Value Through Relationships- Chapter 10

Question 1

commitment

Answer 1

a process whereby individuals (and companies) establish a bond to reduce negative aspects of a relationship

Question 2

customer relationship management (CRM)

Answer 2

term used for the methodologies, technologies and e-commerce capabilities used by companies to manage customer relationships

Question 3

global account management (GAM)

Answer 3

process of coordinating and developing mutually beneficial long-term relationships with a select group of strategically important customers (accounts) operating in globalised industries

Question 4

key account management (KAM)

Answer 4

an approach to selling that focuses resources on major customers and uses a team selling approach

Question 5

loyalty

Answer 5

a term used to explain repeated purchasing behaviour

Question 6

relationship marketing

Answer 6

the process of creating, maintaining and enhancing strong relationships with customers and other stakeholders

Question 7

satisfaction

Answer 7

an indicator of the extent to which customer expectations have been met. As a concept it is important to long-term relationship building

Question 8

service quality

Answer 8

involves the experience a customer has of a company’s offer. Services vary in complexity and the investment and risk a customer makes in the purchase.

Question 9

touchpoints

Answer 9

points at which a customer interacts with a company across a customer journey and where data can be controlled

Question 10

trust

Answer 10

a customer’s level of confidence in a company’s ability to supply the required good, its reliability and integrity.