U24035 Customer Relationship Management Assignment Sample
Assessment Aim: The role of essay submission is to engage students for browsing the extant and modern literature readings, which revolves around subject developments in the recent era. It also refines students’ ability to understand the key issues related to subject; demonstrate the understanding of high-level of appropriate concepts, and comprehensive and critical analysis of central issues in the current age. Essay assessment will help students obtain LO1.
What is expected in the Assessment?
Answer the following questions:
1. What are the key differences between strategic, operational, and analytical CRM? Moreover, what makes social CRM different from traditional CRM?
2. A leading British mobile phone company publicly announced a few years ago that it was no longer offering new customers more attractive offers than its current customers. Promotion offers to encourage switching were endemic in the market. How might this new policy affect customer acquisition? Do you think it a wise move?
3. Conduct an interview with sales and/or marketing managers in a business-to-business or business-to-customer organization with a view to identifying that organization’s or those individuals’ understanding of what counts as a strategically significant customer. How does that construal differ from the classification presented in the book (Buttle and Maklan (2019). Customer Relationship Management: Concepts and Technologies)?
4. After the COVID-19 pandemic in 2020, firms/organisations opted to interact with the customer virtually in every industry. How, in your opinion, should the CRM process be changed/improved to address any such environmental disruption/hostility in the future?
Please address each step of CRM processes and support your answer with an example.
Word Limit: 1200 words, excluding footnotes and reference lists. The word count should be stated on the university front sheet. Failure to state a word count will result in a 5% penalty. A falsely stated word-count is an assessment offence, resulting in a penalty, including reducing the mark to 0%. Note that footnotes may be used to reference sources only. Examiners are free to disregard footnotes that contain inappropriate information or information that should belong in the main text.
The Write-up: The write-up is a reflective and evaluative account of the work you completed. You also need to carry out some research and support all your answers with references. Moreover, please use Arial 12 font size and use justify option from the paragraphs section in the HOME Tab of MS Word. Moreover, please insert a table of contents, list of figures (if any) and list of tables (if any) at the start of the report, furthermore, please also insert a title page with your name and student number.
Referencing: Students must reference sources using APA 7th. Guidance on this method of referencing can be found at www.referencing.port.ac.uk. Reference should be made to the primary source, except when the primary source can no longer be obtained. Poor citation of sources will result in a loss of marks.
Plagiarism: Students are reminded of the need to avoid plagiarism. The University Regulations describe plagiarism as:
1. The incorporation by a student in work for Assessment of material which is not their own, in the sense that all or a substantial part of the work has been copied without any adequate attempt at attribution, or has been incorporated as if it were the student’s own when in fact it is wholly or substantially the work of another person or persons.
2. Any student suspected of plagiarising will be referred to the Head of Department and an Academic Misconduct Hearing will be arranged. Students should ensure that all sources are fully cited in footnotes and in the bibliography and that, indentation or quotation marks (as appropriate) are used when quoting. Failure to include a bibliography will result in a 5% penalty, unless the lecturer/tutor has advised you that a bibliography is not required.
The study aims to highlight the major differences between the different types of CRM technology (strategic, operational, and analytical) that are adopted by Organizations. The study has emphasized the key differences between the traditional CRM and Social that are used by Organizations. Furthermore, the impact of the changes in the promotional strategies adopted by the British mobile phone company over the acquisition of Customers has been discussed in the study. An interview with the sales/marketing managers of both the b2B and B2C Organizations was conducted to retain strategically significant Customers. Moreover, the study has also focused on the impact of the outbreak of the COVID-19 pandemic on the different CRM processes in Organizations. The different modifications that are needed in the CRM processes in the Organizations to address future environmental disruptions have also been included in the study for a profound understanding.
1. a. Key differences between the different types of CRM
CRM (an acronym for customer relationship management), is a business strategy that aims to improve customer satisfaction, and loyalty, and enhance the retention of Customers. The different approaches to CRM include strategic CRM, operational CRM, and analytical CRM.
Table 1: Strategic CRM vs. Operational CRM vs. Analytical CRM
Source: (As created by the Author)
1. b. Difference between social and traditional CRM
Social CRM is a type of customer relationship management (CRM) that involves using social media and other online platforms to engage customers and manage customer relationships for best assignment help .Traditional CRM typically focuses on managing customer interactions and transactions using technology like customer relationship management software.
Moreover, social CRM is a more interactive, customer-focused approach to managing customer relationships. Henceforth, by using social media and other online platforms, organizations can build stronger, more meaningful relationships with the customers, and also gain valuable insights into the preferences and behavioral attributes of the Customers.
2. a. Impact of the new policy on Customer Acquisition
If a leading British mobile phone company publicly announced that it was no longer offering new customers more attractive offers than its current customers, it could potentially affect customer acquisition. This is because many customers may be attracted to the company's services because of the attractive promotions and offer that are available. By limiting these offers to current customers, the company may be less appealing to potential new customers who are looking for the best deals.
