Exam 17: Relationship Marketing and Customer Relationship Management CRM

In addition to examining the lifetime value of a customer and the payback from a customer relationship, what other techniques can a firm use to evaluate its relationship marketing programs?

The amount of value a firm brings to a partnership has no bearing on the strength and longevity of the relationship.

Strategic alliances typically include only the largest firms in any industry because of the amount of capital required to invest in shared facilities.

Explain grassroots marketing.

An internal partnership consists of a relationship that involves long-term exchanges of goods or services in return for cash.

Columbia is a sporting goods store and Jeep is an automobile. What is the Columbia edition of the Jeep Liberty an example of?

At the second level of the development of a buyer-seller relationship, what is the interaction focused on?

Which statement best describes relationship marketing?

What makes customer relationship management possible?

Point-of-sale register scanners, customer opinion surveys, and sweepstakes entry forms are information sources that organizations can use to create and add to their database.

Retailers using electronic data interchange can implement quick-response merchandising strategies or just-in-time strategies that reduce the time they hold merchandise in inventory.

Companies that excel at satisfying customers provide their employees with the necessary tools to address customer requests and problems in a timely manner.

The Best Buy Rewards Program tracks customer sales and periodically issues coupons to customers based on prior purchases. What kind of marketing is this program classified as?

The service department of an automobile firm calls its customers regularly after service to check the performance of the car. This is an example of the first level of interaction in the relationship marketing continuum.

Assume that Ford has established a strategic alliance with Michelin to design an exclusive line of tires for Ford automobiles. The Ford-Michelin strategic alliance would be a horizontal alliance.

Word-of-mouth advertising via technological devices is referred to as viral marketing.

Which of the following is an example of a typical third-level relationship marketing program?

The sale of a product to a customer via a vending machine is typical of a transaction-based relationship.

What is a characteristic of relationship marketing?

Database marketing involves the use of information technology to analyze data about customers and their transactions.