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Consumer Generated Marketing and Partner Relationship Marketing Quiz

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FearlessCello
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20 Questions

What is the key aspect of consumer-generated marketing?

Direct customer involvement in brand conversations

How do satisfied customers contribute to a company's success?

By remaining loyal and advocating for the brand

What is the concept behind 'customer lifetime value'?

The overall value of purchases a customer will make over their relationship with the company

How can companies manage customer equity effectively?

By maximizing the value of each customer relationship

Which of the following marketing tools are essential for engaging customers in today's digital era?

Online marketing, mobile marketing, and social media marketing

What type of customers are categorized as 'True friends'?

Highly profitable and highly loyal

Which marketing strategy is ideal for engaging consumers in real-time by linking to trending topics and events?

Social media marketing

How do companies use big data and AI in the context of marketing?

To gain deeper consumer insights and personalize marketing offers

Which category of customers has high loyalty but low profitability?

Barnacles

What type of marketing involves tools such as websites, social media, mobile ads, and email for engaging customers anywhere, anytime?

Digital and social media marketing

Which of the following is a key aspect of customer relationship management (CRM)?

Delivering superior customer value and satisfaction

What is the core concept behind a firm's unique value proposition (UVP)?

The core benefit or solution that differentiates the product or service from competitors

Which of the following best describes the concept of perceived value in the context of customer relationships?

The customer's evaluation of the benefits and costs of a market offering relative to alternatives

Which of the following marketing tools is typically used to build stronger bonds with consumers?

Frequency marketing programs that reward frequent buyers

In the context of sustainable marketing practices, which of the following is likely to be a key consideration?

Focusing on the societal and environmental impact of marketing activities

Which of the following is the primary reason for the shift towards building deeper, more direct relationships with customers?

Greater consumer empowerment and resistance to intrusive marketing

What does the phrase 'marketing by attraction' imply in the context of customer relationships?

Employing pull marketing strategies that draw customers towards the brand through engaging content and experiences

Which of the following is a key aspect of customer relationship management (CRM) in the context of building lasting relationships with customers?

Collecting and analyzing customer data to better understand their needs and preferences

Which of the following is an example of a 'relationship building block' that companies can use to foster stronger customer relationships?

Frequent buyer programs that offer rewards and discounts for repeat purchases

Which of the following marketing tools is most closely aligned with the concept of 'customer value and satisfaction' in the context of building lasting customer relationships?

Customer satisfaction surveys and feedback mechanisms

Study Notes

Consumer-Generated Marketing

  • Consumers play a significant role in shaping brand experiences through consumer-generated videos, blogs, and websites, fostering direct customer involvement.
  • Partner relationship marketing involves collaborating with partners to bring greater value to customers.

Customer Relationship Management

  • Customer-managed relationships involve customers connecting with companies and each other to create their own brand experiences.
  • Most marketers combine mass-media marketing with online, mobile, and social media marketing.
  • Capturing customer value involves creating loyalty and retention, leading to customer satisfaction and positive word-of-mouth.

Customer Lifetime Value

  • Customer lifetime value is the amount by which revenues from a customer over time exceed the company's cost of attracting, selling, and servicing that customer.
  • Growing share of customer refers to the portion of customer purchases that a company gets in its product categories.
  • Building customer equity involves managing the total combined customer lifetime values of all customers.

Managing Customer Relationships

  • Companies should manage customer equity carefully, viewing customers as assets that need to be managed and maximized.
  • Not all customers are good investments; companies can classify customers according to their potential profitability and manage relationships accordingly.

Changing Marketing Landscape

  • The digital age has led to the growth of online, mobile, and social media marketing, providing new ways to engage customers.
  • Digital and social media marketing involves tools such as websites, social media, mobile ads, apps, online video, email, and blogs.
  • Mobile marketing is the fastest-growing digital marketing platform, offering finely targeted and highly personalized marketing opportunities.

Big Data and AI

  • Access to large amounts of data enables companies to gain deeper consumer insights, personalize marketing offers, and improve communication, engagement, and service.

Customer-Driven Marketing Strategy

  • A customer-driven marketing strategy involves choosing a value proposition that differentiates a brand from others.
  • The unique value proposition (UVP) is the core benefit or solution that differentiates a product or service from the competition.

Integrated Marketing Plan

  • The marketing program builds customer relationships by transforming the marketing strategy into action, consisting of the firm's marketing mix (product, price, place, promotion).
  • Customer relationship management involves building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Test your knowledge on how consumers shape brand experiences through consumer-generated content and foster direct customer involvement. Also, explore the concept of partner relationship marketing and its role in creating value for customers.

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