Explain the Overall Objective of Customer Relationship Management and the Stages

question 21

Essay

Explain the overall objective of customer relationship management and the stages that customers are pulled through in the process. For each stage. identify the marketing goals during the stage as well as examples of strategies that may be used.

---

Definitions:

Inventory Holding Cost

The total cost associated with keeping inventory in stock, including storage, insurance, taxes, depreciation, and opportunity costs.

Forward Buying

A procurement strategy where a company purchases goods in advance to take advantage of favorable pricing or to hedge against future price increases and supply shortages.

Peak Period

Peak period denotes the time of highest demand in a cycle, where operations face maximum stress due to increased consumer activity.

Demand Pattern

The trend or repetitive sequence observed in consumer demand over a certain period, which can be predictable or may vary seasonally, cyclically, or irregularly.