Question 1

How do marketers measure customer satisfaction? How can they avoid unfavorable service gaps while marketing their products?

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Question 2

Match each item with the correct statement below.
-The _____ is defined as the revenues and intangible benefits that a customer brings to the seller over an average lifetime of their relationship,less the amount the company must spend to acquire,market to,and serve the customer.

Accepted Answer

The definition provided matches the concept of lifetime value of a customer, which is represented as the revenue a customer generates over their lifetime minus the cost of serving them.

Answer: H
 The definition provided matches the concept of customer relationship management, which involves managing and analyzing interactions with customers to improve relationships and overall business profitability.

Answer: R
 The term "customer churn" refers to the rate at which customers stop doing business with a company over a given period of time. The definition provided matches this concept.

Question 3

What is internal marketing? Why is internal marketing important for a firm?

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Question 4

How can firms build customer loyalty?

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Question 5

Match each item with the correct statement below.
-_____ is a sales forecasting method that estimates future sales through statistical analyses of historical sales patterns.

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Question 6

Briefly explain the various types of relationship marketing efforts that focus on turning customers from passive partners into active proponents of a product.

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Question 7

Briefly explain the three levels of relationship marketing.

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Question 8

Match each item with the correct statement below.
-_____ is a just-in-time strategy that reduces the time for which products are held in inventory,resulting in substantial cost savings.

Accepted Answer

Quick-response merchandising is the just-in-time strategy that reduces inventory holding time and leads to cost savings.

Answer: H
 Customer relationship management refers to strategies that companies use to manage interactions with customers and prospects and is focused on creating and maintaining long-term relationships with customers.

Answer: E
 Value chain refers to a series of activities that a firm uses to create and deliver a product or service, and includes all steps from raw materials to final delivery to the end customer.

Answer: N
 Lifetime value of a customer is the total amount of revenue that a customer is expected to generate for a business over the duration of their relationship.

Answer: R
 Customer churn refers to the percentage of customers who stop buying products or services from a company.

Question 9

What is electronic data interchange? What are its applications?

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Question 10

Match each item with the correct statement below.
-A(n)_____ is a partnership in which two or more companies combine resources and capital to create competitive advantages in a new market.

Accepted Answer

A strategic alliance is a partnership in which two or more companies combine resources and capital to create competitive advantages in a new market.

Question 11

What are some of the qualities shared by successful CRM systems?

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Question 12

List out the four basic elements that help firms to build long-term relationships.

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Question 13

What are the problems associated with customer relationship management systems?

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Question 14

Match each item with the correct statement below.
-The _____ is a sequence of suppliers that contribute to the creation and delivery of a product.

Accepted Answer

The value chain is a sequence of suppliers that contribute to the creation and delivery of a product.

Answer: H
 Customer relationship management refers to the practices, strategies and technologies that are used by companies to manage and analyze customer interactions and data throughout the customer lifecycle.

Answer: N
 The lifetime value of a customer is the estimated value of the profit that an individual customer will generate over the entire course of their relationship with a business.

Answer: P
 National account selling involves a company selling its products or services to large, national-level customers as opposed to smaller, local customers.

Answer: R
 Customer churn refers to the proportion of customers who cease doing business with a company over a given period of time.

Question 15

Explain how interactive television helps marketers collect data required for database marketing.

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Question 16

Match each item with the correct statement below.
-_____ is a promotional effort in which a dedicated sales team is assigned to a firm's major customers to provide sales and service.

Accepted Answer

National account selling is a promotional effort in which a dedicated sales team is assigned to a firm's major customers to provide sales and service.

Answer: B 
 Relationship marketing focuses on developing long-term relationships with customers rather than simply making one-time sales.

Answer: K 
 Co-marketing is a promotional effort in which two or more companies collaborate on a marketing campaign to promote their products or services.

Answer: H 
 Customer relationship management is a strategy that focuses on building and maintaining long-term relationships with customers through personalized service and communication.

Answer: N 
 The lifetime value of a customer is the total amount of money a customer will spend on a company's products or services over the course of their relationship.

Answer: R 
 Customer churn refers to the rate at which customers stop doing business with a company over time.

Question 17

Explain the differences between frequency marketing and affinity marketing programs.Give an example of each.

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Question 18

Discuss the various ways in which database marketing can help a company to build relationships with the customers.

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Question 19

Identify the four types of B2B partnerships.

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Question 20

Explain cobranding and comarketing.Give an example of each.

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Quiz 11: Relationship Marketing and Customer Relationship Management Crm