BUAD 332 EXAM REPORTED QUESTIONS WITH ALL CORRECT ANSWERS
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Course
BUAD 332
Institution
BUAD 332
BUAD 332 EXAM REPORTED QUESTIONS WITH ALL CORRECT ANSWERS
What is the first step in strategic planning? - Answer-Define the company mission.
Customer value summary - Answer-Customers are more demanding than everÂ
What is the last step in the customer value strategy process? - Answer-assess...
BUAD 332 EXAM REPORTED
QUESTIONS WITH ALL CORRECT
ANSWERS
What is the first step in strategic planning? - Answer-Define the company mission.
Customer value summary - Answer-Customers are more demanding than everÂ
What is the last step in the customer value strategy process? - Answer-assess the
delivered value
What is the fourth step in the customer value strategy process? - Answer-Communicate
the value.
What is the third step in the customer value strategy process? - Answer-Provide the
Value
What is the second step in the customer value strategy process? - Answer-Choose the
value
What is the first step in the customer value strategy process? - Answer-Identify value
What are learning methods? - Answer-"Customer interaction
Customer research
3rd Party Customer research
Secondary reports
Analyzing trends
Analyzing customer complaints
Mining customer databases to look for buying patterns, market segments, and changes
in buying patterns"
What makes customer's perceptions of value change? - Answer-"The environment
Consumers: Life Changes
Changes from other companies
Things happen inside of the company."
Tradeoff of benefits and sacrifices equation? - Answer-Benefits - sacrifices = x
What is customer satisfaction in the eyes of the consumer? - Answer-Customer
Satisfaction = Performance
, What is customer value in the consumer perspective? - Answer-Customer value =
Importance
What is Customer Value? - Answer-The customer's perception of what they want to
have happen in a specific use situation, with the help of a product or service, in order to
accomplish a desired purpose or goals.
Types of data - Answer-"Product sales
Transaction (scanner) data
Complaint data, 1-800 calls
Satisfaction surveys
Sales reports
Demographics and psychographics"
Data warehouse - Answer-"An assembly of disparate data from all over the company,
which is then transformed into a consistent state for business decisions.
Sequence Discovery - Answer-Measures associations and predicts the likelihood of
future outcomes.
Associations - Answer-Reveal things that occur together.
Clustering - Answer-Tracks customers within the database into different groups based
upon their similarities and differences.
Regression - Answer-Using existing dependent variables to forecast what independent
variables will be.
Classification - Answer-Assigns instances to a group and uses data to learn the pattern
of characteristic that identify that group.
Contribution Analysis - Answer-Examining the profitability of specific products
purchased by customers or customer segments
Market Basket Analysis - Answer-Helps retailers understand which products are
purchased to together.
Lost Customer Analysis - Answer-"Determining the characteristics of customers who
have left for a competitor so that the company can act to retain customers who are at
risk of leaving.
Customer Profiling - Answer-"Identifying the characteristics of a “good†customer
with the goal of retaining those who are and predicting those who will/could become
one.
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