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Exam 3: Customer Relationship Management Strategies for Business Markets

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Question 31

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Transactional relationships:

A) are characterized by high levels of information exchange.
B) are emphasized by buyers when the purchase is viewed as less important to the organization's objectives.
C) are more likely to involve operational linkages.
D) all of the above
E) (a) and (c) only

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Question 32

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

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Question 33

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Once a firm implements an Activity-Based Costing approach,and plots cumulative profitability against customers,a striking pattern emerges that is known as:

Customized,high-technology products-like semiconductor test equipment-fit the transactional exchange category.

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 relationship.Which of the following statements is(are) true?

The belief by a partner that an ongoing relationship is so important that it deserves maximum effort to maintain it is referred to as:

When business marketers are assessing which of their current customers represent the best opportunities for growth,which of the following factors should be considered?

Relationship efficacy

All customers hold similar amounts of growth potential.

Buying firms prefer a transactional relationship when there are few alternatives and the complexity of purchase is high.

Buying firms prefer a more collaborative relationship when the supply market is dynamic.

There is a gravitational pull that moves buyers toward the transactional side of the exchange spectrum because:

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?

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

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

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

Value is best defined as the economic,technical,service and social benefits received by a customer firm in exchange for the:

Using the continuum of working relationships,the industry bandwidth refers to:

Which of the following performance attributes has research recently shown influences customer satisfaction of business buyers?

As software manufacturers and consulting organizations diffuse best practices,and the relevant CRM software becomes widely available and economical to use,all competitors will be equally equipped.However,when compared to rivals,some firms will be rewarded by customers with higher rates of customer loyalty and lower rates of defection while others will continue to stumble.In the end,to excel at customer relationship management,a firm requires a customer-relating capability.Describe the central elements of a customer-relating capability and how it can provide a firm with a strong advantage over competitors.