MARK6105 Customer Relation Management

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MARK6105 Customer Relation Management

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MARK6105 Customer Relation Management

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Course Code: MARK6105
University: University Of New South Wales

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Country: Australia

Questions:
1.Why was James Murdoch prepared to spend time considering various community– based or environment initiatives?
 
2.How might smart business tune in to their customers’ legitimate concerns, deepening the relationship they have with them and extending their customers’ appreciation of their business and their brand?

Answers:
1. Customer Relationship Management (CRM) helps in tracking, analyzing and following up with the customers on a regular basis. This tool is used to keep track of the daily conversation that the business has with its customers and employees to learn about their basic needs. It helps in boosting the productivity level of the business with the help of an efficient time management (Khodakarami & Chan, 2014). From the given case study, it can be seen that Mr. Murdoch wanted to spend time with their employees because he thought that it was the best way in boosting up the employees. This will help the person to identify one of the ways that will help in building values in the business. This would help the business by building the strategies that will help in maximizing the profit opportunities by understanding the needs of the customers. It helps in identifying the best and the potential customers in the target markets through the various methods of promotional activities (Hollensen, 2015).
It will also help in building the values with the customers, which will help in making the orders and buying of the products easy through form fill-ups and reminders. It will help in giving the customers a better experience in their ways of shopping by reducing the response times between the customers and the business. It helps to keep the customers informed about the complementary or the discounted products of the business enterprise. It also helps the customers to gain extra incentives for the future purchases from the same company. In the given case study, it is seen that the person is sitting through the entire meeting and is listening to the twenty presentations that are being pitched by the various spokesperson that were selected by the customers to win the support of Murdoch for the different environmental initiatives. He went through the entire presentation and took notes of the important factors that would help the company to succeed in the market (Choudhury & Harrigan, 2014). When the entire presentation was over, Murdoch found one of the pitches to be attractive. The presentation was about a loyalty card program for the customers of British Sky Broadcasting, which will help in rewarding the socially responsible behavioral factor amongst the customers. It is also seen that the location of the conference that is the Edgware on the Hilton Road was filled with amateurs instead of experienced business leaders. This helped in creating more amount of energy with respect to establishing the corporate social responsibility (CSR), which could be heard from the other side of the long and busy road (Tzeng, 2016).
Murdoch silently listened to all these pitches as one of the key things in maintaining the relationships with customers is about dedicating a part of the time in getting the required things that will help the business to benefit. Since the company controls more than 70 percent of the television market in UK, they had to invest a huge amount to control the rights of the rival company ITV, which helped the company to gain more control over the market. 
2. Customer Relationship Management (CRM) has been of great importance in the last few years due to the development in the data analytics sector. The profitability factor of a company depends on the number of customers that the company can retain for the products and services offered by them. It is not possible for any company to survive in the market if it does not have a good customer base. Smart business tactics helps the company to retain the customers when they approach the company to make the first purchase of the goods and services by starting a long lasting relationship with them. One of the ways in doing smart business is by keeping the employees happy in the working environment (Gavrilova, Carlucci & Schiuma, 2013). This helps the company to appreciate and value the efforts that are given by the employees in the organization, which directly results in lesser complaints from the customers and gaining higher customer satisfaction. This will help the organization to grow in their performances with respect to the sales and services and the marketing fields (Doumeingts & Browne, 2016).
Another factor is to listen to the needs of the customers and make changes accordingly that may help them to be in comfortable zone while using the product or the service. The company needs to make the necessary changes in their products because the taste and preference of the consumers evolve on a regular basis. The product and marketing managers need to formulate strategies that can look after the products being demanded in the market through the various customer satisfaction tools available to them (Smart, 2016). One of the approaches can be to compile the datas with respect to customer suggestions and feedbacks, which will help in achieving the business goal that is to make profit by satisfying the customers efficiently. The customers need to be actively participating in this approach so that the improvement in the delivery service or in the product can be conveyed to the company by providing quality feedbacks. The company needs to arrange proper forums by creating chat rooms, which will help in increasing the level of participation from the customers (Herrmann & Herrmann-Nehdi, 2015).
In the current scenario, one of the ways to achieve customer satisfaction is by efficient use of the social media. It is one of the efficient and the quickest ways in which the satisfaction level of the customers can be measured. The company needs to take advantage of these social platforms and regularly follow the Facebook and the Twitter pages that the company has. By following these platforms, the company can get to know the changing tastes and preferences of the customers. The company can use the social platforms in many ways such as by mentioning the names of the brands that the company manufactures, by using the medium as a customer support channel and by using the platform to arrange customer feedback sessions with the current and the existing clients (Doumeingts & Browne, 2016).
Reference List
Choudhury, M. M., & Harrigan, P. (2014). CRM to social CRM: the integration of new technologies into customer relationship management. Journal of Strategic Marketing, 22(2), 149-176.
Doumeingts, G., & Browne, J. (Eds.). (2016). Modelling techniques for business process re-engineering and benchmarking. Springer.
Gavrilova, T., Carlucci, D., & Schiuma, G. (2013, June). Art of visual thinking for smart business education. In Proceedings of the 8th International Forum on Knowledge Asset Dynamics (IFKAD-2013) (pp. 12-14). Zagreb Croatia.
Herrmann, N., & Herrmann-Nehdi, A. (2015). The Whole Brain Business Book: Unlocking the Power of Whole Brain Thinking in Organizations, Teams, and Individuals. McGraw Hill Professional.
Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
Khodakarami, F., & Chan, Y. E. (2014). Exploring the role of customer relationship management (CRM) systems in customer knowledge creation. Information & Management, 51(1), 27-42.
Smart, N. P. (2016). Certificates, Key Transport and Key Agreement. In Cryptography Made Simple (pp. 369-399). Springer International Publishing.
Tzeng, J. Y. (2016). A Study of Customer Relationship Management.

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