Which of the below is true regarding relationship marketing compared to transaction marketing?

it is based in cooperation and trust between parties

Which of the following statements represents a key consideration in internal marketing?

Employee satisfaction is critical.

Buy more babysitting hours, Refer other parents, Cost less in travel time, Cost less in canceled bookings

Which of the following statements is true about CRM systems?

They create partnerships with customers.

While forming partnerships in B2B markets, organizations primarily look for companies that:

can add value to the relationship.

The most successful CRM systems share common qualities including:

They reduce costs by empowering customers with information.

In the context of strategic alliances, a cooperative relationship formed between businesses:

is usually less formal than a joint venture.

Strategic alliances are partnerships formed among firms in B2B markets to:

create a competitive advantage.

They lead to improved quality and reliability.

Calling customers after a sale, Emailing satisfaction surveys to customers

The term “internal partnership” refers to the relationship of an organization that involves:

customers within the organization.

some employees - sales reps are reluctant to use CRM systems

Mobile apps have become a multi-billion dollar industry because:

They provide advertisers with detailed consumer data.

Which of the following marketing exchanges is most likely to be transaction-based?

Buying property from a real estate agent

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Chapter 11

48 termsStudBud Administration4 plays

Relationship Marketing and Customer Relationship Management (CRM)

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Questions 48

Answers

1
Which of the below is true regarding relationship marketing compared to transaction marketing?
emphasizes achieving sales goals
is focused on the short-term
ranks profitability as a high priority
it is based in cooperation and trust between parties
2
Which of the following statements represents a key consideration in internal marketing?
Customer knowledge and involvement are important goals.
Employee satisfaction is critical.
It focuses primarily on customers who also work for the firm
Retaining employees in not a focus.
3
_______ customers are _____ likely to share information about their buying experiences.
Happy; more
Unhappy; less
Unhappy; more
Loyal; more
4
- Slide
Buy more babysitting hours
Refer other parents
Cost less in travel time
Cost less in canceled bookings
5
Which of the following statements is true about CRM systems?
Customer retention and loyalty is diminished.
Customers are not empowered.
They create partnerships with customers.
They do not allow for centralized data.
6
Which of the following is a characteristic of transaction-based marketing?
Emphasis on individual sales
Emphasis on long-term relationship
Customer interactions based on commitment and trust
Frequent customer contact
7
- Slide
internal
seller
buyer
lateral
8
One of the motives that prompt firms to enter into partnerships is:
raising barriers to entry.
creating longer distribution channels.
promoting use of technology 2 facilitate orientation
avoiding vertical and horizontal integration.
9
While forming partnerships in B2B markets, organizations primarily look for companies that:
can add value to the relationship.
are focused on product-orientation.
differ from them in the core values and goals.
have shorter distribution channels than their competitors.
10
- Slide
third
fourth
first
second
11
- Slide
vertical supply chain integration.
national account selling.
quick-response merchandising.
vendor-managed selling.
12
- Slide
Frequency
Internal
Affinity
Social
13
_____ is the process of rejuvenating lost relationships with customers.
Customer win-back
Customer orientation
Customer acquisition
Customer polarization
14
The most successful CRM systems share common qualities including:
They increase response time.
They reduce costs by empowering customers with information.
They lead to 100% customer retention rates.
They guarantee profitable customer relationships.
15
The grassroots marketing approach relies on marketing strategies that are:
flexible.
expensive.
traditional.
conventional.
16
Which of the following concepts forms the basis of buzz marketing?
Elasticity of demand
Employee empowerment
Word-of-mouth
Long-term product viability
17
In the context of strategic alliances, a cooperative relationship formed between businesses:
involves partners taking ownership positions.
typically involves forming a new business unit.
is usually less formal than a joint venture.
is not flexible or adaptable to changing market conditions.
18
- Slide
Internal partnership
Buyer partnership
Seller partnership
Lateral partnership
19
- Slide
Symbiotic merchandising
Quick-response merchandising
Lateral partnership
Vertical strategic alliance
20
Which of the following is an important goal of internal marketing?
Group polarization
Customer desensitization
Vertical integration
Employee involvement
21
- Slide
regulators
consumer advocacy groups
distributors
creditors
22
Involves connecting directly with existing & potential customers through nonmainstream channels
Viral marketing
Interactive marketing
Grassroots marketing
Buzz marketing
23
The main objective of internal marketing programs is to:
facilitate a vertical integration.
share resources with business partners.
encourage employees to view each other as competitors.
create satisfied employees.
24
Strategic alliances are partnerships formed among firms in B2B markets to:
avoid problems related to anti-trust legislation.
present a united front to labor unions.
create a competitive advantage.
decrease the value of debt service coverage ratio.
25
- Slide
They reduce inventory management costs.
They increase cash flows for both parties.
They guarantee the availability of supplies.
They lead to improved quality and reliability.
26
Refers to the revenues & intangible benefits a customer brings to the seller over the long-term
Customer lifetime value
Customer churn
Customer retention
Customer satisfaction
27
- Slide
Debt to equity ratio
Cost of the marketing program
Click-through behavior on websites
Lifetime value of a customer
28
- Slide
Buzz marketing
Grassroots marketing
Frequency marketing
Affinity marketing
29
- Slide
Frequency marketing
Database marketing
Customer churn
Grassroots marketing
30
- Slide
Comarketing
A seller partnership
Long-term marketing
An internal partnership
31
- Slide
frequency
viral
affinity
grassroots
32
- Slide
Calling customers after a sale
Monitoring social media sites
Emailing satisfaction surveys to customers
Answering customer emails
33
The term “internal partnership” refers to the relationship of an organization that involves:
customers within the organization.
partner firms in the supply chain.
competitors who form a monopoly.
ultimate customers who are the end users of the product.
34
- Slide
CRM programs reduce the customer's level of empowerment
CRM programs rely on decentralized data
some employees - sales reps are reluctant to use CRM systems
it is difficult to measure the results of a CRM program
35
An estimate of a firm’s revenue for a specified future period is known as a _____.
sales boundary
market cap
revenue cluster
sales forecast
36
- Slide
seller
lateral
buyer
internal
37
___________ are strategic alliances with other companies or with not-for-profit organizations.
Lateral partnerships
Co-marketing
Co-branding
Buyer partnerships
38
Mobile apps have become a multi-billion dollar industry because:
They are easy to use.
They keep user information secure.
They provide advertisers with detailed consumer data.
They are free to smartphone and tablet users.
39
- Slide
Internal marketing
Cobranding
Comarketing
Seller lock-in
40
- Slide
Symbiotic marketing
Lateral partnership
Cobranding
Comarketing
41
- Slide
Vendor-managed selling
Quick-response merchandising
Collaborative planning
National account selling
42
- Slide
seller partnership
buyer partnership
network partnership
lateral partnership
43
Describes the extent to which buyers of a product or a service are content with their purchases
Customer lifetime value
Customer satisfaction
Average propensity to consume
Market cognizance
44
Which of the following marketing exchanges is most likely to be transaction-based?
Annual service contract with a lawn and garden company
Golf club membership
Medical care for a person with a chronic illness
Buying property from a real estate agent
45
- Slide
frequency
database
affinity
internal
46
The term _____ describes the turnover in a company’s customer base.
customer win-back
customer churn
customer lifetime value
customer distribution pattern
47
- Slide
level zero marketing
level three marketing
level two marketing
level one marketing
48
Long-term customers are usually more valuable assets than new ones because ________________.
they provide valuable feedback
they understand the company’s products better
they complain less
customer service is not as important to them

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