CONSUMER RELATIONSHIP MANAGEMENT

2 MARKS

Part - A

1. Customer relationship management.

Customer relationship management (CRM) is a technology for managing all your company's relationships and
interactions with customers and potential customers. The goal is simple: Improve business relationships. A
CRM system helps companies stay connected to customers, streamline processes, and improve profitability.

2. Advantages of CRM.

➢ Enhances Better Customer Service

➢ Facilitates discovery of new customers
➢ Increases customer revenues
➢ Helps the sales team in closing deals faster

3. Requisites for customer relationship survey design

➢ Plan

Plan for survey design success

➢ Survey Design

Receive authentic responses

➢ Collect

Get the most out of your survey

➢ Analyse

Find answers and insights in responses

4. Customer Satisfaction survey.

A customer satisfaction survey is a questionnaire designed to help businesses understand what their customers
think about their products or services, their brand, and their customer support.

5. Disadvantages of relationship marketing.

➢ New customers are treated as a secondary commodity.

➢ Negative information can ruin a relationship marketing campaign.
➢ It takes time for relationship marketing to be effective.
➢ Relationships can become to close sometimes.
6. Relationship building drivers.

➢ Relationship quality,
➢ Relationship density, and
➢ Relationship authority

7. key to lasting customer relationships

1. Understand and meet your customers’ hierarchy of needs

2. Prioritize consistency above all else

3. Invest in emotional connections, not just customer satisfaction

8. Benefits of partner relationship management.

➢ New Partner
➢ Ramp-Up.
➢ New Hire Ramp-Up.
➢ Training and Certification Management.
➢ Marketing and Communications Support.
➢ New Product Introductions.
➢ Sales Productivity Tools.

9. Technological revolution

A technological revolution is a period in which one or more technologies is replaced by another, novel
technology in a short amount of time. It is an era of accelerated technological progress characterized by new
innovations whose rapid application and diffusion typically cause an abrupt change in society.

10. Role of technological change in culture

Technology is changing every aspect of our lives. The benefits provided by new digital approaches are having
a huge impact on our societies. However, one of the greatest business challenges is not about the devices,
software or solutions – it is about how we manage the process of cultural change.

At the beginning of this year, i took charge of a new region – one with hugely varying and diverse cultures –
and i have quickly seen for myself how technology is adopted in different ways and how countries are digitally
divided by access and availability.

Many facets of global communications today are influenced by cultural differences – be it email, skype, social
media or the telephone. In my experience, regardless of your preferences, the key to communicating
successfully is understanding and respecting all of our differences to enable a positive impact.
 Part – B

1. CRM DEFINITION

CRM stands for “Customer Relationship Management” and refers to all strategies, techniques, tools, and
technologies used by enterprises for developing, retaining and acquiring customers.

2. Growth Relationship Marketing

1) Content marketing: An underrated relationship marketing strategy

2) Use content to inform them and show your dedication.

3) How to use email marketing in relationship marketing

4) Social Media – the easiest relationship marketing tactic.

3. Process model of Relational marketing

The relationship salesperson must be skilled at listening to customers and interpreting their problems. Job
satisfaction and remuneration for the salesperson must be geared towards developing customer loyalty and
trust rather than immediate sales. Relationship marketing is evolving and changing the nature of selling.

4. Effectiveness of CRM measured

➢ Customer lifetime value

➢ Customer acquisition cost
➢ Length of each stage of the sales cycle
➢ The length of the sales cycle

5. Data analysis and benefits of statistical analysis in CRM

Data analysis is a process of inspecting, cleansing, transforming, and modelling data with the goal of
discovering useful information, informing conclusions, and supporting decision-making.[1] Data analysis has
multiple facets and approaches, encompassing diverse techniques under a variety of names, and is used in
different business, science, and social science domains.

➢ Account-Based Marketing of Analytical CRM

➢ Buyer Persona Builder
➢ Data Mining
➢ Optimization of marketing and sales activity

6. Customer Relationship Marketing

Customer relationship marketing (CRM) is a technique based on client relationships and customer loyalty.
Using customer data and feedback, companies utilizing this marketing strategy develop long-term
relationships with customers and develop laser-focused brand awareness.
7. Impact of relationship marketing

➢ Brand Loyalty
➢ Salespeople Loyalty
➢ Product Loyalty
➢ Service Loyalty

8. Advantages of Relationship Marketing

➢ It can enhance your customer experience.

