B.Com 07-11, Lecture 4
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Subject: Marketing Teacher: Hafiz Ahsan Class: Bcom 5th (2007-2011) Uploaded by: Saad Ahmad (BC07002)
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New microsoft office word document
The document discusses customer relationship management (CRM) and its importance for companies. It provides an overview of CRM, including its aims to develop long-term customer relationships and convert customers into advocates and partners. The document also discusses how to introduce CRM in companies, including identifying customers, differentiating them, interacting with customers, and customizing behavior. It analyzes the relevance of CRM for the textile industry and identifies objectives of CRM like studying current practices and their impact on profitability.
Services Marketing
Relationship marketing is a strategy that focuses on establishing and maintaining long-term relationships with customers rather than individual transactions. It involves understanding customer needs through their lifestyles and offering appropriate products and services. Relationship marketing aims to create value for both customers and the company through consistently delivering high quality, good service, and fair prices. Maintaining good relationships with customers leads to increased customer retention, loyalty, and referrals which are beneficial for business.
Relationship marketing1
The document discusses the importance of customer relationship marketing and managing long-term customer relationships. It defines customer relationship marketing as focusing on creating and maintaining long-term relationships with customers to enhance loyalty and profitability. Successful customer relationship marketing requires understanding customer needs, developing trust and commitment through high quality service, and establishing internal support and customer knowledge databases. Maintaining relationships provides a competitive advantage and is more profitable than acquiring new customers.
Creating customer value, satisfaction and loyalty
The document discusses key concepts related to customer value, satisfaction, and loyalty. It defines customer value, satisfaction, and loyalty and outlines steps companies can take to deliver high customer value, increase satisfaction, and cultivate long-term customer relationships to maximize lifetime value. These include understanding customer needs and expectations, consistently meeting or exceeding them, monitoring satisfaction over time, and implementing customer relationship management strategies.
Krunal
The document provides an overview of customer relationship management (CRM) with a focus on its application in the textile industry. It discusses how CRM aims to develop long-term relationships with customers by converting prospects to repeat customers and clients. The document also outlines the objectives, benefits and importance of CRM, as well as how to introduce CRM in a company through identifying, differentiating, interacting with, and customizing behavior for customers. It analyzes CRM practices in a textile company and concludes that CRM can increase sales and customer satisfaction if implemented properly.
How can companies attract and retain the right customers and cultivate strong...
Based on the chapters from A South Asian Perspective by Philip Kotler
Learn how companies attract and retain their customers. Learn how companies personalize the market, how they empower the customer and how the customer reviews affect the companies growth, how companies reduce defection rates, the retention dynamics
Project report on crm
The document provides a project report on customer relationship management (CRM). It discusses the importance of CRM in building long-term relationships with customers. It outlines the aims of CRM, including converting prospects to customers, repeat customers to clients, clients to advocates, and advocates to partners. The report also examines why CRM is important, how to introduce it in a company, its significance in the textile industry, and conceptualizes a study on CRM practices in a textile firm.
principlesofmarketing-chapter2-1708101623343.pptx
This document discusses relationship marketing and customer relationship development strategies. Relationship marketing aims to develop long-term relationships with customers through activities like maintaining customer profiles and buying histories. It focuses on customer retention rather than acquiring new customers. Developing customer relationships provides benefits like consistent customer experience, obtaining customer feedback, increasing customer profitability, gaining customer advocates, and enabling innovation. Strategies for developing customer relationships include making every customer interaction count, following through on commitments, developing employees, offering desired value, and treating customers as individuals.
Similar to B.Com 07-11, Lecture 4 (20)
How can companies attract and retain the right customers and cultivate strong...
How can companies attract and retain the right customers and cultivate strong...
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みなさんこんにちはこれ何文字まで入るの？40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの？えこ...
ここ3000字までしか入らないけどタイトルの方がたくさん文字入ると思います。
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Welcome to UiPath Test Automation using UiPath Test Suite series part 6. In this session, we will cover Test Automation with generative AI and Open AI.
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2. Understanding how this integration enhances test automation within the UiPath platform
3. Practical demonstrations
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Cosa hanno in comune un mattoncino Lego e la backdoor XZ?
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5th LF Energy Power Grid Model Meet-up Slides
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みなさんこんにちはこれ何文字まで入るの？40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの？えこ...
みなさんこんにちはこれ何文字まで入るの？40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの？えこ...
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B.Com 07-11, Lecture 4
- 20. Building Right Relationship With Right Customer High profitability Low profitability profitability Loyalty Short term customer Long term customer Butterflies Good fit between company’s offering and customer’s need: high profit potential True friends Good fit between Company’s offering and Customer need: highest profit potential Strangers Little fit between Company’s offering and Customer’s need: lowest Profit potential Barnacles limited fit between Company’s offering and Customer need: low profit potential