Quiz on Managing Customer Relationships

What is the definition of Customer Retention?

• The percentage of an individual customer's purchase of a product that is a single brand

• The number of customers doing business with a firm at the end of a financial year

• A person’s feelings of pleasure or disappointment resulting from long retention of the product

• The customer's commitment or attachment to a brand, store, manufacturer, service provider, or other entity

What is the purpose of Customer Development Strategies?

• To acquire new customers

• To grow the value of retained customers

• To reduce customer churn

• To increase customer satisfaction

What is the key factor that influences customer loyalty?

• Trust

• Customer Satisfaction

• Customer Acquisition

• Market Share

What is the concept of Value Equity?

• The customer's assessment based on the offer, its price, and its convenience

• The customer's subjective and intangible assessment of the brand above and beyond its objectively perceived value

• The total of discounted lifetime values of all of the firm's customers

• The customers' assessment of tangible and intangible benefits derived from the product in comparison to the cost incurred in acquiring the product

What is the purpose of the Voice of Customer concept?

• To examine deep into the details of consumer research to know more about customer preferences and expectations

• To measure the customer's subjective and intangible assessment of the brand above and beyond its objectively perceived value

• To analyze the relationship between different aspects of trust and consumer response

• To define the customer's worth in knowledge-driven and customer-focused marketing

What is the significance of Customer Ownership?

• To examine details of customer interest and preferences and expectations about the product

• The customer's assessment based on the offer, its price, and its convenience

• The total of discounted lifetime values of all of the firm's customers

• The ideal relationship between the customer and a brand where the customer becomes the ambassador of the product/service

What does the Customer Loyalty Ladder represent?

• A proportion expressed in terms of percentage calculated among buyers

• A scenario where companies examine deep into the details of consumer research to know more about customer preferences and expectations

• The total of discounted lifetime values of all of the firm's customers

• A model of the relationship between different aspects of trust and consumer response based on categories

What is the purpose of the Transition Matrix?

• To examine deep into the details of consumer research through analytics

• To define the customer's worth in knowledge-driven and customer-focused marketing

• To measure the progressive stages of customer based on perceived value

• To show the expected share of wallet from multiple brands and depict consumer's willingness to buy over time

What is Customer Equity?

• The customer's assessment based on the offer, its price, and its convenience

• The customers' assessment of tangible and intangible benefits derived from the product in comparison to the cost incurred in acquiring the product

• The total of discounted lifetime values of all of the firm's customers

• The customer's subjective and intangible assessment of the brand above and beyond its objectively perceived value

What is the importance of Customer Advocacy?

• The customer's evaluation based on the offer, its price, and its convenience

• The sum of discounted lifetime values of all of the firm's customers

• Extends beyond customer satisfaction; at this stage, the customer becomes the advocate of the product/service

• The customer's personal and intangible evaluation of the brand beyond its objectively perceived value