Question

Seek advice from your fellow students on additions, modifications, or deletions that you should make 0n your draft Marketing Managment Plan or your Correspondence.

Write down at least one piece of advice that you have chosen to accept and include:

• What the advice is
• Who gave you the advice
• Why you have chosen to accept it
• The impact that the advice will have on your plan or correspondence

Answer 1

1. The advice is to include customer relationship management (CRM) in the marketing management plan. It is one of the most effective ways to maintain a strong relationship with target customer which is impactful for brand loyalty. An effective customer relationship management is helpful to understand consumer preferences through direct and indirect communication. A proper understanding of consumer preferences ensures profitability for an organization. Thus, a marketing management plan must mention customer relationship management in its draft to conclude the plan on a successful note.

2. A fellow student of mine gave me that advice while I was preparing the draft for a marketing management plan.

3. I have chosen because CRM is an crucial part of a marketing management plan. I think a proper understanding of customer relationship management can be useful for me to prepare a draft for customer relationship management. Effectiveness of CRM in management planning are as follows:

• It is helpful in communicating communicate consumers to understand their requirement
• A proper customer relationship plan is effective in developing a pricing strategy
• A customer relationship management plan is impactful in segmenting consumers according to their buying power and demographic preferences.

• Collecting and storing consumers feedback
• Tracking consumer behavior

Thus, customer relationship plan must be included in the marketing management draft.