CBO Marketing & Customer Relations Flashcards

What is 'brand equity' in the context of business marketing?

Answer: The added value a well-known brand name brings to a product beyond its functional attributes

Brand equity is the premium value generated by a brand's reputation, recognition, and customer loyalty compared to a generic equivalent.

Which customer service metric measures the percentage of customers who stop doing business with a company over a period?

Answer: Churn rate

Churn rate tracks the proportion of customers who discontinue their relationship with a business, serving as a key indicator of retention health.

What does CRM stand for in business operations?

Answer: Customer Relationship Management

CRM refers to both the strategy and the software systems businesses use to manage interactions, track data, and nurture relationships throughout the customer lifecycle.

Which marketing strategy focuses on attracting customers through valuable content rather than interruptive advertising?

Answer: Inbound marketing

Inbound marketing draws prospects organically by providing useful content, SEO, and social media engagement that addresses their needs and questions.

What is the primary function of a unique selling proposition (USP) in marketing?

Answer: To clearly communicate what makes a product or service distinctly better than competitors

A USP articulates the specific benefit or differentiator that sets an offering apart, giving customers a compelling reason to choose it over alternatives.

Which type of market research collects original data directly from sources for a specific research objective?

Answer: Primary research

Primary research involves collecting new, first-hand data through surveys, interviews, focus groups, or observations tailored to the business's specific questions.