Chat with AIExam 3: Relationship Marketing and Customer Relationship Management
Which term refers to a partner's belief that the other's actions are in their best interest?
(40) 
VerifiedA
Explain what is meant: Transactional marketing is being replaced by relationship marketing.
(31) VerifiedTransactional marketing is characterized by "push" marketing. The massmarket is exposed to the same advertising and sales promotion. The sale is the end of the relationship. Communication is through the mass media and is one-sided. Messages are sent to the "average" prospect. Focus is on acquiring new customers as opposed to retaining old customers.Relationship marketing views the sale as the start of the relationship. One-to-one relationships are established and based on dialogue. Companies learn about their individual customers and provide them with customized and personalized offerings and service. Relationship marketing realizes the customer may initiate interactions, and consequently, companies must be able to monitor customer usage of all touch points.Views the 4Ps as obsolete unless one views them as people, preferences, permission, and precision -all characteristics of CRM.
Agree or disagree and explain: The CCC has created a new center of information for the company.
(39) VerifiedCCCs provide companies with data that is difficult or impossible to obtain through any other method. It is a key source for information about the customer and the company's products: for example, deficiencies, strengths, suggested improvements, and new product ideas. CCC personnel are perhaps in the best position to obtain customer feedback concerning company service, product quality, and impressions of new products and ideas. Difficulties with instructions, directions, and product usage will reach CCC personnel first. CCC personnel can also decipher intensity of feelings.
Marketers have extended their CRM techniques to include partner relationshipmanagement (PRM). What is PRM?
(28) Before CRM, most marketers focused on the acquisition of customers bymanipulating variables in the marketing mix. Describe how marketers "marketed"before CRM.
(27) Relationship marketing has 3 basic features. Which of the following is not one of them?
(29) Sheth and Parvatiyar claim that relationship marketing will make marketing more effective. How will it do this?
(40) Jim Barnes arrays company-customer relationships on a continuum based onrelationship strength. Give an example of what he means by intimate relationships, face-to-face customer relationships, distant relationships, and no relationships.
(34) Reinartz and Kumar provide a typology of customers: butterflies, true friends, strangers and barnacles. Define each and describe how a company can best manage each.
(29) Len Berry argues that there are three levels of relationship marketing and that the level of relationship marketing must match the strength of bond appropriate for each type of customer. What are these three levels and their respective relationship marketing efforts?
(29) Most companies have both transactional and relational customers with the later receiving the major emphasis by companies practicing CRM. How should companies treat transactional customers?
(38) Sheth and Parvatiyar claim that relationship marketing will make marketing more efficient. How will it do this?
(42) Companies don't just relate to customers anymore. How do companies such as IBM, Hilton Hotels Corp., United Airlines, Proctor and Gamble, and General Electric exemplify this?
(27) Describe the Extended Product Model (EPM) also called the Product Component Model. In what ways does it extend the meaning of a product?
(26) 
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