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CUSTOMERS PORTFOLIO AS MANAGEMENT REQUIREMENT - Essay Example
Author : vernicearmstron
Pages 11 (2761 words)
CUSTOMERS PORTFOLIO AS MANAGEMENT REQUIREMENT
The competitiveness of the global economic market calls for the need for corporations and companies to put in place readily evolving strategies. …
The implementation of these strategies must however be done in a manner that can guarantee that the strategic management plans of the companies are up to date with changing situations on the market (Levinsohn and Williams, 2004). This means that the search and implementation of strategic management plans must be undertaken as a holistic process that includes all stakeholders who have a role to play in the success of the company. In relation to this argument, Labovitz (2005), identifies the place of the customer in having a very formidable strategic management plan for the modern global economic market. It has been said that the customer is no longer a passive member of the corporate society but an active member of it (Khurana, 2002). Because of this, the need to always include customers in the planning of the company is very relevant and inevitable. With this understanding in mind, the current report is prepared to identify the place of the customer in a typical modern business and outline ways in which companies can make use of the all new concept of customer portfolio to maximise the benefits they can make of their customer base. 2.0 Theoretical Framework A waterfall approach to the theoretical understanding of the concept of customer portfolio is developed. This approach involves the strategic review of what exists in literature as the place of customers in business entities. ...