Grofers leads the online grocery industry in India in terms of social media presence and engagement. It has the highest scores on Twitter, Facebook, and LinkedIn compared to competitors like Big Basket and Local Banya. However, Grofers can improve its YouTube channel presence. Overall, Grofers has the highest Social Media Quotient of 30.44. For companies to succeed, they need to follow a crawl-walk-run approach to social media, starting with content creation and community building before moving to more advanced strategies.
This document contains information about a course on Customer Relationship Management (CRM) and loyalty programs offered by ACCMAN Institute of Management. It includes 15 sections that provide an overview of the topics to be covered in the course, learning outcomes, objectives, reference books and websites, course structure, sample assignments and a project on analyzing CRM strategies of different industries. The key topics to be covered include the fundamentals and importance of CRM, building customer loyalty, technological tools for CRM, operational issues in implementing CRM, and applying CRM in business-to-business and business-to-consumer markets.
Demandbase Segmentation Strategies to Book a Meeting with AnybodyDemandbase
This document provides strategies for segmenting and prioritizing accounts to book meetings. It recommends tiering accounts based on factors like fit, intent, relationship and engagement. Higher tiers receive more personalized outreach across multiple channels like email, phone and LinkedIn. The prospecting checklist involves researching the person, business and CRM data. Personalized messaging sees higher open and reply rates than generic messages. Multi-channel outreach combining email, voicemail, direct mail and video is advocated to improve booking meetings with prospects.
An analysis of Salesforce's Revenue model, ama;yzing its robustness and a 3 year revenue forecast based on a breakdown of their industry and geographic sectos
Social Media Monitoring - How to setup a framework for "listening"Tom Muyllaert
The document discusses social media monitoring and listening. It notes that while social media conversations are vast and dispersed, monitoring is not the same as listening. The author presents different forms of listening including reactive customer care and helpdesk functions as well as proactive market research, product development, and content marketing. He introduces the concept of a "listening pyramid" to prioritize conversations. Key aspects of implementing a listening program are discussed such as defining objectives, choosing appropriate social networks and influencers to monitor, selecting tools, setting up classification schemes to organize conversations by topic, and analyzing data and insights.
This document outlines a methodology for developing a success blueprint to help organizations achieve their business objectives through effective deployment and adoption of Salesforce. It describes developing a vision and strategy, defining success metrics, planning for adoption, establishing governance and sponsorship, and creating a roadmap. The methodology involves building understanding in key domains like defining objectives, identifying relevant capabilities, and planning continuous improvement to ensure ongoing success.
Joshua Keller has over 20 years of experience in strategic operations, business analysis, and technology solutions. He has expertise in enterprise SaaS, sales engineering, project management, data analytics, and aligning goals across teams. His experience includes roles managing technology initiatives, business intelligence, and digital strategies for various organizations. Keller holds an MBA in healthcare management and is currently pursuing a DBA.
CRM is a business philosophy focused on developing long-term relationships with customers. It involves understanding customer needs, maintaining open communication, and delivering superior customer value profitably. The role of salespeople is to build and promote customer relationships by identifying needs, coordinating cooperation, and leading relationship development. Successful CRM leads to a unique asset of relationship networks. Relationship marketing similarly focuses on customer retention and relationship enhancement rather than new customer acquisition. On-demand CRM software like Salesforce has become popular due to its low costs and minimal IT requirements compared to on-premise software. Open source CRM is also emerging as a lower-cost alternative.
Grofers leads the online grocery industry in India in terms of social media presence and engagement. It has the highest scores on Twitter, Facebook, and LinkedIn compared to competitors like Big Basket and Local Banya. However, Grofers can improve its YouTube channel presence. Overall, Grofers has the highest Social Media Quotient of 30.44. For companies to succeed, they need to follow a crawl-walk-run approach to social media, starting with content creation and community building before moving to more advanced strategies.
This document contains information about a course on Customer Relationship Management (CRM) and loyalty programs offered by ACCMAN Institute of Management. It includes 15 sections that provide an overview of the topics to be covered in the course, learning outcomes, objectives, reference books and websites, course structure, sample assignments and a project on analyzing CRM strategies of different industries. The key topics to be covered include the fundamentals and importance of CRM, building customer loyalty, technological tools for CRM, operational issues in implementing CRM, and applying CRM in business-to-business and business-to-consumer markets.
