Exam 14: Customer Satisfaction and Customer Relationships

Information originating from the marketing mix of a company that contributes to a consumer's expectations may include

Which of the following is a higher-involvement purchase?

Taco Bell uses the RFM matrix to determine its most valuable customers.Recency is weighted at a 5, frequency is weighted at a 4, and monetary is valued at a 3.Customer A has a score of R=2, F=9, M=1.Customer A's RFM score is 49.

Surveys are ideal instruments to obtain customers' perceptions.

If a consumer has little personal expertise on which to make a brand choice, a logical and trusted source of information is friends.

Movie Palace is a local cinema and its management team is debating whether or not it should begin tracking customer loyalty.Deborah is a manager who supports tracking loyalty.She should argue that Movie Palace should track loyalty because truly loyal customers love the brand, are zealous in telling others about the brand, and are even willing to pay more for the brand and all it means to them.

Science Tech Inc.is a company that provides lab supplies like scales and beakers.In order to find its most valuable customers, it has implemented a CRM program with RFM.One of its customers is Virginia Tech Labs (VT Labs).Science Tech has decided to weight recency with a 4, frequency with a 2, and monetary with a 7.VT Labs scored a 9 on recency, a 3 on frequency, and an 8 on monetary.What is VT Labs' RFM score?

Experiences are always direct; they cannot be indirect.

Research shows that satisfied customers result in

Core components don't affect a customer's satisfaction much if the core component is good.

__________ cultures appreciate the relational aspects of front-line employees more.

Which of the following is NOT typically in a CRM database?

CRM programs are tools used by companies to track spending by collecting information, such as customer identification and contact information, and some form of information on the RFM of the customers' purchase history.What does RFM represent?

Marketers are interested in customers' perceptions and conduct surveys in order to understand those perceptions.Although these surveys may result in imperfect measures, the numbers do allow marketers to gauge their performance relative to certain __________, such as past or competitive performance.

In calculating customer lifetime value (CLV), time inputs include: (1) a decent guesstimate at the likely retention rate from year to year and (2) a sense of the average lifespan duration for the particular product or brand.

The hierarchy of customer behavior is

The most trusted source of expectations is

The wiggle room between the low, adequate level of expectations and somewhere slightly above the middle, predicted level of expectations is referred to as a "zone of tolerance," which is a range of performance that the customer would deem acceptable.

Jim and Denise are executives at Jetsetters, Inc., a plane-sharing business.As they review the results of their recent customer satisfaction survey, Jim generally notices that responses fall into three outcomes.Which of the following outcomes is NOT one of the three outcomes on Jim's mind?

For __________ purchases, the comparative evaluation process may be nearly instantaneous and quickly forgotten.