...Mikail Onder, Astha Bhatia, Arjundev Singh Wadalia Institute of Management TEchnology Dubai Customer Retention Customer Relationship Management Customer Retention Customer Relationship Management Table of Contents I. Introduction 2 II. New Trends in Customer Retention Strategies 2 III. Technology: Resolving customer retention issues 6 IV. Segmented service and support strategies 6 V. Traditional CRM service and support products 6 VI. Conclusion 6 VII. Bibliography 6 VIII. Appendices 6 I. Introduction Customer retention can be defined by all the activities and actions companies take to reduce the number of customer defections. In other words, it refers to the percentage of customer relationships a business is able to maintain on a long-term basis once they are established. The concept of customer retention is quick simple as satisfied customers represent a major contributing factors in the net growth rate of any businesses, as they will keep coming back if they feel important and that companies regularly communicate with them in the right way. Customer retention begins with the first contact a customer has with a specific company and continues throughout the entire relationship lifetime. The main role of customer retention programs is to support companies in retaining their customers often through customer and brand loyalty initiatives. Customer retention can offer lots of benefits to a company such as: * Net growth rate * Benefits...
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...Bargaining power of customers 3.2.2. Pressure from substitute services 3.2.3. Bargaining power of supplies 3.2.4. Threat of new entrants 3.2.5. Competition and rivalry among firms 3.3. SWOT Analysis 3.3.1. Strengths 3.3.2. Weaknesses 3.3.3. Opportunities 3.3.4. Threats 4. CURRENT MARKETING STRATEGIES 11 4.1. Current Marketing Strategies of Planet Fitness Health Clubs 4.1.1. Relationship Marketing 4.1.2. Good advertising promotion tool 4.1.3. Direct marketing 4.1.4. Couponing 4.2. Differential Advantages 4.2.1. Stable Direct Foreign Investments (FDI) 4.2.2. A good brand name 5. RECOMMENDED STRATEGY REFORMULATION 13 5.1. Recommended Objectives and Goals (SMART) 5.1.1. Price regulation 5.1.2. Provision of ample quality services 5.1.3. Separation of Virgin Active from its competitors 5.1.4. Incorporation of voice-over customer (VOC) techniques 5.2. Recommended Marketing Strategies 5.2.1. Corporate branding 5.2.2. Incorporation of integrated marketing communications 5.2.3. Segmentation, Targeting and Positioning (STP) 5.2.4. ANSOFF’S Matrix, BCG Matrix 5.2.5. Market penetration 5.2.6. Product development 5.2.7. Market development 5.2.8. Diversification 6. MARKETING PROGRAMME AND PLANS 16 6.1. Service Strategy 6.2. Promotion Strategies 6.3...
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...introducing, development and securing a brand’s identity needs a consistent interaction with target customers (Wong and Merrilees 2005). Media is the vehicle that conveys all the brand messages through advertisement to the target audiences. As Nestle products are for each segment of the society(each age group, gender or economic status) that’s why Nestle use every media source to communicate with its target customers including TV, magazines, newspaper, radio, outdoor boards, internet and mail . Events and sponsorship are also very influential in context of brand building. Events are brand associated activities planned for publicity. Sponsorship is financial or in kind support to any individual or organization for brand promotion and association. Nestle provided sponsorships to children nutrition and health programs, sports clubs and sports events, musical festivals and TV programs. Nestle also launch independently “Good Nutrition Programs” for children health. Nestle also invest in research and development for health and nutrition and many other social development programs. Along with advertisement and publicity, sales promotion also plays the role of accelerator in brand building. According to different customer preference models, consumers assess different brands on the basis of the benefits they provide (Chandon, Wansink and Laurent 2000). Nestle adopted “More for the Same” pricing strategy. According to that they are providing higher quality products than their contenders at competitive...
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...perspectives that all of their people bring to their firms. To achieve their business goals or objectives set, most managers in our digital age pay more attention on the ways of how they manage their organizational culture, as the example this paper will be explored about ANZ Royal Bank Cambodia Ltd, one of the international standard banks in Cambodia, to understand how they formulate and implement the contribution of managing culture and its interrelation between leadership, organizational structure, motivation, power, and strategic management concepts effectively and efficiently in order to permanently challenge and seize the market share as much as possible. 2. What is the Organizational Culture? All organizations, whether a family, a sports club or a business, have a culture which is the strength of making one organisation great versus another. Culture is the combination of the knowledge, ideas, behaviours, and material creations that are learned, shared, and transmitted primarily through the symbolic system of language. Knowing your culture will help you: • Follow a clear set of rules and guidelines for your actions. You are less likely to take the easy way out or chase after short-term gains at the expense of your long-term goals. • Make...
