channels. Invest in compatible software and provide necessary support and training. Keep information updated in the PRM system to maintain expectations and target goals for effective partnership management.

Answer 57

*PRM (Partner Relationship Management) is similar to CRM (Customer Relationship Management). *CRM systems are used to monitor marketing, sales, and service processes in customer relationships. *Sales reps can use PRM to work directly with partners and target potential customers one-to-one. *CRM is more focused on managing customer relationships after they have already made a purchase.

Answer 58

The customers are going to be at the center of any strategy companies are going to develop. If a particular customer is currently generating a lower margin but has great future potential then it makes more sense for the company to develop strategies around that customer.

Answer 59

A company-wide business strategy designed to optimize profitability and customer satisfaction by focusing on highly defined and precise customer groups.

Answer 60

➢Customers rather than products ➢Changes in processes, systems, and culture ➢All channels and media involved in the marketing effort, from the Internet to field sales.

Answer 61

The evaluation is done simply using the advanced features mentioned as – 1.Contact management 2.Reporting and analytics 3.Process standardization 4.Pipeline management 5.Sales forecasting 6.Email tracking 7.Call recording

Answer 62

Economic benefits of maintaining relationships with current customers: ◦ Acquisition costs for new customers are high. ◦ Long-time customers spend more money than new ones. ◦ Happy customers refer their friends and colleagues. Economic benefits of maintaining relationships with current customers: ➢Order-processing costs are lower for established customers. ➢Current customers are willing to pay more for products.

Answer 63

Transactional Relationship ➢ An association between a business and a customer that relates to a purchase or a business deal Beliefs about Exceptional Customer Service ➢ Small firms possess greater potential for providing superior customer service than large firms. Beliefs about Exceptional Customer Service ➢ Superior service creates customer satisfaction. ➢ Customer satisfaction results in a positive transactional relationship. ➢ Positive relationships lead to increased firm profits.

Answer 64

➢Providing the most basic benefits of the product or service. ➢Offering general support services, such as customer assistance. ➢Setting up a system to counteract customers’ bad experiences. ➢Delivering extraordinary services that excel in meeting customers’ preferences and make the product and/or service seem customized.

Answer 65

➢An approach that recognizes that with every interaction, customers learn something about a firm that will affect their desire to do business there in the future. ➢Having a positive experience with a business becomes part of the firm’s value equation.

Answer 66

❖Provide an exceptional experience throughout every transaction ❖Provide sales materials that are clear and easy to understand ❖Respond promptly to customers’ requests and concerns ❖Listen to customers and respond accordingly ❖Stand behind products/services ❖Treat customers as family members and best friends ❖Stay in the hearts and minds of customers

Answer 67

A process of identifying customers that fit into smaller, more homogeneous groups.

Answer 68

A principle that maintains that 80 percent of a firm’s sales will come from 20 percent of its customers.

Answer 69

An analysis that reveals customers most likely to buy from a firm in the future because they have made purchases recently, frequently, and in amounts exceeding an established minimum.

Answer 70

The total profit expected from all future sales to a long-term customer

Answer 71

➢Can be reduced by: ❖Reassurance by salespersons. ❖Guarantees and trial periods. ❖Customer follow-ups. ❖Confirming information from other users.

Answer 72

Described as a customer management model rather than a customer relationship model, the Quality Competitive Index model focuses on three main activities: acquisition, retention, and penetration. The QCI model starts with the customer’s external environment at the top—their pain points, business goals, and other factors will affect whether they are ready to buy or interact with your sales team, which in turn impacts the customer experience. The customer experience then affects customer proposition (what you offer the customer) and customer management activities. As you can see from the magnified version of the inner circle, many activities are involved to acquire and retain customers. The QCI model also considers the people and technology involved with keeping this whole system going. Although QCI has replaced the word “relationship” in CRM, this model still starts and ends with people.

Answer 73

The Five Forces CRM model was developed by Adrian Payne and Pennie Frow. This model emphasizes a cross-functional approach for effective CRM processes. There are two main components to the model: cross-functional CRM processes and key elements of CRM implementation. Payne’s model outlines five processes: 1. Strategy development 2. Value creation 3. Multichannel integration 4. Information management 5. Performance assessment There are four key elements necessary for a successful CRM implementation: * CRM readiness * CRM change management * CRM project management * Employee management

Answer 74

A value chain is a high-level model developed by Michael Porter that identifies the processes a business uses to develop an end product or service for the customer. The goal of the value chain model is to identify and prioritize the most valuable activities to the company and improve processes to gain a competitive advantage. The CRM value chain model applies this principle to customer relationships. This CRM model observes all the stages and activities required to build a relationship with a customer. These activities are divided into two stages: primary and support.

test Flashcards

(109 cards)