Question 1

What are some reasons companies become customer-centric?&#10;A) Customers create both short-term and long-term value.&#10;B) Customers are the sole source of a company's revenue.&#10;C) Customers are scarce.&#10;D) Focusing on customers will ensure every transaction is profitable.&#10;E) All of the above

Accepted Answer

Customers are the source of revenue, create value, and are not scarce. Focusing on customers does not guarantee profitability for every transaction.

Question 2

The following are reasons some companies have resisted becoming customer-centric except:&#10;A) Some believe they should invest in employees rather than customers.&#10;B) Some believe that customers are scarce.&#10;C) Some believe that they should prioritize cash flow, focusing on products to ensure profitability.&#10;D) Some believe they should prioritize &#34;brand promise,&#34; believing that brand awareness is the key to profitability.&#10;E) None of the above

Accepted Answer

The belief that customers are scarce is not a commonly cited reason for companies resisting becoming customer-centric. Instead, companies typically focus on internal priorities such as investing in employees, cash flow, or brand promise rather than on the scarcity of customers.

Question 3

A business relationship is mutual, interactive, iterative, and _________.&#10;A) symmetric&#10;B) transactional&#10;C) unique&#10;D) Loyal

Accepted Answer

unique&#10;

Question 4

According to Jim Barnes, the following quality does not define a genuine business relationship:&#10;A) behavior&#10;B) attitude&#10;C) experience&#10;D) environment

Accepted Answer

The answer of According to Jim Barnes, the following quality...

Question 5

The 5 Es of customer relationship are:&#10;A) exploration, enhancement, experience, emotions, engagement&#10;B) environment, expectations, exploration, experience, engagement&#10;C) environment, enhancement, experimentation, emotions, engagement&#10;D) environment, expectations, emotions, experience, engagement

Accepted Answer

The 5 Es of customer relationship are environment, expectations, emotions, experience, and engagement.

Question 6

Barnes suggests a company evaluate a customer's experience on each of the following levels except:&#10;A) easy to do business with&#10;B) likelihood to refer to others&#10;C) &#34;product in use&#34; experience&#10;D) experiences companies can create or enhance

Accepted Answer

Barnes' model for evaluating a customer's experience does not include the likelihood to refer to others as a direct factor. Instead, it focuses on how easy it is to do business with the company, the customer's experience with the product in use, and the experiences that companies can create or enhance to improve customer satisfaction. The likelihood to refer to others is often a result of positive experiences across these dimensions, rather than a standalone criterion for evaluation.

Question 7

In the behavioral definition of customer loyalty, customer loyalty ________ brand preference.&#10;A) causes&#10;B) results from&#10;C) is inversely related to&#10;D) none of the above

Accepted Answer

Customer loyalty results from brand preference, as loyal customers typically exhibit a preference for a brand over competitors, leading to repeat purchases and positive behaviors towards the brand.

Question 8

The following are best practices for loyalty programs except:&#10;A) Always err on the side of customer privacy over customer insight.&#10;B) An effective program allows participants to mix and match aspects according to preferences.&#10;C) A loyalty program should be managed around customers, not products.&#10;D) Customers value openness, so the best loyalty programs work with other programs.

Accepted Answer

Loyalty programs should balance customer privacy with gaining insights to improve and personalize the customer experience. Erring solely on the side of privacy over insight could limit the effectiveness of the program in understanding and meeting customer needs.

Question 9

Does mass marketing have any role in the Interactive Era? If so, what? How might branding be used, and what benefits could it yield for the customer-centric enterprise?

Accepted Answer

The answer of Does mass marketing have any role in...

Question 10

What strategy would you suggest for a company dealing with high customer churn (and presumably low customer loyalty), taking into account both attitudinal and behavioral definitions of loyalty? How would you characterize the core problem? How might a loyalty program help?

Accepted Answer

The answer of What strategy would you suggest for a...

Deck 2: The Thinking Behind Customer Relationships That Leads to Good Experiences