Questions and Answers
What is the key aspect of consumer-generated marketing?
Direct customer involvement in brand conversations
How do satisfied customers contribute to a company's success?
By remaining loyal and advocating for the brand
What is the concept behind 'customer lifetime value'?
The overall value of purchases a customer will make over their relationship with the company
How can companies manage customer equity effectively?
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Which of the following marketing tools are essential for engaging customers in today's digital era?
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What type of customers are categorized as 'True friends'?
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Which marketing strategy is ideal for engaging consumers in real-time by linking to trending topics and events?
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How do companies use big data and AI in the context of marketing?
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Which category of customers has high loyalty but low profitability?
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What type of marketing involves tools such as websites, social media, mobile ads, and email for engaging customers anywhere, anytime?
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Which of the following is a key aspect of customer relationship management (CRM)?
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What is the core concept behind a firm's unique value proposition (UVP)?
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Which of the following best describes the concept of perceived value in the context of customer relationships?
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Which of the following marketing tools is typically used to build stronger bonds with consumers?
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In the context of sustainable marketing practices, which of the following is likely to be a key consideration?
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Which of the following is the primary reason for the shift towards building deeper, more direct relationships with customers?
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What does the phrase 'marketing by attraction' imply in the context of customer relationships?
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Which of the following is a key aspect of customer relationship management (CRM) in the context of building lasting relationships with customers?
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Which of the following is an example of a 'relationship building block' that companies can use to foster stronger customer relationships?
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Which of the following marketing tools is most closely aligned with the concept of 'customer value and satisfaction' in the context of building lasting customer relationships?
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Study Notes
Consumer-Generated Marketing
- Consumers play a significant role in shaping brand experiences through consumer-generated videos, blogs, and websites, fostering direct customer involvement.
- Partner relationship marketing involves collaborating with partners to bring greater value to customers.
Customer Relationship Management
- Customer-managed relationships involve customers connecting with companies and each other to create their own brand experiences.
- Most marketers combine mass-media marketing with online, mobile, and social media marketing.
- Capturing customer value involves creating loyalty and retention, leading to customer satisfaction and positive word-of-mouth.
Customer Lifetime Value
- Customer lifetime value is the amount by which revenues from a customer over time exceed the company's cost of attracting, selling, and servicing that customer.
- Growing share of customer refers to the portion of customer purchases that a company gets in its product categories.
- Building customer equity involves managing the total combined customer lifetime values of all customers.
Managing Customer Relationships
- Companies should manage customer equity carefully, viewing customers as assets that need to be managed and maximized.
- Not all customers are good investments; companies can classify customers according to their potential profitability and manage relationships accordingly.
Changing Marketing Landscape
- The digital age has led to the growth of online, mobile, and social media marketing, providing new ways to engage customers.
- Digital and social media marketing involves tools such as websites, social media, mobile ads, apps, online video, email, and blogs.
- Mobile marketing is the fastest-growing digital marketing platform, offering finely targeted and highly personalized marketing opportunities.
Big Data and AI
- Access to large amounts of data enables companies to gain deeper consumer insights, personalize marketing offers, and improve communication, engagement, and service.
Customer-Driven Marketing Strategy
- A customer-driven marketing strategy involves choosing a value proposition that differentiates a brand from others.
- The unique value proposition (UVP) is the core benefit or solution that differentiates a product or service from the competition.
Integrated Marketing Plan
- The marketing program builds customer relationships by transforming the marketing strategy into action, consisting of the firm's marketing mix (product, price, place, promotion).
- Customer relationship management involves building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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