L2; Fundamental Principle of Marketing Strategy and the Value of Customer Service and Customer Relationship

Question 1

THE 4 FUNDAMENT AL PRINCIPLES OF MARKETING STRATEGY

(enumerate)

Answer 1

1.Specialization
2.Differentiation
3.Segmentation
4.Concentration

Question 2

The first thing to determine is where you are going to ____________.

Answer 2

specialize

Question 3

What is your domain, product, service, customer, market where you want to focus?

Answer 3

Specialization

Question 4

Let me clarify that with an example of Subway. A subway customer is someone who wants to eat quickly and healthy at the same time. He wants cleanliness, efficiency, and value. So subway constantly looks for products that appeal to these customers and continue to offer them. They would never do something that does not go with their specialization.

Answer 4

Specialization

Question 5

Specialization answers the question/s?

Answer 5

What is your domain, product, service, customer, market where you want to focus?

Question 6

What is your competitive advantage? How is it that you are different and better than the competition?

Answer 6

Differentiation

Question 7

Customers want a reason to buy from you and not the competition.

Answer 7

Differentiation

Question 8

Customers always want to get the best deal, there is nothing personal here. They just want the highest quality at the best price.

Answer 8

Differentiation

Question 9

If you ask businesses what is their USP (UNIQUE SELLING PROPOSITION)? 9 out of 10 times you will hear “Quality Service, Quality Service, and Quality Service!” What people don’t understand is that this is an answer only if your competitor offers Zero quality or Zero service. Anyone who says “Quality Service” actually has no idea about why someone should buy from him and probably is a danger to your company if he is an employee.

Answer 9

Differentiation

Question 10

Differentiation answers the question/s?

Answer 10

What is your competitive advantage? How is it that you are different and better than the competition? What is your unique selling proposition (UPS)?

Question 11

Differentiation

(enumerate)

Answer 11

1. Your competitive advantage
2. Your area of excellence, superiority
3. Your “Unique Selling Proposition” Where are you or could you be “the best?”

Question 12

All marketing today is ________________.

Answer 12

Segmentation

Question 13

means looking at who are those specific customers in the market who value my differentiation and will pay more for your area of specialization.

Answer 13

Segmentation

Question 14

We need to segment and identify those customers who are most likely to buy from you and the fastest.

Answer 14

Segmentation

Question 15

Few questions to ponder here — who are the customers who most appreciate your area of superiority? What are their demographics? Their Psychographics? How would you describe your perfect customer?

Answer 15

Segmentation

Question 16

Segmentation answers the question/s?

Answer 16

Who are the customers who most appreciate your area of superiority? What are their demographics? Their Psychographics? How would you describe your perfect customer?

Question 17

Segmentation

(enumerate the questions it answers)

Answer 17

‘Who are those customers who most appreciate your area of superiority?
1. What are their demographics?
2. What are their psychographics?
3. How would you describe your “perfect customer?”

Question 18

Demographics

(enumerate)

Answer 18

1. Age?
2. Gender?
3. Income?
4. Education?
5. Occupation?

Question 19

Psychographics

(enumerate)

Answer 19

1. Goals, ambitions?
2. Wants, needs, motivations?
3. Hopes, dreams, aspirations?
4. Fears, doubts, worries?
5. Problems to be solved?

Question 20

Once you have determined your very best market segments for what you do really well, you focus all your energies, resources, budgets, and time on acquiring customers from these markets and retaining them.

Answer 20

Concentration

Question 21

Concentration

(enumerate the questions it answers)

Answer 21

Where you focus your time, money and resources.
1.What are the best possible ways to contact your ideal customers?
2.What are the best possible media?
3.What are the most powerful appeals?

Question 22

The higher the level of customer engagement with your company and product, the higher the value your customer receives — and the better the relationship. When you expand the domain of your customer support superstars, you give them the leeway to strengthen the customer experience in creative, unexpected ways.

Answer 22

The value of Customer Service and Customer Relationship

Question 23

the assistance and advice provided by a company to those people who buy or use its products or services.

