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Questions and Answers
What is the primary goal of relationship marketing?
What is the benefit of trust and loyalty in business?
What does the salesperson do in a relationship marketing strategy?
What is the purpose of the salesperson's phone call after the sale?
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What is the outcome of relationship marketing?
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What is the definition of relationship marketing?
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What is the primary objective of relationship marketing?
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What is the measure of success in relationship marketing?
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What is the characteristic of relationship marketing compared to traditional marketing?
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What is the role of a company's departments in relationship marketing?
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What is the outcome of building relationships at multiple levels in relationship marketing?
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What is the level of relationship where the salesperson phones the customer to check whether the product is meeting the customer's expectations?
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What is the primary goal of soliciting product improvement suggestions from customers?
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Which of the following is an example of a proactive marketing strategy?
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What is the primary objective of relationship marketing?
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Which of the following is a key characteristic of relationship marketing?
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What is the primary benefit of partnering with customers to deliver better value?
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According to Serrano, which type of customers is the focus of Relationship Marketing?
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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.
