Significance of Customer Portfolio Management in Modern Business Environment - Essay Example

Only on StudentShare

Extract of sample
Significance of Customer Portfolio Management in Modern Business Environment

In order to identify the changing customer preferences, firms are to manage their customer portfolios. Many advanced technologies are available today that can manage customer portfolios and thereby keep in touch with changing customer interests. Keeping well planned customer portfolios can strengthen customer relations and thereby customer retention for a long term. A loyal customer is an invaluable asset of any organisation that contributes to the accomplishment of the firm’s long term goals and objectives. Scholars reflect that efficient customer portfolio management at different levels of an organisation is a fundamental driver of strategic as well as financial success. The concept of customer portfolio can significantly contribute to the firm’s efforts to retain the profitable segments of its customers because customer portfolio is a potential way to achieve enhanced customer satisfaction. According to experts, “in much the same way that we can examine a portfolio of products or brands, the importance of customers as assets and investment centres mandates a similar portfolio analysis” (Hooley, et al. 2008, p.436). This paper will explore the concept of customer portfolio management. ...
Download paper

Summary

Significance of Customer Portfolio Management in Modern Business Environment
Introduction
Today the business world is facing too many challenges when it comes to rapidly changing customer needs and new business practices. …
Author : njohnson

Related Essays

Implementation of a Customer Relation Management System (CRM) in B2B with the example of Aviation business
14 pages (3514 words) Term Paper
Significance of Service Recovery Effects on Customer Satisfaction/Loyalty
10 pages (2510 words) Essay
Customer Relationship Management
6 pages (1506 words) Essay
customer relationship management CRM
6 pages (1506 words) Essay
Customer Management
8 pages (2008 words) Essay
CUSTOMERS PORTFOLIO AS MANAGEMENT REQUIREMENT
11 pages (2761 words) Essay
Customer Portfolio Management
10 pages (2510 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!