Customer Relationship Management Overview

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Questions and Answers

Which of the following are considered forms of Customer Evaluation?

  • Word-of-Mouth (correct)
  • Customer Satisfaction (correct)
  • Perceptions of Quality (correct)
  • Customer Intentions to Repurchase (correct)
  • Speaking Favorably to Friends and Family (correct)

What are the steps in the hierarchy of Customer Behavior? (Select all that apply)

  • Trial (correct)
  • Repeat (correct)
  • Product Trial (correct)
  • Awareness (correct)
  • Loyalty (correct)

How do consumers primarily evaluate products?

Consumers evaluate products based on their expectations of the product.

Which of the following are considered sources of expectations in evaluating products?

<p>Third-Party Communications (A), Marketing Mix Elements from the Company (B), Friends or Experts (C), Own Experiences (D)</p> Signup and view all the answers

Identify the types of purchases within the customer evaluation framework.

<p>Credence Purchases (A), Experiential Purchases (B), Low Involvement Purchase (C), High Involvement Purchase (D)</p> Signup and view all the answers

Customer evaluations can be influenced by factors such as Experience and Expectations.

<p>True (A)</p> Signup and view all the answers

What is typically used to measure quality and customer satisfaction?

<p>Surveys</p> Signup and view all the answers

What is Customer Relationship Management (CRM)?

<p>A tool for engaging customers and managing relationships. (D)</p> Signup and view all the answers

What is the purpose of a Loyalty Program?

<p>To reward loyal customers. (A)</p> Signup and view all the answers

What are some key elements that contribute to a strong Customer Relationship?

<p>Customer Relationship is built upon factors such as satisfaction, service, support, loyalty, reliability, and quality.</p> Signup and view all the answers

Flashcards

Customer Evaluation

Assessing customers' opinions of a product or service.

Customer Satisfaction

How happy customers are with a product or service compared to expectations.

Perceived Quality

Customer's belief about the quality of a product or service based on their experience and perception.

Repurchase Intentions

Customers' plans to buy the same brand or product again.

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Word of Mouth

Positive or negative recommendations customers make to others.

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Customer Loyalty

Customer's commitment to a specific brand or company.

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Customer Relationship Management (CRM)

Strategies and tools for building and maintaining customer relationships.

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Consumer Product Evaluation

How consumers assess products based on their expectations.

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Product Expectations

What customers anticipate from a product in terms of performance, features, and other attributes.

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Own Experiences

A source of evaluation using past personal experiences with a product.

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Expert Opinions

Evaluations from trusted sources regarding a product's worth.

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Marketing Mix Element

Promotional aspects of the product or service originating from the company.

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Third Party Communications

External sources providing information about a product or service (e.g., reviews).

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Low Involvement Purchasing

Purchases made with little thought or significant consideration. (Simple products, everyday items)

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High Involvement Purchasing

Purchases involving higher careful consideration and weighing of options(eg. cars,homes).

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Credence Purchases

Purchases where the consumer can't evaluate the product's quality even after using it.

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Experiential Purchases

Purchases based on the experience provided by the product.

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Customer Experience

Overall impression customers have interacting with the product and/or company.

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Customer Survey

Instruments used to gather customer perceptions and opinions.

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Hierarchy of Customer Behavior

Stages a customer goes through when considering a product: from awareness to loyalty.

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Loyalty Program

Incentives to encourage repeat purchases by rewarding customer loyalty.

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Study Notes

Customer Relationship Management (CRM)

  • Companies interact with existing customers through various methods
  • Key components include satisfaction, support service, quality, marketing, and research
  • Customer evaluations are crucial for understanding customer satisfaction and quality, encompassing different types
  • Customer loyalty is a vital aspect of customer relationships

Forms of Customer Evaluation

  • Customer Satisfaction: Assessing customer contentment with products or services
  • Perceptions of Quality: Evaluating the perceived quality of products or services
  • Customer Repurchase Intentions: Determining likelihood of repeat purchases from the same brand or provider
  • Word of Mouth: The favorable reviews shared with friends, family and colleagues

Hierarchy of Customer Behavior

  • Awareness: Initial knowledge of a product or service
  • Trial: Experimentation with the product or service
  • Repeat: Recurring purchases after trial
  • Loyalty: Consistent preference and commitment to a brand

How Consumers Evaluate Products

  • Consumers assess products based on expectations compared to the actual experience
  • Sources of expectations include personal experiences, recommendations from friends/experts, and company marketing messages

Types of Customer Purchases

  • Low involvement purchases: Routine, less important
  • High involvement purchases: Significant decision-making
  • Credence purchases: Involving products of which customers have difficulty judging quality
  • Experiential purchases: Purchases based on the overall experience

Measuring Quality and Customer Satisfaction

  • Surveys are effective tools for gathering customer perceptions of quality and satisfaction.

Loyalty and Customer Relationship Management (CRM)

  • A loyalty program encourages repeat customers by providing exclusive benefits
  • CRM systems track customer spending and segment customers, leading to targeted strategies, and identifying and maintaining customer contact information.

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Customer Relationship Lesson 7 PDF

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