Exam 10: Developing and Maintaining Long-Term Customer Relationships

In times past, developing and implementing the "right" marketing strategy was all about __________. In today's economy, however, that emphasis has shifted to developing strategies that attract and retain customers over the long term.

There are two types of monetary costs involved in the purchase of any product: transactional costs and life-cycle costs. Which of the following best exemplifies a life-cycle cost in the purchase of an automobile?

__________ refers to the degree of superiority of a firm's goods or services. It is a relative term because it can only be judged in comparison to competing products or when compared to an internal standard of excellence.

Marketers should make it difficult for customers to complain because these complaints can easily create negative perceptions among other customers.

The PTL Corporation provides long-distance telephone services to consumer and business markets. The company recently initiated a marketing strategy designed to promote customer knowledge and educate customers about the company and its products. The strategy is also designed to prospect for new customers. At what stage of the customer relationship development process does PTL find itself?

Discuss the strategies that can be used to enhance and maintain customer relationships. Identify the key advantages and disadvantages of each strategy, as well as examples of the marketing tactics that my be used.

Which of the following activities is used to maintain clients rather than simply acquire customers?

With respect to competitive advantages, many see __________ as the most important asset that an organization can possess, as it stems from the value generated by the trust, commitment, cooperation, and interdependence among relationship partners.

Discuss the role of value in developing long-term customer relationships. In your discussion, explain the value formula and its component parts. How can the value formula help marketers design strategies to optimize customer value?

Which of the following is an example of a monetary life cycle cost?

Larger financial institutions now offer a wide range of services under one roof, from banking to stock trading. These institutions have moved away from increasing their market share to instead focusing on increasing their:

The most basic strategy for enhancing and maintaining customer relationships is the offering of financial incentives.

Assume a customer planning to purchase a Wii U gaming console made this statement: "Given the expense and all the hype about the new Wii U, it ought to be the best gaming console ever made." What type of expectation does this customer have about the Wii U?

Lily loves to purchase high-end shoes and clothes that are the latest fashions. She is even willing to purchase uncomfortable clothing if it is considered fashionable. Lily is most concerned with the symbolic and experiential attributes of apparel.

Which of the following statements about value is FALSE?

Unlike other nonmonetary costs, opportunity costs are harder for marketers to control.

Which of the following relationship strategies is most likely to be used by a health club as it tries to create social bonds with its clientele?

In which of the following situations would a customer become more tolerable of weak or poor product performance?

Which of the following IS NOT good advice with respect to leveraging customer satisfaction from a strategic point of view?

Meghan recently took her parents to a gourmet restaurant for their 25^th wedding anniversary. The evening was exceptional, with everyone receiving the utmost in terms of quality and value. However, when reflecting on the experience the next day, Meghan decided that she was not fully satisfied. Why might this happen?