The document provides an overview of customer relationship management (CRM). It defines CRM as both a process and hub of learning for organizations. The objectives are to outline the costs and benefits of CRM systems for organizations and customers. It discusses the shift from old, transaction-based marketing to new relationship marketing focused on customer retention through individualized interactions. CRM systems aim to enhance customer service, satisfaction, and retention by integrating business processes and customer data.
Chapter 4 Creating Customer Value, Satisfaction, and LoyaltyNishant Agrawal
Creating Customer Value, Satisfaction, and Loyalty
Organizational Charts
What is Customer Perceived Value?
Determinants of Customer Perceived Value
Steps in a Customer Value Analysis
Measuring Satisfaction
What is Quality?
Chapter 4 Creating Customer Value, Satisfaction, and LoyaltyNishant Agrawal
Creating Customer Value, Satisfaction, and Loyalty
Organizational Charts
What is Customer Perceived Value?
Determinants of Customer Perceived Value
Steps in a Customer Value Analysis
Measuring Satisfaction
What is Quality?
Presentation slides from Customer Relationship Management (CRM) workshop as part of Destination Digital business support programme from Connecting Cambridgeshire.
Want more information? Small businesses across Cambridgeshire and Peterborough can currently get free business support on using digital technology until March 2015.
More information here: http://destinationdigital.info/advice/
A marketing plan should be a formal written document, not recalled from memory or something scribbled on a napkin. To take your business to the next level requires preparing a written marketing action plan.
Notes
13 Teams
__
Average talent teams that get along well with each other are more productive than gifted teams that don’t get along. It doesn’t matter how well a team with low emotional intelligence is in control of the numbers. They can’t even decide what to try to do.
14 Stress
___
Difficulties at work and in our relationships put us under stress. Stress makes it difficult for us to find solutions to problems. When we can’t find solutions to problems, we get more stressed. To get rid of this dead end, we need to know how to manage our stressful situations.
15 Marriage
____
The secret of long and happy marriages is sincerity in your feelings. If your marriage was not built on this basis of intimacy from the very beginning, it will begin to crack over the years. Even small problems become unsolvable. You have to be emotionally open at the beginning of the road.
16 Leadership
______
Leadership does not mean dominance. Leading your colleagues to a common goal and making them believe in the reality of this purpose. Successful leaders are those who can keep their team’s motivation alive for many years. You have to make them desire the work to be done.
17. Emotions Are All Normal
___
Anger, hatred, love, happiness… You can understand when and under what circumstances these feelings will emerge by following yourself. You may have these feelings depending on how you interpret the events you encounter. The important thing is to be able to react independently of your feelings. You may find yourself making promises that you cannot keep because you are happy, or you may resort to violence when you are angry.
18/ Being able to Express Your Emotions
____
Not everyone’s level of empathy can be very good. You may be in a difficult situation immediately. You may feel bad, but people may not understand it. In these situations, you may need to express your feelings a little more directly.
19/You Are Not Your Emotions
______
Keep doing what you need to do, no matter how you feel. Success is achieved by people who cannot give up no matter what their feelings and thoughts are. Don’t let your feelings affect your actions.
20/ Timing
__
As soon as you feel a different emotion, try to think before you act. Because emotional intelligence moves faster than rational intelligence, it can make you act irrationally and make you say any unnecessary words.
Thanks for reading
~ 𝗧𝗼𝗻𝗴𝘀𝗮 𝗚𝘂𝘆
Book:- https://amzn.to/3XsVTz2.
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
Presentation slides from Customer Relationship Management (CRM) workshop as part of Destination Digital business support programme from Connecting Cambridgeshire.
Want more information? Small businesses across Cambridgeshire and Peterborough can currently get free business support on using digital technology until March 2015.
More information here: http://destinationdigital.info/advice/
A marketing plan should be a formal written document, not recalled from memory or something scribbled on a napkin. To take your business to the next level requires preparing a written marketing action plan.
Notes
13 Teams
__
Average talent teams that get along well with each other are more productive than gifted teams that don’t get along. It doesn’t matter how well a team with low emotional intelligence is in control of the numbers. They can’t even decide what to try to do.
14 Stress
___
Difficulties at work and in our relationships put us under stress. Stress makes it difficult for us to find solutions to problems. When we can’t find solutions to problems, we get more stressed. To get rid of this dead end, we need to know how to manage our stressful situations.
