Respond to ONE of the following questions:
1. Discuss the role of value in developing long-term customer relationships. In your discussion, explain the value formula and its component parts. How can the value formula help marketers design strategies to optimize customer value?
2. Discuss the relationship between customer expectations and customer satisfaction. What might cause expectations to be higher or lower? How is the zone of tolerance a useful diagnostic tool in terms of developing strategies aimed at improving customer satisfaction?
In terms of managing customer expectations, what are the three possible outcomes that may occur when expectations are compared to actual product performance? What should marketers do to manage expectations effectively, especially when customers’ expectations are unrealistic? Should a firm attempt to delight its customers by constantly exceeding their highest expectations?
Respond to ONE of the following questions:
1. Explain the overall objective of customer relationship management and the stages that customers are pulled through in the process. For each stage, identify the marketing goals during the stage as well as examples of strategies that may be used.
2. Discuss the strategies that can be used to enhance and maintain customer relationships. Identify the key advantages and disadvantages of each strategy, as well as examples of the marketing tactics that may be used.