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...PROJECT EVALUATION, 1st SEMESTER 2011 - 12 Tutorial group : i Country studied : Czech Republic Group members : 1. Martin Aurélie 2. Camille Pennel 3. Quentin Ohl 4. Lucas Gautier 5. Adrien Champas Faculty tutor : Lily Ming LI Mark : _______ ( Like all marks, subject to validation by an exam board ) Due Date : 7 nov. 2011, 5PM Received on time ? yes / no Content (80%) Mark ______ 1. Cultural analysis and examples- integration of cultural theories- depth of knowledge and understanding- use of quality example- originality 2. Implications, recommendations - Coherent structure & arguments - Relevant & specific recommendations - Business orientation, appropriate for Expatriate | Comments | Style (20%) Mark ______ 1. Quality of writing 2. Layout and lengh 3. Correct referencing | | Other Comments | ESC RENNES SCHOOL OF BUSINESS – PGE2 INTRODUCTION Czech Republic needs to be viewed as a transitional economy which is in the process of moving from a state-controlled, centrally planned economy to one which is embracing a more Anglo-style capitalist model. Although it could be strongly argued that the Czech Republic has moved faster and more successfully in this direction than some of its neighbors, this does not mean that the transition is complete. In the study of the behavior of the Czech in business, we must take into account the specific...
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...form of gambling activity in a market worth over $20 billion annually (Australian Productivity Commission Report on Gambling – 2010). According to the same APC report, casino gaming now makes up over 20% of the total gambling market and the use of poker machines in both casino and club environments has increased from 29% to 55% of spend in the last 20 years. Whilst a strong customer centric approach is essential for Crown to secure market share and build long term, loyalty based relationships with customers, the business also represents an example of both product and market orientation in its approach. The product orientation is indicated through Crown’s continuous development of table games and customer service programs, with the market orientation indicated through Crown’s detailed understanding of customer needs across its target markets (VIP, High End & Mass Market) and its delivery of very specific alternative offerings to that of competitors (AGSM Marketing Management 1-15 & 1-16). Customers are concentrated geographically around Crown Casino locations, with an age based segmentation commencing at the legal minimum gaming age (18 – 21 across jurisdictions). There is an additional customer segment in the High End market who travel between properties throughout Asia....
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...Week 1 TCOs A, B, C Marketing, Strategies, and Research Chapter 1: Defining Marketing for the 21st Century Chapter 2: Developing Marketing Strategies and Plans Chapter 4: Conducting Marketing Research and Forecasting Demand, pp. 88-105 A. Given information gathered through applied business research, develop a Marketing Plan for a product or service of your choice consistent with its position in the market. Understand how this Marketing Plan would fit into a complete Business Plan for the product or service. Key Concepts: Define marketing and how it evolved and why marketing is important to our society. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. How it evolved has 5 phases on page 2 of notes. 1. Production concept of marketing, 2. Product concept, 3. Promotion selling concept, 4. Marketing concept, 5. Holistic marketing. A social definition shows the role marketing plays in society; for example, one marketer has said that marketing’s role is to “deliver a higher standard of living.” Here is a social definition that serves our purpose: Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. Explain the Marketing Concept as one of several company orientations towards the marketplace. There...
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...The International Journal of Human Resource Management, Vol. 22, No. 3, January 2011, 746–761 Customers cocreating value with the firm: implications for IHRM Milorad M. Novicevica, Allison B. Dukeb, Erin R. Holmesc, Jacob W. Brelandd, M.R. Buckleye* and Mark N. Binga Department of Management, School of Business Administration, University of Mississippi, MS, USA b College of Business, Lipscomb University, Nashville, TN, USA; cSchool of Pharmacy, University of Mississippi, MS, USA; dWCBA, Youngstown State University, Youngstown, OH, USA; e Michael F. Price College of Business, University of Oklahoma, Norman, OK, USA The purpose of this article is to develop a theoretical framework for governing an organization’s relationships with customers engaged as contributors to the organization’s business processes (i.e. customers as quasi-employees). Based on our suggested framework, we explain how appropriate customer-centric HRM practices can support more cost-effective and accommodating adaptations in the organization’s governance of its relationships with customers. We complement these propositions with practical examples illustrating how customers who take different cooperative roles will increasingly become valuable organizational assets. The collaborating customers not only provide the information necessary for the successful performance of the service exchange, but also contribute human and social capital in performing tasks that are a complement to or a substitute for employee...
