MGT301 Principles of Marketing Assignment 1 Solution Fall 2013

TOPIC: Customer Relationship Management


 What is CRM?
 How CRM helps to retain the existing customers?
 Students will learn how to build strong relationships with the customers.
 Student will learn how different marketing tools work for effective CRM in services marketing industry to attract new customers and retain the existing customers.

Customer Relationship Management is an important and efficient approach in creating and maintaining relationships with customers. It has been always a very helpful strategy for the management purpose and customer service, which deals with customer concerns and problems. The CRM exists since the concept of buying and selling came into existence. It is a model for the management of a company’s interactions with its current and future customers. Today the role of CRM is very important, marketers, decision makers and professionals are trying to find out more ways to create a relationship with customers (existing or new customers) and for that purpose they use different tactics.
                Hi-Tec Automatic Car Wash provides automatic car washing facility, is an established brand having a lot of loyal customers through its strong relationship management system. It attained this status by the virtue of its dedicated staff and contacts with the different quarters of the society. Through constant innovation and refinement of the existing strategies aimed at instant solutions, it offers quality services by using high technology to remain in constant and close touch with the customers. It has made the total customer satisfaction possible by providing them a fabulous experience (Quality, Convenience and efficiency). It cares for its employees, customers and the environment and strives to create a positive image of its business in the community. Its goal is to provide total customer satisfaction by providing the best quality service in the minimum possible time.
1 What could be the possible tools to create an effective CRM strategy in order to attract new customers and retain the existing customers? (10 Marks)mgt301-1

2 What role the CRM system can play in the success of a business? (05 Marks)