Question 1

Retention strategies built around financial bonds:

Accepted Answer

A)   Provide long-term profit increases
B)   Use price as the primary marketing mix element
C)   Are difficult to initiate
D)   Provide long-term competitive advantage
E)   Have a high degree of service customizationF) A) and E)
G) None of the above

Question 2

With relationship marketing,customers can develop social relationships with their service providers,which makes it less likely that they will switch to a competitor.

Accepted Answer

A) True 
 B)False  True

Question 3

Customer retention strategies based on customization bonds:

Accepted Answer

A)   Do not exist in business-to-business marketing
B)   Create tying contracts,refusals to deal,exclusive dealing,and areas of gray marketing
C)   Are not concerned with the pricing element of the marketing mix
D)   May include the customer intimacy approach
E)   Support transactional marketing as well as relationship marketingF) A) and E)
G) B) and C)

Question 4

In some long-term customer-firm relationships,a service provider may become part of a customer's __________ ,such as when a hairdresser serves as a personal confidant,or a proprietor of a local retail store is known a central figure in the neighborhood network.

Accepted Answer

A)   Esteem benefits
B)   Self-actualization
C)   Social support system
D)   Utility transfer
E)   Assurance groupF) A) and E)
G) C) and D)

Question 5

What are four customer goals for organizations that engage in relationship marketing?

Accepted Answer

Acquiring customers,...

Question 6

According to the text,the relationship value of a customer is not influenced by:

Accepted Answer

A)   The average revenues generated per relevant time period over the lifetime
B)   Sales of additional products and services over time
C)   Referrals generated by the customer over time
D)   The length of the average customer "lifetime"
E)   The communication strategyF) A) and B)
G) A) and E)

Question 7

With relationship marketing,customers receive the specific inherent benefits of receiving service value and nothing more.

Accepted Answer

A) True 
 B)False

Question 8

United Jersey Bank offers customers,who have a combined balance of $3000 or more in a United Jersey Checking Account and Preferred Money Market Account,a service called United Jersey Preferred Banking.This service is designed to make banking more convenient and profitable for customers.United Jersey Preferred Banking eliminates monthly maintenance fees,provides unlimited free transactions at ATMs,preferred rates on personal loans,higher interest rates on savings with higher balances,and a consolidated monthly statement.United Jersey Bank does not offer United Jersey Preferred banking to customers with a combined balance of less than $3000 in a United Jersey Checking Account and Preferred Money Market Account since these customers are:

Accepted Answer

A)   In the wrong segment
B)   Not divisible
C)   Not profitable in the long run
D)   Known as difficult customers
E)   None of the aboveF) D) and E)
G) C) and D)

Question 9

Often,_____ are created by providing customized services to the client that are technology based and make the customer more productive.

Accepted Answer

A)   Financial bonds
B)   Social bonds
C)   Customization bonds
D)   Structural bonds
E)   HeterogeneityF) B) and E)
G) A) and D)

Question 10

The three types of benefits to organizations of maintaining and developing a loyal customer base are:

Accepted Answer

A)   Economic benefits; customer behavior benefits; human resource management benefits
B)   Economic benefits; confidence benefits; social benefits
C)   Customer behavior benefits; human resource management benefits; social benefits
D)   Special treatment benefits; economic benefits; customer behavior benefits
E)   Confidence benefits; social benefits; customer behavior benefitsF) A) and D)
G) A) and E)

Question 11

The _____ of a customer is a concept that looks at customers from the perspective of their lifetime revenue or profit contributions to a company.

Accepted Answer

A)   Relationship value
B)   Attractiveness index
C)   Profit performance quotient
D)   Calculated risk
E)   Loyalty factorF) C) and D)
G) B) and C)

Question 12

What are three types of customer relationships that may not be beneficial to the firm?

Accepted Answer

Level 4-wrong segmen...

Question 13

Kayla has been having her haircut by Duncan,a hairstylist at Studio 21 Salon,for five years.She has continued to use the same hairstylist even though the price of a haircut at Studio 21 Salon is $10 higher than at competing hair salons.Duncan stays up to date on the latest hairstyles and hair care products and Kayla always leaves the salon with a haircut she loves.Kayla realizes _____ benefits from her relationship with Duncan.

Accepted Answer

A)   Reliability
B)   Confidence
C)   Transactional
D)   Self-actualization
E)   TransformationalF) None of the above
G) B) and D)

Question 14

Retention strategies based on social bonds:

Accepted Answer

A)   Build long-term relationships through social and interpersonal as well as financial bonds
B)   Use a strategy of mass customization
C)   Are concerned about maintaining customer intimacy
D)   Are the most difficult of the retention strategies to initiate
E)   Create high opportunity costsF) A) and B)
G) D) and E)

Question 15

Gracie gets her haircut at a salon almost twenty miles from her house because the price is low and because Gracie went to school with the woman who owns the salon.What kind of retention strategy is being used in this example?

Accepted Answer

Level 2-so...

Question 16

Once a company has entered into a relationship with a customer,that relationship should never end.

Accepted Answer

A) True 
 B)False  False

Question 17

At the partnership stage of the customer relationship,the firm is most concerned with:

Accepted Answer

A)   Creating a competitive advantage
B)   Customer satisfaction
C)   The enhancement of its relationship with the customer
D)   Creating service loyalty
E)   Customer retentionF) B) and D)
G) All of the above

Question 18

What are the three types of benefits firms enjoy through relationship marketing?

Accepted Answer

Economic benefits,cu...

