Top 10 questions-Chap 5
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This document discusses 10 learning questions about creating customer value, satisfaction, and loyalty. It addresses key topics like customer perceived value, customer satisfaction, customer relationship management, quality, and using customer databases. For each question, it provides explanations, examples, and references from the textbook Marketing Management by Philip Kotler to concisely answer the questions.
Top 10 questions-Chap 5
- 1. TOP 10 Learning Questions for Creating Customer Value, Satisfaction & Loyalty and Ch 5 Joan Soliven April 15, 2011 http://joansoliven.blogspot.com/
- 2. 1. Difference between what the customer gets and what he or she gives for different possible choices. A. Customer Satisfaction B. Good Service C. Quality D. Customer Perceived Value E. Product http://joansoliven.blogspot.com/
- 3. Customer Perceived Value Difference between what the customer gets and what he or she gives for different possible choices. Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 4. Consumers are more educated and informed, they seek out superior alternatives Dell offering better service than HP, they outpaced HP before in terms of customer perceived value. Source: Marketing Management 13th Edition by Philip Kotler
- 5. 1. Difference between what the customer gets and what he or she gives for different possible choices. A. Customer Satisfaction B. Good Service C. Quality Product D. Customer Perceived Value E. Product http://joansoliven.blogspot.com/
- 6. 2. How do the Modern-Customer oriented org. chart are arranged? A. C. B. D. http://joansoliven.blogspot.com/
- 7. Successful Companies follow the Modern Customer-oriented Org. Chart Customers Front-line people Middle Management Top Management Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 8. Everyone in the company has their own role that aims to satisfy the customer meet serve and satisfy customers support the frontline people Hire and support good middle Managers Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 9. 2. How do the Modern-Customer oriented org. chart are arranged? A. C. B. D. http://joansoliven.blogspot.com/
- 10. 3. It is the feeling of satisfaction or dissatisfaction of the customer from a product’s outcome versus customer’s expectation. A. Customer Satisfaction B. Customer Loyalty C. Customer Perceived Value D. Customer Retention E. Customer Survey http://joansoliven.blogspot.com/
- 11. Customer Satisfaction The feeling of satisfaction or dissatisfaction of the customer from a product’s outcome versus customer’s expectation. http://joansoliven.blogspot.com/
- 12. Characteristics of Highly Satisfied customers Stays loyal longer Pay less attention to competing brands Buys more Less sensitive to price Upgrades existing product Offers product and service idea Talks favorably to others Source: Marketing Management 13th Edition by Philip Kotler
- 13. 3. It is the feeling of satisfaction or dissatisfaction of the customer from a product’s outcome versus customer’s expectation. A. Customer Satisfaction B. Customer Loyalty C. Customer Perceived Value D. Customer Retention E. Customer Survey http://joansoliven.blogspot.com/
- 14. 3. Which of these is a measurement of customer satisfaction? A. Customer loss Rate B. Product Tasting C. Mystery Shopper D. Periodic Surveys E. Monitor Competitive Performance http://joansoliven.blogspot.com/
- 15. Measurement for Customer Satisfaction Periodic Surveys Customer Loss Rate Mystery Shoppers Monitor Competitive Performance Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 16. Measurement for Customer Satisfaction Periodic Surveys Customer Loss Mystery Monitor Rate Shopper Competitive -Track customer satisfaction - experience Performance -To find out why they stop buying company’s - find out the customer & competitor’s Satisfaction rate of Products & service Competitors. Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 17. 3. Which of these is a measurement of customer satisfaction? A. Customer loss Rate B. Product Tasting C. Mystery Shopper D. Customer Loss Rate E. Monitor Competitive Performance http://joansoliven.blogspot.com/
- 18. 4. It is the totality of features and characteristics of a product or service that bear of its ability to satisfy needs. A. Appearance B. Specifications C. Image D. Quality E. Value http://joansoliven.blogspot.com/
- 19. Customer Satisfaction depends on Quality Quality is the totality of features and characteristics of a product or service that bear of its ability to satisfy needs. http://joansoliven.blogspot.com/
- 20. 4. It is the totality of features and characteristics of a product or service that bear of its ability to satisfy needs. A. Appearance B. Specifications C. Image D. Quality E. Value http://joansoliven.blogspot.com/
- 21. Impact of Quality These 3 are interrelated with each other Product and Service Quality Company Customer Profitability Satisfaction Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 22. 5. The process of carefully managing detailed information about individual customers and all customer touch points to maximize customer loyalty. A. Monitoring Satisfaction B. Maximizing Customer Lifetime Value C. Customer Relationship Management D. Customer Profitability E. Building Loyalty http://joansoliven.blogspot.com/
