Podcast
Questions and Answers
What is benchmarking?
What is benchmarking?
- A measure of customer loyalty
- The systematic evaluation of practices of excellent organizations (correct)
- The use of statistics to quantify production problems
- An evaluation of customer satisfaction
What does subjective assessment of quality refer to?
What does subjective assessment of quality refer to?
The degree to which a product does what consumers expect it to do.
Define quality in the context of a company's products or services.
Define quality in the context of a company's products or services.
The degree of excellence in a company's products or services.
What is statistical quality control?
What is statistical quality control?
What does customer loyalty measure?
What does customer loyalty measure?
What is dynamic quality?
What is dynamic quality?
Which assessment evaluates whether a product does what it is supposed to do?
Which assessment evaluates whether a product does what it is supposed to do?
How is customer defections defined?
How is customer defections defined?
What is a customer satisfaction measurement program?
What is a customer satisfaction measurement program?
What are satisfaction ratings?
What are satisfaction ratings?
What does cost structure refer to?
What does cost structure refer to?
What is customer satisfaction?
What is customer satisfaction?
What is the Malcolm Baldrige National Quality Award?
What is the Malcolm Baldrige National Quality Award?
What are customer expectations?
What are customer expectations?
Define static quality.
Define static quality.
What is customer lifetime value (CLV)?
What is customer lifetime value (CLV)?
How is quality described in a company's products and services?
How is quality described in a company's products and services?
In addition to generating sales, loyal customers affect the ________ __________.
In addition to generating sales, loyal customers affect the ________ __________.
What results when accepted practices are perfected?
What results when accepted practices are perfected?
Which of the following is a reason why customers may defect from a company? (Select all that apply)
Which of the following is a reason why customers may defect from a company? (Select all that apply)
What is the effect of continuously improving product quality?
What is the effect of continuously improving product quality?
Study Notes
Key Concepts in Quality Management
- Benchmarking: Evaluation of excellent organizations' practices to improve customer service.
- Quality: Degree of excellence in products or services provided by a company.
- Dynamic Quality: Results from changes that make existing standards obsolete.
- Static Quality: Achieved by perfecting accepted practices to high quality standards.
Customer Evaluation Metrics
- Customer Satisfaction: Customer feelings regarding the value received from a product, which can be positive, neutral, or negative.
- Customer Loyalty: Measure of frequency with which customers choose a particular brand from a product class.
- Subjective Assessment of Quality: Reflects how well a product meets customer expectations.
- Objective Assessment of Quality: Evaluates whether a product performs as intended.
- Customer Defections: Percentage of customers who switch to different brands or suppliers.
Assessing Quality and Satisfaction
- Customer Satisfaction Measurement Program: Ongoing surveys to track customer satisfaction continuously.
- Satisfaction Ratings: Allow customers to compare brands and provide feedback on product performance.
- Satisfaction Factors: Include customer treatment, product satisfaction, and preferences.
Financial Aspects of Customer Relationships
- Cost Structure: Resources required to produce a specific amount of sales; influenced by customer loyalty.
- Customer Lifetime Value (CLV): Expected profit from a customer relationship over time.
Awards and Recognition
- Malcolm Baldrige National Quality Award: Initiative to enhance quality awareness and practices in U.S. businesses.
Understanding Customer Expectations
- Customer Expectations: Formed from prior experience and communication, affecting their perception of product performance.
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Description
Test your understanding of key concepts in quality management with these flashcards from Chapter 7. Learn important terms like benchmarking, subjective assessment of quality, and statistical quality control. Perfect for students looking to reinforce their knowledge in quality practices.
