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MNM3712 Summary
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MNM3712 Customer Relationship Management Summary
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MNM3712 - Customer RelationshipManagement
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MNM 3712 – CUSTOMER RELATIONSHIP MANAGEMENT
MNM3712
CUSTOMER RELATIONSHIP
MANAGEMENT
SUMMARY
BY: BUMBLE BEE
1
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MNM 3712 – CUSTOMER RELATIONSHIP MANAGEMENT
Study unit 1: The traditional marketing approach
The marketing concept:
Marketing is a business function and can be defined as a process which satisfies consumer needs by
adding value through the provision of appropriate products or services, at reasonable prices through
acceptable distribution channels using promotional strategies and marketing communication in an
ever changing business environment.
The traditional marketing approach:
MARKETING MIX TRANSACTIONAL MARKETING MARKET SEGMENTATION
•Combination of elements of •Main focus is to make customers buy •Traditional approach: division of total
marketing •Focus of business is to generate market into sub-markets of
•Product / service: Acquired to satisfy revenue quickly. customers.
want or need •Method has become outdated
•Price: Amount of money one must •Segment of market has similar needs/
pay to acquire product •Adapted new ways by conducting respond similar way
•Place of distribution: Place from selling operations by implementing •Tradtional way: no longer effective
where the product is sold. relationship marketing •New focus: Segmentation based on
•Promotion: Used to inform/ persuade profitable individual customers -
customers to buy / use service wants & needs change
•Needs to be interrelated and not work
in isolation
Study unit 2: the relationship marketing concept
Relationship Marketing:
Def: Build relationships with customers and managing those relationships.
Aims to satisfy existing customers and so spread the word through those customers about
how well the product or service works.
Relationship marketing DIMENSIONS:
1. It seeks to create new value for customers
2. RM recognises the key role that individual customers have
3. Businesses that practise RM are seen to design and align their processes, communication
technology and people in support of customer value.
4. It represents a continuous co-operative effort between buyers and sellers.
5. RM recognises the value of a customers purchasing lifetime
6. It seeks to build a chain of relationships both within internal as well as the external
stakeholders
2
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