Customer relationship management April 2025

Description

Customer Relationship Management

April 2025 Examination

1. Acquiring new clients and retain existing ones, is one of the key reasons why organizations need to focus on their CRM activities. How is CRM expected to help your business acquire and retain customers? (10 marks)

Ans 1.

Introduction

In today’s competitive business landscape, acquiring new customers and retaining existing ones is crucial for long-term success. Customer Relationship Management (CRM) plays a vital role in managing customer interactions, analyzing consumer behavior, and optimizing business strategies to enhance customer satisfaction. Organizations that effectively implement CRM strategies can build strong customer relationships, foster brand loyalty, and improve profitability. With technological advancements, CRM systems have evolved from basic contact management tools to sophisticated platforms that integrate marketing, sales, customer service, and

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2.Your  company  manufactures  industrial  exhaust  fans  and  water  coolers.  The industry is hypercompetitive with too many players competing for the same set of customers. You are launching a product, which will change the industry. In this context how will you persuade your existing customers to buy the new product?  (10 marks)

Ans 2.

Introduction

In a highly competitive industry where numerous players vie for the same customer base, launching a new product that promises to revolutionize the market presents both an opportunity and a challenge. The introduction of an innovative industrial exhaust fan or water cooler must be strategically positioned to capture customer interest, differentiate from competitors, and build strong brand loyalty. Persuading existing customers to transition to this new product requires a well-structured approach that highlights its unique value, technological advancements, and long-term benefits. Effective customer persuasion is not just about marketing but

3. Organisations that implement CRM are often dissatisfied and failure rates are very high.” In context of the statement:
4. What are the primary causes of dissatisfaction in CRM implementations and how do you mitigate them? (5 marks)

Ans 3a.

Introduction

Customer Relationship Management (CRM) is designed to enhance customer engagement, streamline operations, and drive business growth. However, despite its potential, many organizations face dissatisfaction with CRM implementations, often leading to failure. The high failure rates stem from issues such as lack of clear strategy, poor user adoption, data management challenges, and technological mismatches. These problems not only lead to wasted investments but also hinder business performance. To ensure a successful CRM implementation, companies

1. What are the factors that you should consider to limit the failures in CRM projects? (5 marks)

Ans 3b.

Introduction

CRM implementation can be a game-changer for businesses, improving customer interactions, optimizing sales processes, and enhancing overall business efficiency. However, failure rates remain high due to poor planning, inadequate execution, and lack of user adoption. To minimize these risks, organizations must focus on key factors that ensure CRM success. These include aligning CRM with business objectives, involving stakeholders, selecting the right technology, ensuring proper training, and continuously monitoring CRM performance. A structured approach to CRM implementation significantly increases its chances