1.2 Explain different methods of segmenting and characterising customers The key to a successful business is to find out who our customer base is, what the customer wants, the age, gender, spending patterns etc. This is the reason we have marketing research because it can identify different customers and recognise what we need to do as a company to meet the demands of the market and keep us competitive.
All this will then in turn contribute to the retention and loyalty of customers. Factors that Influence Customer Loyalty Excellent customer service and complete satisfaction with the product or service are major factors that are relied on and influence customer loyalty. (Leland & Bailey, 2006, p. 9) stated, “Customers want a competitive price, good value, convenience and customer service and they want it yesterday” This suggests that customer loyalty relies upon customer service and matching what the customer wants and what they get in terms of satisfaction. There are many factors that can influence this such as, • Handling of customer complaints and compliments • Addressing
“Loyal customers may be a reference for the potential customers.” (KOÇOĞLU, 2012) 17. “Improvement of customer loyalty increases the rate of staff’s loyalty” (KOÇOĞLU, 2012) Characteristics a successful CLRM strategy 1) Have a clear vision, goals and objectives translated in action plane with millstone checks. 2) Listen to voice of customers (VOC) and understand his needs and expectations and analyze it. 3) Understanding customer experience by using experience mapping to analyze every touch point. 4) Make customer segmentation to target distinguish valuable customers which help to make efforts more efficient & economic.
In easy words, the organization wants to improve their delivery to their customers. An organization is connected of various parts and has many sub systems including Finance, Human Resource, Information Technology and marketing as well. When these all aspects are combined then they form a company. This study focuses on using the company as a Systematic thinking and this approach is very important to determine the most appropriate technology for the company based on the concerned problems. Systematic thinking is a management discipline that focus on understanding the system by linking the various components within the entire
1. Explain to Mrs. Wen what CRM is and how CRM is different from traditional marketing. Customer Relationship Management (CRM) is a term that refers to practices, technologies, and strategies that organizations use to oversee and analyze customer interaction and information. This is done through use of the consumers’ lifecycles, with the objectives of enhancing business relationships with customers, helping with customer retention, and increasing profitability. It is basically a system created by the company to interact with its customers effectively and efficiently.
Time, product, location, customer demographics are called business dimensions. Each business dimension further can be divided into hierarchy level. Through business dimensions, some facts of a particular subject are measured. There are some methods also for gathering business requirements such as interview, joint application development, questionnaires. In this
2000: 826).The individual market segments should be targeted in terms of developing customer loyalty. Customer loyalty is one of the most important and critical factors for a company's success. Customer loyalty happens when customers have a great experience, and it leads to many benefits: loyal customers return for future business, refer friends and family to a business, and spread positive comments about a company through word-of-mouth advertising. With social media and the ease of rating companies. There are several factors that can influence customer loyalty.
Strategies like CRM provide companies with forms of management that allows the customers to have an active role within the company. The active role is indicated by the customers having input or “Free Choice” of their product. They use this information to aid in the marketing process as a form of direct advertisement. This method helps to formulate brands to share information with the customers, tracking devices when acknowledge senior consumers opposed to new consumers. These factors are essential for improving their websites and appeasing the consumers for success!
Marketing Principle Marketing is characterized as "the aggregate of exercises required in the exchange of merchandise from the maker or dealer to the purchaser or purchaser, including promoting, sending, storing, and offering. A substitute definition is reworded from memory of an initial business content is: Marketing is all exercises directed to get ready for deals. Sales is all exercises required to finalize the negotiations. Delivery and consumer loyalty would be incorporated into deals to dodge the client from turning around or unclosing the arrangement. In this manner, Marketing can be sorted as a branch of business and also a sociology.
In most of customer centricity com-panies, product quality is defined as the characteristics of a product or service that bear on its ability in order to satisfy customer demands (The American Society for Quality). In today’s business world, many firms have considered ‘return on quality’ approach, in which quality is seen as an investment and increasing quality efforts will be held accountable for bottom-line results. (Ko-tler & Amstrong 2012). Propentus should keep customers satisfied with its products and/or services in order to retain the relationships and earn their loyalty with the business. Retention efforts should be focused on high lifetime value customers.