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Developing and Using Consumer Insight Assignment

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Added on  2019-10-01

Developing and Using Consumer Insight Assignment

   Added on 2019-10-01

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Running Head: Unit U608Unit U608- Developingand using customerinsight
Developing and Using Consumer Insight Assignment_1
2Unit U608Table of ContentsLO1 Understand how customer insight can contribute to sales results.....................................3AC1.1 Evaluate how customer insight can be used to support sales-related decisions.........3AC1.2 Evaluate the role of customer insight in achieving sales objectives...........................3AC 1.3 Evaluate the role of customer insight in prioritizing levels of customer serviceoffered....................................................................................................................................4AC 1.4 Evaluate the role of customer insight in contributing to the development of targetedproducts and services.............................................................................................................4LO2 Be able to analyze information to provide customer insight.............................................5AC 2.1 Evaluate methods to review, develop and manage the implementation of processesto synthesize existing data into customer insight...................................................................5AC2.2 Evaluate methods to employ data, tools, and techniques to generate an in-depthunderstanding of the customer...............................................................................................6LO3 Be able to use customer insight to support sales-related activities....................................7AC 3.1 Evaluate methods to use customer insight to focus on the use of resources.............7AC 3.2 Communicate customer insight to the sales team and/or account managers for usein the sales process.................................................................................................................7AC 3.3 Communicate customer insight to stakeholders involved in delivering service tocustomers................................................................................................................................7AC 3.4 Communicate customer insight to marketers and Research and Development tosupport the development of new products and services.........................................................8AC 3.5 Critically evaluate the contribution of customer insight to sales results...................8References................................................................................................................................10
Developing and Using Consumer Insight Assignment_2
3Unit U608LO1 Understand how customer insight can contribute to sales resultsAC1.1 Evaluate how customer insight can be used to support sales-relateddecisionsIn modern sales account management, the role of customer insight is quite significant. Everyinteraction or conversation with the customer requires to be recorded in a particular format sothat overall account view can be ensured. The customer insight is used in supporting sales-related decisions depending on sales types which are being undertaken. This provides aperformance reference concerning the volume of the sales and profit margins. In the case ofcommoditized sales or transactional sales, the customers and found to be highlyprice-.oriented and they always seek a simple and quick solution for the business needs in thistypes of sales, customer insights are limited and therefore, the organizations get limitedopportunity to accumulate information in assisting sales-related decisions. On the other hand,the key accounts which have huge requirements need strategic account managementinformation to be captured effectively to retain ongoing relationship [ CITATION Ros14 \l1033 ]. These sets of information can be obtained from different sources such as billing,trading, logistics, accounts, customer service, marketing, and sales. It is also very importantto analyze customer value to understand the progress of individual account. Customer insightis very important in the case of contract renewal where the changing needs of the customerscan be understood to analyze the overall competitive landscape [ CITATION Rag172 \l1033 ].AC1.2 Evaluate the role of customer insight in achieving sales objectivesIn achieving sales objective, the role of customer insight is highly significant because itserves as an important source of information which is implemented in strategic formulationand decision-making process. The ultimate objectives of the sales can be achieved by thesesets of information. In the case of value-based marketing, the customer value needs to beunderstood and developed so that it can be delivered effectively. Customer value can beobtained from marketing information systems, research, and analysis of the corecompetencies of the organization. The information would help the organization in identifyingopportunities in emerging markets [ CITATION Mic08 \l 1033 ]. The new marketopportunities along with emerging market trends can be physically obtained. Market maturityof the customers can also be understood. Different factors such as fragmentation and
Developing and Using Consumer Insight Assignment_3
4Unit U608consolidation, strategic performance, buying behaviors, and technology can be identifiedfrom the information obtained through the analysis of customer insight. Customer valueneeds to be analyzed by the organization so that the profitability, net present value, thedifference between current cost and future value, and the overall customer value could beunderstood and implemented in the vital process of decision-making [ CITATION Tuu15 \l1033 ].AC 1.3 Evaluate the role of customer insight in prioritizing levels ofcustomer service offeredThe role of customer insight in prioritizing customer service levels is also highly important.Like the development of strategies and sales objectives, the business efforts and resources arealso needed to be prioritized in addressing customer service needs. Marketing or salesspectrum that can be applied to different customer service levels which are provided throughvarious business interactions are also important. Service always has an associated cost whichneeds a huge percentage of resources to enhance the level of service. This cost is used indriving customers to get engage- in self-service [ CITATION Nov11 \l 1033 ]. For example,the customers in the modern scenario, can access online accounts and use local authoritiesand kiosks in banks on their own. The transactional sales engage the customers by providingthem with the options of standardized and commoditized products and services which arerepeatable. It develops a point of contact and connection between the customers and theorganization. In this case, the sales become highly transactional and interactional at the sametime and can come up with queries or grievances. The customer service executives come upwith various options to support such feedback and grievances. The organization can tailor theservices as per the requirements of the customers based on transactional sales and serviceswhich help the organization to achieve trust and faith of the customers. This enhancescustomer retention opportunities of the organization.AC 1.4 Evaluate the role of customer insight in contributing to thedevelopment of targeted products and servicesIn developing target products and services, the role of customer insight needs to be evaluatedby the organization. The customer insight understanding of customer insight helps in drivingthe development of products and services to a great extent. The marketers of the businessorganization can understand the hidden problems and unmet needs of the customers whiledeveloping the products and services [ CITATION Joh022 \l 1033 ]. With the help of the
Developing and Using Consumer Insight Assignment_4

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