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customer relationship management
Customer Relationship Management Concept Strategy And Tools 3rd Edition V. Kumar , Werner Reinartz - Solutions
Logfiles with data on clickstreams and internet behaviour bring new challenges with them.Describe these challenges and indicate how a company may best deal with them.
criteria for a company of your choosing with which the customer profile may be developed within the framework of the relationship policy.(b) Indicate the source from which these data are likely to be collected.
It is a challenge for marketers to construct a customer profile with a minimum of indicators and/or criteria which none the less provides a rich profile.(a) Formulate
The commercial value (quality from the point of view of the supplier as user) of external lists(name–address–city lists) is usually lower than that of internal lists. What explanation would you offer for this phenomenon?
The experience in direct marketing is that behavioural traits better predict the response to a direct marketing campaign than characteristics which are related to attitudes (including satisfaction), lifestyles and end values. What is your explanation for this? Suggest four reasons.
Which measures would you recommend a company such as a holiday park use to manage the intrinsic quality of the data which allows it to identify its customers?
Unjustifiably, efforts to improve the intrinsic data quality are sometimes equated with de-duplication. What is the difference between the two?
The quality of the customer data may be approached from a variety of angles. It is said that the intrinsic quality approach is superior. Can you explain this in more detail?
Why are the data used to identify the customer considered to fall under the infrastructure of a company? What consequences does this have for the manner in which this database is maintained?
Why does the nature of the privacy issue change in the knowledge and network economy?Support your answer by providing two examples.
According to the European privacy legislation, you, as customer, are permitted to ask a company which details of your data it is retaining in its database. Approach a company of which you are a customer and ask for these registered data. Describe the mechanics of this process and provide your
The maturity of the customer intelligence function can be characterised by an evolutionary path. It appears in practice that every success, and the step to the next maturity level, is followed by a crisis. Can you give a possible explanation for this, in your opinion?
Choose an organisation of which you are a customer.(a) Describe yourself as a customer and provide concrete information on which data must be registered in order to be able to describe you as a customer.(b) Indicate which data may best be obtained from market research and which may best be
The data which are received by companies via e-mail and the internet on the identity of customers apparently have a relatively low level of reliability.(a) What could be the underlying reasons for this? Name three and explain your answers.(b) What can a company do to guarantee the quality of these
Why is it so difficult to base the value of data quality on potential future customer transactions?
Specify the wastes that occur as a result of a lack of data quality.
You are a customer intelligence manager and would like the approval of senior management for investment in improving data quality. You have ten minutes to present your argument to the board. Outline the essence of this argument.
In the article ‘Preventing the premature death of relationship marketing’, the premature demise of the customer intimacy strategy is portrayed. What will have to be done to prevent this from happening?
In this chapter, an example was provided of a Japanese restaurant which hoped to win and bind customers to its formula.(a) Formulate the specific critical success factors for this company from the four perspectives of the balanced scorecard.(b) Specify which indicators you would like to include in
Within a relationship-oriented organisation, everyone must have a current, correct, complete and consistent image of the individual customers. Reality often tends to deviate from this ideal, in spite of the implementation of supportive CRM systems. Name four possible causes of this and explain your
What is your opinion of the idea of a customer ‘taking a seat’ on the supplier’s account team? Name three aspects on which your opinion depends and explain them further.
Formerly state-owned companies are sometimes characterised by an insufficiently customeroriented culture.(a) Name an example of this type of company and describe how this is the case.(b) Formulate two recommendations for the short term and two for the long term necessary in order to stimulate a
To what extent is the organisation of a supermarket equipped to implement a customer intimacy strategy? Explain your answer.
In practice, CRM is cited as having the following important advantage: ‘thanks to CRM, we are able to institutionalise the relationship with customers’. What do you suppose is meant by this? Provide an example to explain your answer.
Drawing up a mission statement is simple compared with implementing one. Think of a number of concrete measures to promote the internalisation of the mission statement. The internalisation indicates to what degree the employees in the company identify with the aspects included in the mission.
Gather the mission statements of a number of companies and evaluate to what degree these do justice to the objective of creating a relationship-oriented organisation. Justify your answer.
What types of demand does customer intimacy place on the organisation? Provide a description of the relationship-oriented organisation.
What are your recommendations for Starbucks in the US if you want to build a sustainable company that is expanding in line with shareholders’ expectations?
Would you characterise Starbucks’ strategy as a defensive or offensive strategy? Give arguments for your choice.