Demandbase Segmentation Strategies to Book a Meeting with AnybodyDemandbase
This document provides strategies for segmenting and prioritizing accounts to book meetings. It recommends tiering accounts based on factors like fit, intent, relationship and engagement. Higher tiers receive more personalized outreach across multiple channels like email, phone and LinkedIn. The prospecting checklist involves researching the person, business and CRM data. Personalized messaging sees higher open and reply rates than generic messages. Multi-channel outreach combining email, voicemail, direct mail and video is advocated to improve booking meetings with prospects.
An analysis of Salesforce's Revenue model, ama;yzing its robustness and a 3 year revenue forecast based on a breakdown of their industry and geographic sectos
Social Media Monitoring - How to setup a framework for "listening"Tom Muyllaert
The document discusses social media monitoring and listening. It notes that while social media conversations are vast and dispersed, monitoring is not the same as listening. The author presents different forms of listening including reactive customer care and helpdesk functions as well as proactive market research, product development, and content marketing. He introduces the concept of a "listening pyramid" to prioritize conversations. Key aspects of implementing a listening program are discussed such as defining objectives, choosing appropriate social networks and influencers to monitor, selecting tools, setting up classification schemes to organize conversations by topic, and analyzing data and insights.
This document outlines a methodology for developing a success blueprint to help organizations achieve their business objectives through effective deployment and adoption of Salesforce. It describes developing a vision and strategy, defining success metrics, planning for adoption, establishing governance and sponsorship, and creating a roadmap. The methodology involves building understanding in key domains like defining objectives, identifying relevant capabilities, and planning continuous improvement to ensure ongoing success.
Joshua Keller has over 20 years of experience in strategic operations, business analysis, and technology solutions. He has expertise in enterprise SaaS, sales engineering, project management, data analytics, and aligning goals across teams. His experience includes roles managing technology initiatives, business intelligence, and digital strategies for various organizations. Keller holds an MBA in healthcare management and is currently pursuing a DBA.
CRM is a business philosophy focused on developing long-term relationships with customers. It involves understanding customer needs, maintaining open communication, and delivering superior customer value profitably. The role of salespeople is to build and promote customer relationships by identifying needs, coordinating cooperation, and leading relationship development. Successful CRM leads to a unique asset of relationship networks. Relationship marketing similarly focuses on customer retention and relationship enhancement rather than new customer acquisition. On-demand CRM software like Salesforce has become popular due to its low costs and minimal IT requirements compared to on-premise software. Open source CRM is also emerging as a lower-cost alternative.
Relationship marketing is a strategy that focuses on keeping current customers and strengthening relationships with them over time rather than acquiring new customers. It involves understanding customer needs as they change and providing a range of products and services to meet those evolving needs. The goal is to build committed, long-term customers who are profitable for the organization. Maintaining existing customers can cost far less than acquiring new ones, and higher customer retention rates have been shown to significantly increase profits.
Relationship marketing
Week 12 of 13 of the 2007 Internet Marketing Course. Content is based in part on Dann, S and Dann S 2004 Strategic Internet Marketing 2.0, Milton: Wiley. Diagrams taken from the Dann and Dann text are copyright to their respective copyright holders.
The document discusses customer relationship management (CRM). It defines CRM as establishing, developing, and sustaining long-term, beneficial relationships between organizations and their customers. CRM aims to increase customer retention through loyalty programs and databases. It reduces costs associated with acquiring new customers. CRM software helps companies provide better service and increase customer satisfaction. Properly managing customer relationships is important for customer retention, reducing costs, and growing business.
CRM refers to developing and maintaining long-term relationships with valuable customers. It is a business philosophy focused on understanding individual customer needs through open communication to mutually benefit both parties. CRM provides a platform for competitive advantage by prioritizing customer needs and values in building long-term relationships. Key determinants include trust, value, understanding customers, commitments, support and honesty. Customer relationships progress over various stages from initial interactions to long-term partnerships. The role of salespeople is to initiate, develop and enhance relationships by identifying prospects, demonstrating value, and ensuring satisfaction to build trust and commitment.
This document provides a synopsis of a research study titled "The Factors influencing the relationship between Sales Representative and Customer and their impact on Sales". The study aims to identify the critical success factors of sales representatives that lead to healthy relationships with customers. It will examine how factors like a rep's age, gender, education, language, and place of living impact customer relationships. The research objectives are to determine if positive relationships impact in-store sales volume and identify ways to train existing sales reps. A questionnaire will be used to collect primary data from 100 retailers and distributors in Dehradun City, with chi-square testing used to analyze the data.
Customer Relationship Management (CRM) involves developing long-term relationships with customers through open communication and feedback. CRM is based on understanding individual customer needs and providing customized products and services to increase trust and value. Effective CRM requires salespeople to understand customers, meet commitments, provide support, be honest, and build long-term relationships over different stages from initial interactions to long-term partnerships.
This document provides an overview of customer relationship management (CRM). It defines CRM and discusses the evolution from transactional to relationship marketing. Key aspects of relationships like trust and commitment are explained. The purposes and benefits of CRM are outlined, including customer retention, reduced costs, better insights, and increased lifetime customer value. Stages of the CRM cycle and common CRM models are summarized. Factors for CRM success and types of CRM are also covered at a high level.
The Relationship between Customer Knowledge Management, Customer Relationship...inventionjournals
ABSTRACT: This study was aimed to assess the relationship between customer knowledge management and customer relationship management, with organizational innovation and customer loyalty (for consumers and retailers of protein industry in Isfahan province). The statistical population consisted of all employees (1385 people) and customers of nine production and distribution groups of the protein products in Isfahan province. Corresponding to the number in each group, stratified random sampling was made based on the contributions made, and 451 questionnaires were analyzed regarding the number of people in each group. The findings showed that there was a significant correlation between customer loyalty and customer relationship management, customer knowledge management and organizational innovation (P<0.01). The values of effective coefficients; β, showed that for every unit increase in innovation, knowledge management, and customer relationship management, the customer loyalty was increased 0.332, 0.331 and 0.331 units, respectively. According to the results of this study, it could be suggested that the protein industry retailers, must incorporate knowledge based and relationship marketing tools, such as customer relationship management, and customer knowledge management, for implementing customer loyalty strategies. Results of this study showed that organizational innovation should be considered as the first priority for implementing loyalty strategies of the organization.
CRM aims to develop and maintain long-term relationships with customers through mutual trust and value. It involves identifying customer needs, integrating competencies to satisfy customers, and focusing on customer value over time. CRM develops through different stages from initial interactions to long-term partnerships. Salespeople play a key role in building relationships and promoting CRM strategies within organizations. The goal is superior customer value and loyalty through the customer relationship life cycle.
The Influence Of Relationship Marketing On Switching Barrier, Customer Satisf...inventionjournals
This study was aimed at testing and analyzing influence of relationship marketing on switching barrier, customer satisfaction, customer trust, and customer retention. The study was conducted with respondents of 141 Emerald BNI BANK customers in Indonesia. Data were collected by using instruments of questionnaires. The test on the model was done using structural equation model analysis with GSCA approach. Switching barrier significantly influenced on customer satisfaction and customer trust. Furthermore, customer satisfaction and customer trust significanly influenced on customer retention. Partially, it was identified that variable of customer trust was the most dominant variable influencing on the customer retention.
Covers the basics of the law of supply and demand, as well as some of the factors of production and demandMarkets used to exchange the services of a factor of production: labor, capital, land, and
entrepreneurship. Factor markets, also termed resource markets, exchange the services of factors, NOT
the factors themselves. For example, the labor services of workers are exchanged through factor markets
NOT the actual workers. Buying and selling the actual workers are not only slavery (which is illegal) it's
also the type of exchange that would take place through product markets, not factor markets. More
realisticalervices of these resources, however, are exchanged through factor markets. The value of the services
exchanged through factor markets each year is measured as national income.
Assumption is a belief or feeling that something is true or that something will happen, although there is
no proof. Economists make frequent use of assumptions in putting forward their theories.
Perfect competition refers to a situation in which no firm or consumer is big enough to affect the
market price.
DEMAND ANALYSIS
Shortage:
A shortage is a situation in which demand exceeds supply, i.e. producers are unable to meet market
demand for the product. Shortages cause prices to raise prompting producers to produce more and
consumers to demand less.
Surplus:
A surplus is a situation of excess supply, in which market demand falls short of the quantity supplied;
i.e. the producers are unable to sell all the produced goods in the market. Surpluses cause prices to fall
prompting producers to supply less and consumers to demand more. rkets used to exchange final good or service. Product markets exchange consumer goods purchased
by the household sector, capital investment goods purchased by the business sector, and goods
purchased by government and foreign sectors. A product market, however, does NOT include the
exchange of raw materials, scarce resources, factors of production, or any type of intermediate goods.
