How to Manage Customer Relationships Effectively

Added on - 12 Nov 2020

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“How effective management of customerrelationship, with integrated ‘E’ element ofmarketing, may maximize customer lifetimevalue”
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1 : Key concepts/ theories......................................................................................................1Customer relationship management in the customer valuation framework...............................1
INTRODUCTIONCustomer are the main element of each and every organisation as they responsible for itssuccess or failure. The income or revenue of a company depends upon its customers orindividuals utilising its products or services in the market. This report will focus on identifyingthe ways in which customer relationship management along with elements of marketing mix maymaximise customer lifetime value. The report will determine key theories related to customerrelationship management along with recommendation for Jumbo seafood Singapore to improveits marketing strategies and build customer lifetime value.Task 1 : Key concepts/ theoriesCustomer relationship management in the customer valuation frameworkCustomer relationship as valuable assetsAccording to the perspective of a resource based view(RBV) resources that are rare,valuable, inimitable and non- substitutable make it possible for organisations to develop andmaintain competitive advantages. It is determined that companies require to use these resourcesand competitive advantages to receive higher performance. Investing in resources to develop andsustain perceived value of the company's stakeholders and within specific customers has suchsignificance because of the considerable goodness of fit between assumptions of RBV andvarious marketing theories. Most of the marketing researchers have accepted the resources basedview approach because it offers well-informed explanation of the role that customers plays avital role in creating value for the organisation. Specifically to get this mixture of marketing andResource based view theory, organisations develop high value for customers identifyingresources that are both marketing specific. In the strategic view of customer relationshipmanagement, system can enable organisation to utilise their customer databases and analyticaltechniques or tools to develop opportunities for cross selling new services and products to exitingcustomers. Organisations can also create customers retention and acquisition strategies thatultimately allow them to optimise customer equity. Customer relationship management is viewedas an important assets, based on factors such as reputation and trust that is relatively difficult aswell as rare for competitors to replicate, is hart to measure, intangible and not nurtured. Inaddition to this it can also be defined that relationship with the customers are external for anorganisation.Customer Relationship management (CRM)1
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