Page 93 - DMGT308_CUSTOMER_RELATIONSHIP_MANAGEMENT

Customer Relationship Management

Notes
Figure 4.5: Overview of the Type of Customers that are involved in the Development Process

Source: http://www.google.co.in/imgres?hl=en&biw=1366&bih=677&tbm=isch&tbnid=4OuToaQeQ-
eVsM:&imgrefurl=http://www.socialmediaexaminer.com/what-is-social-

Task Explain the usage of retention for large firms.

Self Assessment

Fill in the blanks:
1. …………………… is the activity that a selling organization undertakes in order to reduce
customer defections.
2. Customer delight = ……………………
3. Full form of SFA is …………………….
4. Full form of GAMP is …………………….

5. The third component of customer loyalty model is …………………….

4.2 Customer Acquisition

One of the primary areas of growth for an organization is the acquisition of new customers.
Customer acquisition involves identification of potential customers, understanding their
strengths and weaknesses, risk assessment and formulation of an acquisition strategy. The
explosion of customer segments, products, media vehicles, and distribution channels coupled
with intense competition bent on growth has made the acquisition of new customers more
complex, more costly, and less effective than ever.

Today’s consumer is more demanding, more informed and more able and prepared to “vote
with their wallet” if they don’t get what they want. At the same time, business pressures and
revenue accountability have led marketers to take a more results focused approach to consumer
marketing.

88 LOVELY PROFESSIONAL UNIVERSITY