2. b. Analysis of the policy implemented
In terms of whether the given policy is a wise move, the company's goals and objectives must be taken into consideration. If the company is focused solely on retaining current customers, the policy may be effective in reducing customer churn and increasing customer loyalty. However, if the company is looking to expand the customer base, this policy may not be as effective as yielding desirable outcomes.
One potential downside of this policy is that it could create a negative perception of the company among potential new customers. If customers perceive that the company is not offering the same attractive promotions to new customers as it does to current customers, they may be less likely to switch to the company's services.
Henceforth, the decision to no longer offer new customers more attractive offers than current customers could potentially affect customer acquisition, and whether it is a wise move depends on the company's goals and objectives.
3. Interview with sales/ marketing managers of B2B and B2C Organizations
Interviewer: Hello, thank you for taking the time to speak with me today. I'm interviewing to explore how sales and marketing managers in a business-to-business or business-to-customer organization understand the concept of a strategically significant customer. Can you tell me, in your own words, what you believe counts as a strategically significant customer?
Sales/Marketing Manager: Sure, I believe that a strategically significant customer is a customer who has a significant impact on the organization's revenue, profitability, and growth. This can include customers who make large purchases or have a long-term relationship with the organization.
Interviewer: That's a common understanding of a strategically significant customer. In the book Customer Relationship Management: Concepts and Technologies by Buttle and Maklan, the authors classify strategically significant customers based on their potential for revenue generation, profitability, and growth. Do you think this classification is consistent with your understanding of a strategically significant customer?
Sales/Marketing Manager: Yes, I think that the classification presented in the book is consistent with my understanding of a strategically significant customer. The potential for revenue generation, profitability, and growth are all important factors to consider when evaluating the strategic significance of a customer.
Interviewer: Thank you for sharing your thoughts on this topic. Do you have any other comments or insights on the concept of strategically significant customers that you'd like to share?
Sales/Marketing Manager: I think it's important to note that the definition of a strategically significant customer can vary depending on the organization and its specific goals and objectives. For example, an organization that is focused on long-term growth may place more emphasis on customers with the potential for future revenue and profitability, while an organization that is focused on short-term revenue may prioritize customers who make large, immediate purchases. It's also important to consider other factors, such as the level of customer loyalty and the potential for cross-selling and upselling.
The concepts discussed in the book related to the strategically significant were from the aspect of business values. According to the concepts discussed in the book, the strategically significant customers are quite valuable assets for the Organizations who must be preserved (Maklan, 2019). Furthermore, the observations made from the interview had revealed the aspects of revenue generation while defining the concept of a strategically significant Customer for an Organization. The perception of strategically significant Customer had also varied from Organization to Organization based on the Organizational priorities and needs.
4. Changes and improvements needed in the CRM process in the Organizations to address environmental disruptions
To address environmental disruptions such as the COVID-19 pandemic in the future, CRM processes should be adapted to incorporate more virtual interactions with customers. This can involve several key steps, including:
- Developing a virtual customer engagement strategy: This involves identifying the best channels and methods for engaging with customers virtually, such as using social media, video conferencing, or online chat. This strategy should be based on customer preferences and behaviors and should be designed to provide a seamless and convenient customer experience (Chi, 2021).
- Investing in technology and training: To effectively engage with customers virtually, organizations should invest in the necessary technology and tools, such as customer relationship management software and virtual collaboration tools (Chi, 2021). They should also provide training to employees to ensure that they can effectively use these tools and provide high-quality customer service.
- Personalizing the customer experience: In a virtual environment, it is important to provide personalized, relevant experiences to customers. This can involve using customer data and insights to tailor interactions and offers to individual customers, and providing a personalized and seamless experience across all channels (Chi, 2021).
For example, a retail company might use customer data to provide personalized product recommendations and offers to customers via email or social media. This could involve using machine learning algorithms to analyze customer purchase history and preferences, and providing personalized recommendations based on this data.
Furthermore, to effectively address environmental disruptions like the COVID-19 pandemic in the future, CRM processes should be adapted to incorporate more virtual interactions with customers. This can involve developing a virtual customer engagement strategy, investing in technology and training, and personalizing the customer experience.
The key differences between strategic, operational, and analytical CRM that are used in Organizations are the variations in the focus of the approaches towards different domains and techniques adopted to attain the end goals. Strategic CRM focuses on improving the overall business strategy, operational CRM focuses on managing daily customer interactions, and analytical CRM focuses on using analytics to make data-driven decisions.
Furthermore, during the outbreak of COVID-19, a transition to virtualized systems was adopted by Organizations to cope with the external disruptions due to which the adoption of social media platforms and other online platforms had increased. The modifications made in the CRM processes had helped to strengthen the relationship with the Customers, enhance the customer experience levels, and raise the lead conversion rates.
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