➢ You can open two-way communication for valuable customer feedback.
➢ It becomes easier to generate more referrals to qualified leads.
➢ You'll better understand the needs of your customers.

9.Sample case study on corporate culture

Regardless of how high you rate your writing abilities, it's always a good idea to check out an expertly written
Case Study example, especially when you're dealing with a sophisticated Corporate Culture topic. This is
precisely the case when WowEssays.com collection of sample Case Studies on Corporate Culture will prove
useful.

10.Effects technological revolution

Every major technological revolution has had a profound impact on humankind's production patterns and
lifestyles. The use of IT enables people to break their past reliance on conventional means of transportation
and communication, and expands their scope of development and contacts.

16 marks

1. Differences between qualitative and quantitative research

Qualitative research Quantitative research

A method for developing a better understanding of It is the method used to generate numerical data by
human and social sciences, in understanding human using a lot of techniques such as logical, statistical
behaviour and personalities better and mathematical techniques

It employees a subjective approach It employees an objective approach

It is generally expressed using words It is expressed using the graphs and numbers

It has open-ended questions It has multiple choice questions

The qualitative research needs only a few The quantitative research requires many
respondents respondents
 The data collection methods involved are The data collection methods involved are
interviews, focus groups, literature review, experiments, surveys, and observations expressed
ethnography in numbers

Qualitative research is holistic in nature Quantitative research is particularistic in nature

The reasoning used to synthesis data in this research The reasoning used to synthesis data in this research
is inductive is deductive

This method involves a process-oriented inquiry This method does not involve a process-oriented
inquiry

It develops the initial understanding of data It recommends a final course of action

The data taken in the qualitative research method is The data taken in this method is pretty measurable
pretty verbal

The objective of this research method is to engage The main objective of quantitative research is to
and discover various ideas examine the cause and effect between the variables

It is one of the exploratory research type methods It is a conclusive research type method

2. Difference between internal and external partnership

Basis for comparison Internal stakeholders External stakeholders

Meaning The individual and parties that are The parties or groups that are not a part of the
the part of the organization is organization, but gets affected by its
known as internal stakeholders. activities is known as external stakeholders.

Nature of impact Direct Indirect

Who are they? They serve the organization. They get influenced by the organization's
work.
Employed by the Yes No
entity
Responsibility of the Primary Secondary
company towards
them
 Includes Employees, owners, board of Suppliers, customers, creditors, clients,
directors, managers, investors etc. intermediaries, competitors, society,
government etc.

3. Types of customer relationship survey? And list the customer satisfaction survey?

Net promoter score (NPS) surveys

Net promoter score (NPS) is a method for understanding customer satisfaction and loyalty. Created in 2003
by Fred Reichheld, a partner at Bain & company, the NPS system has been widely-adopted across all
industries.

The score is a derived from asking customers a single question: how likely are you to recommend this product
or service to a friend or colleague?

This initial question is followed by an optional freeform follow-up question, so your customers can explain
why they chose that rating.

In a nutshell, nps is used to assess overall brand, product, or service satisfaction from a quantitative and
qualitative perspective.

Customer satisfaction score (CSAT) surveys

customer satisfaction, abbreviated CSAT, is a measure of a customer’s contentment with a specific situation.
A CSAT survey has two parts, a question and an open-ended response.

A CSAT survey asks: how satisfied were you with this product or interaction? Respondents can choose options
1 (very dissatisfied) to 5 (very satisfied).

CSAT surveys are used to understand contentment with a specific feature, interaction, or transaction.

Customer effort score (CES) surveys

A customer effort score (CES) is a measure of how much effort was required for a customer to complete a
specific action. CES surveys break apart the end result (which may be satisfying) with the process of getting
to the result (the effort).

CES surveys are a great way to understand how seamless a particular process or flow is in your product or
service.