- 23. Customer Relationship Management The process of carefully managing detailed information about individual customers and all customer ”touch points” to maximize customer loyalty. Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 24. Excellent Real-time Customer Service through the effective use of information Market offerings Services Programs Messages Media Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 25. 5. The process of carefully managing detailed information about individual customers and all customer touch points to maximize customer loyalty. A. Monitoring Satisfaction B. Maximizing Customer Lifetime Value C. Customer Relationship Management D. Customer Profitability E. Building Loyalty http://joansoliven.blogspot.com/
- 26. 6. Terminating low-profit customers and focusing more effort on high profit customers are one of the ways of increasing _________ A. Value of Product B. Market segmentation C. Market share D. Value of Customer Base E. Market Value http://joansoliven.blogspot.com/
- 27. 6. Increasing Value of Customer Base by: Reduce the rate of Terminate low-profit defection customers Increase longevity of relationship Focus more effort on high profit customers Enhance ”share of wallet” Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 28. 6. Increasing Value of Customer Base by: Terminate low-profit customers = Encourage to buy more or terminate them Enhance ”share of wallet” = Increase sales by providing new offerings An opportunities. Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 29. 6. Terminating low-profit customers and focusing more effort on high profit customers is one of the ways of increasing _________ A. Value of Product B. Market segmentation C. Market share D. Value of Customer Base E. Market Value
- 30. 7. Which step on the customer development process that company should provide a special and knowledgeable treatment to customer? A. Members B. Advocates C. Repeat Customers D. Clients E. First-time customers
- 31. 7.Customer Development Process Inactive or Ex-customers First-time Potentials customers Clients Advocates Prospects Repeat Members Partners Customers Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 32. Behavior of Customer in the Customer-Development Process Clients - needs to be treated special Members – enjoying the benefits Advocates – recommending the product Partners First-time Potentials customers Clients Advocates Prospects Repeat Members Partners Customers Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 33. 7. Which step on the customer development process that company should provide a special and knowledgeable treatment to customer? A. Members B. Advocates C. Repeat Customers D. Clients E. First-time customers http://joansoliven.blogspot.com/
- 34. 8. Which step on the customer development process that the costumer recommends the product? A. Members B. Advocates C. Repeat Customers D. Clients E. First-time customers http://joansoliven.blogspot.com/
- 35. 7.Customer Development Process Inactive or Ex-customers First-time Potentials customers Clients Advocates Prospects Repeat Members Partners Customers Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 36. Behavior of Customer in the Customer-Development Process Potentials – interested Prospects – motivated First-time & repeat customers – needs to be encourage through marketing efforts First-time Potentials customers Clients Advocates Prospects Repeat Members Partners Customers Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 37. 8. Which step on the customer development process that the costumer recommends the product? A. Members B. Advocates C. Repeat Customers D. Clients E. Partners http://joansoliven.blogspot.com/
- 38. 9. Maintaining Customer is better than_______________ A. Partnering with customer B. Acquiring New customer C. Making customer an advocate D. Making customer a member E. Terminating the customer http://joansoliven.blogspot.com/
- 39. Maintaining Customer is better than Acquiring Customer Acquiring customers can cost 5X more than retaining them. The average customer loses 10% of its customer each year. A 5% reduction to the customer defection rate can increase profits by 25% to 75%. The customer profit rate increases over the life of a retained customer. Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 40. 9. Maintaining Customer is better than_______________ A. Partnering with customer B. Acquiring New customer C. Making customer an advocate D. Making customer a member E. Terminating the customer http://joansoliven.blogspot.com/
- 41. 10. Which is not one of the ways in using Database? A. Identify Prospects B. Target Offers C. Avoid Mistakes D. Deepen Loyalty E. Know Competitors http://joansoliven.blogspot.com/
- 42. Five Ways in using Database To identify prospects To target offers To deepen loyalty To reactive customers To avoid mistakes Source: Marketing Management 13th Edition by Philip Kotler http://joansoliven.blogspot.com/
- 43. 10. Which is not one of the ways in using Database? A. Identify Prospects B. Target Offers C. Avoid Mistakes D. Deepen Loyalty E. Know Competitors http://joansoliven.blogspot.com/
- 44. TOP 10 Learning Questions for Creating Customer Value, Satisfaction & Loyalty and Ch 5 Joan Soliven April 15, 2011 http://joansoliven.blogspot.com/