12 Questions
What is the benefit that the customer gains from owning and using a product compared to the cost of obtaining the product?
Customer Value
In customer satisfaction, what happens if the product's performance is lower than expectations?
Satisfaction decreases
How do consumers choose among products and services based on value and satisfaction?
Based on the perceived performance relative to expectations
Which level of customer relationship involves loyalty reward programs?
Frequency marketing programs
What is the act of obtaining a desired object from someone by offering something in return?
Bartering
In which customer relationship level do customers have the highest level of engagement?
True friends
What is the goal of customer engagement marketing?
To foster direct and continuous customer involvement
What is the significance of customer generated marketing?
It increases consumer empowerment and involvement in brand experiences
What is the customer perceived value (CPV)?
The difference between the benefits and costs of a market offering relative to those of competing offers
How does customer satisfaction depend on a product's performance?
It depends on the product's perceived performance in delivering value relative to a buyer's expectations
What is customer lifetime value (CLV)?
The value of the entire stream of purchases that the customer would make over a lifetime of patronage
What does customer equity represent?
The total combined customer lifetime values of all the company's current and potential customers
Test your understanding of marketing and sales concepts, including customer focus, value creation, and customer relationship management (CRM). Explore the contrast between various marketing and sales strategies.
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