Question 19

The transition from the _____ stage to the _____ stage of the customer relationship requires the development of trust.

Accepted Answer

A)   Customers as acquaintances; customers as friends
B)   Customers as strangers; Customers as acquaintances
C)   Customers as partners; customers as acquaintances
D)   Customers as acquaintances; customers as strangers
E)   Customers as friends; customers as strangersF) A) and D)
G) All of the above A

Question 20

Which of the following is NOT a reason why a service firm may avoid a customer relationship with a particular customer?

Accepted Answer

A)   Customer is in the wrong segment
B)   Customer is not divisible
C)   Customer is not always right
D)   Customer is not profitable in the long run
E)   Customer is difficultF) B) and C)
G) A) and B)

Exam 6: Building Customer Relationships

Retention strategies built around financial bonds:

Correct Answer
verified

With relationship marketing,customers can develop social relationships with their service providers,which makes it less likely that they will switch to a competitor.

Correct Answer
verified
True

Customer retention strategies based on customization bonds:

Correct Answer
verified

In some long-term customer-firm relationships,a service provider may become part of a customer's __________ ,such as when a hairdresser serves as a personal confidant,or a proprietor of a local retail store is known a central figure in the neighborhood network.

Correct Answer
verified

What are four customer goals for organizations that engage in relationship marketing?

Correct Answer
verified
Acquiring customers,...
View Answer

According to the text,the relationship value of a customer is not influenced by:

Correct Answer
verified

With relationship marketing,customers receive the specific inherent benefits of receiving service value and nothing more.

Correct Answer
verified

Correct Answer
verified

Often,_____ are created by providing customized services to the client that are technology based and make the customer more productive.

Correct Answer
verified

The three types of benefits to organizations of maintaining and developing a loyal customer base are:

Correct Answer
verified

The _____ of a customer is a concept that looks at customers from the perspective of their lifetime revenue or profit contributions to a company.

Correct Answer
verified

What are three types of customer relationships that may not be beneficial to the firm?

Correct Answer
verified
Level 4-wrong segmen...
View Answer

Correct Answer
verified

Retention strategies based on social bonds:

Correct Answer
verified

Gracie gets her haircut at a salon almost twenty miles from her house because the price is low and because Gracie went to school with the woman who owns the salon.What kind of retention strategy is being used in this example?

Correct Answer
verified
Level 2-so...
View Answer

Once a company has entered into a relationship with a customer,that relationship should never end.

Correct Answer
verified
False

At the partnership stage of the customer relationship,the firm is most concerned with:

Correct Answer
verified

What are the three types of benefits firms enjoy through relationship marketing?

Correct Answer
verified
Economic benefits,cu...
View Answer

The transition from the _ stage to the _ stage of the customer relationship requires the development of trust.

Correct Answer
verified
A

Which of the following is NOT a reason why a service firm may avoid a customer relationship with a particular customer?

Correct Answer
verified

Exam 6: Building Customer Relationships

Retention strategies built around financial bonds:

Correct AnswerverifiedShow Answer

With relationship marketing,customers can develop social relationships with their service providers,which makes it less likely that they will switch to a competitor.

Correct AnswerverifiedTrue

Customer retention strategies based on customization bonds:

Correct AnswerverifiedShow Answer

In some long-term customer-firm relationships,a service provider may become part of a customer's __________ ,such as when a hairdresser serves as a personal confidant,or a proprietor of a local retail store is known a central figure in the neighborhood network.

Correct AnswerverifiedShow Answer

What are four customer goals for organizations that engage in relationship marketing?

Correct AnswerverifiedAcquiring customers,...View AnswerShow Answer

According to the text,the relationship value of a customer is not influenced by:

Correct AnswerverifiedShow Answer

With relationship marketing,customers receive the specific inherent benefits of receiving service value and nothing more.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Often,_____ are created by providing customized services to the client that are technology based and make the customer more productive.

Correct AnswerverifiedShow Answer

The three types of benefits to organizations of maintaining and developing a loyal customer base are:

Correct AnswerverifiedShow Answer

The _____ of a customer is a concept that looks at customers from the perspective of their lifetime revenue or profit contributions to a company.

Correct AnswerverifiedShow Answer

What are three types of customer relationships that may not be beneficial to the firm?

Correct AnswerverifiedLevel 4-wrong segmen...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Retention strategies based on social bonds:

Correct AnswerverifiedShow Answer

Gracie gets her haircut at a salon almost twenty miles from her house because the price is low and because Gracie went to school with the woman who owns the salon.What kind of retention strategy is being used in this example?

Correct AnswerverifiedLevel 2-so...View AnswerShow Answer

Once a company has entered into a relationship with a customer,that relationship should never end.

Correct AnswerverifiedFalse

At the partnership stage of the customer relationship,the firm is most concerned with:

Correct AnswerverifiedShow Answer

What are the three types of benefits firms enjoy through relationship marketing?

Correct AnswerverifiedEconomic benefits,cu...View AnswerShow Answer

The transition from the _____ stage to the _____ stage of the customer relationship requires the development of trust.

Correct AnswerverifiedA

Which of the following is NOT a reason why a service firm may avoid a customer relationship with a particular customer?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
True

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Acquiring customers,...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Level 4-wrong segmen...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Level 2-so...
View Answer

Correct Answer
verified
False

Correct Answer
verified

Correct Answer
verified
Economic benefits,cu...
View Answer

The transition from the _ stage to the _ stage of the customer relationship requires the development of trust.

Correct Answer
verified
A

Correct Answer
verified