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| SESSION | FEBRUARY – MARCH 2024 |
| PROGRAM | MASTER OF BUSINESS ADMINISTRATION (MBA) |
| SEMESTER | 04 |
| COURSE CODE & NAME | DMKT401 SERVICE MARKETING & CUSTOMER RELATIONSHIP MANAGEMENT |
Assignment Set – 1
- Identify the strategies to cope with the problems of gap1 in service GAP framework.
Ans 1.
Strategies to Cope with Gap 1 in the Service GAP Framework
Gap 1 in the Service GAP Framework, also known as the “Knowledge Gap,” occurs when there is a difference between what customers expect and what management perceives those expectations to be. This gap can lead to dissatisfaction and a decline in customer loyalty if not addressed properly. To effectively manage and narrow this gap, several strategic approaches can be employed.
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- Explain how a service firm can position its service among the target customers. 10
Ans 2.
Positioning Services in the Target Market
Positioning a service involves differentiating it in the minds of the target customers to make it more appealing than competitors’ offerings. Effective positioning is crucial for service firms as it helps establish a unique identity and value proposition that resonates with customers. This process not only influences customer perceptions but also drives their decisions to choose one service over another.
- Understanding the Target Market
The first step in positioning a service is to have a deep understanding of the target market. This includes knowing the
- Explain the five factors for the growth of service sector in India.
Ans 3.
Factors Contributing to the Growth of the Service Sector in India
The service sector in India has experienced significant growth and has become a major part of the country’s economy. This sector includes a wide range of activities such as IT services, retail, banking, insurance, and tourism. Several factors have contributed to this growth, making it a key driver of economic development and modernization in India.
- Economic Liberalization and Policy Reforms
The liberalization of the Indian economy in the early 1990s was a pivotal moment for the service sector. Government policies aimed at deregulation, reduction of trade barriers, and increased foreign
Assignment Set – 2
- What are the components of service communication mix?
Ans 4.
Components of the Service Communication Mix
Effective communication is essential in the service industry, as it helps to manage customer expectations, deliver service value, and build customer relationships. The service communication mix consists of various tools and channels that service providers use to communicate with their customers. Understanding and effectively utilizing these components can significantly enhance
- Discuss the marketing strategies in the banking sector.
Ans 5.
Marketing Strategies in the Banking Sector
The banking sector, a pivotal component of the financial services industry, employs a variety of marketing strategies to attract and retain customers, enhance customer satisfaction, and navigate the competitive landscape. Effective marketing in banking not only promotes products and services but also builds trust and fosters long-term relationships with customers.
Customer Segmentation
Banks often use customer segmentation to tailor their marketing strategies effectively. By dividing customers into groups based on criteria such as age, income, occupation, and banking needs, banks can create targeted marketing campaigns. This approach allows banks to offer personalized products and services, such as student loans for young adults, retirement plans for older
- Explain the CRM process in B2B market.
Ans 6.
The CRM Process in B2B Markets
Customer Relationship Management (CRM) in a Business-to-Business (B2B) context involves managing interactions with business clients to improve long-term engagement and profitability. Unlike B2C markets, B2B relationships typically involve complex decision-making processes, longer sales cycles, and a greater emphasis on personalized customer relationships.