1. Which of the following was centered around producing a lot within a low resource available?
a. Selling Concept
b. Product Concept
c. Production Concept
d. None of the above
Answer :- c. Production Concept
2. Shrishti not only wants to in detail understand and analyse the needs of its customers but also wants to satisfy those needs better than competitors. Which of the following concept she is applying?
a. Production Concept
b. Product Concept and Selling concept
C. Service and Marketing Concept
d. Marketing Concept
Answer :- d Marketing Concept
3. Which of the following is true for the service concept?
a. Everything is a service
b. Involve customer in a solution making process
c. There is nothing called a product d. It is the latest concept among product, production, marketing and selling concepts.
e. All of the above
Answer :- e. All of the above
4. When you start with the customer itself and when you give a lot of importance to the customer, you have to follow CRM. This point explains which of the following factor of growth?
a. Aging Population
b. Emergence of market economy
c. Emergence of service economy
d. Global orientation of business
Answer :- b. Emergence of market economy
5. FIIO developed MP3 players, which delivers High-Resolution music. These MP3 players are very costly and are mainly developed for Audiophiles. FIIO also developed a CRM Strategy focused on Audiophiles. In 2021, Apple announced High -Resolution music through its Apple Music service. Due to which people now can listen to High-Resolution music directly through streaming a at a very cheap rate from their iPhone itself. Which of the following challenges FIIO may experience in terms of CRM.
a. Non-Traditional competition
b. Market Maturity
C. Misalignment between revenue and profits
d. Cannot say
Answer :- a. Non-Traditional competition
6. If more customers stay with a company, then the per-customer cost will be lower.
a. True
b. False
Answer :- b. False
7. Sony and Samsung are direct competitors. However, in 2004, Sony started cooperating with Samsung Electronics and developed and produced LCD screens for flat-screen televisions. This close collaboration and co-operation lead to the highly popular TV ranges ‘Bravia’ from Sony and ‘Bordeaux’ from Samsung. The combined market share of both companies doubled. Based on the above, which of the following is true?
a) Its an example of collaboration but not co-creation.
b) Co-creation can only be done with customers
c) It’s a perfect example of co-creation.
d) None of the above
Answer :- c) It's a perfect example of co-creation.
8. The three primary objectives of co-creation – generation, refinement and creation – are sequential in nature.
a. True
b. False
Answer :- b. False
9. Which of the following explains a consumers’ goal to have access for a desirable experience as well as for an ownership.
a. Dialogue
b. Access
c. Risk Assessment
d. Transparency
Answer :- b. Access
10. If Nintendo invites gamers worldwide to make alterations to Mario character. Which of the following types of co-creation it will be?
a. Co-Designing
b. Submitting
c. Tinkering
d. Collaborating
Answer :- c. Tinkering
11. Which one is the first step of CRM cycle?
a. Learn
b. Acquire Data
c. Sell
d. None of the above
Answer :- b. Acquire Data
12. In IDIC Framework, IDIC stands for-
a. Identify, Differentiate, Information, Customize
b. Information, Diffusion, Interact, Customize
c. Identify, Differentiate, Interact, Customize
d. None of the above
Answer :- c. Identify, Differentiate, Interact, Customize
13. In CRM, bonding-
a. Encourage customers to try other products.
b. Create switching barriers for customer.
c. Both a and b
d. None of the above
Answer :- b. Create switching barriers for customer.
14. In CRM with the increase in the Average customer life
a. NPV increases, Defection rate increases
b. NPV decreases, Defection rate increases
c. NPV increases, Defection rate decreases
d. NPV decreases, Defection rate decreases
Answer :- c. NPV increases, Defection rate decreases
15. What is the major reason behind customer switching?
a. Product Dissatisfaction.
b. Perceived indifference
c. Competition
d. Cannot say
Answer :- b. Perceived indifference
16. Probability of selling to an existing customer is greater than probability of selling to new customer.
a. True
b. False
Answer :- a. True
17. What is the most significant revenue driver?
a) Customer Retention.
b) Customer acquisition
c) Product innovation.
d) None of the above
Answer :- a) Customer Retention.
18. Amway is the example for-
a. How company is setting people expectation.
b. How customers themselves set the expectations of other customers.
C. Company is unable to meet customers’ expectations.
d. None of the above
Answer :- b. How customers themselves set the expectations of other customers.
19. Apple Newton was pulled back because-
a. The price was high.
b. Apple was unable to provide such huge demands.
c. A product ahead of its time.
d. None of this.
Answer :- c. A product ahead of its time.
20. The three primary objectives of co-creation – generation, refinement and creation – are circular in nature.
a. True
b. False
Answer :- a. True