Customer relationship management Dec 2024

Description

Customer Relationship Management

December 2024 Examination

 

 

1. You have started a new business. However, to acquire new clients and retain existing ones, you plan to adopt the concept of reciprocity. What are the different ways you can adopt to use reciprocity? Explain with examples. (10 Marks)

Ans 1.

Introduction

In today’s competitive business environment, acquiring and retaining clients is critical for long-term success. One of the most powerful concepts in Customer Relationship Management (CRM) is reciprocity. This concept is rooted in the idea that mutual exchange of value can foster stronger relationships between businesses and their clients. Reciprocity involves offering something of value, such as a service, product, or personal attention, with the expectation that clients will respond favorably, often with loyalty or continued business. Adopting the principle of reciprocity can help businesses build trust, enhance customer satisfaction, and encourage repeat transactions. For a new business, where establishing a foothold in the market is

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2. Starbucks and Walt Disney have a strong community of loyal customers. However, this has been built over a period. How does a community help a business, what does a community imply and cite two examples of strong community networks and how they have helped companies build a loyal customer base. (10 Marks)

Ans 2.

Introduction

Building a loyal customer community is crucial for long-term business success, and companies like Starbucks and Walt Disney exemplify this. A community in a business context refers to a group of customers who are emotionally connected to a brand, sharing values, experiences, and loyalty. This community often advocates for the brand, promoting it within their networks and providing valuable feedback. Communities are formed over time through consistent efforts to engage, reward, and understand the customers. These communities contribute to stronger brand loyalty, customer retention, and even organic marketing. Businesses that successfully build

 

3.“Dissatisfaction of CRM implementations are high. CRM projects also need to be futuristic.” In context of the statement:

 

1. What causes dissatisfaction in CRM implementations? (5 Marks)

 

Ans 3a.

Introduction

Customer Relationship Management (CRM) systems are essential tools for businesses to manage their interactions with customers, aiming to enhance satisfaction, loyalty, and revenue. However, despite their potential, dissatisfaction with CRM implementations remains high. This dissatisfaction often stems from poor execution, lack of user adoption, and misalignment with business needs. Additionally, many CRM projects fail to anticipate future trends and technological advancements, making them obsolete over time. To maximize the effectiveness of CRM,

 

 

1. What are the factors that you must consider for the future of your CRM projects? (5 Marks)

Ans 3b.

Introduction

For CRM projects to succeed in the long term, they must not only address current business and customer needs but also be adaptable to future trends. The rapid pace of technological advancements, evolving customer expectations, and market shifts require CRM systems to be forward-thinking. Factors such as scalability, integration with emerging technologies, and data security play a