Partner relationship management Working closely with partners in other company

Partner relationship management working closely with

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Partner relationship management: Working closely with partners in other company departments and outside the company to jointly bring more value to customers. Through supply chain management, many companies today are strengthening their connections with partners all along the supply chain The outcomes of creating customer value: customer loyalty and retention, share of market and share of customer, and customer equity . Customer lifetime value: The value of the entire stream of purchases that the customer would make over a lifetime of patronage. A company can lose money on a specific transaction but still benefit greatly from a long-term relationship. This means that companies must aim high in building customer relationships. Customer delight creates an emotional relationship with a brand, not just a rational preference. And that relationship keeps customers coming back. Share of customer: The portion of the customer’s purchasing that a company gets in its product categories i.e. Banks want to increase “share of wallet.” Supermarkets and restaurants want to get more “share of stomach.” Car companies want to increase “share of garage” and airlines want greater “share of travel. Customer equity: The total combined customer lifetime values of all of the company’s current and potential customers. The company can classify customers according to their potential profitability and manage its relationships with them accordingly. One classification scheme defines four relationship groups based on potential profitability and projected loyalty: strangers, butterflies, true friends, and barnacles Different types of customers require different relationship management strategies. The goal is to build the right relationships with the right customers. There are major trends and forces that are changing the marketing landscape and challenging marketing strategy. We look at five major developments : the uncertain economic environment, the digital age, rapid globalization, the call for more ethics and social responsibility, and the growth of not- for-profit marketing. The digital age has provided marketers with exciting new ways to learn about and track customers and create products and services tailored to individual customer needs
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Internet: A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository. In an increasingly smaller world, companies are now connected globally with their customers and marketing partners In the face of today’s changing marketing landscape, companies must take into account three additional factors. In building customer and partner relationships, they must harness marketing technology, take advantage of global opportunities, and ensure that they act in an ethical and socially responsible way.
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