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Questions and Answers
What is one objective of analyzing a customer database?
What is market basket analysis used for?
What is the main purpose of joint promotions?
What does RFM analysis stand for?
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What is the objective of CRM programs for first-time customers?
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What type of retailers often use RFM analysis?
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What is the primary goal of Customer Relationship Management (CRM)?
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What is the term used to describe the percentage of a customer's purchases made from a retailer?
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What is the primary focus of CRM systems?
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What is the main difference between CRM and traditional customer service approaches?
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What is the philosophy behind CRM?
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What does customer loyalty entail?
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What is one of the four approaches retailers use to retain their best customers?
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What is the primary purpose of frequent shopper programs?
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What is a key consideration in developing effective frequent shopper programs?
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What is one way retailers can build and maintain the loyalty of their best customers?
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How can the Internet channel help retailers develop a sense of community among customers?
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What is the outcome of customers participating in a community developed by retailers?
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What is a common practice of small, local retailers that can be automated through the Internet channel?
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According to the 80-20 rule, what percentage of sales or profits come from a certain percentage of customers?
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Which customer segment values customer service over merchandise price?
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Which customer segment is considered the least profitable?
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What is the primary difference between the Gold and Platinum customer segments?
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What is the purpose of dividing customers into segments?
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What does customer alchemy involve in retailing management?
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What is the objective of add-on selling in retailing?
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What is the characteristic of the bottom tier of customers in retailing?
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What is one approach to dealing with unprofitable customers in retailing?
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What is the challenge in implementing CRM programs in retailing?
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What is required for the effective implementation of CRM programs?
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