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Exam 17: Relationship Marketing and Customer Relationship Management CRM

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Question 71

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One reason a firm might choose to partner with a certain supplier might be to ward off the threat of future competition.

A) True
B) False

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Question 72

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What is one of the major forces driving the movement toward relationship marketing?

A) the realization that retaining customers is far more profitable than losing them
B) the need to reduce expenditures on marketing
C) increased pressure from consumer lobby groups
D) new customer prospects are more important than existing customers

E) A) and B)
F) A) and C)

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Question 73

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Lateral partnership is a relationship that involves customers within an organization.

Transaction-based marketing recognizes and builds on the concept that providing added value to customer transactions through superior customer service improves customer retention and referrals.

Enhancing customer satisfaction is a three-step process of understanding customer needs, obtaining customer feedback, and implementing a system to ensure that satisfaction remains positive.

What type of marketing effort is sponsored by an organization that solicits responses from individuals who share common interests and activities?

Match each item to the statement or sentence listed below. a.transaction-based marketing b.relationship marketing c.internal marketing d.frequency marketing e.affinity marketing f.database marketing g.application service providers (ASPs) h.customer relationship management i.partnership j.co-branding k.co-marketing l.electronic data interchange (EDI) m.supply chain n.lifetime value of a customer o.strategic alliance p.value chain q.web services r.internal customers s.seller partnership t.national account selling u.grassroots marketing v.quick-response merchandising -Airline frequent-flyer programs are examples of _____ programs.

What do lifetime-value-of-a-customer and payback calculations recognize?

Timely, appropriate response to customer complaints can actually build more loyalty than if the customer had never complained at all.

Because customer complaints erode loyalty and increase operating expenses, firms should limit the use of different customer feedback methods.

First-level relationship marketing programs typically rely on pricing and other financial incentives to motivate the customer into a buying relationship with a vendor.

How does relationship marketing view customers?

Social interaction with the customer is the second step on the relationship marketing continuum. It can be formal or informal and occur at any level with an organization.

The reactive approach to customer feedback avoids interfacing with the consumer unless absolutely necessary. Information is gathered from monitoring blogs, message boards, or discussion groups in which the company can remain anonymous.

Match each item to the statement or sentence listed below. a.transaction-based marketing b.relationship marketing c.internal marketing d.frequency marketing e.affinity marketing f.database marketing g.application service providers (ASPs) h.customer relationship management i.partnership j.co-branding k.co-marketing l.electronic data interchange (EDI) m.supply chain n.lifetime value of a customer o.strategic alliance p.value chain q.web services r.internal customers s.seller partnership t.national account selling u.grassroots marketing v.quick-response merchandising -are marketing efforts that connect directly with existing and potential customers through nonmainstream channels.

Electronic data interchange has been less popular among businesses because it is an aging technology, does not work with incompatible computer systems, and is prone to errors.

Customer satisfaction is defined as the psychological difference between what a customer expects and what he or she perceives he or she needs.

Match each item to the statement or sentence listed below. a.transaction-based marketing b.relationship marketing c.internal marketing d.frequency marketing e.affinity marketing f.database marketing g.application service providers (ASPs) h.customer relationship management i.partnership j.co-branding k.co-marketing l.electronic data interchange (EDI) m.supply chain n.lifetime value of a customer o.strategic alliance p.value chain q.web services r.internal customers s.seller partnership t.national account selling u.grassroots marketing v.quick-response merchandising -The _____ is a sequence of suppliers that contribute to the creation and delivery of a product.

Match each item to the statement or sentence listed below. a.transaction-based marketing b.relationship marketing c.internal marketing d.frequency marketing e.affinity marketing f.database marketing g.application service providers (ASPs) h.customer relationship management i.partnership j.co-branding k.co-marketing l.electronic data interchange (EDI) m.supply chain n.lifetime value of a customer o.strategic alliance p.value chain q.web services r.internal customers s.seller partnership t.national account selling u.grassroots marketing v.quick-response merchandising -Revenues and intangible benefits that a customer brings to a seller, minus the amount the company spent to acquire, market to, and service the customer, are called the _____.

In the business-to-business market, cooperative buyer-seller efforts seldom bring much improvement in the efficiency and effectiveness of both partners in a national account selling arrangement.