15 Marriage
____
The secret of long and happy marriages is sincerity in your feelings. If your marriage was not built on this basis of intimacy from the very beginning, it will begin to crack over the years. Even small problems become unsolvable. You have to be emotionally open at the beginning of the road.
16 Leadership
______
Leadership does not mean dominance. Leading your colleagues to a common goal and making them believe in the reality of this purpose. Successful leaders are those who can keep their team’s motivation alive for many years. You have to make them desire the work to be done.
17. Emotions Are All Normal
___
Anger, hatred, love, happiness… You can understand when and under what circumstances these feelings will emerge by following yourself. You may have these feelings depending on how you interpret the events you encounter. The important thing is to be able to react independently of your feelings. You may find yourself making promises that you cannot keep because you are happy, or you may resort to violence when you are angry.
18/ Being able to Express Your Emotions
____
Not everyone’s level of empathy can be very good. You may be in a difficult situation immediately. You may feel bad, but people may not understand it. In these situations, you may need to express your feelings a little more directly.
19/You Are Not Your Emotions
______
Keep doing what you need to do, no matter how you feel. Success is achieved by people who cannot give up no matter what their feelings and thoughts are. Don’t let your feelings affect your actions.
20/ Timing
__
As soon as you feel a different emotion, try to think before you act. Because emotional intelligence moves faster than rational intelligence, it can make you act irrationally and make you say any unnecessary words.
Thanks for reading
~ 𝗧𝗼𝗻𝗴𝘀𝗮 𝗚𝘂𝘆
Book:- https://amzn.to/3XsVTz2.
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
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
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2. Objectives
Defines CRM as a process and as a
hub of learning for the organization
Outlines costs and benefits of the
CRM system for organizations and
customers
3. Old VS. New Marketing
OLD MARKETING
Transaction oriented (no
future/end of relationship)
All customers are equal
4P marketing
(+preferences)
Mass marketing
Focus on new customers
Broadcast oriented
Transaction profit
NEW MARKETING
Relationship oriented
(beginning of relationship)
Share of wallet oriented
(cross-selling, up-selling)
All customers are not equal
Relationship marketing
Individual marketing
Focus on existing customers
Dialogue oriented (one-to-
one dialogue with each
customer)
Customer lifetime value
Source: Baran, Galka, Strunk (2008), Principles of Customer Relationship Management
4. Transaction vs. Relationship Oriented
Transactions are one-shot exchanges without any
concern for the future
Transaction marketing views the sale as the end
of the relationship, whereas relationship
marketing views the sale as the beginning of
the relationship
Relationships require two-way communications
between customers and the organization.
Further, information from these communications,
when integrated, recorded, and managed enable
relationships to be developed and maintained
Source: Baran, Galka, Strunk (2008), Principles of Customer
Relationship Management
5. Relationship Marketing
The origins of CRM are in the concept of
Relationship Marketing
Relationship marketing focuses on
maintaining a continuous relationship with
customers and
building long-term bonds
Over time, a company learns more and
more about the customer’s needs and wants
and is therefore able to provide more
personalized and relevant one-to-one
service Source: Baran, Galka, Strunk (2008), Principles of Customer
Relationship Management
6. Customer Lifetime Value
The present value of the future profits to be
received from a given number of newly
acquired or existing customers during a
specified period of years
It should be mentioned that it is not the
customer’s lifetime that is being estimated;
rather it is the period of time that a company
can reasonably expect them to be a customer
Source: Baran, Galka, Strunk (2008), Principles of Customer
Relationship Management
7. CRM: Why Now?
The increasing number of high-quality
competitors and products:
Consumers today can choose from a large number
of high quality items in every product category.
When a company does innovate, its improvements
are quickly copied
Companies are creating bonds between themselves
and their customers in order to better retain them;
bonds created through CRM strategies foster
loyalty. Loyalty cannot be quickly copied by
competitors
Source: Baran, Galka, Strunk (2008), Principles of Customer
Relationship Management
8. Changes in the pace of life:
Consumers are demanding quicker and better
service since there are more sources vying for
their scarce time
Families in which both spouses work and
increasing hours on the job have led to less time
available for shopping
Companies who have CRM systems that can
help the hurried consumer have a differential
advantage
Source: Baran, Galka, Strunk (2008), Principles of Customer
Relationship Management
CRM: Why Now?
9. Internet and Multi-channel Usage:
Multi-channel customer contact is the key to CRM
strategy
The more environments a company can provide, the
richer its customers’ experiences are likely to be.