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...the ability to make a variety of products in a timely manner at the lowest possible cost. To achieve the desired level of manufacturing flexibility, planning and execution must extend beyond the four walls of the manufacturer. By Thomas J. Goldsby, assistant professor of Marketing and Logistics, The Ohio State University and Sebastian J. Garci’a-Dastugue, director of Research, Institute de Estudios para la Excelenda Competitiva goods sold, in 2002. The proportion of cost of goods sold outsourced in this industry is expected to increase to 42% by 2005.5 In large part, outsourced manufacturing is growing as a result of the need for manufacturing flexibility.6 Manufacturing flexibility enables greater responsiveness to changes in customers’ product preferences and quantities demanded.7 Determining the right degree of flexibility is important to virtually any company involved in the supply, production, distribution or sales of goods, and is at the center of the manufacturing flow management process. While manufacturing activities might be outsourced to suppliers, the commitment to quality and the managerial responsibility has to be retained at the firm. Through the manufacturing flow management process, management coordinates all activities necessary to move products through the plants, and to obtain, implement, and manage manufacturing flexibility in the supply chain....
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...key element to successfully compete in the soccer industry. In this paper we examine the antecedent factors that explain the variations in overall service satisfaction judgements. We draw on service an activities put in place by soccer clubs to illustrate these effects. Based on a literature review, interviews with both soccer fans and an industry expert, we develop a measurement approach for satisfaction which we test subsequently using a large-scale sample among soccer fans. An analysis of the impact-performance implications of antecedent drivers shows that stadium features, team characteristics, and fan-based support for the club and its management are the most important factors that influence overall satisfaction. Keywords: customer service, satisfaction, service experience, service providers ANZMAC 2009 Page 2 of 8 Satisfaction with Services: An Impact-Performance Analysis for Soccer-Fan Satisfaction Judgements Literature review on the relevance of fan satisfaction for soccer clubs Soccer is a multibillion dollar business that represents a vital and weighty factor in national, regional and local economies. With the growth of the sports business sector’s importance over the last few years, the professionalisation of soccer clubs’ structure and management has increased correspondingly. As a result, the terms of business in this industry have completely...
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...market research. Click here for tips on building a marketing orientation in your group or firm, selecting the right marketing-communications mix, creating effective advertising, designing powerful sales promotions, launching a potent online marketing effort, and evaluating your group's or firm's sales representatives. Click here for forms and worksheets that help you calculate the lifetime value of a customer, perform a SWOT or breakeven analysis, fill out a product profile, and create a marketing plan. Click here to see how far you've come in learning about marketing and ways to improve it in your work group or firm. If you'd like to dig more deeply into this topic, click here for an annotated list of helpful resources. Summary This topic helps you http://www.harvardmanagementor.com/demo/demo/market/print.htm 05/25/2003 Harvard ManageMentor | Marketing Essentials | Printable Version l l l l Page 2 of 70 grasp the basic elements of a marketing strategy and plan create a marketing orientation in your group or firm understand and navigate the steps in the marketing process plan effective marketing programs, advertising campaigns, and sales promotions Topic Outline What Is Marketing? Defining a Marketing Orientation Developing a Marketing Orientation Analyze Market Opportunities—Consumers Analyze Market Opportunities—Organizations Understand the Competition Develop a Marketing Strategy Marketing Communications Develop New Products From Marketing Plan...
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...market research. Click here for tips on building a marketing orientation in your group or firm, selecting the right marketing-communications mix, creating effective advertising, designing powerful sales promotions, launching a potent online marketing effort, and evaluating your group's or firm's sales representatives. Click here for forms and worksheets that help you calculate the lifetime value of a customer, perform a SWOT or breakeven analysis, fill out a product profile, and create a marketing plan. Click here to see how far you've come in learning about marketing and ways to improve it in your work group or firm. If you'd like to dig more deeply into this topic, click here for an annotated list of helpful resources. Summary This topic helps you http://www.harvardmanagementor.com/demo/demo/market/print.htm 05/25/2003 Harvard ManageMentor | Marketing Essentials | Printable Version l l l l Page 2 of 70 grasp the basic elements of a marketing strategy and plan create a marketing orientation in your group or firm understand and navigate the steps in the marketing process plan effective marketing programs, advertising campaigns, and sales promotions Topic Outline What Is Marketing? Defining a Marketing Orientation Developing a Marketing Orientation Analyze Market Opportunities—Consumers Analyze Market Opportunities—Organizations Understand the Competition Develop a Marketing Strategy Marketing Communications Develop New Products From Marketing Plan...