Visual rating survey

Visual rating surveys provide a seamless way for customers to provide feedback. Instead of offering a long-
written survey, a 30-second survey can provide insights into how a current experience is going.
Custom surveys

Custom surveys are the best fit for understanding why a customer experience exceeded, met, or fell short of
expectations. For instance, ask customers what part of the experience was lack luster (NPS or CSAT) or
particularly difficult (CES).

4. Importance of the factor for the long-lasting customer relationship

1. As a first, put yourself in their position.

Think as your customers think. As an entrepreneur, you need to know how customers think about
many different topics. This can become the foundation for your customer relationship programs.

2. Design a long-term plan and strategy for building customer loyalty.

You can have great customer relationships if you succeed in building the loyalty of your customers to your
small business. So, building loyalty is a strategic question and requires a strategic approach. For example, if
you plan to organize an award for your customers (a great way to increase loyalty), use the right award
software to implement this plan.

3. Start implementing the plan and the strategy.

Why do you want to have strategies and plans if you don’t implement them? So, when you create the strategy
and plan related to customer loyalty, you need to start with the implementation.

4. Work on continuous improvement of that plans and strategies.

You need to understand that nothing can be perfect. There will always be the possibility of improvement. This
is especially true for your customers and changes of what they want and think.

5. Don’t expect to sell them something from the first time you meet them.

I have seen many entrepreneurs make mistakes on their first meeting with potential customers. They try to sell
them something without previously trying to build a long-term relationship with them. Don’t make such a
mistake.

6. Don’t construct a static offer. Give them options to choose from.

Your offer is something that your customers will evaluate. If they can’t choose from different options, or your
offer is not adjustable according to their different needs, they will abort all relationships with your company.

7. Be patient when it comes to building long-term customer relationships.

It would be best if you had patience. Sometimes building a long-term relationship with customers will require
more time than you think. But it will be worth it for you and your small business.
8. Be honest as much as possible with them.

Remember that honesty is one of the most important things you need for your customer. Be honest with them,
and they will return to you with excellent relations with your company.

9. Become their friend.

If you want a great relationship with your customers, you need to become something more in their eyes. So,
why not your company become their best friend.

10. Inform them in a timely about the most important things in your company.

You need to inform them and stay in contact with your customers continuously. If you don’t do this, they will
quickly forget you and your company.

5. Technology does support customer relationship management

Talking to customers: customer service

It is amazing how much technology has changed the ways we communicate with each other. In the same way,
it has changed the way that organizations and companies can communicate with us.

E-mail

Perhaps one of the first customer service developments to come from the internet is customer service over e-
mail. It is standard for web sites to have contact addresses as well as telephone numbers, adding an additional
channel for customer contacts. E-mails can also be automated to keep customers informed of progress of a
transaction, whether it is shipping goods bought online or the progress of an insurance claim. Each action
within an organization can trigger an automatic e-mail, serving to ensure customers feel informed at every
step.

Mobile

Similarly, to automated e-mails, the mobile phone is also being used to keep customers informed of the
progress of transactions. Short message service (SMS) messages can be automated in the same way that e-
mails are, again ensuring customer peace of mind.

Call centres

Technology such as VOIP (voice over internet protocol) means that voice calls can be routed cheaply over the
internet. Thousands of people keep in touch around the globe with services such as skype, and this has
impacted call centres as well.

Using similar technology, phone calls can be routed to call centres in any location around the globe. Many
companies in developed nations have located their customer call centres in developing nations, where staff
and other overhead costs are far lower. The internet means that these calls can be routed for a lower cost than
in-country calls, with minimal loss of call quality. That means that a UK customer calling lastminute.com to
book a flight, for example, could in fact be speaking to someone in India.

The staff in these call centres undergo extensive training on the culture of the people they will be speaking to,
as well as on the ethos of the company they represent. Even though a customer is speaking to someone on
another continent, it is imperative for the business that the experience matches its brand as closely as possible.

Instant messengers and chat rooms

Instant messenger (IM) allows fast, instant text-based chat. Services such as windows live messenger,
GTALK, and jabber keep people around the world (and in the same room) connected. IM can also be an
effective customer service channel.