Question

what is crm? What are its four marketing activities?

Answer 1

Explanation:

An approach to building long and sustaining business with the customers is called as Customer relationship management (CRM).”

Four marketing activities:

The four activities that comprise CRM are as follows:

i. Customer selection:

Customer selection means defining the types of customers that a company will market to.

It means identifying different groups of customers for which to develop offerings for and to target during acquisition, retention and extension.

Different ways of segmenting customers by value and by their detailed lifecycle with the customers are reviewed.

From an e-business perspective, we may want to selectively target customer types who have adopted e-commerce.

ii. Customer acquisition:

Customer acquisition refers to marketing activities intended to form relationships with new customers while minimizing acquisition costs and targeting high value customers.

Service quality and selecting the right channels for different customers are important .at this stage and throughout the lifecycle.

iii. Customer retention:

Customer retention refers to marketing activities take by an organization to keep its existing customers.

Identifying relevant offerings based on their individual needs and detailed position in the customer lifecycle is the key.

iv. Customer extension:

Customer extension refers to increasing the depth and range of products that the customer purchases from a company.

This is often referred to as ‘Customer development’.

Answer 2

Answer:

✨✨ Definition: “An approach to building long and sustaining business with the customers is called as Customer relationship management (CRM).”

Four marketing activities:

The four activities that comprise CRM are as follows:

i. Customer selection:

1.✨Customer selection means defining the types of customers that a company will market to.

2.✨It means identifying different groups of customers for which to develop offerings for and to target during acquisition, retention and extension.

3.✨Different ways of segmenting customers by value and by their detailed lifecycle with the customers are reviewed.

4.✨From an e-business perspective, we may want to selectively target customer types who have adopted e-commerce.

Explanation:

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