Exam 10: Developing and Maintaining Long-Term Customer Relationships

__________ is defined as a business philosophy aimed at defining and increasing customer value in ways that motivate customers to remain loyal.

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?

With respect to customer expectations. which of the following best describes the zone of tolerance?

With respect to the different components of the total product offering. supplemental products play the important role of:

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.

Which of the following $\bold{\text{IS NOT}}$ good advice with respect to leveraging customer satisfaction from a strategic point of view?

In service offerings. the core product is typically composed of three interrelated dimensions. What are these dimensions?

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.

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?

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?

What is the primary disadvantage associated with using financial incentives as a means of developing customer relationships?

Which of the following statements is $\bold{FALSE}$ regarding the use of the 80/20 rule in managing 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.

Discuss the relationship between customer expectations and customer satisfaction. What might cause expectations to be higher or lower? How is the zone of tolerance a useful diagnostic tool in terms of developing strategies aimed at improving customer satisfaction?

When a firm begins to charge high fees for additional services to non-profitable customers. it has determined that the __________ of those customers is too low to warrant added efforts at maintaining a relationship with them.

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

In terms of managing customer expectations. what are the three possible outcomes that may occur when expectations are compared to actual product performance? What should marketers do to manage expectations effectively. especially when customers' expectations are unrealistic? Should a firm attempt to delight its customers by constantly exceeding their highest expectations?

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?

In the purchase of a product. time. effort. risk. and opportunity costs are all examples of: