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Q: Discuss how CRM can be used to support a customer lifetime value (CLTV) approach.
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Q: how can a product/service satisfy a need or want for a consumer. for example an iPhone
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Q: CRM contribute to the creation of a 360-degree customer view
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Q: Discuss the difference between a prospect and a customer.
A: Lets discuss the difference between prospect and a customer:
1. What is the difference between your Customer and external Customers? Give one example.
2.Explain what is meant by the bathtub curve
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- Why should the company need to satisfy first the internal customers before providing good customer service to external customers?Give very short answers to each of the questions below. Suppose you work in a corporate firm as a sales representative. What would your first approach be to a customer who is dissatisfied with a product you sell, what would you do? Explain what masks you wear and what roles you play as a customer in 24 hours.Collecting and analyzing customer data is imperative to ensure growth and can help grocery stores predict shopping trends and buyer's habit?
- Imagine yourself as Business Development Manager in ABC and your task is to create new business strategies for your products and increase sales volume and diverse customer portfolio. Before you start, we would like to give some information about our current customer portfolio as follows: Customer Segment Percentage of segment Revenue Stream High-end / Michelin Restaurants 37% 50% Mid to High Restaurants 43% 34% Cafes / Small Restaurants 20% 16% Table shows our customer distribution by percentage of each segment and share of each segment in total revenue. Questions: (a) How would you increase sales among current customer portfolio (aka chefs/restaurants)? Which group of chefs/restaurants would you focus and why? Which channels would you use to reach your prospective customer and sell your products to them? (b) Remember your idea for new target group suggested by you in previous case, in which platforms or places would you sell your products among your…H ow does customer loyalty contribute to long-term business success and profitability?why is it essential that for the company to incorporate customer relationship in its operation?
- Define the concept of customer lifetime value (CLV). What are your thoughts on this concept? Is it sometimes more profitable for a company to invest more resources in retaining current customers than trying to attract new customers?5-30. If you were looking for alternative approaches for Petrie’s customer loyalty program, where would you look for information? Where would you start? How would you know when you were done?Describe further the difference of Subway Fast food resto from the competition. Please also select an attribute important to the consumers (you are also a customer) and elaborate why you use this product or avail this service. Provide a particular target market and elaborate why they are the appropriate segment to target to. Explain well if what you think is the value proposition of your chosen product or service.