Customer Relationships, Revenue Stream, Key Resources in Entrepreneurship

This document discusses the importance of customer relationships, revenue stream, and key resources in entrepreneurship. It explains how these factors contribute to the success and sustainability of a business. The document provides insights into various elements of customer relationships, revenue stream strategies, and key resources management. It also includes references to books and journals for further reading.

Entrepreneurship

Table of Contents
4. Customer Relationships......................................................................................................3
5. Revenue Stream..................................................................................................................3
6. Key Resources....................................................................................................................4
REFERENCES...........................................................................................................................5

4. Customer Relationships
The customer relationship management is an approach of managing company’s
interaction with current and potential customers. The main purpose of business is to attract
large number of buyers through their qualitative products and services. Managers of PAR
focus on building customer relationships to increase their customer support and loyalty by
improving their product quality at least-cost effective goods and services (Autio and Fu,
2015). The various elements of customer relationships are mentioned in development of
production eco-friendly product as:-
 Personal:- It is the capability of producers to produce good for satisfying their
customers with effective, harmless and with good result. Managers of PAR focus on
this as to develop strategic decision making procedure for meeting the requirements of
their end-users.
 Automated:- This is defined as the process of automating sales and customer service
functions for tracking and engaging efforts with current and prospective customers.
Managers of PAR are beneficial in increasing their sale productivity, boost sales-
marketing collaboration and helps in decision-making with powerful insights.
 Acquisitive:- It is considered as the range of personal to automated, from
transactional to long-term that aim to acquire customer by selling their products
through promoting and positioning their brand awareness. Managers of PAR are
advantageous by maintaining acquisition customer relationship through deeply
influencing the overall experience of target market.
 Retentive:- This refers as the activity of producers in reducing their target market by
mainly focusing on potential customers by supplying products in accordance with
their needs, desire and wants. Managers of PAR are profitable in developing customer
support and loyalty by building customer relationship that leads to sustain in perfect
competition market.
5. Revenue Stream
The revenue stream is described as a source of revenue for a company which is made
by recurring, transaction-based, project, service revenue, etc. Managers of PAR focus on this
revenue stream by enlarging their customers through supplying goods with direct and indirect
channel of distribution. It increases availability of product for buyers through various
channels that are manufacturers, agents, wholesalers, retailers, buyers. This creates
opportunity for growth, development and sustainability of organisation within perfect
competition market (Julien and ed., 2018).
The managers of PAR focus on distributing their products at least-cost effective
which attracts large numbers of customers that result in maximisation of revenue and
profitability ratios. It is also beneficial for an organisation to develop competitive strategies
through enhancing market share that increase loyalty of their customers. The buyers are
capable to meet their requirements through achieving high level of satisfaction from the
qualitative product supplied by finished goods and services.

The revenue stream refers as ability of producers to increase their sale by satisfying
their end-users through their proper quality management, six sigma and supply chain
management. It further focuses on fully utilising the scarce resource that result in
accomplishment of success which increases competitive strategies to compete with rivalries.
The revenue streams is building block representing various different pricing mechanisms,
such as fixed list prices, bargaining, auctioning, market dependent, yield management.
6. Key Resources
The key resources of an organisation which are essential to be achieved by business to
run it smoothly are described with reference to mangers of PAR is as follows:-
 Able to utilise scarce resources:- This refers as the ability of an organisation to
manage and properly utilise its scarce resource in an effective way that result in
achievement of goals and objectives. Managers of PAR are advantageous as to utilise
scarce resources that develops competitive strategies through internal strength to
control weakness and external opportunities to overcome threats.
 Minimise cost:- It is described as the procedure of strategic decision making through
innovative idea in planning to reduce their cost for enlarging customers. The main
purpose for managers of PAR is to apply least-cost effective products that are
consumable by products which results in increase sale and profits. It is advantageous
for producers to manage and control their actions in order to meet the needs, desire
and wants of customers for sustaining in perfect competition market (Leyden and
Link, 2015).
 Customer satisfaction:- This is the most important factor of an organisation to
provide customer satisfaction for its target market. Managers of PAR mainly focus on
achieving this through supplying their qualitative products to their buyers that result
in accomplishment of success. The roles and responsibility of managers is to provide
qualitative products as prescribed in their advertisements, sales promotion, print and
social media, etc.

REFERENCES
Books and journal
Autio, E. and Fu, K., 2015. Economic and political institutions and entry into formal and
informal entrepreneurship. Asia Pacific Journal of Management. 32(1). pp.67-94.
Julien, P. A. ed., 2018. The state of the art in small business and entrepreneurship.
Routledge.
Leyden, D. P. and Link, A. N., 2015. Public sector entrepreneurship: US technology and
innovation policy. Oxford University Press, USA.