Exam 12: Managing Relationships and Building Loyalty

Discuss the framework of the five key processes involved in a CRM strategy. e.g. face-to-face and online). The fourth process is information management. A firm's ability to maintain multichannel consistency and provide value creation, etc. rests on its management of information. Customer information demographics, etc.) and churn information turnover) are key aspects of information of which firms need to be aware. Finally, performance assessment allows a firm to know how well it is doing on creating value, achieving market and service delivery performance objectives, and its CRM process performance overall.

Free

(Essay)

4.7/5

(32)

Question 1

Correct Answer:

Verified

The first key process is strategy development that involves the assessment of business strategy. This is typically the responsibility of top management. Once developed, it should guide the development of customer strategy, including the choice of target segments and tiers, the design of loyalty bonds, and churn management. Value creation, the second process, translates the business and customer strategies into specific propositions. The value to customers includes all benefits delivered through tier rewards, loyalty rewards, and customization. Value to the firm should include reduced customer acquisition, retention costs, and increased profit. Multichannel integration is the third process. This simply refers to the need to interact consistently across different interfaces

Which of the following is NOT one of the advantages to incremental profits of a loyal customer?

Free

(Multiple Choice)

4.8/5

(30)

Question 2

Correct Answer:

Verified

Vanguard Group is very careful about acquiring the right type of customer.

Free

(True/False)

4.9/5

(39)

Question 3

Correct Answer:

Verified

True

Which of the following is NOT an aspect of ING Direct's no-frills strategy?

(Multiple Choice)

4.9/5

(37)

Question 4

Describe the wheel of loyalty.

(Essay)

4.8/5

(39)

Question 5

In the B2B context, the smaller firms as a group have a lot of bargaining power.

(True/False)

4.9/5

(55)

Question 6

What did DHL find out about its large and small accounts?

(Essay)

4.8/5

(39)

Question 7

Defection describes customers who stop buying from a company and transfer their brand affinity to another supplier.

(True/False)

4.9/5

(32)

Question 8

Many service firms put too much emphasis on value without enough consideration of the number of customers they will serve.

(True/False)

4.9/5

(41)

Question 9

Describe how Vanguard Group keeps its costs down to attract the right type of customer.

(Essay)

4.8/5

(37)

Question 10

The two ends of the customer satisfaction/loyalty relationship are terrorist and apostle.

(True/False)

4.8/5

(40)

Question 11

Define loyalty in a service context.

(Essay)

4.8/5

(43)

Question 12

Which of the following is NOT one of the strategies for developing loyalty bonds with customers?

(Multiple Choice)

4.9/5

(37)

Question 13

Describe the "Iron" customer segment discussed by Zeithaml, Rust, and Lemon.

(Essay)

4.8/5

(32)

Question 14

Common failures in CRM implementation include all of the following EXCEPT _____________.

(Multiple Choice)

4.9/5

(36)

Question 15

Common CRM applications include all of the following EXCEPT _____________.

(Multiple Choice)

4.8/5

(33)

Question 16

Discuss how tiering helps a leading U.S. market research agency better understand its customers.

(Essay)

4.9/5

(40)

Question 17

Special treatment benefits include being known by name by the service provider.

(True/False)

4.7/5

(35)

Question 18

Customer satisfaction based on the ACSI) is highly related to the stock price of individual firms.

(True/False)

4.8/5

(36)

Question 19

Most people can think of dozens of service firms they truly like and where they are committed to going back to.

(True/False)

4.7/5

(40)

Question 20

Showing 1 - 20 of 44

Which of the following is NOT one of the advantages to incremental profits of a loyal customer?

Vanguard Group is very careful about acquiring the right type of customer.

Which of the following is NOT an aspect of ING Direct's no-frills strategy?

Describe the wheel of loyalty.

In the B2B context, the smaller firms as a group have a lot of bargaining power.

What did DHL find out about its large and small accounts?

Defection describes customers who stop buying from a company and transfer their brand affinity to another supplier.

Many service firms put too much emphasis on value without enough consideration of the number of customers they will serve.

Describe how Vanguard Group keeps its costs down to attract the right type of customer.

The two ends of the customer satisfaction/loyalty relationship are terrorist and apostle.

Define loyalty in a service context.

Which of the following is NOT one of the strategies for developing loyalty bonds with customers?

Describe the "Iron" customer segment discussed by Zeithaml, Rust, and Lemon.

Common failures in CRM implementation include all of the following EXCEPT _____________.

Common CRM applications include all of the following EXCEPT _____________.

Discuss how tiering helps a leading U.S. market research agency better understand its customers.

Special treatment benefits include being known by name by the service provider.

Customer satisfaction based on the ACSI) is highly related to the stock price of individual firms.

Most people can think of dozens of service firms they truly like and where they are committed to going back to.

Introduction to Services Marketing

Consumer Behavior in a Services Context

Positioning Services in Competitive Markets

Developing the Service Concept: Core and Supplementary Elements

Distributing Service Through Physical and Electronic Channels

Setting Prices and Implementing Revenue Management

Promoting Services and Educating Customers

Developing and Managing Service Processes

Balancing Demand Against Productive Capacity

Crafting the Service Environment

Managing People for Service Advantage

Complaint Handling and Service Recovery

Improving Service Quality and Productivity

Organizing for Change Management and Service Leadership

Filters