New Semester
Started
Get
50% OFF
Study Help!
--h --m --s
Claim Now
Question Answers
Textbooks
Find textbooks, questions and answers
Oops, something went wrong!
Change your search query and then try again
S
Books
FREE
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Tutors
Online Tutors
Find a Tutor
Hire a Tutor
Become a Tutor
AI Tutor
AI Study Planner
NEW
Sell Books
Search
Search
Sign In
Register
study help
business
customer relationship management
Superior Customer Value Strategies For Winning And Retaining Customers 3rd Edition Art Weinstein , D. Hank Ellison - Solutions
What is the relationship among customer value, satisfaction, loyalty, retention, and business performance? How can a management consulting firm or marketing research company use the Customer Value/Retention model to do a better job getting and keeping customers?
Identify two companies that do a good job in retaining customers and upgrading customer relationships.
Describe a customer loyalty program that you participate in—in the marketplace and in the marketspace. How do these programs create value for you?
How does your firm use NPS and/or RFM analyses?
Do you invest more on high-value (A) customers?
What criteria does your company use for developing targeted retention programs by market segment?
On average, how much do you spend on current customers annually?
What percentage of your marketing budget is spent on customer retention activities?
What is the cost of a lost customer?
What is the lifetime value (CLTV) of a customer?
Has your CR rate increased during the past three years?
Given your current defection rate, how often must you replenish your customer pool?
What are your current and targeted CR rates?
After reviewing your situation, you decide that you want to use an alternative customer-loyalty metric. Explain why your proposed measure offers a better way to assess customer loyalty for your business.
Describe an industry sector where you would use NPS and another industry sector where RFM is preferable.
Your boss wants you to obtain “hard data” on how successful you are in your customer loyalty program. Which of these two measures, NPS or RFM, would you use and why?
Analyze Travelocity.com’s value web by going through each of the following steps:a. Collect information on their business model—how and where the company engages in business, who its customers and competitors are, and the major activities Travelocity performs in the course of its business.b.
Critique and improve the Social CRM model offered in Figure 9.5. Provide an example of how a technology company can benefit from this framework.
A bank customer is angry because of a late fee on his car payment and wants it waived. The customer has an auto loan of $25,000, a checking account balance of $10,000, and a home mortgage of $175,000; his son has two savings accounts for a total of $20,000; and his wife’s business does payroll
Explain how the vertically tiered (extended) value chain can enhance value creation and delivery using the following elements:a. Serviceb. Qualityc. Imaged. Price
Given the companies listed below, provide examples of how practicing supply chain management would create more value for their end-user customers:a. Best Buyb. Toyotac. Samsungd. Disney
Using a B2B example, explain how the buying-stages model can be used to attract, retain, and win back customers?
Are there situations where relationship marketing is not advisable? Why or why not?
Compare and contrast traditional and relationship marketing. Discuss how to create win-win relationships with customers.
Propose three new developments related to relationship marketing that are likely to emerge as companies strive to be the premier solutions provider and provide exceptional value for their customers?
Explain how the sales profession has changed during the past decade due to technology. Has this helped or hindered customer relationships?
How should a company (provide a specific example)employ relationship selling strategies and tactics as part of a broader marketing strategy to retain customers?
Zappos.com recently added videos (featuring company employees) to its product information to support sales of its shoes, handbags, and accessories. Initial results were positive, generating a 10% increase in sales versus no videos.Critique the Zappos strategy of not using professional models in its
IMC can be used as a foundation for communicating customer value and strategic promotional planning. Select a “basic” product in one of five product categories: consumer good, consumer service, industrial good, industrial service, or Internet service. How can you differentiate your basic
On a 5-point scale, where 1 is “not very successfully” and 5 is “very successfully,”how good a job does Disney do with respect to practicing IMC?Provide a rationale for your response.
Assume you are a consultant brought in to advise a local, alternative/popculture newspaper on how to design and deliver superior customer value.What would be some of your recommendations on how this newspaper publisher could add value and communicate more effectively with its readers and
Given the list of social media platforms in Table 8.4, which techniques are your company:a. currently using effectivelyb. could use more effectivelyc. not using but should be using
You were recently hired to manage a new casual dining establishment that will compete with Chili’s, T.G.I. Friday’s, Ruby Tuesday, and other national and regional restaurant chains. Based on what you know of the groundswell, how can you attract and retain customers that may be creators,
Which of the online consumer personas in Table 8.2 best represent your target market(s)? Does your social media strategy mesh with consumers’ preferred modes of brand interactions?
How does your firm differentiate itself from its rivals?a. Describe your real and perceived competitive advantages.b. Discuss your current value proposition.c. Using an integrated marketing communications (IMC) campaign, how can you develop an even stronger image and simply but elegantly
How should you measure the effectiveness of your social media strategy?
