W8 Lecture 8: Customer relationships, participation & engagement

Question 1

Relationship marketing

Answer 1

the establishment and maintenance of long-term buyer–seller relationships

Question 2

Relationship marketing capabilities:

Answer 2

• Data collection & access (e.g., segment by CLV, segment of one )
• Product & service customization
• Customer service procedures
• Multi-channel customer interactions
• Customer retention improved through increased value & satisfaction (& thus increase switching costs)