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Principles of Marketing > Chap 11* > Flashcards

Chap 11* Flashcards

1
Q

What is transaction-based marketing?

A

buyer and seller exchanges characterized by limited communications and little or no ongoing relationship between the parties

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2
Q

What is relationship marketing?

A

Development growth and maintenance of long term, cost effective relationships with individual customers, suppliers, employees and other partners for mutual benefit usually in B2B markets

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3
Q

Forms of buyer-seller interactions

A

Integration > Customer relationship Management
Cooperations > Relationship marketing
Conflict > Transaction-based marketing

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4
Q

Relationship Marketing focuses on?

A 
.Long term rather short term
.Retaining customers
.Customer service
.Frequent customer contact
.Customer commitment 
.Cooperation and Trust
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5
Q

Steps (Elements) of Relationship Marketing

A
  1. Gather info about customers
  2. Analyze the data and use to modify marketing mix
  3. Monitor interactions with customers
  4. Use customers’ preferences and knowledge CRM
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6
Q

Marketing Mix uses what?

A 
4P
Price 
Promotion
Place
Product
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7
Q

External Customers are who?

A

People or organizations that buy or use a firm’s goods or services

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8
Q

Internal Customers are who?

A

Employees or departments within the organization whose success depends on the work of other employees or departments

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9
Q

First level of Relationship Marketing?

A

Focus on price

  • most superficial level
  • rely on pricing to motivate
  • competitors can easily duplicate pricing benefits
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10
Q

Second level of Relationship Marketing?

A

Social Interactions

- customer service and communication

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11
Q

Third level of Relationship Marketing?

A

Interdependent Partnership

- relationship turns into structural changes that ensure partnership and interdependence between buyer and seller

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12
Q

What are 3 steps to measure consumer satisfaction?

A

Understanding customer needs
Customer feedback
Ongoing measurement

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13
Q

Consumers form relationships to ________ ?

A
  • reduce choices
  • simplify info gathering and the entire buying process
  • reduce the risk of dissatisfaction
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14
Q

What is customer churn?

A

customer turnover (expensive for companies)

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15
Q

What is Frequency Marketing?

A

frequent-buyer or user marketing programs that reward customers

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16
Q

What is Affinity Marketing?

A

solicits responses from individuals who share common interests and activities

17
Q

What is a key benefit for customers in a buyer/seller relationship?

A

perceived positive value

18
Q

What is Database Marketing?

A

use of software to analyze data about customers

  • reduces marketing and promo costs
  • boost sales volume per customer
  • expands loyalty programs
19
Q

Data sources for database marketing?

A

credit card apps
software reg
product warranties
customer opinion surveys

20
Q

What is Grassroots Marketing?

A

also called Gorilla Marketing

- connecting directly with existing and potential customers through non-mainstream channels

21
Q

Viral Marketing is?

A

satisfied customers spread the word to others

22
Q

Buzz marketing?

A

gathers volunteers to try products and then relies on them to create buzz about them

23
Q

What is CRM?

A

Customer Relationship Managment

24
Q

What are some benefits of CRM?

A

.simplifies complex business processes

.software systems can make sense of huge amounts of data

25
Q

What is customer win-back?

A

process of rejuvenating lost relationships with customers

26
Q

What is B2B marketing?

A

Organizational sales and purchases of goods and services to support production of other products

27
Q

What is a partnership in B2B marketing?

A

affiliation of two or more companies that help each other achieve common goals

28
Q

What is a buyer partnership?

A

firm purchases goods and services from one or more providers

29
Q

What is a seller partnership?

A

long-term exchanges of goods and services in return for cash or other consideration

30
Q

What is an internal partnerships?

A

relationship involving customers within an organization

31
Q

What is a lateral partnership?

A

strategic relationship that extends to external entities but involves no direct buyer-seller interactions

32
Q

What is cobranding?

A

cooperative arrangement in which two or more businesses team up to closely link their names on a single product

33
Q

What is comarketing?

A

cooperative arrangement in which two businesses jointly market each other’s products

34
Q

*Which of the following is true of relationship marketing?

A

It views customers as equal partners in buyer-seller transactions.

35
Q

*Which of the following concepts forms the basis of buzz marketing?

A

Word of mouth

36
Q

*The term Customer Relationship Management refers to a combination of strategies and tools that attempts to:

A

reorient an entire organization to a concentrated focus on satisfying customers

Principles of Marketing (13 decks)

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