Behavior-Based Customer Value Analysis

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What is employer branding primarily concerned with?

An organization's reputation as an employer and its value proposition to its employees (correct)
Defining a company's unique selling proposition
Building a strong brand image for customers
Developing a company's social media presence

What does a positive correlation between two variables indicate?

One variable is dependent on the other
The variables have no relationship
The variables move in opposite directions
The variables move in the same direction (correct)

What is the primary goal of positioning a brand?

To appeal to every customer
To make the product superior
To create a clever slogan
To find a unique position in the customer's mind (correct)

What is brand image?

The impression of a product held by customers (B) Signup and view all the answers

What does prediction involve in the context of correlations?

Making predictions about one variable based on another (C) Signup and view all the answers

What is brand awareness?

How easily a brand comes to a customer's mind (B) Signup and view all the answers

What is the main goal of a behavior-based customer value approach?

To identify the importance of customer characteristics (B) Signup and view all the answers

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 (A) Signup and view all the answers

What is the RFM model used for?

To segment customers based on their recency, frequency, and monetary value (B) Signup and view all the answers

What is the formula for calculating customer lifetime value?

CLV = Average purchase value * average purchase frequency * customer lifespan (C) Signup and view all the answers

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 (C) Signup and view all the answers

How can a company generate 'value from customers'?

By understanding the customer's perceived value and creating value accordingly (A) Signup and view all the answers

What is an example of unstructured data?

Natural language processing (D) Signup and view all the answers

What is the primary objective of sustaining customer relationships?

To build trust and commitment (B) Signup and view all the answers

What is the key concept in determining customer value?

Customer's willingness to pay (D) Signup and view all the answers

What is an example of a structured data tool?

Microsoft Power BI (B) Signup and view all the answers

What is the formula to determine customer value?

Value - Price > Alternative (A) Signup and view all the answers

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 (B) Signup and view all the answers