Companies are developing multi-channel contact
centers (not simply call centers) to provide
customers with meaningful interactions
Companies need to maintain contact with customers
in both synchronous and asynchronous manners in
both live and automated formats
Source: Baran, Galka, Strunk (2008), Principles of Customer
Relationship Management
CRM: Why Now?
10. The Concept of Relationship
Management
The function of an enterprise’s marketing
activities is
to bring buyers and sellers together, to create
customers
While getting customers is fundamental to
business success,
keeping customer is more important
Major goal of organizations
engage in interactions with customers over the
long-term
11. The Concept of Relationship
Management
Consider the local butcher of years ago
When a female customer walked into the
shop,
the butcher said hello and called the customer
by name
The butcher knew how the customer
wanted her steaks and chops trimmed
12. The Concept of Relationship
Management
He knew her family always grilled
hamburgers on the weekend
Although he specialized in meats,
he also stocked hamburger buns
so his customer needed to make only one stop
She appreciated the personalized service
she received
Both the butcher and the customer
profited from this loyalty relationship
13. The Concept of Relationship
Management
Making a sale should not be viewed as the
end of the marketing process, but rather
as
the start of the organization’s relationship with
a customer
Successful small firms, such as the
traditional butcher, have to be relationship
oriented
They know that their customers-buyers
who purchase promises of satisfaction
prefer to do business repeatedly with people
and organizations they trust
14. The Concept of Relationship
Management
They know that establishing
relationships with customers can
increase long-run sales and
reduce marketing costs
In summary, a business enterprise
must focus on both getting and
keeping customers
15. Customer Relationship Management
A customer relationship management
(CRM) system, by its simplest
definition,
is a process to compile information
that
increase understanding of how to
manage an organization’s
relationships with its customers
16. Customer Relationship Management
CRM, a business strategy that uses
information technology
to provide the enterprise with a
comprehensive, reliable, and integrated
view of its customer base
so that all processes and customer
interactions help maintain and expand
mutually beneficial relationships
17. Customer Relationship Management
A CRM strategy should help
organizations
improve the profitability of their
interactions with current and potential
customers
while at the same time making those
interactions appear friendlier through
individualization and personalization
18. Customer Relationship Management
The purposes of a CRM system are to
enhance customer service,
improve customer satisfaction, and
ensure customer retention by aligning
business processes with technology
integration
19. Customer Relationship Management
An effective CRM system describes
customer relationships in sufficient
detail
so that all aspects of the organization
can
access information,
match customer needs with satisfying
product offerings,
remind customers of service requirements,
know what other products a customer has
purchased
20. Customer Relationship Management
A bank’s CRM should give a service
representative in its telephone call center
the ability to retrieve a compete record of a
customer’s company interactions seconds after
the customer provide identification information
Many CRM systems allow customers
themselves
to directly access information about their
transactions with a company
21. The CRM System as a Hub of Applied
Learning
Information technology within a CRM
system is a continuous process
The firm recognizes its lack of knowledge
and
begins to learn about customer segments and
their distinct needs before the first sale is
made
22. The CRM System as a Hub of Applied
Learning
From purchases databases, mailing lists,
e-mail referrals, and other sources
organizations can acquire mountains of data
about potential customers and
thus begin to tailor promotional messages,
product features and options
23. The CRM System as a Hub of Applied
Learning
If satisfied with the first transaction,
the customer learns to trust the organization
or
to believe it will deliver on its promises
The organization learns a bit about the
customer’s needs, and
a circular process begins as the firm collects
and analyzes data about customer transactions
and preferences
that is converted into information for different
functional areas
24. The CRM System as a Hub of Applied
Learning
The basis for building effective CRM
systems and strategies is
to build profitable relationships in the
long term that are mutually beneficial
and
that fulfill promises as customer
experience the product or service
offering
25. The CRM System as a Hub of Applied
Learning
However, many organizations experience
difficulties in building information and e-
commerce initiatives
since implementing the new technology
requires a complex array of skills to capture
data from dynamic processes
Further, organizations must balance the
need for security with the goal of
increasing personalization
26. The CRM Process as a Hub of Applied
Learning
Cultivate and
develop
interest, trust,
desire
Collect,
warehouse,
and analyze
data
Recognize
needs/wants
of defined
segments
Customize
channel
outlets,
locations
Customize
offers,
products, and
services
Acquire
customer and
establish a
relationship
Customize
promotion,
information,
interactions