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
- 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)