Managing Customer loyalty: The role of CRM
This tasks asks you to review and apply the principles of Customer Relationship Management (CRM) as a strategy for maintaining and enhancing relationship bonds and increasing consumer loyalty.
Given the investment costs of adopting and implementing an electronic CRM tool, you need to justify the value of a CRM strategy and the use of tool to the managing director of a service (hint: choose a service with a loyalty program).
To apply your argument, first conduct a quick search for the latest market-based CRM tools and examine the features and functions- choose one that appeals to you (hint: most have free demos).
Then, using the theoretical model of integrated CRM strategy from your textbook, with a focus on the stages of “Value Creation” and “Multi-channel Integration Process” apply the features of your chosen CRM tool. As part of your application, you need to explain how a coordinated loyalty program and delivery approach can maintain and enhance relationships bonds that keep consumers loyal- use specific examples from your chosen service to illustrate your argument.
Required: Theory should be drawn from your textbook and relevant academic journals. Sources for market data can include Australian Bureau statistics, respected national market research agencies relevant websites for CRM tools
Suggested Structure:
- Executive summary (no more than a page- include recommendations)
- Table of Contents
- Introduction (100 words)
- Theoretical Concepts academic definitions and descriptions of the theory of CRM with analysis of concept (how it works in theory-issues, processes etc) to justify and support your choice (400 words)
- Chosen CRM tool- described the features and functions (300 words- hints images to illustrate)
- Application: link theory (i.e. Analysis of the stages of “Value Creation” and “Multi-channel Integration Process”) and apply the features of your chosen CRM tool (500).
- Marketing Strategy Recommendations: justifying the use and value of CRM for managing customer loyalty (300 words)
- Conclusions (200 words)
