The importance of keeping customers for as long as possible, in what Essay

The importance of keeping customers for as long as possible, in what is seen often as a short-term approach to sales - Essay Example This is the main concern of the so-called consumer relationship management (CRM) models today. Vogt defined CRM as a customer-focused business strategy designed to optimize profitability, revenue and customer satisfaction. (p3) Shanmugasundram (2009) also posited that it is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the company and the customer. (p9) Unarguably there are numerous meanings and interpretations of CRM. Nonetheless, they all agree that a CRM strategy is always characterized by a quest to establish a relationship with a client in such a way that it contributes to the competitive advantage of the organization, which ultimately results to profitability. The simple logic is to make the customer happy so that the sales keep on coming. How does it work? As previously mentioned CRM strategies are diverse and varied. Sometimes, its distinction depends on the industry using it and sometimes it depends on specific needs and market trends. However, the fundamental principle emphasizes the importance given to people - naturally, there are the consumers but also, there is an emphasis given to the employees. According to Shanmugasundram, the principle is all about building enduring relationships that can lead to a profitable business organization and that both consumers and employees are fundamental to their achievement. This is expressed in the following model. Fig. 1: CRM Model (Shanmugasundram, p9) The model is pretty much straightforward: there are four crucial elements involved: Leadership, Delight, Loyalty and People. The model, as demonstrated above, puts the People at the center, with all the rest of the elements working together seamlessly for their benefit. The model ultimately aims for customer satisfaction. This is important because it has already been proven that satisfaction and a number of resulting variables, including customer loyalty lead to the probability o f purchase at different price points. This is also highlighted by the fact that only 26 percent of purchase decisions of consumers are influenced by advertising and that factors such as personal experience and referrals are more frequently cited. (Rai 2008, p145) Francis Buttle (2008) explained that, â€Å"a satisfied customer is more profitable than a dissatisfied one. If satisfaction declines, customers become more reluctant to buy unless prices are cut. If satisfaction improves the opposite is true.† (p47) This point is further reinforced by The American Customer Satisfaction Index Model (see fig. 2). Fig. 2: The American Customer Satisfaction Index Model (Buttle, p47) CRM and Technology An important variable in CRM models and strategies is the use of technology to achieve its objectives. CRM, in this context, becomes what Foss and Stone called as the methodologies, technologies and e-commerce capabilities used by companies in managing customer relationships. (p3) The adva nces in technology, particularly in communications, transportation and logistics have empowered organization to add value to their products and services. For example, an organization can use databases as part of the wider CRM strategy to build and keep accurate and up-to-date information about its customers. (Canwell and Sutherland 2003, p249) By doing so, the organization is able to analyze customer behaviors and expectations and develop better products

Literacture review Essay Example | Topics and Well Written Essays - 1500 words

Literacture review - Essay Example However, critics have noted that, it is only by allowing ethnicity to thrive and be respected, that some measure of equality can be achieved – since it is difficult for people to completely separate themselves from their ethnic roots and take to a foreign culture (Salvidar 27). Furthermore, Rodriguez links his views of the Affirmative Action Program to a critique of bilingual education, claiming that â€Å"all children must abandon the[ir] language of origin in order to enter public society.† (Rodriguez 27). In this essay I will firstly outline the difficulties of integration faced by ethnic minority groups, in addition to taking into account the complexities of learning English as a second language. Secondly I will consider Rodriguez’s justification for assimilation, before assessing critiques of his work, which simultaneously serve to support the rationale on which approaches to combat racial discrimination, such as the Affirmative Action Program, are based. As a Korean bilingual student, learning English as a second language, to me Rodriguez’s views appear unrealistic and impractical for everyone to achieve. The difficulties that second language students face in learning English are a function of the differences in their own native tongues. There may be three major aspects that affect a student’s ability to learn English : (a) their low level of understanding and self esteem, (b) the different systems of sounds in different languages and (c) differences in grammar. When a student has continuously spoken and studied one language before trying to learn English, the native language tends to interfere with the learning of English. However, this cannot form the basis for completely rejecting the native tongue and bilingual education, as Rodriguez suggests. Instead, there may be a need to reform teaching and learning methods. Similarly, when taking into account the Affirmative Action

