Relationship Marketing and Customer Relationship Management
MNM3712 Ass 01 Portfolio Essay answers. I received 93% for this module and wish you the best of luck!
In order for service providers to serve their target markets as effectively as possible, it is crucial that they determine appropriate strategies to implement. In the following discussion, we wi...
DECLARATION ................................................................... ERROR! BOOKMARK NOT DEFINED.
INTRODUCTION ............................................................................................................................... 1
1 STAGES OF RELATIONSHIP DEVELOPMENT ..................................................................... 1
1.1 PROSPECT ....................................................................................................................... 1
1.2 PURCHASER..................................................................................................................... 1
1.3 CLIENT .............................................................................................................................. 2
1.4 SUPPORTER ..................................................................................................................... 2
1.5 ADVOCATE ....................................................................................................................... 2
1.6 PARTNER .......................................................................................................................... 3
2 ELEMENTS OF CUSTOMER EXPECTATION ........................................................................ 3
2.1 ENDURING SERVICE INTENSIFIERS ............................................................................. 3
2.2 PERSONAL NEEDS .......................................................................................................... 4
2.3 EXPLICIT SERVICE PROMISES ...................................................................................... 4
2.4 IMPLICIT SERVICE PROMISES ....................................................................................... 4
2.5 WORD-OF-MOUTH COMMUNICATIONS......................................................................... 5
2.6 PAST EXPERIENCE.......................................................................................................... 5
CONCLUSION ................................................................................................................................... 6
3 REFERENCES ........................................................... ERROR! BOOKMARK NOT DEFINED.
, INTRODUCTION
In order for service providers to serve their target markets as effectively as possible, it is crucial
that they determine appropriate strategies to implement. In the following discussion, we will
introduce the six known stages of relationship development in relation to 1st for Women, an
insurance provider which provides insurance tailored to the needs of women. At each stage,
we will develop a typical customer persona to describe how the customer may behave in that
stage of the relationship, and how they may progress to the next stage of the relationship.
In the second part of our discussion, we will touch on just how customer expectations have
changed since the coronavirus pandemic and introduce potential strategies for organisations
to implement to meet these expectations, with regards to six elements of customer
expectations that retailers should keep in mind when they analyse their customers’
expectations.
1 STAGES OF RELATIONSHIP DEVELOPMENT
1.1 PROSPECT
The first step for 1st for Women to develop new relationships is to identify those who they
believe may have the potential to be persuaded to do business with them, but currently have
limited awareness of the company or of the services the company offers. (Tait, 2018) These
potential purchasers are known as prospects, as they have the potential to make a purchase
in future but are unlikely to do so until their levels of awareness of 1st for Women and their
offerings increase.
These could be women who are first-time car owners such as students, who have not
previously come across 1st for Women or done research on car insurance services. While they
likely would not make a purchase with 1st for Women at this stage, they may potentially be
open to business with the company in the form of car insurance once they are made aware of
the potential benefits 1st for Women’s car insurance may offer them. Once these levels of
awareness increase, the women are more likely to shift from being a prospect to becoming a
purchaser moving forward.
1.2 PURCHASER
Once prospects begin to take more interest in the relevance of a company and their services,
they may decide to take action in the form of an initial purchase, such as a female student who
is not sure if she is ready to commit to car insurance from 1st for Women but decides to make
a small commitment to purchase Road Assist cover from 1st for Women, which is an affordable
service. This allows the student to better understand the service 1st for Women offer through
gaining first-hand experience, before making larger commitments.
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