Question 1

Briefly explain the three levels of the relationship marketing continuum.

Accepted Answer

1)First level: Focus on Price
Interactio

Question 2

The term _____ refers to the turnover in a company's customer base.

Accepted Answer

A) strategic alliance 
B) relationship marketing 
C) cobranding 
D) frequency marketing 
E) value chain
F)database marketing
G)application service providers
H)customer relationship management
I)Web services
J)internal customers
K)comarketing
L)quick-response merchandising
M)affinity program
N)lifetime value of a customer
O)seller partnership
P)national account selling
Q)transaction-based marketing
R)customer churn
S)buzz marketing
T)grassroots marketing 
A) strategic alliance 
B) relationship marketing 
C) cobranding 
D) frequency marketing 
E) value chain
F)database marketing
G)application service providers
H)customer relationship management
I)Web services
J)internal customers
K)comarketing
L)quick-response merchandising
M)affinity program
N)lifetime value of a customer
O)seller partnership
P)national account selling
Q)transaction-based marketing
R)customer churn
S)buzz marketing
T)grassroots marketing

Question 3

In the context of the relationship marketing continuum,which of the following is an example of a first level relationship marketing program?

Accepted Answer

A)  An electronics firm setting up a world-wide technical support system to assist customers. 
B)  A cheese shop organizing a cooking contest for customers. 
C)  An automobile company offering a club membership to owners of high-end cars. 
D)  An airline offering special discounts to its customers for early bookings. 
A)  An electronics firm setting up a world-wide technical support system to assist customers. 
B)  A cheese shop organizing a cooking contest for customers. 
C)  An automobile company offering a club membership to owners of high-end cars. 
D)  An airline offering special discounts to its customers for early bookings.

Question 4

The term "lifetime value of a customer" refers to revenues and intangible benefits such as referrals and customer feedback 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 service the customer.

Accepted Answer

A) True 
 B)False

Question 5

It is essential for an organization to build and maintain internal partnerships in order to meet the needs of its external partnerships.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is a characteristic of transaction-based marketing?

Accepted Answer

A)  Frequent customer contact 
B)  Emphasis on long-term relationship 
C)  Customer interactions based on commitment and trust 
D)  Emphasis on individual sales 
A)  Frequent customer contact 
B)  Emphasis on long-term relationship 
C)  Customer interactions based on commitment and trust 
D)  Emphasis on individual sales

Question 7

One of the advantages of national account selling is:

Accepted Answer

A)  a decrease in the value of risk adjusted return on capital. 
B)  a strengthened buyer-seller relationship through collaboration. 
C)  an increased inventory turnover for the firm. 
D)  lowered switching costs for a firm's loyal customers. 
A)  a decrease in the value of risk adjusted return on capital. 
B)  a strengthened buyer-seller relationship through collaboration. 
C)  an increased inventory turnover for the firm. 
D)  lowered switching costs for a firm's loyal customers.

Question 8

A company trying to engage in a social interaction with the customers is in the _____ stage of the relationship marketing continuum.

Accepted Answer

A)  first 
B)  third 
C)  second 
D)  fourth 
A)  first 
B)  third 
C)  second 
D)  fourth

Question 9

A consumer goods company is trying to develop a relationship with its customers by implementing marketing strategies that focus on developing interdependence between the company and its customers.These marketing strategies indicate that the company is in the _____ stage of the relationship marketing continuum.

Accepted Answer

A)  third 
B)  second 
C)  first 
D)  fourth 
A)  third 
B)  second 
C)  first 
D)  fourth

Question 10

Customer relationship management systems are more beneficial to retailers than to B2B firms.

Accepted Answer

A) True 
 B)False

Question 11

The Eddie Bauer,a clothing retail chain,partnered with Ford to produce the Eddie Bauer edition of the Ford Explorer.This is an example of:

Accepted Answer

A)  cobranding. 
B)  comarketing. 
C)  lateral partnership. 
D)  internal partnership. 
A)  cobranding. 
B)  comarketing. 
C)  lateral partnership. 
D)  internal partnership.

Question 12

Which of the following concepts forms the basis of buzz marketing?

