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Exam 3: Customer Relationship Management Strategies for Business Markets

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Question 31

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​Transaction exchange refers to foreign exchange payments involving international transactions.

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Question 32

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When the focus of the selling firm shifts from attracting customers to keeping customers, these exchanges are best described as:

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Question 33

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Buying firms prefer a more collaborative relationship when:

_____ exists when one party has confidence in a partner's reliability and integrity.

Which of the following are goals of customer relationship management (CRM) ?

Xerox serves a diverse set of customers in the business market. · Customer group A demands a wide variety of services in addition to a perfectly functioning copier. These customers value the relationship with Xerox and are willing to pay a premium for product and service quality. · Customer group B wants a quality copier but, most of all, they want a rock bottom price and choose suppliers on that basis. · Customer group C demands a quality product and extensive service support but wants all of this for a "rock bottom" price. These customers will freely switch from one supplier to the next. As competition intensifies for Xerox, more customers are moving into this group each month. First, describe how Xerox might develop a portfolio of relationship strategies to meet the needs of such diverse customer groups. Second, some customers in each group are more costly to serve than others. How should such cost differences be reflected in the particular relationship strategies that Xerox follows? Third, what strategies can Xerox follow to increase the switching costs of customers in Group B or Group C?

For collaborative customers, the salesperson not only works with the purchasing staff, but also with a wide array of managers throughout the organization.

​Operational connections can be useful in collaborative exchange.

Collaborative exchange features very close information, social, and operational linkages as well as mutual commitments made in expectation of long-run benefits.

For transactional customers, the business marketer should:

Transactional exchange centers on the timely delivery of basic products for highly competitive market prices.

Gartner Group, a research firm for information technology users, reports that 55 percent of all customer relationship management software projects fail to produce results. Worse yet, one in every five companies report that their CRM initiatives not only had failed to deliver profitable growth but also had damaged long-standing customer relationships. Experts suggest that these problems tend to occur when executives mistake CRM technology for a customer strategy. First, define customer relationship management (the cross-functional process) and describe how CRM technology (the software) allows a firm to provide customized treatment of key customers. Second, describe the central components of a customer relationship management strategy and the way in which CRM technology can support each strategy component.

Please identify the three main components of a strong customer-relating capability and how each component helps develop a strong customer-relating capability. How does customer-relating capability lead to a relationship advantage?

Which of the following are reasons for business marketers to employ relationship marketing activities?

For collaborative customers, the business marketer should:

Which of the following statements about buyer-seller relationships is(are) true?

Rather than adopting the approach of "one design fits all," the astute marketer matches the strategy to the product and market conditions that surround a particular account. Describe the product and market conditions that support a collaborative relationship? a transactional relationship?

The open exchange of information is a characteristic of ____ relationships.

In a collaborative exchange, the supply market dynamism would best be described as:

Some customers place a high value on supporting services (for example, technical advice and training) and are willing to pay a premium price for this support. Other customers do not value service support and are extremely price sensitive in making product selection decisions. Describe how a business marketer might profitably serve each of these customer segments.