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Exam 6: Building Customer Relationships

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Question 31

True/False

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Social bonds alone may not tie the customer permanently to the firm,but they are much more difficult to imitate than financial incentives.

A) True
B) False

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Question 32

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A primary goal of firms at the friendship stage of the relationship is:

A) Customer retention
B) The creation of a unique product
C) Creating a competitive advantage through their marketing mix
D) Gaining a familiarity of how the customer creates its service offerings
E) The enhancement of customer relationships

F) All of the above
G) B) and C)

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Question 33

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United Jersey Bank offers customers,who have a combined balance of $3000 or more in a United Jersey Checking Account and Preferred Money Market Account,a service called United Jersey Preferred Banking.This service is designed to make banking more convenient and profitable for customers.United Jersey Preferred Banking eliminates monthly maintenance fees,provides unlimited free transactions at ATMs,preferred rates on personal loans,higher interest rates on savings with higher balances and a consolidated monthly statement.United Jersey Bank does not offer United Jersey Preferred banking to customers with a combined balance of less than $3000 in a United Jersey Checking Account and Preferred Money Market Account because these customers are:

Retention strategies based on social bonds:

When customers and firms reach the friend level of their customer relationship,firms generally focus on providing value comparable to the competition.

WedSafe is the name of a company that provides wedding insurance.For example,in the event that a wedding is called off,the couple can insure themselves against loss of their nonrefundable deposits.If WedSafe's primary marketing effort is to make engaged couples aware of its services,the company is in which stage of the customer relationship evolution?

Moonlight Catering has increased the deposit it requires before agreeing to cater an event to $300.This amount is nonrefundable and must be paid when Moonlight Catering is hired for the job.This increase in deposit will help Moonlight Catering achieve its goal of:

New Bedford College has a two-year masters degree program designed for special education teachers.Thirty-five students enter the program each fall.The education department requires that the 35 students take the same classes.Classes are made available in sequence.If Beth wanted to take only one special education class to get her a teaching certificate in learning disabilities (LD) ,she would be unable to because she would not be able to participate in any carry-over projects from previous classes (This is a common teaching tool for the New Bedford education department faculty.) .New Bedford College will avoid setting up a relationship with Beth because:

How would you describe the sustainability of competitive advantage in the acquaintance stage of the customer relationship evolution?

The ability to segment customers narrowly based on profitability implications may raise questions of privacy for customers.

Step-by-Step day care center offers parents several other services not normally offered by day by day care centers.A caterer is present every morning when the children are dropped off to take orders for supper.When the parents pick up their children in the evening,their supper is ready for them to take home,too.A hair stylist comes to the center once a week and cuts the hair of any child whose parents request this service.A photographer comes to the center every three months to take updated pictures of children whose parents don't have the time to take their children to the photography studio.In this way,Step-by-Step is using _____ to support its customer retention strategy.

The term customer intimacy is most closely related to the establishment of _____ bonds.

Bundling and cross-selling are ways to implement a Level 1 retention strategy.

Retention strategies built around financial bonds:

In acquaintance relationships,firms generally focus on:

Often,_____ are created by providing customized services to the client that are technology based and make the customer more productive.

To be successful,a service provider must accept the fact that the customer is always right.

The four-tiered system for measuring customer profitability uses usage segmentation.

Beyond the specific inherent benefits of receiving service value,customers also benefit in other ways from long-term associations with firms.The three types of relational benefits for customers are:

According to the _______,while advertising,sales and promotions pour profits into your company,there will always be some customer defection,which has the potential to grow larger.