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...Sandeep Karnawat, EXMBA 2011-14 Service Marketing Assignment -1 September 24, 2012 Contents Company 3 Domain Expertise 3 Mission 3 Vision 4 Business Model 4 7Ps of Service Marketing 5 Product 6 Place 7 Price 8 Promotion 8 People 9 Physical Evidence 10 Process 12 GAP Model of Service Quality 13 Customer Gap 13 Provider Gap 1, the Listening Gap 14 Provider Gap 2, the Service Design and Standards Gap 15 Provider Gap 3, the Service Performance Gap 16 Provider Gap 4, the Communication Gap 17 Bibliography 19 Company Mahindra Holidays & Resorts India Ltd., (MHRIL) is a part of the Leisure and Hospitality sector of the Mahindra Group and brings to the industry values such as Reliability, Trust and Customer Satisfaction. Started in 1996, the company’s flagship brand ‘Club Mahindra Holidays’, today has a fast growing customer base of over 147,000 members and 40 beautiful resorts at some of the most exotic locations in India and abroad. Domain Expertise Over the last decade, MHRIL has established itself as a market leader in the family holiday business. The company has followed a two pronged strategy – rapidly increasing its bouquet of resorts to provide more variety in holidaying options and enhancing its service levels to its members to provide delight at every point of interaction. All MHRIL resorts are totally geared to cater to a variety of holiday needs and experiences in all areas of operation, from housekeeping to food...
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...Strategic Management and Leadership UNIT NO/TITLE: Unit 04 / Developing Corporate Culture ASSIGNMENT NO: Individual Report Credit Value: 05 Learning Outcomes: 1.0 Understand how the characteristics of corporate culture affect the achievement of organizational objectives 2.0 Be able to propose organizational values that will influence corporate climate 3.0 Be able to develop strategies to communicate with stakeholders of an organisation who belong to different cultural groups Issue Date: December 6th 2013 Due Date: January 5th 2014 Submission Date: Assessor’s Name: PROGRAMME: Edexcel BTEC Level 7 Professional Diploma in Strategic Management and Leadership UNIT NO/TITLE: Unit 04 / Developing Corporate Culture ASSIGNMENT NO: Individual Report Credit Value: 05 Learning Outcomes: 4.0 Understand how the characteristics of corporate culture affect the achievement of organizational objectives 5.0 Be able to propose organizational values that will influence corporate climate 6.0 Be able to develop strategies to communicate with stakeholders of an organisation who belong to different cultural groups Issue Date: December 6th 2013 Due Date: January 5th 2014 Submission Date: Assessor’s Name: Assessor Comments: Assessor: Signature: Date: ____/____/______ Assessor Comments: Assessor: Signature: Date:...
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...Discussions 1) Explain how operations management activities affect the customer experiences described in the anecdote at the beginning of this chapter. What “moments of truth” would a customer at Disney World encounter? Think about the total experience including lodging, food service, shopping, and transportation, as well as theme park attractions and operations. The anecdote of a Disney experience focuses on the role of goods, services, and processes in creating customer satisfaction. Students will have many great examples of their Disney or theme park experiences. Moments of truth might include (a) booking a Disney vacation and the associated service encounters with a call center and/or travel agency (b) parking at the Disney site and taking the shuttle, (c) asking Disney employees for directions, (d) waiting for a ride or attraction, (e) where to throw away trash (trash cans located at key points and about every 25 to 50 feet, (f) watching a Disney parade, and so on. Whatever the student describes make sure you lead them into a discussion of key lessons that focus on the role of OM such as (1) process design and customer flows, (2) service encounter design and Disney employee training, (3) integrating goods and services into a CBP, (4) the importance of service management skills, (5) how services differ from goods, (6) biztainment, and (7) a continuous improvement orientation. Get the students participating – use their examples to illustrate key OM...
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