The total value of goods exchanged in product markets each year is measured by gross domestic
product. The demand side of product markets includes consumption expenditures, investment
expenditures, government purchases, and net exports. The supply side of product markets is production
of the business sector.
Factors markets:
Markets used to exchange the services of a factor of production: labor, capital, land, and
entrepreneurship. Factor markets, also termed resource markets, exchange the services of factors, NOT
the factors themselves. For example, the labor services of workers are exchanged through factor markets
NOT the actual workers. Buying and selling the actual workers are not only slavery (which is illegal) it's
also the type of exchange that would take place through product markets, not factor markets. More
realistically, capital and land are two resources and are legally exchanged through product markets. The
services of these resources, however, are exc
Managing customers for lifetime businessMoses Omondi
The document discusses customer relationship management and provides several models for understanding CRM. It outlines the IDIC model, Quality Competitiveness Index model, CRM Value Chain model, Payne's Five Forces model, Dasai conceptual model, Forrester model, and Maturity model for assessing CRM capabilities. It also provides a case study of a company, APEX Digital Imaging, that implemented Zoho CRM to better manage sales leads and saw improved lead generation and streamlined processes.
management of key accounts of an organisation. KAM portfolio. hierarchy of key relationships.pricing and negotiation.relationship management with key accounts.decision makers.
The document outlines key concepts in customer-driven marketing including:
1) Marketing creates utility for customers by making goods available when and where they are wanted through time, place, and ownership utility.
2) The marketing concept focuses on understanding customer needs and satisfying them through products and services. Customer satisfaction and loyalty contribute added value for organizations.
3) Marketing strategies involve selecting target markets and developing marketing mixes to satisfy their needs through the four Ps - product, price, place, promotion.
This document summarizes a study on the relationship between relationship marketing and customer satisfaction. The study finds that relationship marketing, which focuses on building relationships with customers at every interaction point, can increase customer satisfaction and retention. Maintaining customer trust and commitment through communication, customization, and gratitude can influence customer behavior and loyalty. When companies prioritize customer satisfaction through relationship marketing strategies, it can improve financial performance over the long run and attract new investors. The conclusion is that catering to customer demands through relationship building is important for business success and growth.
CRM involves developing long-term mutually beneficial relationships with customers through open communication and customized products and services. It is based on trust and providing superior value compared to competitors. Customer relationships progress through different stages from basic interactions to long-term partnerships. Global salespeople play a key role in building and promoting customer relationships by understanding customer needs, providing quality service, and enhancing loyalty over time. The goal of CRM is to turn prospects into loyal, long-term partners through ongoing value creation.
CRM is a business philosophy focused on developing mutually beneficial long-term relationships with customers. It involves identifying and meeting customer needs to deliver superior long-term value at a profit. Customer relationships develop over several stages from initial contact to long-term partnership as trust and value increase over time. The role of salespeople is to build and promote relationships by understanding customers and coordinating cooperation between them and the company to encourage learning and resolution of issues. The goal of CRM is to turn prospects into customers, customers into loyal customers, and loyal customers into partners by offering superior value.
Impact of Service Quality on Customer Loyalty of Domestic Pumpspaperpublications3
Abstract: Service quality deals with the customer expectation and actual treatment. Better the service quality, higher will be the customer satisfaction. This can gain more and more customers and more loyal customers. The major advantage of loyal customers is that these customers will not leave because of any small reason or any minor fluctuations in company’s performance. This study is restricted to a single product domestic pump and will investigate the role of service quality in creating loyal customers.
Keywords: Service quality, Customer loyalty, Domestic pumps.
Title: Impact of Service Quality on Customer Loyalty of Domestic Pumps
Author: FAZEEN RASHEED A K
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
This document discusses several models for customer relationship management (CRM). It begins by explaining the building blocks of CRM and the importance of aligning CRM strategy with corporate and competitive strategies. It then describes seven models for CRM and relationship building: 1) the IDIC model, 2) Buttle's value chain model, 3) the QCI model, 4) Payne's five-process model, 5) the conceptual model, 6) the Forrester model, and 7) the Gartner competency model. It concludes by presenting Gartner's CRM maturity model and several statistics about CRM initiative failure rates.