Designing Petrol Tanker Using Thin Shell Theory Assignment

Designing Petrol Tanker Using Thin Shell Theory - Assignment Example Using your answer to part a, determine a suitable material and its thickness for the cylinder using thin walled cylinder theory to calculate the hoop and longitudinal stresses. Regulators and fittings the pipe systems of the fluid tanker system are to be well-matched with the pipes to which they are linked with reference to their strength. According to the calculations, plastic is the most effective material for providing operation at the utmost working stress the architects of the tanker will experience in service (Nash, 1998, p. 80). Such material is exposed to a hydrostatic test in the company of an inspector at the pursuing value of weight: PH = 1,5P Where PH is equivalent to test pressure (bar) P = design pressure (bar) as definite in P1.2.7. For steel tubes and essential fixtures for temperatures exceeding 300 °C, the test pressure is to be calculated through the application of the subsequent formula. Nevertheless, it is not compulsory that it surpasses 2P: T 100 H K K P =1,5 P Where K100 is equivalent to acceptable pressure at 100 °C KT = tolerable pressure at the plan temperature (Nash, 1998, p. 80). The worth of the trial pressure might be decreased, with the support of the ordering society, to 1,5P so as to evade extreme pressure in a method of curvatures and T-pieces. The suitable material and thickness using the thin walled cylinder theory is determined through yield that occurs when utmost pressure variation, or cut pressure is experienced. This stress arrives at the worth matching the yield in simple tension (Hoefakker, 2001, p. 151). This theory has been discovered to be in excellent accordance with investigational findings for this particular case, and it’s yielding material. The hoop and longitudinal stresses will be determined by the pressure by the steady yield,, that the ductile material endures in tension, and there is no strain toughening. The longitudinal pressure in the pie systems is either zero or lies mathematically amid the hoop and radial pressure. From this situation, the stress will have to pursue the utmost stress variation, which is calculated by the hoop and radial stresses. If the tanker’s container with sealed ends has an external diameter D and a wall thickness t = 0.1D. The hoop and longitudinal stresses engaged in applying thin wall cylinder theory will make up for the determined worth of peripheral pressure and the supreme shear pressure in the container (Tangential stress  ± 9.75%: max. shear stress  ± 11.1%) (Hoefakker, 2001, p. 151). c. In addition to the stresses caused by the petrol, the vehicle utilizes the tank as a stressed member to provide torsional stiffness to the vehicle. As such the tank carries a torque of 63,000Nm. Using complex stress theory, calculate the maximum principle stress and the plane that this acts on. Confirm that your material and thickness choice for the tank is still suitable. The complex stress assumption reviews majority of the data from this ca se as Sines. Nevertheless, a slightly varied paradigm in the cylinder of the liquid tanker might experience similar pressure due to its parabolic form and outline (Nash,

Dq -5-Terence Essay Example | Topics and Well Written Essays - 1500 words

Dq -5-Terence - Essay Example The discussion below elaborates and helps in understanding various aspects of research. Research questions that address a problem are concerned with quantitative research. In this case, the questions give an exact description of a phenomenon. Since it has to answer a question, control is exercised in order to eliminate any form of bias that may arise during the research. In most cases, the information under this kind of research relies on cross-functional approaches and the data reduced to numerical codes for easy analysis. On the contrary, questions that might be used in an interview heavily rely on qualitative research. This indicates that the information under such a research does not require discrete numerical data but only seeks for explanations about a phenomenon. However, since researchers determine what is asked, there is a likelihood of biasness because they decide how to fit the questions in a situation. These questions employ verbal, and in other cases, use pictorial descriptions for effective understanding and analysis. According to Palinkas et al. (2013), both qualitative and quantitative research methods have a trace of bias. It is extremely difficult to eliminate bias in research. Using the methods concurrently helps researchers to cub bias since both methods can be used in checking each other. They actually complement each other. By In terms of data preparation, both methods, in a unique way require the use of verbal descriptions. They are a great pillar in understanding in research. Researchers are increasingly finding it difficult using the methods independently because they are intertwined together and just separated by a thin line. An effective combination provides quality research findings that address the problem and offer solutions in a logical and acceptable manner. Questions that address a problem are objective in nature because they have

The Barriers of Critical Thinking Essay Example | Topics and Well Written Essays - 500 words

