Customer relationship management (CRM)
Please draw on your experiences and what you have observed to address the following questions and topics.
Choose a market for a good in your area that seems to be a perfectly competitive market. Perfect competition is useful in analyzing real-world markets, even though there are very few, if any, that match the characteristics of the perfect competition model. Answer the following questions to describe the market, and describe how competitive the market you have chosen is:
What good or service is provided in this market?
Who are the buyers and who are the sellers in the market?
Are there many sellers in the market?
Are there very many substitutes for the good or service?
If the store where you usually buy this item raised its prices, would you go to another store or switch products? Explain.
Do you think that this a competitive market? Explain.
Mkt
Customer relationship management (CRM) is the company’s strategy for managing their customer relationships. Relationship marketing means selling customer satisfaction with the company’s people and its brand as part of its product. Select a local company with which you have a relationship. Include the following in your discussion:
- Describe your level of loyalty to the company. What about your experience with the company brings you back time and time again?
- What specific strategies does the company use to retain loyal customers?
- What value do you get from the relationship, and how does the company capture value from you in return?
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