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Exam 14: Customer Satisfaction and Customer Relationships

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Question 21

True/False

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Movie Palace is a local cinema and its management team is debating whether or not it should begin tracking customer loyalty. Deborah is a manager who supports tracking loyalty. She should argue that they should track loyalty because truly loyal customers love the brand, are zealous in telling others about the brand, and are even willing to pay more for the brand and all it means to them.

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Question 22

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Comparing a purchase to expectations occurs when the item purchased is comprised primarily of characteristics.

A) customer lifetime value
B) search, experience, or credence
C) quality
D) value, price, or quality

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Question 23

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Retention rates over time.

Marketers talk of three kinds of expectations. What are they?

For purchases, the comparative evaluation process is typically quite deliberative and conscious.

The two components of quality and satisfaction are expectations and experiences.

Sara wants to buy a new bike. She evaluates the bike on color, size, price, number of gears, and other features. The bike is an example of a credence good.

Marketers don't track customer evaluations because .

There are three possible outcomes of customer evaluations: (1) a customer's expectations may be confirmed, leading to judgments of satisfaction; (2) the expectations may be disconfirmed in a positive manner, that is, the purchase experience surpassed the expectations, leading to feelings of delight; or (3) the expectations may be disconfirmed in a negative manner, that is, the purchase fell short of expectations, leading to feelings of dissatisfaction.

The money inputs we need included for CLV include all of the following EXCEPT:

CRM programs are tools used by companies to track spending by collecting information, such as customer identification and contact information, and some form of information on the RFM of the customers' purchase history. What does RFM represent?

Both core components and the peripheral, value-added supplemental components contribute to customer satisfaction and dissatisfaction.

The VP of Customer Experience at an international hotel chain is constantly looking for ways to improve customer service, whether it be at check-in, room service, concierge services, check-out, etc. This is important because customers generally evaluate companies and brands based on .

is defined as the trade-off of the quality of the purchase received compared with the price paid and other costs incurred.

Hygiene and motivating factors are analogous to core and value-added.

Chewing Gum Co. is curious about whether or not the comparative evaluation process occurs despite the fact that purchases of its chewing gum products are typically a routine, low involvement, repurchase. In this scenario, the comparative evaluation process is deliberative and conscious.

Which of the following is NOT typically in a CRM database?

Marketers only track customer evaluations because they're interesting.

Marketers hope to convert new customers into each of the following, EXCEPT:

Discount Clothing Store is concerned that it is not satisfying its customers. The firm should consider mapping the shopping experience in order to fully understand its employees' perspective of how to best serve customers.