The Barriers of Critical Thinking - Essay Example Some of these barriers are discussed briefly as follows: Self-serving bias refers to the tendency of individuals to elevate the perception of self in a manner that helps them in protecting their self-esteem. This concept entails that people do not always think about and perceive things as they since it results in self-criticism and viewing themselves in an unpleasant light (Kirby, Goodpaster, and Levine 1999). While self-confidence is a critical element for success, however over-confidence in one’s own abilities acts as a barrier to success since it prevents us from analyzing our weaknesses and overseeing our flaws, leading to disastrous results in the long run. Example: A strong sense of belief in one’s abilities and the perception that you are more intelligent and capable than others; tendency to shift the blame regarding any negative experiences or outcomes in your life on others and refusing to accept responsibility for own decisions or actions; a strong sense of belief in becoming a famous actor despite having absolutely no talent and being told so by those around you are some of the examples of self-serving bias. According to Glabraith (2004) hegemonic assumptions refer to the assumptions individuals embrace willingly in a bid to protect their best interests (p. 342) and safeguard them from any impending hurt or any other similar negative feelings such as guilt, anxiety, or fear. Such hegemonic assumptions prevent us from critically analyzing things as they are and blinds us from pursuing our best interests. Example: A strong belief in one’s friends or relatives and blindly following their advice without thinking or analyzing the intended purpose and expected outcome is one example of hegemonic assumptions. It refers to the tendency among individuals to perceive reality with a highly biased attitudes based on stereotypes and unwarranted

Dq -5-Terence Essay Example | Topics and Well Written Essays - 1500 words

Dq -5-Terence - Essay Example The discussion below elaborates and helps in understanding various aspects of research. Research questions that address a problem are concerned with quantitative research. In this case, the questions give an exact description of a phenomenon. Since it has to answer a question, control is exercised in order to eliminate any form of bias that may arise during the research. In most cases, the information under this kind of research relies on cross-functional approaches and the data reduced to numerical codes for easy analysis. On the contrary, questions that might be used in an interview heavily rely on qualitative research. This indicates that the information under such a research does not require discrete numerical data but only seeks for explanations about a phenomenon. However, since researchers determine what is asked, there is a likelihood of biasness because they decide how to fit the questions in a situation. These questions employ verbal, and in other cases, use pictorial descriptions for effective understanding and analysis. According to Palinkas et al. (2013), both qualitative and quantitative research methods have a trace of bias. It is extremely difficult to eliminate bias in research. Using the methods concurrently helps researchers to cub bias since both methods can be used in checking each other. They actually complement each other. By In terms of data preparation, both methods, in a unique way require the use of verbal descriptions. They are a great pillar in understanding in research. Researchers are increasingly finding it difficult using the methods independently because they are intertwined together and just separated by a thin line. An effective combination provides quality research findings that address the problem and offer solutions in a logical and acceptable manner. Questions that address a problem are objective in nature because they have

Advanced Strategic Management- International Airline Industry Essay

Advanced Strategic Management- International Airline Industry - Essay Example This is to prevent the loss of current business and attract new customers ones at a minimal cost.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  This study explores the relationship between customer service, customer satisfaction and the factors that encourage customers to choose and remain with specific airlines. In particular, this study evaluates the customer satisfaction among North American airline passengers and the quality of customer service of corresponding airlines.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  A survey was used to gather the feedback of XYZ airline passengers at NYC airport. The survey items focused on the eight factors designated as independent variables. The independent variables considered were X1 – Delays (external forces such as weather), X2 – Culture (company), X3 – Prices/Frequent Flyer Programs, X4– Flexibility, X5 – Schedule, X6 – Employees, X7 – Quality of Product/Services (comfort), and X8 – Security.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The importance of customer service and the corresponding customer satisfaction cannot be undermined. Ventures can succeed only if there are customers. Since they are the ones who keep businesses running by bringing in profit and supplying feedbacks, it is essential to keep them satisfied. Customer satisfaction, also called user satisfaction, is defined simply as â€Å"a qualitative measure of performance as defined by customers, which meet their basic requirements and standards† (TechTarget, 2007). This definition has two main implications. First, customer satisfaction is dependent on the performance of the product or service. Second, measuring customer satisfaction involves knowledge of the basic requirements and standards of the customers.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In relation to customer satisfaction, customer service is a term that characterizes what happens when the customer encounters the business (The Times Newspapers Ltd, 2008). Good customer service is significant because gaining a new customer can cost as much as five