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