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    Haider Ali Baig (70066100) Marketing Management Quiz 3

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    Haider Ali
    This document contains the answers to two questions on a marketing management quiz for BBA-5B at the University of Lahore Islamabad Campus. The first question defines customer relationship management (CRM) as managing all customer interactions, whether sales or service. CRM strategies help understand customers, retain customers through good experiences, attract new customers, increase profits, and lower costs. The second question discusses customer perceived value, which is how customers interpret and react to marketing. Determinants of perceived value include quality, price, and benefits offered relative to alternatives. Customers choose retailers based on perceived value, so retailers must offer superior value to win competition and loyalty.

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    Haider Ali Baig (70066100) Marketing Management Quiz 3

    Uploaded by

    Haider Ali
    20 views3 pages
    This document contains the answers to two questions on a marketing management quiz for BBA-5B at the University of Lahore Islamabad Campus. The first question defines customer relationship management (CRM) as managing all customer interactions, whether sales or service. CRM strategies help understand customers, retain customers through good experiences, attract new customers, increase profits, and lower costs. The second question discusses customer perceived value, which is how customers interpret and react to marketing. Determinants of perceived value include quality, price, and benefits offered relative to alternatives. Customers choose retailers based on perceived value, so retailers must offer superior value to win competition and loyalty.

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    HAIDER ALI BAIG (70066100) MARKETING MANAGEMENT QUIZ 3

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    This document contains the answers to two questions on a marketing management quiz for BBA-5B at the University of Lahore Islamabad Campus. The first question defines customer relationship management (CRM) as managing all customer interactions, whether sales or service. CRM strategies help understand customers, retain customers through good experiences, attract new customers, increase profits, and lower costs. The second question discusses customer perceived value, which is how customers interpret and react to marketing. Determinants of perceived value include quality, price, and benefits offered relative to alternatives. Customers choose retailers based on perceived value, so retailers must offer superior value to win competition and loyalty.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    20 views3 pages

    Haider Ali Baig (70066100) Marketing Management Quiz 3

    Uploaded by

    Haider Ali
    This document contains the answers to two questions on a marketing management quiz for BBA-5B at the University of Lahore Islamabad Campus. The first question defines customer relationship management (CRM) as managing all customer interactions, whether sales or service. CRM strategies help understand customers, retain customers through good experiences, attract new customers, increase profits, and lower costs. The second question discusses customer perceived value, which is how customers interpret and react to marketing. Determinants of perceived value include quality, price, and benefits offered relative to alternatives. Customers choose retailers based on perceived value, so retailers must offer superior value to win competition and loyalty.

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    of 3

    QUIZ # 3

    THE UNIVERSITY OF LAHORE

    HAIDER ALI BAIG

    70066100

    MARKETING MANAGEMENT

    BBA-5B

    MS. Sumaira Irshad

    LAHORE BUSINESS SCHOOL


    UNIVERSITY OF LAHORE ISLAMABAD CAMPUS
    Q#1: What is customer relationship management? Elaborate its frame work and
    enlist its strategies.
    ANSWER: CRM is the abbreviation for customer relationship management. CRM
    entails all aspects of interaction that a company has with its customer, whether it is
    sales or service-related. CRM is often thought of as a business strategy that enables
    businesses to:
    Understand the customer.
    Retain customers through better customer experience.
    Attract new customer.
    Win new clients and contracts Increase profitably.
    Decrease customer management costs.

    CRM solutions provide you with the customer business data to help you provide
    services or products that your customers want, provide better customer service,
    cross-sell and up sell more effectively, close deals, retain current customers and
    understand who the customer is.

    Another related development is vendor relationship management, or VRM which


    provide tools and services for customers to independently manage their relationship
    with vendors. VRM development has grown out of efforts by Projector at Harvard's
    Berkman Center for Internet & Society and Identity Commons' Internet Identity
    Workshops, as well as by a growing number of startups and established companies.
    VRM was the subject of a cover story in the May 2010 issue of CRM Magazine.[15]
    In 2001 Doug Laney developed the concept and coined the term 'Extended
    Relationship Management' (XRM).[16] Laney defines XRM as extending CRM
    disciplines to secondary allies such as government, press, and industry consortia.
    Q#2: What is customer perceived value? Describe its determinants in detail.
    ANSWER: Perceived customer value is marketing and branding related concept that
    points out that success of a product is largely based on whether customers believe it
    can satisfy their needs. This phrase emphasizes that when a company develops its
    brand and markets its products, customers ultimately determine how to interpret
    and react to marketing messages. Companies spend significant time researching the
    market to get a sense of how customers think and feel.

    Customers are free to choose which supermarket that becomes the shopping
    medium for them. One of the supermarkets which face this kind of atmosphere is
    Hypermart. One of the efforts to attract customers to Hypermart is by offering not
    only quality service but valuable service for the customers. Effective customer value
    is the value that can satisfy customers and make them to be loyal customers. Retail
    business competition is tight; thus marketers have to offer service which has more
    than valuable service but superior value service compared to the other potential
    competitors. Based on the description, customer value bears important role to win
    the competition in business so that we need to figure out how far customer value
    can satisfy customers and make them loyal. For this reason, customer value needs to
    be continuously developed through research that is continuously developed as well.
    It is aimed to refine whenever there a customer value which is quite satisfying and
    develop the value to make them loyal. For this reason, it needs a research that
    correlates customer value with satisfaction and customer loyalty. Based on the
    background, the research problem is about how to create customer loyalty through
    customer value and customer satisfaction. Additionally, it is also aimed to examine
    the role customer value on customer satisfaction and customer loyalty .

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