The document discusses DataActiva's approach to measuring customer satisfaction and loyalty through a multi-phase program. It involves conducting qualitative and quantitative research with customers and management to understand needs, expectations, and drivers of loyalty. Metrics and objectives are then developed and tracked over time to provide actionable insights and recommendations to optimize customer value, engagement, and retention. A variety of methodologies are used to collect data on satisfaction with customer service, marketing activities, and overall performance versus competitors.
Relationship marketing is a strategy that focuses on keeping current customers and strengthening relationships with them over time rather than acquiring new customers. It involves understanding customer needs as they change and providing a range of products and services to meet those evolving needs. The goal is to build committed, long-term customers who are profitable for the organization. Maintaining existing customers can cost far less than acquiring new ones, and higher customer retention rates have been shown to significantly increase profits.
Relationship marketing
Week 12 of 13 of the 2007 Internet Marketing Course. Content is based in part on Dann, S and Dann S 2004 Strategic Internet Marketing 2.0, Milton: Wiley. Diagrams taken from the Dann and Dann text are copyright to their respective copyright holders.
The document discusses customer relationship management (CRM). It defines CRM as establishing, developing, and sustaining long-term, beneficial relationships between organizations and their customers. CRM aims to increase customer retention through loyalty programs and databases. It reduces costs associated with acquiring new customers. CRM software helps companies provide better service and increase customer satisfaction. Properly managing customer relationships is important for customer retention, reducing costs, and growing business.
CRM refers to developing and maintaining long-term relationships with valuable customers. It is a business philosophy focused on understanding individual customer needs through open communication to mutually benefit both parties. CRM provides a platform for competitive advantage by prioritizing customer needs and values in building long-term relationships. Key determinants include trust, value, understanding customers, commitments, support and honesty. Customer relationships progress over various stages from initial interactions to long-term partnerships. The role of salespeople is to initiate, develop and enhance relationships by identifying prospects, demonstrating value, and ensuring satisfaction to build trust and commitment.
This document provides a synopsis of a research study titled "The Factors influencing the relationship between Sales Representative and Customer and their impact on Sales". The study aims to identify the critical success factors of sales representatives that lead to healthy relationships with customers. It will examine how factors like a rep's age, gender, education, language, and place of living impact customer relationships. The research objectives are to determine if positive relationships impact in-store sales volume and identify ways to train existing sales reps. A questionnaire will be used to collect primary data from 100 retailers and distributors in Dehradun City, with chi-square testing used to analyze the data.
Customer Relationship Management (CRM) involves developing long-term relationships with customers through open communication and feedback. CRM is based on understanding individual customer needs and providing customized products and services to increase trust and value. Effective CRM requires salespeople to understand customers, meet commitments, provide support, be honest, and build long-term relationships over different stages from initial interactions to long-term partnerships.
This document provides an overview of customer relationship management (CRM). It defines CRM and discusses the evolution from transactional to relationship marketing. Key aspects of relationships like trust and commitment are explained. The purposes and benefits of CRM are outlined, including customer retention, reduced costs, better insights, and increased lifetime customer value. Stages of the CRM cycle and common CRM models are summarized. Factors for CRM success and types of CRM are also covered at a high level.
The Relationship between Customer Knowledge Management, Customer Relationship...inventionjournals
ABSTRACT: This study was aimed to assess the relationship between customer knowledge management and customer relationship management, with organizational innovation and customer loyalty (for consumers and retailers of protein industry in Isfahan province). The statistical population consisted of all employees (1385 people) and customers of nine production and distribution groups of the protein products in Isfahan province. Corresponding to the number in each group, stratified random sampling was made based on the contributions made, and 451 questionnaires were analyzed regarding the number of people in each group. The findings showed that there was a significant correlation between customer loyalty and customer relationship management, customer knowledge management and organizational innovation (P<0.01). The values of effective coefficients; β, showed that for every unit increase in innovation, knowledge management, and customer relationship management, the customer loyalty was increased 0.332, 0.331 and 0.331 units, respectively. According to the results of this study, it could be suggested that the protein industry retailers, must incorporate knowledge based and relationship marketing tools, such as customer relationship management, and customer knowledge management, for implementing customer loyalty strategies. Results of this study showed that organizational innovation should be considered as the first priority for implementing loyalty strategies of the organization.
CRM aims to develop and maintain long-term relationships with customers through mutual trust and value. It involves identifying customer needs, integrating competencies to satisfy customers, and focusing on customer value over time. CRM develops through different stages from initial interactions to long-term partnerships. Salespeople play a key role in building relationships and promoting CRM strategies within organizations. The goal is superior customer value and loyalty through the customer relationship life cycle.