Answer 23

Customer Service

Oxford Dictionary

Question 24

service is the support you offer your customers — both before and after they buy and use your products or services — that helps them have an easy and enjoyable experience with you.

Answer 24

Customer Service

Question 25

Offering amazing ________________________ is important if you want to retain customers and grow your business.

Answer 25

customer service

Question 26

Today’s customer service goes far beyond the traditional telephone support agent. It’s available via?

Answer 26

email, web, text message, and social media.

Question 27

Many companies also provide____________________, so customers can find their own answers at any time day or night.

Answer 27

self-service support

Question 28

Customer support is more than just providing answers; it’s an important part of the?

Answer 28

promise your brand makes to its customers.

Question 29

Developing an amazing product is one of the hardest challenges that a company can overcome — but it's not the only factor that will determine the success of a business. Today's consumers have more industry influence than they've ever had in the past, allowing them to focus on more than just the product that you're selling them.

Answer 29

Customer Relations

Question 30

Now, consumers are interested in what you're selling them, **how** you're selling it, and **what happens after** you've sold it to them.

Answer 30

Customer Relations

Question 31

The shift has placed pressure on companies to invest in their customer service teams and meet rising customer demands. In fact, a ________ study showed that ____% of consumers have ____________________ for customer service than they did in ________. Businesses are now facing the challenge of creating an excellent customer experience that's consistent across every interaction.

Answer 31

The shift has placed pressure on companies to invest in their customer service teams and meet rising customer demands. In fact, a **2018**study showed that **59%**of consumers have **higher expectations** for customer service than they did in **2017**. Businesses are now facing the challenge of creating an excellent customer experience that's *consistent across every interaction.*

Question 32

To achieve this, many companies are now focusing on how they manage their customer relationships. Building strong ________________________ is a great way to develop ________________________________________________________________. If you're looking to improve customer relationships at your company, it helps to understand what successful customer relations look like and how you can create them with your clientele.

Answer 32

To achieve this, many companies are now focusing on how they manage their customer relationships. Building strong **customer relations** is a great way to develop **customer loyalty and retain valuable, long-term customers**. If you're looking to improve customer relationships at your company, it helps to understand what successful customer relations look like and how you can create them with your clientele.

Question 33

describes the ways that a company will engage with its customers to improve the customer experience. This includes providing answers to short-term roadblocks as well as proactively creating long-term solutions that are geared towards customer success.

Answer 33

Customer Relations

Question 34

Customer relations aims to?

Answer 34

create a mutually beneficial relationship with the customer that extends beyond the initial purchase.

Question 35

Customer relations is present in all aspects of a business, but it's most prevalent in the ____________________ department.

Answer 35

customer service

Question 36

**Customer service teams, customer support, customer success, and product development** all play important roles in building a ____________________________________. Customer relations also extend to **marketing and sales teams** as well since these departments have a significant influence over the company's interactions with the customer.

Answer 36

healthy customer relationship

Question 37

What functions does customer relations include? ## Footnote (enumerate)

Answer 37

1. Reactive functions 2. Proactive functions

Question 38

are the efforts made by your team to **solve issues that are reported by customers.** This includes tasks like **responding to customer complaints** and **solving problems with the support team.** *Being able to solve unexpected customer roadblocks* is essential for brands that are looking to build strong customer relationships.

Answer 38

Reactive functions

Question 39

are the **measures** taken **to ensure a long-term relationship with customers**. These efforts are aimed towards fostering customer success by **consistently satisfying evolving customer needs.**

Answer 39

Proactive functions

Question 40

**Customer success teams** do this by **providing information about products** and **updates** as well as by **promoting discounts and exclusive offers**.

Answer 40

Proactive functions

Question 41

This type of **long-term customer relationship management** helps companies create lasting impressions on customers who eventually become loyal to the brand.

Answer 41

Proactive functions

Question 42

is what your company provides to ensure customer success.

Answer 42

Customer service

Question 43

It is an **inbound** function that's now expected by customers at the first point of interaction with your business.