Accepted Answer

A)  Elasticity of demand 
B)  Word-of-mouth 
C)  Employee empowerment 
D)  Long-term product viability 
A)  Elasticity of demand 
B)  Word-of-mouth 
C)  Employee empowerment 
D)  Long-term product viability

Question 13

A _____ is a strategic relationship that extends to external entities but involves no direct buyer-seller interactions.

Accepted Answer

A)  network partnership 
B)  buyer partnership 
C)  lateral partnership 
D)  seller partnership 
A)  network partnership 
B)  buyer partnership 
C)  lateral partnership 
D)  seller partnership

Question 14

Electronic data interchange opens new channels for gathering marketing information and helps to develop long-term business-to-business relationships.

Accepted Answer

A) True 
 B)False

Question 15

The grassroots marketing approach relies on conventional and traditional marketing strategies.

Accepted Answer

A) True 
 B)False

Question 16

A partnership is an affiliation of two or more companies that help each other achieve common goals.

Accepted Answer

A) True 
 B)False

Question 17

Some of the motives for firms to enter into partnership are warding off threats of future competition,raising or creating barriers to entry,and learning new skills.

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

Successful CRM systems share the followi

Question 19

The Nielsen Co.carefully tracks Super Bowl viewership each year to help the network that airs the game and other football broadcasters determine ad rates for the following year.This is an example of:

Accepted Answer

A)  frequency marketing. 
B)  buzz marketing. 
C)  database marketing. 
D)  internal marketing. 
A)  frequency marketing. 
B)  buzz marketing. 
C)  database marketing. 
D)  internal marketing.

Question 20

In a buyer partnership,the supplier must meet the unique needs of the purchaser in order to make the relationship successful.

Accepted Answer

A) True 
 B)False

Exam 11: Relationship Marketing and Customer Relationship Management (CRM)

Briefly explain the three levels of the relationship marketing continuum.

The term _____ refers to the turnover in a company's customer base.

In the context of the relationship marketing continuum,which of the following is an example of a first level relationship marketing program?

The term "lifetime value of a customer" refers to revenues and intangible benefits such as referrals and customer feedback 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 service the customer.

It is essential for an organization to build and maintain internal partnerships in order to meet the needs of its external partnerships.

Which of the following is a characteristic of transaction-based marketing?

One of the advantages of national account selling is:

A company trying to engage in a social interaction with the customers is in the _____ stage of the relationship marketing continuum.

Customer relationship management systems are more beneficial to retailers than to B2B firms.

The Eddie Bauer,a clothing retail chain,partnered with Ford to produce the Eddie Bauer edition of the Ford Explorer.This is an example of:

Which of the following concepts forms the basis of buzz marketing?

A _____ is a strategic relationship that extends to external entities but involves no direct buyer-seller interactions.

Electronic data interchange opens new channels for gathering marketing information and helps to develop long-term business-to-business relationships.

The grassroots marketing approach relies on conventional and traditional marketing strategies.

A partnership is an affiliation of two or more companies that help each other achieve common goals.

Some of the motives for firms to enter into partnership are warding off threats of future competition,raising or creating barriers to entry,and learning new skills.

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

The Nielsen Co.carefully tracks Super Bowl viewership each year to help the network that airs the game and other football broadcasters determine ad rates for the following year.This is an example of:

In a buyer partnership,the supplier must meet the unique needs of the purchaser in order to make the relationship successful.

Marketing: The Art and Science of Satisfying Customers

Strategic Planning in Contemporary Marketing

The Marketing Environment, Ethics, and Social Responsibility

Social Media: Living in the Connected World

E-Business: Managing the Customer Experience

Consumer Behavior

Business-to-Business (B2B)Marketing

Global Marketing

Market Segmentation, Targeting, and Positioning

Marketing Research and Sales Forecasting

Product and Service Strategies

Developing and Managing Brand and Product Categories

Marketing Channels and Supply Chain Management

Retailers, Wholesalers, and Direct Marketers

Integrated Marketing Communications, Advertising, and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Pricing Strategies

Your Career in Marketing

Developing an Effective Marketing Plan

Financial Analysis in Marketing

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