If you collect personal information about your customers, what should you do?

Question

A.
Tell customers how you will use and protect their information.
C.
Give the customers access to your database so they can learn about other customers.
B.
Share their information with other companies in your industry.
D.
Hide customer information from most of your employees.

Answer 1

The correct answer is:

A. Tell customers how you will use and protect their information.

It's essential to be transparent with customers about how their personal information will be utilized and the measures taken to protect it. This builds trust and ensures compliance with privacy regulations.

Answer 2

When you gather primary or secondary data, what part of the market information management process are you participating in?
A.
Market positioning
B.
Market research
C.
Data analysis
D.
Data mining

Answer 3

The correct answer is:

B. Market research.

Gathering primary or secondary data is a key component of market research, which involves collecting and analyzing information to understand the market, consumers, and competition.

Answer 4

In the five C's, how is cost different from price?
A.
It includes the company's operating costs.
B.
It makes it easier to promote the product.
C.
It reduces the company's operating expenses.
D.
It includes all of the costs related to the product.

Answer 5

The correct answer is:

D. It includes all of the costs related to the product.

In the context of the five C's (Company, Customers, Competitors, Collaborators, Context), "cost" refers to the total expenses incurred in producing and delivering a product, while "price" is the amount charged to customers for that product. Cost encompasses all aspects of production, while price is a component of the marketing strategy.

Answer 6

What is data mining?
A.
A promotion strategy
B.
Entering primary data into a CRM database software program
C.
Collecting primary and secondary data
D.
Analyzing data to detect patterns of shared characteristics

Answer 7

The correct answer is:

D. Analyzing data to detect patterns of shared characteristics.

Data mining involves exploring and analyzing large sets of data to discover patterns, trends, and relationships that can be used for decision-making and strategic planning.