Answer 43

Customer service

Question 44

Companies *can provide proactive customer service features*, but most customer service functions are?

Answer 44

delivered **in response to** *customer action.*

Question 45

differs because it consists of **both the inbound and outbound** measures taken by your company.

Answer 45

Customer relations

Question 46

It considers your organization's ability to react to present issues as well as your approach to bettering future experiences.

Answer 46

Customer relations

Question 47

focuses on the proactive steps you're taking to engage customers and improve the customer experience.

Answer 47

Customer relations

Question 48

encompasses all of the important functions that customer service performs, but also includes the efforts made before and after customer interactions. While responding to immediate customer needs is a great way to provide excellent customer service, searching for solutions to future roadblocks is how your company can build positive customer relations.

Answer 48

Customer relations

Question 49

are long-term, mutually beneficial relationships between a customer and a company.

Answer 49

Positive customer relations

Question 50

These relationships are built by creating a stable environment of trust that results in the continued growth of both the customer and the organization.

Answer 50

Positive customer relations

Question 51

include consistent quality of what the business is offering as well as how they are offering it the customer.

Answer 51

Positive customer relations

Question 52

Benefits of Positive Customer Relations ## Footnote (enumerate)

Answer 52

1. Customer Retention 2. Customer Loyalty 3. Customer Satisfaction

Question 53

Customers know when your company is being genuine and are willing to overlook your mistakes so long as you demonstrate a dedication to their success.

Answer 53

Customer Retention

Question 54

When you have a good history with your customers, it makes it more difficult for your competitors to lure people away from your brand.

Answer 54

Customer Loyalty Customer Satisfaction

Question 55

is highly valuable for businesses as repeat customers are more likely to buy from you than leads that have not yet converted. .

Answer 55

Customer Loyalty

Question 56

Often times it can be hard to tell whether your customers are truly happy with your business or not. In fact,____%of unhappy customers who don't complain simply don't return to a company for another purchase.

Answer 56

91% ## Footnote Customer Satisfaction

Question 57

Having strong customer relations can act as your insurance policy for

Answer 57

Customer Satisfaction

Question 58

Building Positive Customer Relationships ## Footnote (enumerate)

Answer 58

1. Invest in employee training. 2. Create a fulfilling workplace for your customer service reps. 3. Improve first call resolution rate. 4. Leverage software to increase efficiency 5. Create opportunities for self-service. 6. Be accessible. 7. Show appreciation. 8. Measure and improve customer satisfaction. 9. Create a customer-first culture.

Question 59

____% of customers say customer service is important in their choice of loyalty to a brand

Answer 59

96%

Question 60

Customer-centric companies are ____% more profitable than companies that don’t focus on customers.

Answer 60

60%

Question 61

Customers switching companies due to poor service costs U.S. companies a total of $____________.

Answer 61

$1.6 trillion

Question 62

Loyal customers are ________________ more likely to purchase again and ________________ more likely to refer a friend to the company.

Answer 62

Loyal customers are **five times** more likely to **purchase again** and **four times** more likely to **refer a friend to the company.**

Question 63

The top reason customers switch brands is because?

Answer 63

they feel unappreciated.

Question 64

____% of consumers view brands more favorably if they seek out and apply customer feedback.

Answer 64

77%

Question 65

Customers tell an average of ________ people about a positive experience with a brand, but they tell ____ people about a negative experience.

Answer 65

Customers tell an average of **nine** people about a positive experience with a brand, but they tell **16** people about a negative experience.

Question 66

A ____% increase in customer retention is the same to profits as cutting costs by ____%.

Answer 66

A **2%** increase in customer retention is the same to profits as cutting costs by **10%.**

Question 67

____% of customers say they are more likely to do business with a company if it offers personalized experiences.

Answer 67

80%

Question 68

Relationship marketing by?

Answer 68

Laura Aberle, TechTarge

Question 69

**is a facet of customer relationship management (CRM)** that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales.

Answer 69

Relationship marketing

Question 70

its goal is to create strong, even emotional, customer connections to a brand that can lead to ongoing business, free word-of-mouth promotion and information from customers that can generate leads.

