1 – Chapters 1 and 2 Chap 1 Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return * Deal with customers, satisfying customers’ needs * Attract new customers by promising superior value * Keep and grow current customers by delivering satisfaction Marketing Process Understand the marketplace and customer needs and wants * Customer needs, wants and demands *
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Rupbani must become adept not just in managing products, but also in managing relationship in the face of determined competition. Building profitable customer relationship and gaining competitive advantage requires delivering more value and satisfaction to target consumers than competitors do. Improving the performance and strengthening the competitive position, Rupbani needs to find out all it van about its competitor. It must constantly compare its marketing strategies, products, prices, channels
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What is Marketing? Fundamentals of Marketing Management Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Dr. P.V. (Sundar) Balakrishnan Simply put: Marketing is the delivery of customer satisfaction at a profit. Managing World-Class Organizations S #1 Balakrishnan The Marketing Objective Activities in the Marketing Process ... “Satisfy the needs of a group of customers better
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Growing customer value, satisfaction and loyalty Building customer value, satisfaction, and loyalty As marketing expert Don. Peppers and Martha Rogers say: The only value your company will ever create is the value that come from customers-the ones you have now and the ones you will have in the future. Businesses succeed by getting, keeping and growing customers. Customer are the only reason you build factories, hire employees, schedule meetings, lay fiber-optic lines, or engage in any business
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Business * Marketing- an organizational function and a set of processes for creating, communicating, and delivering value for customers and for managing customer relationships in ways that benefit the organization and its stakeholders. * Utility- the ability of goods and services to satisfy consumer “wants.” * Marketing Concept- a business philosophy that makes customer satisfaction now and in the future the central focus of the entire organization. * Customer Relationship Management
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makes customers committed to the business. A strong brand differentiates products from the competitors. It gives a quality image to business. Companies’ principle is making profits. So why should we still consider the group of nonprofitable customers? One of the reason we don’t give up on nonprofitable customer segment is customers may turn into profitable after encourage. Remember that marketing is not about making money. Marketing is all about managing the relationship with customers. Branding
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’s Harvard Business Review article, “Preventing the Premature Death of Relationship Marketing,” charged that “the very things that marketers were doing to build relationships with their customers were destroying those relationships at the core.” According to the authors, relationship marketing was “powerful in theory, but troubled in practice” because marketers did not fundamentally understand what relationships with customers were all about or how they should be built and maintained. Ten years
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• Describe and comment on CRM at Harrah’s? Harrah’s organisation structure was decentralised with each property managing its own revenues, customer base and profitability. Satre, Chairman and Chief Executive Officer was keen to consolidate all CRM activities that would provide a centralised repository of customer information and help build loyalty. To achieve this goal, they came up with the Winner’s Information Network, a national database. They followed it up with a common card across all their
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Introduction to customer relationship management This page intentionally left blank Chapter objectives By the end of this chapter, you will be aware of: 1. 2. 3. 4. 5. 6. four major perspectives on CRM: strategic, operational, analytical and collaborative several common misunderstandings about CRM a definition of CRM the six constituencies having an interest in CRM how important CRM issues vary across industries five generic models of CRM. Introduction The expression customer relationship management
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| |Customer Relationship Management | CRM_01 Nature of Customer Relationship Management LECTURE OBJECTIVES ■ Understand relationship marketing. ■ Understand the differences between relationship marketing and transaction marketing. ■ Understand customer relationship management ■ Identify the essential concepts on customer relations – customer satisfaction and customer loyalty
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