Answer: TRUE
Diff: 1
LO: 1-4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
AACSB: Application of knowledge
81) Customer-perceived value is defined as a customer's evaluation of the perceived difference between all the benefits and all the costs of a market offering relative to those of competing offers.
Answer: TRUE
Diff: 2
LO: 1-4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
AACSB: Analytical thinking
82) The more loyal a firm's profitable customers, the lower its customer equity.
Answer: FALSE
Diff: 1
LO: 1-4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
AACSB: Application of knowledge
83) In markets with few customers and high margins, sellers should try to develop basic relationships rather than full partnerships.
Answer: FALSE
Diff: 2
LO: 1-4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
AACSB: Application of knowledge
84) The Internet of Things (IoT) is a global environment where everything and everyone is digitally connected to everything and everyone else.
Answer: TRUE
Diff: 2
LO: 1-4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
AACSB: Analytical thinking
85) Through consumer-generated marketing, consumers themselves are playing a bigger role in shaping their own brand experiences and those of others.
Answer: TRUE
Diff: 1
LO: 1-4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
AACSB: Application of knowledge
86) Success at delivering customer value rests on how well a company's entire supply chain performs against competitors' supply chains.
Answer: TRUE
Diff: 1
LO: 1-4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
AACSB: Reflective thinking
87) Customer equity is a measure of the past value of a company's customer base.
Answer: FALSE
Diff: 2
LO: 1-4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
AACSB: Analytical thinking
88) In the final step of a marketing process, a company reaps the rewards of its strong customer relationships by capturing value from customers.
Answer: TRUE
Diff: 2
LO: 1-4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
AACSB: Analytical thinking
89) Define customer-perceived value.
Answer: Customer-perceived value is defined as the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. Importantly, customers often do not judge values and costs accurately or objectively. They act on perceived value. A customer buys from the firm that offers the highest customer-perceived value.
Diff: 1
LO: 1-4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.