Principles of Marketing: Building Customer Relationships
18 Questions
18 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    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.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser