...Chapter 1 Marketing: Managing Profitable Customer Relationships GENERAL CONTENT: Multiple-Choice Questions 1. Central to any definition of marketing is _____. a. demand management b. transactions c. customer relationships d. making a sale e. making a profit (Answer: c; p. 5; Easy) 2. All of the following are accurate descriptions of modern marketing today, except which one? a. Marketing is creation of value for customers. b. Marketing is customer satisfaction at a profit. c. Selling and advertising are synonymous with marketing. d. Marketing involves building and managing profitable customer relationships. e. None of the above statements is true. (Answer: c; p. 5; Easy) 3. Like NASCAR, successful companies recognize a crucial dimension of an outstanding marketing company to be _____. a. a strong customer focus b. a relentless pursuit of customer needs c. customer relationships built by everyone in the organization d. all of the above e. none of the above (Answer: d; p. 5; Moderate) 4. _____ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation. a. Selling b. Advertising c. Barter d. Marketing e. None of the above is correct. (Answer: d; p. 5; Challenging) 1 5. Society and culture shape the basic form of human needs called _____. a. needs b. wants c. demands d. value e. an exchange (Answer: b; p. 6; Moderate) 6. When backed by buying power...
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...Literature Review Customer relationship management has become very popular now days due to increase in competition among all type of business. Customer relationship management always demands from the companies to create the values for the customers by delivering them the products and should expect the profitable returns in exchange. Customer relationship management is mainly focusing on how the business can retain its existing customers in this competitive environment. Customer relationship management means that managing and fulfilling the expectations of the customers via delivering them best product and services than its competitors in that industry. Effective CRM brings profits in the company and helps in improvements of overall financial position of the business via continuous profits. Any organization of the world can easily manage the customer relationship management by delivering their customers the business products at the low prices with the best possible quality than its competitors can deliver. The organizations customer relationship management can be measured that how much company has brand loyal customers and is it retaining its customers or not. Customer relationship management always demands from the companies to create the values for the customers by delivering them the products and should expect the profitable returns in exchange. Customer relationship management is mainly focusing on how the business can retain its existing customers in this competitive environment...
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...MANAGING BUSINESS RELATIONSHIPS 1. Introduction 1.1. General issues about the reviewed book………………………………………... 3 1.2. Purpose and structure of this essay……………………………………………... 3 2. Summaries of the chapters of the book 1. 2.3. Summary of the chapter 1: IMP and the Interaction Approach..................... 4 2.4. Summary of the chapter 2: The manager and the Network............................ 6 2.5. Summary of the chapter 3: The Manager and the Relationship.................... 9 2.6. Summary of the chapter 4: Relationship with Customers.............................. 12 2.7. Summary of the chapter 5: Relationships with Suppliers............................... 13 2.8. Summary of the chapter 6: Distribution Business Networks.......................... 15 2.9. Summary of the chapter 7: Technology and Business Networks................... 16 2.10. Summary of the chapter 8: Managing in Networks........................................ 19 2.11. Summary of the chapter 9: SO WHAT DOES IT ALL MEAN?.................. 20 * 3. Assessment of the value of the book………………... 23 1. Introduction 1.1. General issues about the reviewed book. This book named Managing Business Relationships was written by David Ford (University of Bath in the UK), Lars-Erik Gadde (Charlmers University of Technology in Sweden), Hakan Hakansson (Nordic School of Management in Norway)...
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...assignments in Process Management / Customer Relationship Management with an organisation of repute ------------------------------------------------- ------------------------------------------------- Career précis ------------------------------------------------- * ------------------------------------------------- A result-oriented professional with proven success of nearly 8 years in Process Management and Customer Relationship Management in the Banking & Financial Service sectors. * ------------------------------------------------- Previously was associated with Zee learn limited as Territory Franchise Manager. Acquired in-depth knowledge and expertise on Risk / Credit / Banking processes, compliance, client relationship management, process enhancements etc. through various assignments with ICICI PRUDENTIAL LIFE INSUARNCE, DHFL PRAMERICA LIFE INSURANCE, MAX LIFE INSUARNCE COMPANY LIMITED. * ------------------------------------------------- Proven skills in implementing policies & managing enterprise wide risks with effective mechanisms to mitigate them. * ------------------------------------------------- A thorough professional with a proactive attitude, capable of thinking in and out of the box, generating new design solutions and ideas. * ------------------------------------------------- Possess excellent interpersonal, communication and organisational skills with proven abilities in team management, customer relationship management and planning. -------------------------------------------------...
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...Name___________________________________ TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) Companies can use configuration tables provided by the enterprise software to tailor a particular aspect of the system to the way it does business. Answer: True False 2) Enterprise systems are typically built around one or two major business workflows. Answer: True False 3) Enterprise systems are designed primarily to allow communication between an organization and outside partners and suppliers. Answer: True False 4) The upstream portion of the supply chain consists of the organizations and processes for distributing and delivering products to the final customers. Answer: True False 5) Supply chain inefficiencies can waste as much as 25 percent of a company’s operating costs. Answer: True False 6) Safety stock acts as an inexpensive buffer for the lack of flexibility in the supply chain. Answer: True False 7) The bullwhip effect is the distortion of information about the demand for a product as it passes from one entity to the next across the supply chain. Answer: True False 8) Supply chain execution systems enable the firm to generate demand forecasts for a product and to develop sourcing and manufacturing plans for that product. Answer: True False 9) To minimize the expense of implementing an enterprise system...