What percentage of your promotional budget is in social media? Should it be increased?
What social marketing tools that you are not currently using should you use?
Scenario: A Retail or Virtual Shopping Experience?29 Situation: Customer A has an urgent need to buy an all-in-one printer—copies, scans, faxes, and prints. He drives to the electronics superstore, where he has bought products previously. Nobody helps him, but he finds a model that may suit him.
Amazon, eBay, and Google make it easy for consumers to find information that they need to solve problems (creating value from knowledge). How can a start-up company use lessons taught by these Internet giants to design an effective Web site and e-commerce strategy?
Across the Web, companies are seeking revenue-producing strategies from information. In recent years, Yahoo has rolled out dozens of paid consumer services. The various apps stores offer hundreds of thousands of choices, free and low cost.a. How do you feel about paying for online services?b. What
Simplicity marketing gives consumers choices but in new ways that reduces the stress associated with making purchases. Leaders in this area include Apple, Honda, Office Depot, Southwest Airlines, and Target Corporation.Given what you know about customer value (CV) and e-service quality, identify an
As a consultant, you are asked to advise a client in setting up a food catering and delivery business in a large metropolitan area. The client anticipates that 75%–90% of the orders will be placed online. Thus, your client is interested in learning the following: (a) which service dimensions will
Visit the Web sites of three major airlines and compare each of them using the incubative dimensions in the E-Service Quality Model (see Table 7.2).
Choose two of the following organizations and identify their core, facilitating, support, and complementary services.a. Portal (e.g., AT&T, AOL)b. Universityc. Large public libraryd. Online brokerage (e.g., Charles Schwab, E-Trade)
Critique their e-service quality strategy. Comment on the companies’ use of incubative and active dimensions (see Table 7.2).
How much emphasis do these companies place on customer satisfaction? Discuss their e-commerce strategy, in particular, their customer service approach and policies.
How do these companies create value? Are they emphasizing service, quality, image, or price? Provide a rationale for your response.
Is “coolness” always desirable as an image strategy? Provide a pro and con example in consumer and business markets.
How can you apply the ideas in the chapter on enhancing image for your organization?
Consider the following managerial marketing issues in setting a price for one of the following services: (a) Sirius/XM satellite radio, (b) Hulu video streaming, (c) prepaid cellular phone service, (d) digital media consulting, or(e) take-out food delivery service.◾◾ Objective: profitability,
Determine your “reference price” for each of the following products/services:a. 1-liter bottle of waterb. Best-selling book (digital and hardcover)c. Oil change for your card. 1-hour massage
Suppose a local used-car dealer was faced with the threat of an AutoNation opening up a dealership a few miles away. Which price differentiation strategy would you recommend and why?
Price customization involves setting prices based on differences in customers and how they use the product/service as well as when and where the offering is used. Give several examples of how price could be customized in each of the following situations:a. Car rentalb. Consulting servicesc.
Select an industry and create a value map that shows individual brands and how they compare to one another on price and performance (see Figure 6.1).
Discuss the relative importance of price and image in each of the following purchase situations:a. Automobileb. Life insurancec. Graduate educationd. Haircut/stylee. Health caref. Symphony tickets g. Travel
How much does price and image contribute to an offering’s perceived value?
How well understood is the pricing function in your company? Discuss.
How about some other examples of companies that have built their value proposition around the image variable?
Do you agree with Virgin’s market diversification strategy?If so, what other markets should the company pursue? If you disagree, what should be the business focus?
What is the customer’s expectation of a “fair price”?
What pricing tactics will be used initially or eventually?
What is the cost of the supplier’s market offering?
What is the price of the next best offering?
What is the differential advantage that is transparent to the customer?
What is the market strategy for the segment?
Service encounters are the means that customers use to assess the functional quality of a firm’s value offering. Every service encounter consists of a repeatable sequence of events in which the firm’s service personnel attempt to meet the customer’s needs and expectations at every potential
Provide examples of how service quality and customer service training is important to a business’s success in the following situations:a. Professional serviceb. Business servicec. Consumer serviced. Online service
Suppose you were managing a midpriced hotel catering to business travelers.Determine the key factors for assessing service quality; also, suppose you were a customer of that same hotel. What factors would you use to judge service quality? Rank your choices for each situation and then compare the
Suppose you were interested in purchasing personal tax preparation software.Give examples of how service failures could occur during presale, transaction, and postsale phases of the buying process.
Determine the extent of search quality, experience quality, and credence quality for each of the following situations:a. Buying a personal computerb. Applying to graduate schoolc. Setting up a retirement programd. Dining at a local restaurante. Visiting a theme park
How does your company’s current service mix create value for customers?What new service products should be introduced that your firm does not offer? Are there new types of value providers (adders) that your organization should employ to do a better job of serving customers?
