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Define CRM;
Identify the reasons for building relationship with customers;
Identify the levels and tools for building relationship;
Explain the tools for measuring customer satisfaction;
Elaborate the CRM model.
A satisfied customer tells other regarding the product. Today, customer relationship is the key to
success of a company. In this chapter, we will discuss the customer relationship management,
levels and tools for building relationship.CRM (Customer Relationship Management) is all
about the theory used by companies to administer and manage their customers, partners, vendors
and other stakeholders efficiently and effectively.
Novelty seeking
Dissatisfaction
Relative Advantage
Conflict
Loss of trust
Cease to need
Many customers/
distributors
Medium number of
customers/
distributors
Few customers/
distributors
High margin
Accountable
Medium margin
Reactive
low margin
Basic or reactive
Proactive
Accountable
Reactive
Partnership
Proactive
Accountable
Product value
Monetary value
Service value
Time cost
Personnel value
Energy cost
Image value
Psychic cost
Customer satisfaction:
Customer satisfaction occurs when the products perceived performances matches the
expectations of the customers. In general, satisfaction is a persons feelings of pleasure or
disappointment resulting from comparing a products perceived performance in relation to his or
her expectations.
If the performance falls short of expectations, the customer is dissatisfied, the performance
matches the expectations, the customer is satisfied, if the performance exceeds the expectations,
and the customer is highly satisfied or delighted.
Customer expectation:
How do buyers form their expectations? From past buying experiences, friends and associates
advice and marketers and competitors information and promises. If the marketers raise the
expectation too high, the buyer is likely to be disappointed, however, if the company sets
expectations too low, it will not attract enough buyers. Some of todays most successful
companies are raising expectations and delivering performances to match.
Value propositions:
The key to generating high customer loyalty is to deliver high customer value. According to
Michael lanning, in his delivering profitable value, a company must design a competitively
superior value proposition aimed at a specific market segment backed by a superior value
delivery system.
The value proposition consists of the whole cluster of benefits the company promises to deliver;
it is more than the core positioning of the offering. For example, Volvos core positioning is
safety, but the buyer is promised more than just a safe car other benefits include a long-lasting
car, good service and a long warranty period.
Prospects
Disqualified
prospects
Repeat customers
Clients
Inactive or excustomers
Members
Advocates
Partners