Question 1

Discuss the economic impacts of the changing marital and ethnic face of the market.

Accepted Answer

The changing marital and ethnic face of the market has significant economic impacts.

Firstly, the increasing diversity in the market's marital and ethnic composition means that businesses need to adapt their products and services to cater to a more varied customer base. This can lead to increased innovation and product development as companies seek to meet the needs and preferences of different demographic groups. It also presents opportunities for businesses to reach new markets and increase their customer base, potentially leading to higher sales and revenue.

Furthermore, the changing marital and ethnic face of the market can also impact labor supply and demand. As the population becomes more diverse, businesses may need to adjust their recruitment and hiring practices to attract and retain a diverse workforce. This can lead to a more inclusive and productive work environment, as well as potentially reducing labor shortages in certain industries.

Additionally, the changing demographics of the market can also affect consumer spending patterns. Different ethnic and marital groups may have varying purchasing behaviors and preferences, which can influence the demand for certain products and services. This can create opportunities for businesses to tailor their marketing strategies and offerings to appeal to different consumer segments, potentially leading to increased sales and growth.

Overall, the changing marital and ethnic face of the market has the potential to drive economic growth and innovation, as businesses adapt to meet the needs of a more diverse consumer base and workforce. It also presents opportunities for businesses to expand their customer base and increase their competitiveness in an increasingly diverse marketplace.

Question 2

Point-of-sale electronic data-gathering devices allow:

Accepted Answer

A)  tracking of individual preferences. 
B)  customizing services and products to meet customer needs. 
C)  both A and B 
D)  neither A nor B C

Question 3

Three particular areas of change are having significant impact on customer service and loyalty: personalization, technology, and globalization.

Accepted Answer

A) True 
 B)False  True

Question 4

Key changes in customer demographics include

Accepted Answer

A)  aging population. 
B)  increasing mobility. 
C)  increased globalization. 
D)  all the above

Question 5

Market share means the portion of:

Accepted Answer

A)  spending within an industry that a business commands. 
B)  the market that a business commands. 
C)  a customer's spending that a business commands. 
D)  none of the above

Question 6

Customer share means the:

Accepted Answer

A)  portion of spending within an industry that a business commands. 
B)  portion of the market that a business commands. 
C)  portion of a customer's spending that a business commands. 
D)  none of the above

Question 7

Explain the concept of one-to-one opportunities with employees.

Accepted Answer

The answer of Explain the concept of one-to-one opportunities with...

Question 8

Keeping notes on customers and employees that you can later use in conversations is:

Accepted Answer

A)  cheating. 
B)  smart. 
C)  intrusive. 
D)  all of the above

Question 9

Television may soon allow interactive advertisements for consumers to respond to ads instantly.

Accepted Answer

A) True 
 B)False

Question 10

Another term for share of the customer is "share of the budget."

Accepted Answer

A) True 
 B)False

Question 11

Females are estimated to account for what percentage of buying decisions?

Accepted Answer

A)  38% 
B)  85% 
C)  69% 
D)  15%

Question 12

The future of customer service is likely to focus on:

Accepted Answer

A)  increased personalization and awareness of changing demographics. 
B)  decreased individualization. 
C)  increased mechanization. 
D)  none of the above

Question 13

Customized messages mean that:

Accepted Answer

A)  customers can control the ads they see. 
B)  all consumers in one demographic can be given the same message without crossover to an unrelated demographic. 
C)  both A and B 
D)  neither A nor B

Question 14

Today's workforce has:

Accepted Answer

A)  higher education. 
B)  more two-income families. 
C)  more single parents. 
D)  all of the above

Question 15

Further applications of technology are likely to drive customer service in the future.

Accepted Answer

A) True 
 B)False

Question 16

The fastest growing population in the United States today is

Accepted Answer

A)  Canadian. 
B)  Asian. 
C)  European. 
D)  Hispanic.

Exam 7: Insight Into Emerging Trends in Customer Service

Discuss the economic impacts of the changing marital and ethnic face of the market.

Point-of-sale electronic data-gathering devices allow:

Three particular areas of change are having significant impact on customer service and loyalty: personalization, technology, and globalization.

Key changes in customer demographics include

Market share means the portion of:

Customer share means the:

Explain the concept of one-to-one opportunities with employees.

Keeping notes on customers and employees that you can later use in conversations is:

Television may soon allow interactive advertisements for consumers to respond to ads instantly.

Another term for share of the customer is "share of the budget."

Females are estimated to account for what percentage of buying decisions?

The future of customer service is likely to focus on:

Customized messages mean that:

Today's workforce has:

Further applications of technology are likely to drive customer service in the future.

The fastest growing population in the United States today is