Question 1

Companies should develop retention strategies based on all but which of thefollowing?

Accepted Answer

A)  Monetary rewards 
B)  Social bonds 
C)  Service structure 
D)  Humanistic bonds 
E)  All are relevant. 
A)  Monetary rewards 
B)  Social bonds 
C)  Service structure 
D)  Humanistic bonds 
E)  All are relevant. E

Question 2

Reinartz and Kumar empirically tested the relationship between retention and profitability.Their findings contradicted many of the traditional tenets. What did they find?

Accepted Answer

• In terms of profitability per month, short lifetime but high revenue customerswere the most attractive.
• Profits for long-life customers did not increase over time.
• Short-life customers paid higher prices than long-life customers. Thissupported company managers who said that long-term customers have ahigher value consciousness; i.e., pay lower average prices.
• Some long-life customers may cost the firm more in the long run due tomarketing expenses exceeding profits for this group.Their study illustrated the importance of weighing promotional costs against expected profits from varying tenured customer segments.

Question 3

What is the Expectancy Confirmation/Disconfirmation Model of Satisfaction?

Accepted Answer

This model suggests that satisfaction is the difference betweenexpectations and current experiences. If service rendered exceeds what was expected, the consumer is satisfied. If service rendered is below what was expected, the consumer is dissatisfied. In this model, satisfaction is broadly characterized as a postpurchase evaluation of product quality given pre-purchase expectations.

Question 4

Why is acquisition a necessary part of the CRM strategy cycle? What steps should be taken to insure an acquisition strategy is implemented successfully?

Accepted Answer

Because companies can lose 20 to 40% or

Question 5

Satisfaction is said to have an asymmetric impact on variables such as loyalty, profits, and word-of-mouth. What does this mean?

Accepted Answer

Regarding word of mouth, nearly all rese

Question 6

B. B. Jackson identified three types of relationships that a company can have with its customers. Define each.

Accepted Answer

An acquaintance relationship exists when

Question 7

"Most loyal customers may not, in fact, be exclusively loyal." What does thisstatement mean?

Accepted Answer

Your most loyal customers may also be yo

Question 8

Liking and preference can be based on the benefits the brand provides. These benefits can be of three types: functional, emotional, and internal. Explain the meaning of each of these three types of brand benefits.

Accepted Answer

Functional benefits are provided by bran

Question 9

"There is not a simple linear relationship between satisfaction and loyalty." What does this statement mean?

Accepted Answer

A concave relationship exists for autos

Question 10

What is overall or cumulative satisfaction? What is transaction-specific satisfaction?When is it most useful to use each as a measure of satisfaction?

Accepted Answer

Overall or cumulative satisfaction is an

Question 11

What is a loyalty/points/rewards program? Who offers them? What do they all have in common?

Accepted Answer

Loyalty programs are frequently referred

Question 12

Retention strategies can be based on rewards, programmatic and humanistic bonds, or service structure. Describe each and give an example of each.

Accepted Answer

Retention strategy is based on two types

Question 13

McKinsey recommends that companies develop a loyalty profile of their customer base that combines the elements of satisfaction, attitudes, and behavior. This results in three loyalist categories: emotive, deliberative and inertial. Define each.

Accepted Answer

Emotive loyalists seldom, if ever, quest

Companies should develop retention strategies based on all but which of thefollowing?

Reinartz and Kumar empirically tested the relationship between retention and profitability.Their findings contradicted many of the traditional tenets. What did they find?

What is the Expectancy Confirmation/Disconfirmation Model of Satisfaction?

Why is acquisition a necessary part of the CRM strategy cycle? What steps should be taken to insure an acquisition strategy is implemented successfully?

Satisfaction is said to have an asymmetric impact on variables such as loyalty, profits, and word-of-mouth. What does this mean?

B. B. Jackson identified three types of relationships that a company can have with its customers. Define each.

"Most loyal customers may not, in fact, be exclusively loyal." What does thisstatement mean?

Liking and preference can be based on the benefits the brand provides. These benefits can be of three types: functional, emotional, and internal. Explain the meaning of each of these three types of brand benefits.

"There is not a simple linear relationship between satisfaction and loyalty." What does this statement mean?

What is overall or cumulative satisfaction? What is transaction-specific satisfaction?When is it most useful to use each as a measure of satisfaction?

What is a loyalty/points/rewards program? Who offers them? What do they all have in common?

Retention strategies can be based on rewards, programmatic and humanistic bonds, or service structure. Describe each and give an example of each.

McKinsey recommends that companies develop a loyalty profile of their customer base that combines the elements of satisfaction, attitudes, and behavior. This results in three loyalist categories: emotive, deliberative and inertial. Define each.

Principles of CRM

History and Development of CRM

Relationship Marketing and Customer Relationship Management

Organization and CRM

CRM and Data Management

Technology and Data Platforms

Database and Customer Data Development

Sales Strategy and CRM

CRM, Technology, and Sales

CRM, Marketing Automation, and Communication

CRM Program Measurement and Tools

Privacy and Ethics Considerations

The Future of CRM

Filters

Exam 10: Marketing Strategy and CRM

Companies should develop retention strategies based on all but which of thefollowing?

Reinartz and Kumar empirically tested the relationship between retention and profitability.Their findings contradicted many of the traditional tenets. What did they find?

What is the Expectancy Confirmation/Disconfirmation Model of Satisfaction?

Why is acquisition a necessary part of the CRM strategy cycle? What steps should be taken to insure an acquisition strategy is implemented successfully?

Satisfaction is said to have an asymmetric impact on variables such as loyalty, profits, and word-of-mouth. What does this mean?

B. B. Jackson identified three types of relationships that a company can have with its customers. Define each.

"Most loyal customers may not, in fact, be exclusively loyal." What does thisstatement mean?

Liking and preference can be based on the benefits the brand provides. These benefits can be of three types: functional, emotional, and internal. Explain the meaning of each of these three types of brand benefits.

"There is not a simple linear relationship between satisfaction and loyalty." What does this statement mean?

What is overall or cumulative satisfaction? What is transaction-specific satisfaction?When is it most useful to use each as a measure of satisfaction?

What is a loyalty/points/rewards program? Who offers them? What do they all have in common?

Retention strategies can be based on rewards, programmatic and humanistic bonds, or service structure. Describe each and give an example of each.

McKinsey recommends that companies develop a loyalty profile of their customer base that combines the elements of satisfaction, attitudes, and behavior. This results in three loyalist categories: emotive, deliberative and inertial. Define each.

Principles of CRM

History and Development of CRM

Relationship Marketing and Customer Relationship Management

Organization and CRM

CRM and Data Management

Technology and Data Platforms

Database and Customer Data Development

Sales Strategy and CRM

CRM, Technology, and Sales

CRM, Marketing Automation, and Communication

CRM Program Measurement and Tools

Privacy and Ethics Considerations

The Future of CRM

Filters