What is meant by cocreating value in service markets? Using a cafe, explain how service quality can be managed effectively via input from customers and companies. Then, provide another example of cocreation in practice.
Why has quality become such a priority today? What are some of the “common denominators” in the definition of quality?
Internal service is crucial to service improvement, as customer satisfaction often mirrors employee satisfaction.To what extent does your company assess internal service quality (i.e., asking employees about the adequacy of systems to support the service, how they interact and serve one another,
Teamwork is an important dynamic in sustaining service workers’ motivation to serve and in minimizing serviceperformance shortfalls. Rate your company on its ability to foster teamwork on a scale of 1 to 10, where 1 indicates the absence of teamwork and 10 indicates maximum teamwork. How would
Service recovery refers to how effectively companies respond to service failures. Cite an example of when a service failure occurred in your company and how it was handled.
How effectively does your company manage the service design elements-systems, people, and the physical environment?Provide an example of how lack of planning in one of these areas resulted in a “fail point” during a customer encounter.
How well does your company perform the service basics, that is, knowing and responding to the fundamental service expectations in your industry (e.g., an automobile service department that “fixes the car right the first time”)?
Reliability is the ability of the company to perform the promised services dependably and accurately. On a 10-point scale, where 1 is unreliable and 10 is perfectly reliable, where along this scale would you place your company and why?
Does your company do a good job of listening to its customers?Give a specific example of how listening resulted in improved service quality to your customers.
How do you view the long-term prospects for Zappos?
Critique the Amazon–Zappos marketing marriage.
How can the Zappos philosophy of creating exceptional value be adopted by your company?
What prevents other companies from adopting customer service best practices (review the 10 Zappos guidelines)?
Using a company that you are highly loyal to (e.g., favorite restaurant or small business, bookmarked Web site, etc.), use the CVAT (see Appendix to this chapter) to conduct a mini value audit of this organization. Based on this informal analysis, identify three to five potential problems and
Hulu is a Web site for watching television shows (most videos are free). The Hulu Plus plan is a subscription for $9.95 a month with a much deeper selection of popular shows. How should Hulu’s “freemium” service (both products)compete with Netflix, Comcast, Apple TV, and others in this market?
Farm Stores recently introduced the iExpress business model that combines online grocery ordering with drive-through pick-up service. In contrast, the PublixDirect approach failed (see Publix case study in the Appendix in Part V of this book). Do you think the Farm Store approach is a viable
Assume you are thinking about purchasing a new car. Go to the manufacturer’s or auto dealer Web site and Kelley Blue Book (www.kbb.com) to obtain product information about your vehicle. Based on this research, discuss the value-based pricing, quality, service, and brand-identification (image)
Compare and contrast how two of these companies—Google, Hewlett-Packard, Intel, JetBlue Airways, and Target—create value for their customers.
You were hired as a management consultant by one of the leading dot.coms in the USA Today top 25 consumer firms index (see Chapter 7, Customer Value Insight 7, for further information) and asked to design/refine the value proposition for this company. How would you proceed in this project? Provide
Your chief customer officer (CCO) has given you a high-profile, make-or-break assignment at work—develop a customer value plan for your firm. Consider the following seven questions in your 2–3-page executive summary for this report.a. What core aspect of the value proposition (VP) does your
The band Radiohead lets fans pay what they think an album is worth.Critique this innovation in the music industry. Cite other examples of where you might apply this approach (pay what customer thinks product is worth)successfully in the marketspace and/or marketplace?
You have an interesting idea for a new and potentially profitable entrepreneurial venture. Briefly describe this business concept. Which business model in Table 4.1 would you use and why?
Provide another numerical and descriptive S-Q-I-P evaluation of a service company and explain your rationale for your ratings.
Can Starbucks win the morning coffee market from Dunkin’ Donuts and McDonalds? If so, what do they need to do?
Offer two additional recommendations for management:one product based and one promotional.
You were recently hired as a market research manager for a regional health food manufacturer. Your boss, a cofounder, feels that the firm needs to develop a benchmarking program to compete effectively with larger national companies. What companies and industries should be benchmarked? What are some
You work for a small Internet firm in the business intelligence sector. Describe a process for introducing CEM into your organization. How can you employ social media to improve service experiences?
You are brought in to consult for a medium-sized electronics company. The chief marketing officer (CMO) is concerned that revenues from new products introduced within the past two years has declined from 36% to 27% over the past 18 months. What would you advise the CMO to do to jump-start the
Showing 200 - 300
of 1673
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last
Step by Step Answers
Get 50% OFF
Claim Now