Treacy and Wiersema distinguish between three value disciplines, i.e. operational excellence, customer intimacy and product leadership. Which value discipline(s) has Starbucks applied in recent years? Give arguments.
Reichheld has studied the effects of reducing customer churn on customer profitability in a variety of markets (see Figure 3.3). A substantial difference may be observed between the life insurance market and that for software products. In your opinion, what is a possible explanation for this?
What explanation do you have for the fact that the ‘blow-ins’ of a service provider in the high-tech industry contribute more to profitability than loyal customers do?
Can you explain why investments in customer satisfaction lead to a higher return on investment as well a reduction in risk?
Is it possible to combine the deployment of a customer intimacy strategy and the maintenance of an indirect system of distribution? Explain your answer. If your answer is yes, provide an example.
Why is the customer intimacy value discipline considered to be a defensive strategy? Explain your answer.
In your opinion, is it possible for the manufacturer of a low-involvement product such as biscuits or crackers to implement the customer intimacy value discipline? Explain your answer.
Think of five examples of companies which implement customer intimacy. Explain your answer.
Why does the combination of the product leadership, customer intimacy and operational excellence lead to problems? Explain your answer by providing an example.
Under which market circumstances is it unwise to aim for customer intimacy? Give two examples.
What are the differences within a CRM implementation project between a mail-order company and a company that supplies electronic products in the consumer and the business markets?
What were the causes of relationship marketing’s loss of popularity in the mid-1990s?
How would you explain the resurgence of CRM in the past three years?
Are there causes which may be cited for the failures of relationship marketing (at the end of the 1980s and beginning of the 1990s) which differ from the failure of CRM projects in the past two to three years? Explain your answer.
per cent of the CRM projects fail, according to companies’ perceptions?
Why do
Why is CRM more than simply an IT project?
Choose one of your service providers and reconstruct the dialogue you have conducted with this organisation. How could the content of this dialogue be improved so that you would become more loyal to this service provider?
What are the core elements of CRM?
In your opinion, is a discounter capable of implementing a successful CRM strategy? Provide an example to explain your answer.
Give a description of CRM in your own words.
Under what circumstances do you not recommend the development of a long-lasting relationship between a customer and an organisation? Explain your answer.
Analyse the influence of social networks on the development of trust and commitment in bilateral relationships between customers and organisations. Illustrate your answer for a company of your choice in the service industry.
Different aspects of socialisation on the web can be distinguished, as described in the honeycomb of social media. Specify which aspects are supported by different platforms, such as Twitter, YouTube, LinkedIn and Facebook.
A characteristic of professional services is that an expert, such as a doctor or lawyer, helps customers in exchange for payment.(a) How would you typify the balance of power in these relationships?(b) What role does the capacity for empathy play in these relationships?(c) Under what circumstances
Indicate how a marketer would be able to improve the relationship for each phase in the relationship life-cycle. Explain your answer. Describe the social structure in a virtual community of your choice. Under what circumstances would the development of long-term customer–supplier relationships
What should you know about a customer in order to be capable of and desirous of developing a long-term relationship with them?
What causes differences to arise in the relationship life-cycle between customers of the same company? Explain your answer.
Analyse a relationship you have with a supplier or service provider as a customer. Choose a company with which you have a relatively close relationship. Describe the trust and the commitment on the part of both parties in the relationship, and explain how these have grown.
What is the relationship between trust and commitment? Give an example to explain your answer.
Describe a close customer–supplier relationship in your own words and indicate how this differs from a transactional relationship.
where did the mentioned one
figure out what listener want to hear ata given moment. This will enable Spotify«to connect the right playlist to the rightlistener at the right moment» (Levine,2015).
The music service is able to identify«clusters» where a user is listening tothe same kind of songs at different timesevery week and identify a commonalitythere. In the next step, Spotify aimsto provide «situational playlisting»,meaning that the company will use theunderstanding of music and
how to use the potential of data miningto improve its product offering.Other than most online companies thatuse the affinity model, which assumesthat users who like some of the samemusic share the same tastes, Spotify analyzesaudio «fingerprints» and crawls theweb for information about music,
2. The Swedish music and video streamingservice Spotify is another great exampleof
The company launched itsenterprise marketing management systemin 2005 and has achieved a positive returnon investment (ROI) within 18 months.With the use of data mining, the bankingcorporation has increased its conversionrates by 45 percent and cross-sales by 60percent. Furthermore, OCBC was able
More precisely, OCBC hasdesigned an event-based marketing strategythat focuses on various coordinated,personalized marketing communicationsacross multiple channels and touch pointsincluding email, call centers, branches,ATMs, direct mail, text messages and 3Gmobile banking.