The Influence Of Relationship Marketing On Switching Barrier, Customer Satisf...inventionjournals
This study was aimed at testing and analyzing influence of relationship marketing on switching barrier, customer satisfaction, customer trust, and customer retention. The study was conducted with respondents of 141 Emerald BNI BANK customers in Indonesia. Data were collected by using instruments of questionnaires. The test on the model was done using structural equation model analysis with GSCA approach. Switching barrier significantly influenced on customer satisfaction and customer trust. Furthermore, customer satisfaction and customer trust significanly influenced on customer retention. Partially, it was identified that variable of customer trust was the most dominant variable influencing on the customer retention.
Covers the basics of the law of supply and demand, as well as some of the factors of production and demandMarkets used to exchange the services of a factor of production: labor, capital, land, and
entrepreneurship. Factor markets, also termed resource markets, exchange the services of factors, NOT
the factors themselves. For example, the labor services of workers are exchanged through factor markets
NOT the actual workers. Buying and selling the actual workers are not only slavery (which is illegal) it's
also the type of exchange that would take place through product markets, not factor markets. More
realisticalervices of these resources, however, are exchanged through factor markets. The value of the services
exchanged through factor markets each year is measured as national income.
Assumption is a belief or feeling that something is true or that something will happen, although there is
no proof. Economists make frequent use of assumptions in putting forward their theories.
Perfect competition refers to a situation in which no firm or consumer is big enough to affect the
market price.
DEMAND ANALYSIS
Shortage:
A shortage is a situation in which demand exceeds supply, i.e. producers are unable to meet market
demand for the product. Shortages cause prices to raise prompting producers to produce more and
consumers to demand less.
Surplus:
A surplus is a situation of excess supply, in which market demand falls short of the quantity supplied;
i.e. the producers are unable to sell all the produced goods in the market. Surpluses cause prices to fall
prompting producers to supply less and consumers to demand more. rkets used to exchange final good or service. Product markets exchange consumer goods purchased
by the household sector, capital investment goods purchased by the business sector, and goods
purchased by government and foreign sectors. A product market, however, does NOT include the
exchange of raw materials, scarce resources, factors of production, or any type of intermediate goods.
The total value of goods exchanged in product markets each year is measured by gross domestic
product. The demand side of product markets includes consumption expenditures, investment
expenditures, government purchases, and net exports. The supply side of product markets is production
of the business sector.
Factors markets:
Markets used to exchange the services of a factor of production: labor, capital, land, and
entrepreneurship. Factor markets, also termed resource markets, exchange the services of factors, NOT
the factors themselves. For example, the labor services of workers are exchanged through factor markets
NOT the actual workers. Buying and selling the actual workers are not only slavery (which is illegal) it's
also the type of exchange that would take place through product markets, not factor markets. More
realistically, capital and land are two resources and are legally exchanged through product markets. The
services of these resources, however, are exc
Managing customers for lifetime businessMoses Omondi
The document discusses customer relationship management and provides several models for understanding CRM. It outlines the IDIC model, Quality Competitiveness Index model, CRM Value Chain model, Payne's Five Forces model, Dasai conceptual model, Forrester model, and Maturity model for assessing CRM capabilities. It also provides a case study of a company, APEX Digital Imaging, that implemented Zoho CRM to better manage sales leads and saw improved lead generation and streamlined processes.
management of key accounts of an organisation. KAM portfolio. hierarchy of key relationships.pricing and negotiation.relationship management with key accounts.decision makers.
The document outlines key concepts in customer-driven marketing including:
1) Marketing creates utility for customers by making goods available when and where they are wanted through time, place, and ownership utility.
2) The marketing concept focuses on understanding customer needs and satisfying them through products and services. Customer satisfaction and loyalty contribute added value for organizations.
3) Marketing strategies involve selecting target markets and developing marketing mixes to satisfy their needs through the four Ps - product, price, place, promotion.
This document summarizes a study on the relationship between relationship marketing and customer satisfaction. The study finds that relationship marketing, which focuses on building relationships with customers at every interaction point, can increase customer satisfaction and retention. Maintaining customer trust and commitment through communication, customization, and gratitude can influence customer behavior and loyalty. When companies prioritize customer satisfaction through relationship marketing strategies, it can improve financial performance over the long run and attract new investors. The conclusion is that catering to customer demands through relationship building is important for business success and growth.
