Module 4: Customer Relationship Management

Question 1

Is a strategy that concentrates on keeping and improving relationships with existing customers.

Answer 1

Relationship Marketing

Question 2

Is the ratio between the customer’s perceived benefits and the resources to obtain those benefits.

Answer 2

Customer Value

Question 3

Is the evaluation of the product’s performance in relation to the expectations set by the customer.

Answer 3

Customer Satisfaction

Question 4

Is an effort made by companies in order to keep customers happy and loyal.

Answer 4

Customer Retention

Question 5

There are many reasons why companies want loyal customers. Among which are as
follows:

Answer 5

*Loyal customers buy more products.
*They are less price—sensitive.
*They spread positive word of mouth.

Question 6

Includes service foundations that are built upon delivery of excellent service.

Answer 6

Core Service Provision

Question 7

The loyalty of customers are affected.

Answer 7

Switching Barriers

Question 8

Refers to the retention strategies that keep the customer buying the same brand.

Answer 8

Relationship Bond

Question 9

4 Retention Strategies

Answer 9

Financial Bond
Social Bond
Customization Bond
Structural Bond

Question 10

at this level, the customer patronizes a brand because of the financial incentives that he or she may receive from the company.

Answer 10

Financial Bond

Question 11

this type of bond focuses on the social and interpersonal relationship between the company and the customer

Answer 11

Social Bond

Question 12

customer loyalty may be encouraged when customers are allowed to avail of tailored services to fit their individual needs

Answer 12

Customization Bond

Question 13

at this level, financial, social, and customization bonds are all combined in order to deliver services that fit the need of the client of customer

Answer 13

Structural Bond

Question 14

Its marketing goal is to acquire customers and earn their confidence.

Answer 14

Customer As Strangers

Question 15

Goal of the company is to satisfy these new customers.

Answer 15

Customers As Acquaintances

Question 16

Goal is to retain the customers and keep them close through different marketing activities.

Answer 16

Customers As Friends

Question 16

Enhance their relationship to ensure that the customer will always choose to buy from them and not from competitors.

Answer 16

Customers As Partners

Question 17

The process of building and maintaining profitable customer relationship by delivering customer value and satisfaction.

Answer 17

Customer Relationship Management

Question 18

Customer Profitability-focused Marketing Pyramid

Answer 18

• Platinum ^
• Gold
• Iron
• Lead

Question 19

Spread negative word of mouth

Answer 19

Lead

Question 20

customers may be regular customers, but their purchase volume may not merit special

Answer 20

Iron

Question 21

customers are heavy users but are price-sensitive

Answer 21

customers are heavy users but are price-sensitive

Question 22

customers are heavy users and are not price-sensitive

Answer 22

Platinum

Question 23

companies have to be more discerning in creating and managing relationships with their customers

Answer 23

Relating with Carefully Selected Customers

Question 24

Mobile applications and Web sites now encourage consumers to generate their own content.

Answer 24

Consumer-generated Marketing