Question

Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return

Answer 1

Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

strategies for creating value for customers -----------------

A. Customer Engagement Marketing-----------aims to make a brand a meaningful part of the consumers conversation by fostering direct & continuous involvement in shaping brand conversation, experience, and community
"engage customers rather than interrupt them".

B. Customer-Generated Marketing---------brand exchanges created by consumers themselves-both invited & uninvited-influence brand experience.

C. Partner Relationship Management------------- working closely with partners in different company departments and outside the company to bring greater value to customers.

capturing value from customers in return-----------------

1. Customer Lifetime Value-----the value of all the purchases made by a customer over a lifetime

(2) Share of Customers------the portion of the customer's that a company gets in ins product categories.

3. Customer Equity-----------the total combined customer lifetime value of all the company's customers.