CRM involves developing long-term mutually beneficial relationships with customers through open communication and customized products and services. It is based on trust and providing superior value compared to competitors. Customer relationships progress through different stages from basic interactions to long-term partnerships. Global salespeople play a key role in building and promoting customer relationships by understanding customer needs, providing quality service, and enhancing loyalty over time. The goal of CRM is to turn prospects into loyal, long-term partners through ongoing value creation.
CRM is a business philosophy focused on developing mutually beneficial long-term relationships with customers. It involves identifying and meeting customer needs to deliver superior long-term value at a profit. Customer relationships develop over several stages from initial contact to long-term partnership as trust and value increase over time. The role of salespeople is to build and promote relationships by understanding customers and coordinating cooperation between them and the company to encourage learning and resolution of issues. The goal of CRM is to turn prospects into customers, customers into loyal customers, and loyal customers into partners by offering superior value.
Impact of Service Quality on Customer Loyalty of Domestic Pumpspaperpublications3
Abstract: Service quality deals with the customer expectation and actual treatment. Better the service quality, higher will be the customer satisfaction. This can gain more and more customers and more loyal customers. The major advantage of loyal customers is that these customers will not leave because of any small reason or any minor fluctuations in company’s performance. This study is restricted to a single product domestic pump and will investigate the role of service quality in creating loyal customers.
Keywords: Service quality, Customer loyalty, Domestic pumps.
Title: Impact of Service Quality on Customer Loyalty of Domestic Pumps
Author: FAZEEN RASHEED A K
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
This document discusses several models for customer relationship management (CRM). It begins by explaining the building blocks of CRM and the importance of aligning CRM strategy with corporate and competitive strategies. It then describes seven models for CRM and relationship building: 1) the IDIC model, 2) Buttle's value chain model, 3) the QCI model, 4) Payne's five-process model, 5) the conceptual model, 6) the Forrester model, and 7) the Gartner competency model. It concludes by presenting Gartner's CRM maturity model and several statistics about CRM initiative failure rates.
The document discusses DataActiva's approach to measuring customer satisfaction and loyalty through a multi-phase program. It involves conducting qualitative and quantitative research with customers and management to understand needs, expectations, and drivers of loyalty. Metrics and objectives are then developed and tracked over time to provide actionable insights and recommendations to optimize customer value, engagement, and retention. A variety of methodologies are used to collect data on satisfaction with customer service, marketing activities, and overall performance versus competitors.
2. Introduction
• Many organizations in financial services claim to
have a focus on long-term relationships with the
customer but fail to follow through (Hawkes, 1995).
• Distinction between relationship models and
transactional models.
• Transaction theory seeks to increase the immediate
payoff and achieve short term gains whereas
relationship theory aims to build and maintain an
ongoing mutually beneficial partnership.
3. Background of the study
Social Concern Theoretical Concern
• Relationship marketing •There is insufficient research on
overlooks short-term losses to
build long-term gains. some issues and relationships
Relationship theory would between certain attributes of
benefit society by an increase relationship marketing; especially
in mutual benefits for both on the correlation of these
the customer and commercial
industries rather than attributes between agencies who
reinforcing the opportunistic provide relationship marketing
and cutthroat approaches and those who do not.
embodied by transactional
theory. •The conditions of trust
• In time, time a short term development and customer need
gain hurts both whereas a expectation need to be met for
long term gain helps both. relationship marketing to exist.
4. Problem Statement
• Studies show that it is essential for organizations that are
service oriented to create and share value with the customer
during an exchange (Christopher, Payne, & Ballantyne,
2002).
• At this time it is unclear if these transactional systems are
being used as an intentional alternative to a company
supported relationship marketing approach.
• The problem is that even though relationship theory has
been shown to be more effective in the long term success of
the organization, many companies choose to not employ the
approach (Bruhn, 2002, Hawke, 1995, and Barwise, 2005).
5. Purpose of the Study
• Quantitative correlational research study to show the
relationship between trust development and expecting
customer needs (independent variables) as measured by
the developed research marketing tool which seeks to
determine the relationship to the company’s style of
marketing (dependant variable) (Morgan & Hunt,
1994).
• Population is middle management and customers of
financial service company in Central CA
• Demonstrate misappropriation of training, marketing,
advertisement, and management budgets.
6. Significance of the Study
• General
• This study is significant as it presents an empirical tool to measure
trust development and expecting customer needs, two essential
elements of relationship marketing.
