DBB3201 CUSTOMER RELATIONSHIP MANAGEMENT

Description

SESSION	JULY – AUGUST 2024
PROGRAM	bachelors OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	VI
course CODE & NAME	DBB3201 & CUSTOMER RELATIONSHIP MANAGEMENT
CREDITS	04
nUMBER OF ASSIGNMENTS & Marks	02 30 MARKS EACH

 

 

Assignment Set – 1^st

Questions

 

 

1. What is Customer Relationship Management? Explain the importance of Customer Relationship Management.

Ans:

Customer Relationship Management (CRM) is a strategy and set of technologies designed to manage a company’s interactions with current and potential customers. CRM systems are used to streamline and automate various aspects of customer relationship management, including sales, marketing, and customer service, with the goal of enhancing customer satisfaction, loyalty, and overall business performance.

Key Components of CRM:-

1. Data Management:
   • Function: Collects and organizes customer data, including contact details, purchase history, preferences, and interactions.
   • Importance: Provides a comprehensive view of each customer, enabling personalized communication and targeted marketing efforts.

 

 

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2. How does Customer Relationship Management (CRM) play a pivotal role in the Banking, Financial Services, and Insurance (BFSI) sector? Discuss in detail.

Ans:

Customer Relationship Management (CRM) plays a pivotal role in the Banking, Financial Services, and Insurance (BFSI) sector by enhancing customer engagement, streamlining operations, and driving business growth. CRM systems are crucial in managing and analyzing customer interactions, improving service quality, and optimizing marketing and sales efforts.

Here’s a detailed look at how CRM impacts the BFSI sector:-

1. Enhanced Customer Insights and Segmentation

Function: CRM systems collect

 

 

3. What is CRM in B2B? Explain the benefits of CRM in B2B?

Ans: CRM in B2B (Business-to-Business) refers to Customer Relationship Management systems and strategies tailored specifically for businesses that sell products or services to other businesses, rather than to individual consumers. In a B2B context, CRM focuses on managing and optimizing relationships with other companies, rather than individual consumers. The key components and benefits of CRM in B2B environments are particularly suited to the complexities and scale of

 

 

Assignment Set – 2^nd

Questions

 

4. What is Customer Data Management in ECRM? Explain in detail.

Ans:

Customer Data Management (CDM) in the context of Electronic Customer Relationship Management (ECRM) involves the collection, organization, analysis, and utilization of customer data to improve interactions and relationships with customers through electronic means. ECRM typically leverages digital tools and platforms to manage customer relationships and data more effectively.

Key Aspects of Customer Data

 

5. Explain the various Strategies for Building and Maintaining Customer Loyalty

Ans:

Building and maintaining customer loyalty is crucial for any business, as loyal customers are more likely to repeat purchases, refer others, and provide valuable feedback.

Here are several strategies for fostering and sustaining customer loyalty:-

1. Deliver Exceptional Customer Service

Description: Provide outstanding

 

 

6. Discuss in detail the various Key Components of Customer Retention.

Ans:

Customer retention is critical for long-term business success and involves strategies and practices designed to keep existing customers engaged and loyal. Effective customer retention requires a holistic approach, integrating several key components. Here’s a detailed look at these components:

1. Customer Experience (CX)