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Customer Relationship Management (Essay Sample)

Case Assignment - Module 5 You are a marketing consultant (as before). You get a call from the president of a medium size service firm. (Choose your industry and/or company.) The VP of marketing has rebelled. The VP says: "This CRM is nonsense. We have loyalty programs and we're polite. We even give adjustments most of the time "But this is 2009. Customers are fickle. All they care about is price. We might as well reposition ourselves as the bargain service with the lowest prices. Why bother with CRM? You are hired (as usual, with a generous retainer) to comment on the VP's statement. Oh yes, the president says. "When you write your report please show us how we might use some of the new-fangled 21st century ideas. Should we be in (shudder) Facebook? And what's all this about customer engagement? Isn't it enough that they like us?" Your assignment: Write a business memo to answer the President's question. As usual, keep the background very short. Checklist for Grading ==> Demonstrate understanding of CRM ==> Writing in memo form with logical flow ==>Take a strong position (not wishy-washy) ==>Evidence of use of required references and background materials (necessary for a grade of "B" or higher) ==>Use of APA formatting Guidelines here ==>Length of 600-800 words (pages not as important as words) ==>Few quotes and absolutely no copying or close paraphrasing from any source without appropriate citation ==>No definitions and no summaries from the text ==>No general statements with "all," "none," "must," "should," "mandatory," and similar terms ==> No references to Wikipedia. source..
Running Head: Customer Relationship Management
Customer relationship management is a vital process in sales, marketing and customer services. It encompasses involvement of the potential customers in the marketing plan. This increases the trust of the customers to the company as they feel they are the advocates of the products and services in question. The relationship also contributes in the process of sales, marketing and company development as a whole (Inside CRM 2007). The objectives of CRM are to acquire new customers, retain the right current customers, and grow the relationship with an organization's existing customers (Susan 2010)
Customer relationship management helps an organization to have a great pool of customers and increased productivity (Beasty 2005). Increasing investment in online customer engagement through the internet channel improves the efficiency and effectiveness of customer interaction and improves the customer experience. Improved efficiency refers to reduced overall cost of sales and improved staff productivity while effectiveness encompasses improved revenue and customer value (James 2009)
Nowadays with a lot of identical products and service providers in the market, the customers are more sensitive to prices and less sensitive to advertising. Thus to retain and acquire new customers you have to actively engage them (William 2010). This engagement creates a deep emotional connection with the brand, active participation and long-term relationship thus customers are able to repurchase the products or even extend the contract (David 2010). By customer involvement the organization gets feedback that makes product and services better, and get other people into buying the company`s products. Involvement of the customers help increase sales and new customers through word –of- mouth that also make the customers royal to the product (Susan 2010). To improve the relationship, actively seek customer feedback and complaints because you cannot improve if you don't know what went wrong, train staff how to handle customer complaints effectively (The Economist 2010), makes sure that the real problem is solved and focus on proactive (prevention) as well as reactive (cure) problem solving (BMA Editorial 2010). Thus if you want your customers to avai...
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