18 Questions
What is employer branding primarily concerned with?
An organization's reputation as an employer and its value proposition to its employees
What does a positive correlation between two variables indicate?
The variables move in the same direction
What is the primary goal of positioning a brand?
To find a unique position in the customer's mind
What is brand image?
The impression of a product held by customers
What does prediction involve in the context of correlations?
Making predictions about one variable based on another
What is brand awareness?
How easily a brand comes to a customer's mind
What is the main goal of a behavior-based customer value approach?
To identify the importance of customer characteristics
What is the difference between customer value and perceived value?
Customer value is the total value of a product, while perceived value is the customer's perceived worth of a product
What is the RFM model used for?
To segment customers based on their recency, frequency, and monetary value
What is the formula for calculating customer lifetime value?
CLV = Average purchase value * average purchase frequency * customer lifespan
What is the main difference between a binary choice and a multinomial choice?
Binary choice is used for yes/no questions, while multinomial choice is used for multiple-choice questions
How can a company generate 'value from customers'?
By understanding the customer's perceived value and creating value accordingly
What is an example of unstructured data?
Natural language processing
What is the primary objective of sustaining customer relationships?
To build trust and commitment
What is the key concept in determining customer value?
Customer's willingness to pay
What is an example of a structured data tool?
Microsoft Power BI
What is the formula to determine customer value?
Value - Price > Alternative
What is the term for the hypothetical price at which a customer would be at overall economic break-even relative to the best alternative available?
Objective Customer Value
This quiz covers the concept of behavior-based customer value determined from choice models. It discusses how to observe customer choices, capture related characteristics, and link them to predict purchase probabilities and importance of characteristics.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
