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Practical Business Knowledge > Customer Experience and Retention > Flashcards

Customer Experience and Retention Flashcards

1
Q

What is customer experience?

A

Customer experience refers to the overall perception and interaction a customer has with a brand or company throughout the entire customer journey.

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2
Q

True or False: Customer retention is more cost-effective than acquiring new customers.

A

True

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3
Q

Fill in the blank: The process of keeping existing customers engaged and satisfied is known as __________.

A

customer retention

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4
Q

What are the key components of customer experience?

A

Key components include customer service, product quality, brand reputation, and customer engagement.

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5
Q

Multiple Choice: Which of the following is NOT a factor affecting customer retention? A) Customer satisfaction B) Product price C) Employee turnover D) Market trends

A

D) Market trends

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6
Q

What is the Net Promoter Score (NPS)?

A

NPS is a metric used to measure customer loyalty and satisfaction by asking customers how likely they are to recommend a company to others.

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7
Q

True or False: A personalized customer experience can lead to higher customer retention rates.

A

True

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8
Q

What is the importance of feedback in customer experience management?

A

Feedback helps companies understand customer needs, improve services, and enhance overall experience.

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9
Q

Fill in the blank: A loyal customer is more likely to make __________ purchases.

A

repeat

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10
Q

Multiple Choice: What is a common reason customers leave a brand? A) High-quality products B) Poor customer service C) Competitive pricing D) Personalized marketing

A

B) Poor customer service

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11
Q

What is customer journey mapping?

A

Customer journey mapping is the process of visualizing the steps a customer takes when interacting with a company, from initial contact to post-purchase.

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12
Q

True or False: Customer experience only matters during the sales process.

A

False

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13
Q

What role does technology play in enhancing customer experience?

A

Technology helps streamline communication, automate processes, and provide personalized experiences.

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14
Q

Fill in the blank: A __________ is a strategy that focuses on creating a positive experience for the customer at every touchpoint.

A

customer-centric approach

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15
Q

Multiple Choice: Which of the following is a benefit of customer loyalty programs? A) Increased operational costs B) Higher customer retention C) Decreased customer satisfaction D) Reduced brand awareness

A

B) Higher customer retention

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16
Q

What is the significance of emotional connection in customer experience?

A

Emotional connection fosters loyalty, encourages repeat business, and enhances customer satisfaction.

17
Q

True or False: All customers have the same expectations from a brand.

A

False

18
Q

What does the term ‘churn rate’ refer to?

A

Churn rate refers to the percentage of customers who stop doing business with a company over a specific period.

19
Q

Fill in the blank: Companies should aim to create a __________ experience to retain customers.

A

seamless

20
Q

Multiple Choice: What is a common way to gather customer feedback? A) Social media B) Surveys C) Focus groups D) All of the above

A

D) All of the above

21
Q

What is the difference between customer satisfaction and customer loyalty?

A

Customer satisfaction measures how well a product or service meets expectations, while customer loyalty indicates a customer’s commitment to repurchase.

22
Q

True or False: Offering discounts is the only way to retain customers.

A

False

23
Q

What is the role of customer service in customer retention?

A

Customer service addresses issues, provides solutions, and ensures a positive experience, which contributes to retention.

24
Q

Fill in the blank: The __________ effect describes how satisfied customers are more likely to spread positive word-of-mouth.

A

halo

25
Q

Multiple Choice: Which metric is used to measure customer lifetime value (CLV)? A) Revenue per sale B) Average purchase frequency C) Customer retention rate D) All of the above

A

D) All of the above

26
Q

What is the impact of social media on customer experience?

A

Social media allows for direct interaction with customers, enhances engagement, and provides a platform for feedback.

27
Q

True or False: Retaining existing customers is less important than acquiring new ones.

A

False

28
Q

What is the purpose of customer segmentation?

A

Customer segmentation allows businesses to tailor experiences and marketing efforts to different customer groups.

29
Q

Fill in the blank: A __________ is a strategy that aims to enhance customer loyalty through rewards and recognition.

A

loyalty program

30
Q

Multiple Choice: What is a primary goal of customer experience management? A) Increase sales B) Decrease costs C) Improve customer satisfaction D) All of the above

A

C) Improve customer satisfaction

31
Q

What is the significance of a brand’s reputation in customer retention?

A

A strong brand reputation builds trust and encourages customers to remain loyal.

32
Q

True or False: Customer experience can be improved without employee training.

A

False

33
Q

What does omnichannel experience mean?

A

Omnichannel experience refers to providing a seamless customer experience across multiple channels, such as online, in-store, and mobile.

34
Q

Fill in the blank: Understanding __________ is crucial for tailoring customer experiences effectively.

A

customer needs

35
Q

Multiple Choice: Which of the following strategies can improve customer retention? A) Regular communication B) Offering incentives C) Personalized experiences D) All of the above

A

D) All of the above

36
Q

What is the role of analytics in customer experience?

A

Analytics helps identify customer behavior patterns, preferences, and areas for improvement.

37
Q

True or False: High customer retention rates can lead to increased profitability.

A

True

Practical Business Knowledge (13 decks)

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