Market Segmentation and Segmentation Strategies - Customer relationship marketing

5 important questions on Market Segmentation and Segmentation Strategies - Customer relationship marketing

Where is the goal of customer relationship marketing (CRM)?

To develop a long-term customer relationship that benefits both the customer and the company.

Mass-personalisation is part of customer relationship marketing (CRM) strategies. What does it entail?

A marketing strategy relies on personalised communications.

Mass-customisation is part of customer relationship marketing (CRM) strategies. What does it entail?

This marketing strategy is based on the customers' buying behaviour and individual needs for product and service customisation. Customers can 'build their product' based on their individual needs and price sensitivity.
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When is it smart for a company to use customer relationship management?

When the potential exists for high levels of both customer value and company value.

Customer touch points are an important concept in customer relationship management. What are these?

Touch points are every interaction with a (potential) customer. These points affect the relationship with (potential) customers and increase their loyalty and profitability.

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