Principles of Marketing: Building Customer Relationships
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Questions and Answers

What is the primary goal of relationship marketing?

  • To create a one-time sales exchange
  • To focus on customer dissatisfaction
  • To build value-laden relationships and marketing networks (correct)
  • To increase individual transactions
  • What is the benefit of trust and loyalty in business?

  • It reduces customer loyalty
  • It leads to negative word of mouth
  • It increases customer complaints
  • It helps prevent customers from turning to competitors (correct)
  • What does the salesperson do in a relationship marketing strategy?

  • Only provides customer service after the sale
  • Does not solicit product improvement suggestions
  • Sells the product and encourages the customer to call whenever he or she has any questions or problems (correct)
  • Sells the product and ignores the customer
  • What is the purpose of the salesperson's phone call after the sale?

    <p>To check whether the product is meeting the customer's expectations</p> Signup and view all the answers

    What is the outcome of relationship marketing?

    <p>Continuous improvement of the company's offering</p> Signup and view all the answers

    What is the definition of relationship marketing?

    <p>Development of an ongoing connection between a company and its customers</p> Signup and view all the answers

    What is the primary objective of relationship marketing?

    <p>To deliver long-term value to customers</p> Signup and view all the answers

    What is the measure of success in relationship marketing?

    <p>Long-term customer satisfaction</p> Signup and view all the answers

    What is the characteristic of relationship marketing compared to traditional marketing?

    <p>Focus on building value-laden relationships</p> Signup and view all the answers

    What is the role of a company's departments in relationship marketing?

    <p>To work together with marketing as a team to serve the customer</p> Signup and view all the answers

    What is the outcome of building relationships at multiple levels in relationship marketing?

    <p>High customer loyalty</p> Signup and view all the answers

    What is the level of relationship where the salesperson phones the customer to check whether the product is meeting the customer's expectations?

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

    What is the primary goal of soliciting product improvement suggestions from customers?

    <p>To continuously improve the company's offering</p> Signup and view all the answers

    Which of the following is an example of a proactive marketing strategy?

    <p>Phoning customers to offer suggestions on product use</p> Signup and view all the answers

    What is the primary objective of relationship marketing?

    <p>To increase customer loyalty and long-term engagement</p> Signup and view all the answers

    Which of the following is a key characteristic of relationship marketing?

    <p>Providing personalized information to customers</p> Signup and view all the answers

    What is the primary benefit of partnering with customers to deliver better value?

    <p>Developing a competitive advantage</p> Signup and view all the answers

    According to Serrano, which type of customers is the focus of Relationship Marketing?

    <p>Large and enterprise customers</p> Signup and view all the answers

    Study Notes

    Definition of Relationship Marketing

    • Relationship marketing is an interaction with current customers and potential ones.
    • It involves creating, maintaining, and enhancing strong relationships with customers and other stakeholders.

    Importance of Relationship Marketing

    • Trust and loyalty go hand in hand, and it is super beneficial for all business.
    • It helps prevent customers from turning to competitors.

    Levels of Relationships

    Basic

    • The company salesperson sells the product but does not follow up in any way.

    Reactive

    • The salesperson sells the product and encourages the customer to call whenever they have any questions or problems.

    Accountable

    • The salesperson phones the customer a short time after the sale to check whether the product is meeting the customer’s expectations.
    • The salesperson solicits from the customer any product improvement suggestions and any specific disappointments.

    Proactive

    • The salesperson or others in the company phone the customer from time to time with suggestions about improved product use or helpful new products.

    Partnership

    • The company works continuously with the customer and with other customers to discover ways to deliver better value.

    Goals of Relationship Marketing

    • To deliver long-term value to customers.
    • To achieve long-term customer satisfaction.

    Characteristics of Relationship Marketing

    • Oriented more towards the long term.
    • Requires all the company’s departments to work together with marketing as a team to serve the customer.
    • Involves building relationships at many levels – economic, social, technical, and legal.
    • Results in high customer loyalty.

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    Description

    Test your understanding of relationship marketing, a crucial aspect of building strong customer relationships. Learn how salespeople interact with customers to ensure their expectations are met and gather feedback for product improvement.

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