Answer 70

Relationship marketing

Question 71

what is the goal of Relationship marketing

Answer 71

create strong, even emotional, customer connections to a brand that can lead to: - ongoing business, - free word-of-mouth promotion and - information from customers that can generate leads.

Question 72

relationship marketing or?

Answer 72

customer relationship marketing

Question 73

Acquiring new customers can be challenging and costly. Relationship marketing helps **retain customers over the long term**, which results in **customer loyalty** rather than customers purchase once or infrequently.

Answer 73

Importance of relationship marketing

Question 74

Relationship marketing is important for its ability to?

Answer 74

stay in close contact with customers.

Question 75

By understanding how customers use a brand’s products and services and observing additional unmet needs, brands can create new features and offerings to meet those needs, further strengthening the relationship.

Answer 75

Importance of relationship marketing

Question 76

Benefits of relationship marketing/consumer relations(?) include:

Answer 76

1. **Higher customer lifetime value (CLV)**. Relationship marketing creates loyal customers, which leads to repeat purchases and a higher CLV. In addition, loyal customers are likely to become brand advocates or ambassadors, recommending products and services to friends, family and business associates. 2. **Reduction in marketing and advertising spend.** Spending on marketing and advertising to acquire new customers can be expensive. Relationship marketing causes customers to do the marketing for a brand, in what’s called **buzz marketing.** Customers tell others about a brand’s products and services, which can drive sales. Brands with exceptional relationship marketing programs spend little to no money on marketing or advertising. 3. **Stronger organizational alignment around the customer.** Organizations that emphasize relationship marketing have a stronger organizational alignment around an exceptional customer experience. The teams work together to create satisfied and happy customers over the long term.

Question 77

give at least 1 example of relationship marketing

Answer 77

1. Provide exceptional customer service, as customers who are consistently impressed by a brand’s customer service are more likely to remain loyal to the brand. 2. Thank customers through a social media post or with a surprise gift card. 3. Solicit customer feedback through surveys, polls and phone calls, which can create a positive impression that customer opinions are valued and help to create better products and services. 4. Launch a loyalty program that rewards customers for their continued patronage. 5. Hold customer events to connect with customers and build a community. 6. Create customer advocacy or brand advocacy programs to reward customers who provide word-of-mouth advertising on a brand’s behalf. 7. Offer discounts or bonuses to long-time or repeat customers.

Question 78

4 types(?) of Needs ## Footnote (enumerate)

Answer 78

1. Physiological Needs 2. Safety Needs 3. Social Needs 4. Esteem Needs

Question 79

Maslow’s Hierarchy of Needs ## Footnote (enumerate)

Answer 79

1. Physiological 2. Safety 3. Love/Belonging 4. Esteem 5. Self-Actualization

Question 80

Types of Consumer Products ## Footnote (enumerate)

Answer 80

1. Convenience 2. Shopping 3. Specialty 4. Unsought products

Question 81

5 qualities that make a good product “Great” ## Footnote (enumerate)

Answer 81

1. Exceptional value 2. Exceptional value proposition 3. Superior customer service 4. Intuitive and user-friendly 5. Continually evolving

Question 82

SWOT ANALYSIS stands for?

Answer 82

- Strengths - Weakness - Opportunities - Threats

Question 83

What is a Brand? ## Footnote (enumerate)

Answer 83

- An Identifier - A Promise - An Asset - A set of Perceptions - A “mind share”

Question 84

Two Elements of Brand ## Footnote (enumerate)

Answer 84

1. Tangible Elements 2. Intangible Elements

Question 85

Functions of BRAND ## Footnote (enumerate)

Answer 85

**1.Brands Convey Meaning** - Attributes - Benefits - Values - Culture - Personality - User **2.Brands create value for consumers** - Brands help simplify consumer choices - Brands help create trust, so that a person knows what to expect from a branded company, product, or service - This builds customer loyalty, which is valuable to businesses.