• Leadership
• Will give leaders unique tools to develop trust and meet customer
needs thereby making better use of dollars for advertising and
marketing, training, and customer relations budgets.
7. Nature of the Study
• Research methods
• Quantitative method is appropriate as it shows the relationship between the
independent and dependant variables.
• Research design
• Design is appropriate as it will first identify a company that uses relationship
marketing (by using a pilot test) and then test the independent and
dependent variables. Study will then determine if the data shows a
relationship between the IV and DV.
8. Research Questions
• How important is developing trust and expecting the needs of
the customer to the patrons? To the company itself?
• Did the company achieve their goal of providing relationship
marketing?
• Are trust development and needs expectorations accurate
measures of relationship marketing?
9. Hypotheses
• Null Hypothesis
• There will be no relationship between the independent variables of
development of trust and customer needs expectation and the
dependent variable of the style of marketing.
• Alternative Hypothesis:
• There will be a statistically significant relationship between the
independent variables of development of trust and customer needs
expectation and the dependent variable of the style of marketing.
10. Conceptual Framework
• Relationship Theory
• Transformational and loyalty theories
• Transactional theory
• Business process management
• Similar studies and related theories
• Attempts to show that millions of dollars in training and management
budgets are being misappropriated by lack of understanding of the full
dynamics surrounding customer reaction to business-patron interactions.
11. Summary and Conclusion
• Questions on the customer questionnaire will be directed
at the respondent’s feeling that the organization
anticipated their needs and their behaviors were in an
effort to build and maintain a long term relationship with
the customer.
• Discussion on study’s implications and potential
differences between the company and customer
impression.
• Similarities will be exposed between feedback from
customers and companies to determine if there are some
areas that can be addressed using a BPM approach.
12. References
• Bruhn, M. (2002). Relationship Marketing:Management of Customer
Relationships (1st ed.). Basel, Switzerland: Prentice-Hall.
• Barwise, P. (2003). Simply Better: Winning and Keeping Customers by
Delivering What Matters Most. CITY PUBLISHER
• Christopher, M., Payne, A., & Ballantyne, D. (2002). Relationship Marketing:
Creating Stakeholder Value. Woburn, MA: Butterworth-Heinemann.
• Hawkes, A. (1995). Relationship Marketing in the Financial Services
Industry. CITY PUBLISHER
• Morgan, R. M., & Hunt, S. D. (1994). The commitment-trust theory
of relationship marketing. Journal of Marketing, 58(3), 20-38.
Editor's Notes
Transactional mentality is opposed by relationship theory by the nature in which the business interacts with a customer.
The problem is that although many of these organizations sponsor strategies to improve customer relationships, it is unclear if these systems are able to stimulate a mutually beneficial relationship over time between the organization and the customer (Stone & Foss, 2002). It has become more of a focus in recent years to focus on more dynamic and empirical approaches to relationship marketing without losing the inherent qualities of a naturalistic mom-and-pop approach to customer relations (Hougaard & Bjerre, 2002). Some conflict is inevitable here as BPM was originally very mechanistic and was not as concerned with humanistic concerns as with efficiency and effectiveness whereas relationship marketing has been seen as a more customer-minded philosophy (Pyke, Whitehead, & O’Connell, 2006). This qualitative survey research study will attempt to produce data that supports or refutes claims that these systems are effective in producing and retaining satisfied customers and that the mentality that “we work hard for you.” These results may assist organizations in developing strategies and systems to remain viable while developing sustainable and mutually beneficial relationships with their customers.
This qualitative survey research study has been designed to expose the frequency of dissatisfaction on the part of the customer with regard to the organization using strategies that fail to give their customers the impression of a longer than immediate sense of relationship. This problem is significant as it demonstrates the wasted money spent on training, marketing and advertising, and public relations in the effort to build on a strategy that looks towards a long-term rather than short-term business presence
In this study, the researcher will prepare two questionnaires that are nearly identical, with one phrased for the customer and one for the service organization. The questions will be directed at the respondent’s feeling that the organization is effective in providing services that are in an effort to build and maintain a long term relationship with the customer. There will be then a discussion on the implications of the study’s results and potential differences between the impression of what the company feels they are producing in the customer’s mind, and how the customer actually feels the company is doing. Similarities will be exposed between customers and companies to determine if there are some areas that can be addressed using a BPM approach. Request questions from peers and faculty