Exam 6: Building Customer Relationships

Once a company has entered into a relationship with a customer,that relationship should never end.

The transition from the _____ stage to the _____ stage of the customer relationship requires the development of trust.

With relationship marketing,customers can develop social relationships with their service providers,which makes it less likely that they will switch to a competitor.

At the partnership stage of the customer relationship,the firm is most concerned with:

What are four customer goals for organizations that engage in relationship marketing?

Gracie gets her haircut at a salon almost twenty miles from her house because the price is low and because Gracie went to school with the woman who owns the salon.What kind of retention strategy is being used in this example?

What are the three types of benefits firms enjoy through relationship marketing?

Retention strategies built around financial bonds:

Which of the following is NOT a reason why a service firm may avoid a customer relationship with a particular customer?

United Jersey Bank offers customers,who have a combined balance of $3000 or more in a United Jersey Checking Account and Preferred Money Market Account,a service called United Jersey Preferred Banking.This service is designed to make banking more convenient and profitable for customers.United Jersey Preferred Banking eliminates monthly maintenance fees,provides unlimited free transactions at ATMs,preferred rates on personal loans,higher interest rates on savings with higher balances,and a consolidated monthly statement.United Jersey Bank does not offer United Jersey Preferred banking to customers with a combined balance of less than $3000 in a United Jersey Checking Account and Preferred Money Market Account since these customers are:

According to the text,the relationship value of a customer is not influenced by:

The three types of benefits to organizations of maintaining and developing a loyal customer base are:

Often,_____ are created by providing customized services to the client that are technology based and make the customer more productive.

Customer retention strategies based on customization bonds:

With relationship marketing,customers receive the specific inherent benefits of receiving service value and nothing more.

In some long-term customer-firm relationships,a service provider may become part of a customer's __________ ,such as when a hairdresser serves as a personal confidant,or a proprietor of a local retail store is known a central figure in the neighborhood network.

Retention strategies based on social bonds:

What are three types of customer relationships that may not be beneficial to the firm?

Kayla has been having her haircut by Duncan,a hairstylist at Studio 21 Salon,for five years.She has continued to use the same hairstylist even though the price of a haircut at Studio 21 Salon is $10 higher than at competing hair salons.Duncan stays up to date on the latest hairstyles and hair care products and Kayla always leaves the salon with a haircut she loves.Kayla realizes _____ benefits from her relationship with Duncan.

The _____ of a customer is a concept that looks at customers from the perspective of their lifetime revenue or profit contributions to a company.