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...ENTERPRISE SYSTEMS MIS, 2015 Learning Objectives How do enterprise systems help businesses achieve operational excellence? How do supply chain management systems coordinate planning, production, and logistics with suppliers? How do customer relationship management systems help firms achieve customer intimacy? Traditional View 3 MIS, 2015 Enterprise Systems 4 MIS, 2015 Cross-functional process 5 Many business processes are cross-functional, transcending the boundaries between sales, marketing, manufacturing, and research and development. These cross-functional processes cut across the traditional organizational structure, grouping employees from different functional specialties to complete a piece of work. E.g.: Order Fulfillment Process Procure to Pay. MIS, 2015 Order Fulfillment Process 6 For example, the order fulfillment process at many companies requires cooperation among •the sales function (receiving the order, entering the order), •the accounting function (credit checking and billing for the order), and •the manufacturing function (assembling and shipping the order). MIS, 2015 Enterprise Application 7 Enterprise Application automate processes that span multiple business functions and organizational levels and may extend outside the organization. MIS, 2015 How Enterprise Systems work 8 based on a suite of integrated software...
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...Customer Relationship Management and Key Account Management [Name of writer] [Name of institution] Table of Contents Introduction 1 Customer Relationship Management 1 Customer Relationship Management in Business to Business 1 Customer Relationship Management in Business to Customer 2 Issues related to CRM in B2B and B2C 2 Customer Privacy 3 Technical Immaturity 4 Ownership and Accountability 4 Importance of Customer Loyalty 5 Conclusion 5 References 7 Customer Relationship Management and Key Account Management Introduction This paper intends to focus on the importance and need of customer relationship management for business organizations. The paper will focus the role of customer relationship management in business to business marketplace. In addition to this, the paper will incorporate the role of customer relationship management in business to customer marketplace. The paper will further illustrate the issues which are associated with customer relationship management in business to business marketplace. Issues related to customer relationship management in business to customer marketplace will also be included in the paper. Positive and negative impacts of relations on business dealings will also be discussed in the paper. All of these discussions will help in understanding proper role of customer relationship management in the both B2C and B2B marketplace. Customer Relationship Management CRM i.e. Customer Relationship Management...
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...2010.10.07. CRM – Customer Relationship Management Bianka Parragh, Phd Óbuda University Keleti Károly Faculty of Business and Management Institute of Enterprise Management • Approaches of Customer Relationship Management • The origins of CRM • The rise of CRM • The role of CRM • Types of CRM 1 2010.10.07. RE-INVENTING CRM In the late 1990s and early year of the 21th century, CRM was offered up as the next wave of marketing. The tools and techniques that would make traditional marketing obsolete. The automated approaches that would make customer relationships automatic and would enable the marketing organization to shell anything to anyone they chose. CRM was the single solution that would solve every marketing problem. Simply install the software, plug in the customer data and sit back and watch the profils roll in. But it wasn’t that simple. It wasn’t that easy. And, it simply didn’t work that way. Millions of dollars anp pounds and yen and Euros were spent on CRM systems, software and structures but, not enough seemed to come back. The five important things are about the book’s approach to CRM 1.Strategic, not more tactics. CRM is a business decision, made by business managers to achieve business goals. So, most of all, this approach to CRM is strategic. 2. Customers, not companies. Payne’s approach puts the company and the customer in perspective. If there is no benefits to the customer, there can be no benefit to the company. CRM is reciprocal process...
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...Adrian Payne & Pennie Frow A Strategic Framework for Customer Relationship Management In this article, the authors develop a conceptual framework for customer relationship management (CRM) that helps broaden the understanding of CRM and its role in enhancing customer value and, as a result, shareholder value. The authors explore definitional aspects of CRM, and they identify three alternative perspectives of CRM. The authors emphasize the need for a cross-functional, process-oriented approach that positions CRM at a strategic level. They identify five key cross-functional CRM processes: a strategy development process, a value creation process, a multichannel integration process, an information management process, and a performance assessment process. They develop a new conceptual framework based on these processes and explore the role and function of each element in the framework. The synthesis of the diverse concepts within the literature on CRM and relationship marketing into a single, process-based framework should provide deeper insight into achieving success with CRM strategy and implementation. ver the past decade, there has been an explosion of interest in customer relationship management (CRM) by both academics and executives. However, despite an increasing amount of published material, most of which is practitioner oriented, there remains a lack of agreement about what CRM is and how CRM strategy should be developed. The purpose of this article is...
