Features and Value of Customer Relations Strategies (VCE SSCE Business Management): Flashcards
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Customer Relationship Marketing (CRM)
Customer Relationship Marketing (CRM)
Business process using marketing to build relationships & loyalty
3 core objectives when working with customers
3 core objectives when working with customers
Acquire new customers, retain existing, grow relationships
Fundamental principle of successful customer relations
Fundamental principle of successful customer relations
Accurate identification of the target market
Role of quality customer service in markets
Role of quality customer service in markets
Key differentiator in competitive markets, adds value
Key feature of word-of-mouth advertising
Key feature of word-of-mouth advertising
Costs nothing but highly effective from trusted sources
Purpose of customer loyalty programmes
Purpose of customer loyalty programmes
Incentivise repeat business through rewards like points/discounts
Target marketing definition
Target marketing definition
Promoting goods/services based on customer preferences & habits
Customer retention vs acquisition cost
Customer retention vs acquisition cost
Retention costs less than acquiring new customers
Business intelligence function of loyalty programmes
Business intelligence function of loyalty programmes
Collect detailed profiles of consumer behaviour & preferences
When service becomes the deciding factor
When service becomes the deciding factor
When products & prices are similar across competitors