Marketing strategy

 

• Using the organization for which you work, examine how your organization approaches the acquisition of customers and the maintenance of customers differently. Given the importance of customer lifetime value on long-term profitability, is your organization investing sufficiently in customer relationship management? Explain.
• The tactics associated with a customer relationship management (CRM) strategy vary from stage to stage in relationship development. Evaluate the extent to which your organization’s CRM tactics align with its CRM goals and each relationship stage. Propose modifications your organization should follow in its CRM efforts to improve its effectiveness in maintaining and improving customer relationships.
• Customers seek to optimize perceived value. There are several components of value that can be provided via the marketing mix elements. Propose specific product, price, distribution, and promotion strategies for your organization’s offer that could produce a higher perceived value (total value) for the target audience. Justify the value components you used to design a high-value overall strategy.
• Of the two types of customer expectations, performance expectations fluctuate the most. Describe situations that might cause expectations to increase, thereby narrowing the width of the zone of tolerance for your organization’s customers. What recommendations do you provide for the organization in these situations to better enable the organization to achieve its satisfaction targets?
• Organizations want customers to be satisfied. Imagine you’ve been asked to estimate the relative importance of the performance factors your organization’s customers evaluate and design a plan to increase satisfaction and decrease dissatisfaction based on your results. Present your findings and plan.

 

Sample Solution

  1. Customer Acquisition vs. Customer Retention:
  • Acquisition: Focuses on attracting new customers through marketing campaigns, promotions, and competitive pricing.
  • Retention: Focuses on building loyalty and repeat business through personalized communication, value-added services, and loyalty programs.
  1. Evaluating Your CRM:
  • Align tactics with goals: Analyze if your CRM tactics (e.g., email marketing, loyalty programs) support desired outcomes (e.g., increased engagement, reduced churn).
  • Stage-specific strategies: Assess if your approach differs for different relationship stages (e.g., onboarding, active customers, at-risk customers).
  • Propose improvements: Recommend changes to personalize communication, improve customer experience, and address gaps in current strategies.
  1. High-Value Marketing Mix:
  • Product: Offer innovative features, customization options, or bundled solutions that address customer needs.
  • Price: Implement dynamic pricing, loyalty discounts, or subscription models to optimize perceived value.
  • Distribution: Ensure convenient access through multiple channels (online, physical stores, mobile apps).
  • Promotion: Highlight product benefits, use targeted messaging, and personalize communication based on customer data.
  1. Managing Performance Expectations:
  • Expectation drivers: Identify factors that trigger increased expectations (e.g., industry trends, competitor promotions, positive experiences).
  • Communication: Proactively manage expectations by setting clear service standards and communicating potential delays or changes.
  • Delivering above expectations: Exceed expectations whenever possible through personalized service, surprise offers, or early access to new products.
  1. Customer Satisfaction Survey and Plan:
  • Survey design: Develop a survey to measure customer satisfaction across key performance factors (e.g., product quality, service responsiveness, price fairness).
  • Analyze results: Identify areas for improvement based on satisfaction levels and importance ratings for each factor.
  • Action plan: Propose specific initiatives to address low satisfaction areas (e.g., training programs for staff, product improvements, pricing adjustments).

Remember, these are just general frameworks. Remember to adapt them to your specific organization and its customer base for a more accurate and meaningful analysis. Feel free to share more details about your company’s CRM approach and target audience, and I can help you tailor these concepts to your specific situation.

 

This question has been answered.

Get Answer
WeCreativez WhatsApp Support
Our customer support team is here to answer your questions. Ask us anything!
👋 Hi, Welcome to Compliant Papers.