A) customer-perceived value
B) marketing offerings
C) partner relationship management
D) customer lifetime value
E) value proposition
Answer: D
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
Difficulty: Moderate
100) At Gina's retail stores, the posted policy reads, "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________.
A) managing partner relationships
B) selling new products
C) attracting "butterflies"
D) converting "barnacles" to "strangers"
E) capturing customer lifetime value
Answer: E
AACSB: Analytical thinking
Skill: Application
Objective: LO 1.4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
Difficulty: Challenging
101) The portion of the customer's purchasing that a company gets in its product categories is known as ________.
A) customer-perceived value
B) share of customer
C) customer insight
D) consumption function
E) induced consumption
Answer: B
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
Difficulty: Easy
102) Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms?
A) Marketers want to increase their market share.
B) Marketers want to increase the share they get of the customer's purchasing in their product categories.
C) Marketers want to diversify their operations and customize their products to cater to the entire market.
D) Marketers want to continuously increase their customers' levels of satisfaction.
E) Marketers want to turn satisfied customers into delighted customers.
Answer: B
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
Difficulty: Moderate
103) ________ is one of the best ways to increase share of customer.
A) Targeting new customers
B) Using bait and switch
C) Cross-selling
D) Divesting
E) Partnership marketing
Answer: C
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
Difficulty: Easy
104) Keith, a clothing store owner, offers product suggestions to customers based on their current purchases. Which of the following is Keith trying to increase?
A) shared value
B) share of customer
C) social responsibility
D) customer-generated marketing
E) customer loyalty
Answer: B
AACSB: Analytical thinking
Skill: Application
Objective: LO 1.4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
Difficulty: Challenging
105) Which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers?
A) share of customer
B) marketing mix
C) customer equity
D) target market
E) customer-perceived value
Answer: C
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
Difficulty: Easy
106) In the context of customer relationship groups, a potentially profitable and short-term customer is referred to as a ________.