1. The Singapore based Oversea-ChineseBanking Corporation (OCBC) applies DataMining to improve their marketing effectiveness.The publicly listed banking andfinancial services provider analyzed historicdata of their clients to determine customerpreferences and design marketing activitiesaccordingly.
5. By applying these weights to individualcharacteristics of prospective customers, wecan arrive at a value for each customer whichindicates how likely it is that the customerwill purchase a product, or how much profitthe customer will generate, if exposed to thetested marketing campaign.
4. With that information, develop a regressionscoring model to obtain a series of weightedvariables that either predict which prospects aremore likely to become customers or the value ofprofits that each customer is likely to provide,based on their individual characteristics.
3. Initiate a marketing campaign directed at therandom sample, and record the individualswho become customers.
2. Obtain data from the sample that profilesindividual consumer characteristics. The R, F,and M scores are variables which profilebehavioral characteristics of a customer andare typically used in this procedure, alongwith other relevant variables.
1. Draw a random sample from the overallpopulation of prospective customers.
5. What is the link between customerlifetime value and the profitability of anorganization?
4. Describe three business situationswhere you would consider using logisticregression as the preferred technique foranalysis and decision making.
3. How will you use lift charts to determinefuture marketing action?
2. Whatever RFM analysis can do, regressionanalysis can do as well. Evaluate this statement.
1. A hotel chain wants to analyze itscustomer base with RFM. Describe thedata fields (variables) in the databasenecessary to do this.
Since work conditions are beingmonitored, the company would be ableto reduce employee absenteeism due tohealth issues related to job conditions(Merritt, 2015).
Recently, the company usedMicrosoft’s Internet of Things technologyto collect data on their field workers. Thefield workers were asked to wear sensorswhile on a job. The sensors were used tocapture the worker’s vitals and the surroundingenvironment conditions whilethe employee was working. The
2. Can data analytics and science be combinedfor an even greater good? LaingO’Rourke, an engineering companyheadquartered in the United Kingdom,believed it was possible to merge thetwo and come up with very useful information.
China, SAS, a business analytics provider,teamed up with Radica, a marketing firmheadquartered in Hong Kong, to developa CRM analytics software. This softwareenables companies to pull data fromsocial media platforms, and make decisionsbased on the company’s findings.Essentially, companies will
1. Companies are becoming more customerfocused in today’s world because theyhave discovered how important customeroriented decisions can be when trying tosurvive in today’s competitive market. In
. Describe a real world scenario that issimilar to this case. If you were amanager, how would you addressaligning your business offerings withcustomer needs without harmingcompany profits?
customers’ needs?
3. For the customers that were accustomedto the previous shipping system, how canUPS urge them to adopt the new servicetiers which may mean an increase inshipping costs depending on the
2. What types of systems and processes areneeded to document client profitability ina systematic and ongoing fashion?
1. How can an organization computeclient-level profitability?
6. How would you implement therecommended strategies in . Fig. 5.5?What are some specific marketing actionsyou would take in the four quadrants?
5. How will you determine if a customer is stillyour customer in noncontractual settings?What specifically would you need to know?
. Explain the difference betweencontractual, noncontractual and one-offpurchases and why the distinctions areimportant for companies.
. Try to predict retention rates using (5.13).
precise are your calculations?
2. How will you calculate the acquisitioncost per customer? Consider a retail store.What are the underlying assumptions?
1. How would you calculate the retentionrate of your company’s customer base?What assumptions do you need to make?
Further, by observing the behavioralpatterns of customers, the company isable to identify potential churn behaviorand actively manage save the valuablecustomers from leaving (Fisher, 2016).? Exercise Questions
2. Daisy Group, a B2B IT and telecommunicationsservice provider in the UK, usespredictive analytics that has gone past thetraditional loyalty card to managecustomer experiences. By integrating textanalytics and other customer information,the company is able to manage customerexperiences and loyalty
1. Idea Cellular, a leading mobile phoneoperator in India, measures the quality oftheir subscribers against three key metrics –how active are the subscribers (as reflectedby the Visitor Location Register (VLR)database maintained by the TelecomRegulatory Authority of India), how manyusers prefer
5. What customer backlashes can beexpected when a company introducesCRM practices? What are the cautionarysteps that you would advise companiesto take to avoid these?
. What analysis is involved in assessing thevalue of a customer?
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