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...supply chain management systems help reduce the bullwhip effect and how they provide value for a business. • Define and compare supply chain planning systems and supply chain execution systems. • Describe the challenges of global supply chains and how Internet technology can help companies manage them better. • Distinguish between a push-based and a pull-based model of supply chain management and explain how contemporary supply chain management systems facilitate a pull-based model. Supply chain refers to a group of organizations and business processes for procuring materials, transforming raw materials into intermediate and finished products, and distributing the finished products to customers. It links suppliers, manufacturing plants, distribution centers, retail outlets, and customers to supply goods and services from source...
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...Topic 1: Analysing the external environment Strategy – direction and scope of an organisation over a long term, which achieves the advantage of changing environment through its configuration of resources and competencies with the aim of fulfilling stakeholder expectations. Direction – Mission, vision, and course Scope – broad or narrow strategy Long term – 5-10years Environment – General environment & industry environment Resources – tangible and intangible Capabilities – capacity of organisation to integrate and deploy resources to achieve an obj. Stakeholders – society, suppliers, creditors, shareholders, employees, customers Levels of strategy * Corporate * Business General environment (Macro) – broad collection of factors that directly or indirectly have the potential to influence every firm in ever industry within the economy PESTDG framework * Identify trends * Explain trends * State if opportunity or threat * Explain why is it an opportunity or threat Segment | Trends | Political / Legal | Changes to workplace relations, carbon tax law | Economical | Rising interest rates, GFC, inflation rate, unemployment rate | Socio-cultural | Climate change, increase in casual workers, greater concern for health | Technological | Wireless communications, cloud computing, growth in hand held devices | Demographical | Aging population, growing disparity in income level | Global | Growth in Chinese and Indian economy, free...
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...FORM B: COURSE PLAN |Course Code & Course Title: ABDT3243 Services Marketing |Programme(s): 2DMK, 2drm | | | | |Semester: [ ( ] May [ ] September [ ] January |Academic Year: 2015/2016 | |(please tick “(”) | | |Hours/Week: Lecture __2__ , Tutorial __1.5__ , Laboratory/Practical ___-____ | |Week | |Topics |Reference Material |Remarks* | | | | ...
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...our class and told us of her small business and some understandings that people need to look into to managing a small business. For instance, keeping up with trends, the three P’s of marketing (Product, Price, Placing), reasons companies lose or gain business, and customer relations. She spoke to us about many knowledgeable ideas to managing a small business although the three that I think are most important are customer relations, the three P’s of marketing, and the reasons companies lose or gain business. Mrs. Monk told how Customer Relations is one of the most important jobs of a small business. Customer Relations includes active listening, details, looking for more opportunities to enhance customer relationships, and staying in touch with your client. Active listening is important. Hear what your client wants and needs for their event. Pay attention to detail, you cannot give good customer service if you are not giving them the right thing. Go the extra mile for your client to enhance your relationship with your customer. Stay in touch with your client it means a lot to clients when you are personable with them. The three P’s of marketing, product, placing, and price, are important to keep in mind when managing a small business. Sometimes it is smarter to buy the more expensive product, because it has better quality. Remember that when you have good relationships with your suppliers that they will go out of their way for you. The number one reason businesses lose...
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...rights reserved. 0263-2373/01 $20.00 S0263-2373(01)00067-6 Cross-Functional Issues in the Implementation of Relationship Marketing Through Customer Relationship Management LYNETTE RYALS, Cranfield University School of Management SIMON KNOX, Cranfield University School of Management There is a major change in the way companies organise themselves as firms switch from productbased to customer-based structures. A key driver of this change is the advent of Customer Relationship Management which, underpinned by information systems convergence and the development of supporting software, promises to significantly improve the implementation of Relationship Marketing principles. In this paper we explore the three main issues that can enable (or hinder) the development of Customer Relationship Management in the service sector; the organisational issues of culture and communication, management metrics and crossfunctional integration — especially between marketing and information technology. 2001 Elsevier Science Ltd. All rights reserved. Keywords: Customer relationship management, Cross-functional integration, Information technology, Relationship marketing keting debate were made by Reichheld and Sasser (1990) reporting on the customer retention work of Bain and Co. These findings indicated that a 5 per cent increase in customer retention resulted in an increase in average customer lifetime value of between 35 and 95 per cent, leading to significant improvements in company profitability (Reichheld...
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...A study on the Customer Relationship Management (CRM) system at a global recruitment firm. How it affects to operational management process. Mohd Faisal MOHD HAMA Abstract The present paper document on a study of implementing Customer Relationship Management System (CRM) at one global recruitment company headquartered in Manchester United Kingdom, as a way of operation process improvement. This paper will highlight on the company condition before implementing the CRM system, the transition and how it affects the company operational management. The result has indicates that the use of CRM system has significantly improves in terms of client and candidates management system, invoicing and management functions in the organization. In addition, the implementation of the CRM system has allowed the company to centralized it operation, in terms of recording and sharing information on a global scale which enhance the company data efficiency and data management. However, due to lack in the software capabilities and end user knowledge, few problems are identified and how it affect in the system efficiency. Note: The company name used in this paper is a pseudo in which due to privacy and confidential reason practice by the company interviewed, the real name of the company has been agreed to be disclosed to respect the company wishes. Keywords Data Management - Process Innovation - Recruitment - Operation Management Introduction Peter Drucker, a writer and a management...
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