Question

1. Which is a key performance indicator for a customer-centric marketing approach?
   1. Market share
   2. Customer penetration
   3. Price premium
   4. Customer lifetime value
      
      
2. The most important element to a customer-centric marketing strategy is…
   1. Having knowledgeable sales staff.
   2. Fostering good relationships through customer service.
   3. Having useful data from your customers.
   4. Having the best product on the market.

3.

1. A customer-centric approach to marketing can best be characterized as…
   1. An approach that seeks to make the product being sold as valuable as possible to consumers.
   2. An approach that uses information about consumers to maximize the value provided.
   3. An approach that emphasizes customer service in order to create value for consumers.
   4. An approach that provides the best value for the price of the product sold.

Answer 1

1) (b)Customer Lifetime Value (CLV)

It is the single most important metric for any customer centric organization.

2) (b)Fostering good relationship through consumer services.

3) (c) An approach that emphasizes customer service by order to create value for consumers.

Customer-centric marketing is a marketing approach designed around customer needs and interests. It is about prioritizing customers over any other factor, using a blend of intuition, common sense, and solid data about customer behavior.

All the best?