Bus201 Loyal Customers Answers | Assessment Answer

Wk 6 - Social Influences - The Family and Social Class

Wk 7 – No Presentations scheduled.

Wk 8 - Decision making and Relationship Management

Wk 9 - Understanding Consumer Behavior for Channel Management

Wk 10 - Introduction to Customer Relationship Management (CRM) Detailed Submission Requirements A 1 page summary, slides and All Peer Evaluations must be submitted on the day via Moodle. Groups must be prepared to answer questions from the lecturer and classmates Assessment Rubric Section Requirements Weight 10% HIGH DISTINCTION 100-85% DISTINCTION 84-75% CREDIT 74-65% PASS 64-50% FAIL 49-0% Structure Mark 5 Exemplary in all aspect including the presentation of a comprehensive, integrated and critical analysis of the relevant literature, and in-depth understanding of topic concepts and theories, and a comprehensive discussion on the relevant topic week.

Very clear and effective presentation of a comprehensive, integrated and critical analysis of the relevant literature. A very indepth understanding of the concepts and theories is demonstrated. A very clear and comprehensive discussion on the relevant topic week. Presentation of a comprehensive, integrated and critical analysis of the relevant literature. An in-depth understanding of concepts and theories is demonstrated. A clear and comprehensive discussion on the relevant topic week. Somewhat a comprehensive, integrated and critical analysis of the relevant literature. A somewhat in-depth understanding of concepts and theories is demonstrated. Somewhat a clear and comprehensive discussion on the relevant topic week Lack of presentation of a comprehensive, integrated and critical analysis of the relevant literature.

Lack of an in-depth understanding of the concepts and theories. Lack of a clear and comprehensive discussion on the relevant topic week Content Mark 10 Superior skill demonstrated. Proficient in paraphrasing key comments and sparing use of direct quotations. Expertly presented in accordance with a high standard of scholarship. Excellence demonstrated and use of language, syntax and mechanics. Paraphrased key comments and used direct quotations very sparingly. Competent use of language, syntax and mechanics; a proofed submission. Direct quotations used sparingly. Skillful use of language, syntax and mechanics; evidence of proofing. Acceptable use of language, syntax and mechanics; revisions needed.

Quotations used frequently Spelling, Syntax, Grammar & Flow is below an acceptable University level. Substandard use of language, syntax and mechanics. Remediation required. Assessment Rubric Section Requirements Weight 10% HIGH DISTINCTION 100-85% DISTINCTION 84-75% CREDIT 74-65% PASS 64-50% FAIL 49-0% Format, Grammar, Presentation and Referencing 5 Correct expression, appropriate academic presentation and correct referencing Minor errors in expression and/or academic presentation and/or referencing The discussion is well presented, but needs to be improved in academic writing style and/or referencing The discussion addresses the minimum requirements of the task, but one or more of presentation, expression or referencing needs considerable improvement Very poor referencing, presentation, expression

Answer:Customers

Customers are those that purchase products or avail the services
They can be a one time purchaser or a multiple time
Those who consider another buy from the same service provider are known as loyal customers

Customer can be of two types depending on their number of visit to a particular service provider.

Types:

One time customer: They are the one time purchaser. They might have been to the service provider because they had some positive word-of-mouth for the service provider or they have just visited without even noticing the brand name
Loyal customers: These are the repeated and the satisfied customers who use the products or services from the same employer on a regular basis

Loyal customers

They have preferable choice of service providers

The trust is always there when a new product is launched
Innovation is a key to success for service providers as loyal customers must have reasons to stay longer
Increasing base of loyal customers is a potential resource to incrementing sales and therefore, the net profit

One-time customers

They are also important as they add numbers to business
Efforts are given to convert the onetime customer into loyal customers
Customer retention is a key in this regard
They may have a critical view on any new product launch

Customer retention

Customer retention is like an

achievement that lets a firm retain the

visiting customers

The purpose is to increase the rate of

conversion from one time customer to

loyal customers

An incrementing customer retention rate means a rising profitability
Retained customers become the loyal

customers for their effective involvement

with the service provider

Customer retention and hence, customer loyalty creates the needs for innovative

and effective strategy making from the

Customer relationship management is an approach that modern day organizations adapt to

manage its relationship with customers. It utilizes the data analysis to know its customers and their interactions with firms. Such tracking of history enable firms to strategies their plans and schemes accordingly. The strategy is used to increase the customer retention rates and ultimately driving

Helps to improve the customer services
Increased personalization of service
Relevancy to customer’s needs
Customer segmentation
Customization of marketing is improved
It is time saving as well
Customer knowledge is improved

How CRM improves customer service standard

It helps to view the order and payment history
Such history provides the useful data which can be analyzed to offer more relevant offers to

customers

CRM can be integrated with the various social media sites which is helpful in observing the

responses from customers and also the customer complaints can also be acknowledged

Employers would also be able to justify the commitment it had made
Customer retention will increase and thereby will impact upon the customer loyalty level

Types of CRM

Four types of CRM

It is important to analyze the most feasible CRM that serves the operational needs which is

specific to employers. It is important because there are mainly the four kinds of CRM depending

upon its area of expertise. The operation team must identify the best feasible CRM from the

following list to yield the best results:

Strategic – It helps in developing a business culture which is customer-centric
Analytical – This is helpful in analyzing the data and helping the managers to commence the

informed decisions

Operational – It provides the capability to integrate the CRM with marketing activities. It helps in sales, marketing and customer assistance
Collaborative – It facilitates the flow of information within the organization related to vendors, suppliers, customer and distributors
Customer data platform – It is generally being used for marketing purpose. It helps to maintain a database that collects the information of customers and keep it stored within it in an organized way

References

1.Navimipour, N.J. and Soltani, Z., 2016. The impact of cost, technology acceptance and employees' satisfaction on the effectiveness of the electronic customer relationship management systems. Computers in Human Behavior, 55, pp.1052-1066.

2.Nyadzayo, M.W. and Khajehzadeh, S., 2016. The antecedents of customer loyalty: A moderated mediation model of customer relationship management quality and brand image. Journal of Retailing and Consumer Services, 30, pp.262-270.

3.Rahimi, R. and Kozak, M., 2017. Impact of customer relationship management on customer satisfaction: The case of a budget hotel chain. Journal of Travel & Tourism Marketing, 34(1), pp.40-51.

4.Rahimi, R., 2017. Customer relationship management (people, process and technology) and organisational culture in hotels: Which traits matter?. International Journal of Contemporary Hospitality Management, 29(5), pp.1380-1402.

5.Raju, P.S., Bai, D.V.R. and Chaitanya, G.K., 2014. Data mining: Techniques for enhancing customer relationship management in banking and retail industries. International Journal of Innovative Research in Computer and Communication Engineering, 2(1), pp.2650-2657.

6.Trainor, K.J., Andzulis, J.M., Rapp, A. and Agnihotri, R., 2014. Social media technology usage and customer relationship performance: A capabilities-based examination of social CRM. Journal of Business Research, 67(6), pp.1201-1208.

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