16 Questions
What are the five main factors that emerge when putting the customer at the centre of the entire organization?
Customer, technology, strategy, processes, and people
What is the term used to describe the interrelated factors of customer, technology, strategy, processes, and people?
Customer Relationship Management (CRM)
At what stage does a potential customer make a first purchase?
Customer stage
What is the term for managing relationships with existing customers?
Account management
What concept involves starting with customer awareness and ending with customer satisfaction?
Customer relationship cycle
What is the term for the stage when the client does not buy from the supplier yet but may be interested in doing so?
Potential customer stage
What does Thomassen (2015) argue is crucial for ensuring customer loyalty?
Exceeding customer expectations and being warm and emphatic
What is the term meaning for 'customer awareness'?
The realisation that customers are important and can have different desires and expectations
Which factor has caused customer trust to plummet, especially in the financial sector?
Fierce competition from online alternatives
What does customer insight involve?
The continuous research, recording, and analysis of the needs, requirements, and behavior of individual customers
What is expectation management in relation to customer expectations?
The deliberate and proactive guiding of customer expectations through the balanced provision of relevant and transparent information
What is customer focus based on the provided text?
Adopting customer centricity as the principle for the setup of the entire organisation
What is meant by 'customer satisfaction' in the context provided?
The extent to which the customer is happy with the performance of a supplier
'Exceeding expectations' as a factor for ensuring customer loyalty involves:
Being warm and emphatic in responding to customer needs
'Being warm and emphatic' as a factor for ensuring customer loyalty involves:
'Recognising customers' by giving genuine attention
'Customer friendliness' includes:
'The adoption of a positive, friendly attitude for customer contact
Study Notes
Customer-Centric Organization
- Five main factors emerge when putting the customer at the center of the organization: customer, technology, strategy, processes, and people.
- These interrelated factors are described by the term "Service Blueprint".
Customer Purchase Journey
- A potential customer makes a first purchase at the "conversion" stage.
- The stage where the client does not buy from the supplier yet but may be interested in doing so is called "prospect".
- The concept that involves starting with customer awareness and ending with customer satisfaction is called "Customer Journey".
Customer Loyalty
- According to Thomassen (2015), ensuring customer loyalty is crucial for a company's success.
- "Exceeding expectations" is a factor that ensures customer loyalty.
- "Being warm and empathetic" is also a factor that ensures customer loyalty.
- "Customer friendliness" includes being warm and empathetic.
Customer Trust and Insight
- Customer trust has plummeted, especially in the financial sector, due to the lack of transparency.
- Customer insight involves understanding customer needs and preferences.
- Expectation management in relation to customer expectations involves setting and meeting customer expectations to ensure satisfaction.
Customer Focus and Satisfaction
- Customer focus is based on understanding customer needs and preferences.
- Customer satisfaction in the context provided means meeting or exceeding customer expectations.
- Customer satisfaction is the end goal of the customer journey.
Test your knowledge of customer-centric factors, technology, strategy, processes, and people in the context of Customer Relationship Management (CRM). Explore the interrelated nature of these factors and their alignment for successful sales.
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