All Free Management Sciences MCQs with Answers

• A. customer relationships
• B. customer purchases value
• C. customer cost incurred
• D. customer lifetime value

Explanation: Customer lifetime value is the net present value of the future profit expected from a customer's purchases throughout the relationship.

• A. dissatisfaction
• B. profitable customers
• C. superior value
• D. satisfied customers

Explanation: A profitable customer generates revenue that exceeds the costs of attracting, selling to, and serving that customer.

• A. psychological cost
• B. total customer cost
• C. personal benefits
• D. image benefits

Explanation: Total customer cost includes the money, time, energy, and psychological costs incurred in obtaining and using an offering.

• A. retailer's management
• B. Company relationship management
• C. customer relationship management
• D. supplier management

Explanation: Customer relationship management involves tailoring products and services and interacting with individual customers to build and maintain…

• A. loyalty rates
• B. marketing rates
• C. shopping rates
• D. conversion rates

Explanation: A conversion rate measures the proportion of customers who move from one stage of the buying decision process to the next, such as from…

• A. total customer cost
• B. total functional cost
• C. total economic cost
• D. total sampling cost

Explanation: Total customer cost includes every cost a buyer expects to incur, including money, time, effort and psychological cost.

• A. assessing the attributes importance
• B. both B and C
• C. monitoring competitor's performance
• D. assessing the company's performance

Explanation: After identifying important customer attributes, the firm compares its performance with competitors on those attributes.

• A. brand proposition
• B. customer proposition
• C. product proposition
• D. value proposition

Explanation: A value proposition is the complete bundle of benefits a company promises to deliver through its market offering.

• A. business database
• B. customer database
• C. databases marketing
• D. company marketing

Explanation: A business database records organisational customers' purchase history, prices, volumes and other transaction details.

• A. customer funnel
• B. marketing funnel
• C. company funnel
• D. retailers funnel

Explanation: A marketing funnel shows how potential customers progress through stages such as awareness, consideration, purchase and loyalty.

• A. company relationship management
• B. supplier management
• C. customer relationship management
• D. retailer's management

Explanation: Customer relationship management, or CRM, uses customer information and interactions to improve relationships and maximise loyalty.

• A. company database
• B. individual database
• C. detailed database
• D. customer database

Explanation: A customer database is an organised collection of comprehensive, accessible and actionable information about individual customers.

• A. assessing quantitative importance
• B. examining specific segment
• C. monitoring customer value
• D. identifying benefits

Explanation: Customer value analysis first identifies important benefits and attributes, then assesses their quantitative importance to customers.

• A. supplier marketing
• B. permission marketing
• C. customer specified marketing
• D. activity marketing

Explanation: Permission marketing sends messages only after consumers have expressed consent or willingness to receive them.

• A. superior value
• B. dissatisfaction
• C. distinctive proposition
• D. satisfaction

Explanation: Satisfaction is the pleasure felt when a product performs as expected or better.

• A. frequency programs
• B. customer's program
• C. distribution programs
• D. None of above

Explanation: Frequency programs reward customers for repeated purchases, such as points or benefits after reaching a purchase target.

• A. house of products
• B. branded house strategy
• C. house of brands
• D. strategy house

Explanation: A branded house uses one main corporate brand name across many products, as with Virgin or Samsung.

• A. similarities
• B. knowledge
• C. differences
• D. equity

Explanation: Brand equity depends on the differential response consumers give to a branded product compared with an otherwise similar unbranded…

• A. relevance
• B. clarity
• C. customer size and profile
• D. risk profile

Explanation: The customer multiplier considers the size and profile of the customer base because these determine the scale and quality of customer…

• A. brand earnings
• B. brand responsiveness
• C. branding rate
• D. brand architecture

Explanation: Brand architecture shows how a firm's brands are organised, including the common and distinctive elements used across products and…