mkt 4200 exam 2

22 cards·by khloezoolander

more business working with existing customers than new ones

relationship marketing

focus less on ____, more on ____

attraction, retention

losing deseriable clients makes it harder to gain back what was lost

bucket theory

benefits of customer relationship marketing

trust, personal relationships, special deals

benefits of firm relationship marketing

increased revenue, strong WOM, employee retention

4 parts of the customer pyramid

platnium, gold, iron, lead

least profitable, most likelty to talk negatively

lead

4 levels of relationship strategies (bonds)

financial, social, customization, structural

reward card (giant eagle and you)

financial bond

friends with client.. going out to dinner

social bond

customizing solutions to fit each customer

customization bond

you and client both investing

structural bond

good recovery can turn angry customers into loyal ones

service recovery paradox

service recovery paradox occurs when:

failure isnt considered severe

service recovery paradox occurs when:

customer hasnt had prior failures

service recovery paradox occurs when:

customer sees company had little control

4 types of complainers

passive, voicer, irate, activists

treat customers....

fairly

effective service guarantees

unconditional, meaningful, easy to understand, easy to invoke

5 principles of service design thinking

user centered, cocreative, sequencing, evidencing, holistic

counted, timed, observed

hard standards

opinion based, talking to customer, beliefs, surveys

soft standards