Question 86

Types of Brands ## Footnote (enumerate)

Answer 86

1. Individual products 2. Services 3. Organizations 4. Individual 5. Persons 6. Groups 7. Events 8. Geographic Places 9. Private label brands 10. Media 11. E-brands

Question 87

How to Measure Brand Equity ## Footnote (enumerate)

Answer 87

* Price premium * Customer satisfaction * Perceived quality * Leadership/popularity * Value * Brand personality * Organizational associations * Brand awareness * Market share * Market price and distribution coverage

Question 88

Types of Customers ## Footnote (enumerate)

Answer 88

1. Hard-core Loyal 2. Split Loyal 3. Shifting Loyal 4. Switchers

Question 89

Brand Platform ## Footnote (enumerate)

Answer 89

* Mission statement * Value proposition * Brand promise: the singular experience your brand promises to provide to your customers * Core values: guiding principles for how an organization does business * Brand voice or personality * Brand-positioning statement

Question 90

3 Processes in Building a Brand ## Footnote (enumerate)

Answer 90

1. Selecting a **Brand Name** 2. **Packaging** 3. Brand **LOGO**

Question 91

Steps of naming a brand ## Footnote (enumerate)

Answer 91

1. Define what you’re naming 2. Check the landscape 3. Brainstorm ideas 4. Screen and knock out problematic names - Perceptual screening - Legal screening - Linguistic screening 5. Check domain name and social media availability. 6. Customer-test your final short-listed names 7. Make your final selection 8. Take steps to get trademark protection for your new brand

Question 92

Packaging ## Footnote (enumerate)

Answer 92

- Quality - Safety - Instruction - Legal compliance - Distinction - Affordability - Convenience - Aesthetic beauty - Sustainability

Question 93

Tips For Effective Logo Design ## Footnote (enumerate)

Answer 93

1. Know the brand 2. Reflects Nature Of Your Business 3. Impression Is Crucial 4. Use Colors In A Planned Way 5. Pick Fonts Carefully 6. Keep It Simple 7. Make It Scalable 8. It Should Be Impressive In Colorless Version

Question 94

5 TIPS FOR CRAFTING A SUCCESSFUL TAGLINE ## Footnote (enumerate)

Answer 94

1. Keep it simple. 2. Give it meaning. 3. Clarity is key. 4. Focus on the benefit. 5. Tell a story.

Question 95

3 Key Components of a Good Logo Design ## Footnote (enumerate)

Answer 95

1. Simple Logo 2. Appropriate Logo 3. Memorable Logo

Question 96

products can be an? ## Footnote (enumerate)

Answer 96

1. an idea 2. a physical good 3. a service 4. any combination of the three

Question 97

Brand Asset Valuator

Answer 97

1. Differentiation: 2. Relevance: 3. Esteem: 4. Knowledge:

Question 98

Exceptional value What to do: ## Footnote (enumerate)

Answer 98

* Understand your user needs thoroughly. * Engage with your target audience, conduct surveys, and listen to their problems. * Design your product in a way that not only solves their problem but also does it in a unique and better way than the competition.

Question 99

Exceptional value proposition What to do: ## Footnote (enumerate)

Answer 99

* Clearly articulate your product’s unique selling points in your product messaging. * Highlight the benefits and how it can enrich the daily lives of your customers. * Make sure your marketing plan consistently communicates this value proposition to your specific audience.

Question 100

Superior customer service What to do: ## Footnote (enumerate)

Answer 100

* Invest in a dedicated customer service team. * Implement customer feedback systems. * Regularly review and update your service protocol to meet evolving customer needs.

Question 101

Intuitive and user-friendly What to do: ## Footnote (enumerate)

Answer 101

* Design your product with user requirements in mind. * Conduct usability tests and continuously iterate based on feedback. * Remember, a great product manages to be both powerful and easy to use.

Question 102

Continually evolving What to do: ## Footnote (enumerate)

Answer 102

* Always keep an eye on market trends and feedback. * Regularly update your product to keep it relevant and valuable. * Encourage a culture of innovation and improvement in your team.