Module 2: Customer Relationship and Customer Service Flashcards
The traditional view of marketing as a simple exchange process, or _____ is being replaced by a different, long-term approach
transaction-based marketing
_____ for customers so that they will appreciate the offerings of the company is another major function of marketing
Creating value
_____ develop long-term satisfaction with the offerings which results in customer loyalty to the product or service,
Delighted customers
_____ are the building blocks of a long-term relationship between the company and its customers
Customer value and satisfaction
refer to the perceived benefits and results a customer expects when buying and using a product or availing of a service.
Customer expectation
customer expectations with companies revolve around the following main aspects:
ARTER
- Reliability
- Tangibles
- Responsiveness
- Assurance
- Empathy
Marketing experts suggest that instead of surpassing expectations, companies should merely _____
manage them
This strategy is often use by companies that rely on quick delivery of products and services.
“underpromise and overdeliver” strategy
refers to the unique, combination of benefits received by targeted buyers that include quality, price, convenience, on-time delivery, and both before-sale and after-sale service.
Customer Value
refers to the customer’s assessment of the benefits gained from buying and using a product compared to its cost as well as the competing offers on the market.
Customer’s Perceived Value
Types of customer value
Customer Value
Customer’s Perceived Value
Alternative Ways for Creating Value
- Increasing the benefits of the product
- Offering the product in best price
- Offering the best product
- Providing best service
means matching the specific wants of every customer with a certain product offering of a company, creating value and ensuring customer satisfaction.
Customization
customization requires _____. Companies should control their costs, without sacrificing the quality of the product or service, in order to remain profitable.
discipline and careful planning
constantly thinks about customers, how their needs and wants can be satisfied and how their expectations can be met. Company regarded customers as “kings or queens.”
customer-oriented company
_____ focuses on value-creating processes and it involves developing personal and ongoing ties between the company and customers.
Relationship marketing
Marketers use data gained from ______ to familiarize themselves with their customers and determine ways to apply this knowledge to improving customer value through their offerings.
marketing research
Types of Relationship Marketing
- Experiential Marketing
- Permission Marketing
- One-to-One Marketing
it allows the market to experience the brand
utilizing multiple touch points and targeting multiple senses
Experiential Marketing
type of relationship marketing helps developed a relationship with the customers by combining brand education and entertainment, and in the process, makes the experience relevant and distinctive as far as the consumer is concerned.
Experiential Marketing
encourage the customers to be part of a longer-term marketing campaign by inviting and providing an incentive
Permission Marketing
Customers must first give their permission to the brand before it can send them promotional messages.
Permission Marketing
focuses more on the individual consumer with the company their products and services for that individual. companies choose to devote their marketing efforts on their most valuable customers.
One-to-One Marketing
One aspect of _____ is the collection and analysis of data on customers.
customer relationship management
CRM
CRM encompasses
lead generation (getting information about potential customers and qualifying them in the process)
customer acquisition (converting prospect to current customer)
monitoring and satisfying customer needs
CRM
- Prospective customers are profiled and monitored.
- Customers’ personal data and transactions are recorded in the company database; the information is used to track customer buying patterns, their preferences and expectations.
- The collection data is utilized to measure the customers’ lifetime value (customer equity).
are determined by calculating the profit gained from each customer within a specific time period (usually within a year)
Customer Lifetime Value (CLTV)
The sum of the customer lifetime value of all current and future customers determines
customer equity.
Customer Service is
Marketing
How to improve the company’s customer service? The company can improve the customer service by:
- Describing and understanding the customer’s needs and wants
- Identifying specific barriers and room for improvement
- Preparing and testing service standards
- Modifying and adopting service standards
- Monitoring and improving the service standards
