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Samle Paper on Relationship Management

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Added on  2021-06-17

Samle Paper on Relationship Management

   Added on 2021-06-17

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Relationship managementNameInstitutionConsistency of a well-managed business depends on loyal customers. Market fluctuation may dramatically depends on the flow of customers thus maintaining the supply-demand chain. Though market fluctuation may be inevitable, it may depend on increasing and decreasing of market quotation. This can mainly be done by providing quality goods and services to the customers at a fair price. There are different ways to reward these loyal customers for their good deeds. Some of them include the following;Offer cumulative discount on selected lines- The management should offer privilege to its esteemed customers as a way of encouragement. Investors may generally consider the customers taste by reduction of quantity prices as well credit some discounts to promote the flow of low quality goods. Price reduction offered to customers constitute to increase the quantity of discountover a given period of time depending on the volume of goods in the market. In that way the supply-demand chain will be met as well as maintaining the customers taste and preference. (Garnefeld, Eggert, Helm, &Tax, 2013). Giving away free items for multiple purchases can also apply, for example, buy three get one free. Create a loyalty card scheme-Mostly this tend to be plastic swipe card which is used to store customer’s points whenever they shop. A time comes when they can purchase goods by the use
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of the points available in their card and save their cash (Kuester, & Benkenstein, 2014) .Through this act the customers are rewarded and value the shopping place compared to others without thisfavor. Partnership of business cartels-Business partnership associations controls the price or supply of commodities in the market. The monopoly exercised by single investors will cease thus promoting oligopoly in the market. There are some businesses that offer discounts in favor of other business. For instance, when u meet a certain climax when making a call on a given network platform u definitely receive a bonus as a part of promotion. (Kumar, Petersen, & Leone, 2010). Celebrate your customers-An investor may surprisingly play some jovial tactics to reward and delight the customers as a way of thanksgiving. For instance one can invite customers to promotion of some goods for free, when launching a new offer let them be the first to purchase, take your best customers for a day out or launch a social platform and invite your customers online. The recognition will go a long way towards encouraging other customers who love your business to get more involved in your success as well. Ask for customer feedback-Most people feel appreciated when requested to give their suggestion towards a certain product that the business provide to customers. This suggestion willaid in changing the status quo depending on the market developing policies. The feedback can begiven through dialogue, questionnaire or conducting surveillance.Steady development of technology has led to discovery of new mechanics of changing our status quo. This extensive measures has led to improvement of new products in the market sectors
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