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Customer Portfolio Management - Essay Example
Customer Portfolio Management
Customers are considered as an asset for a business, because; these customers are the one who influence policy and business strategy development. …
Customer preferences and customers’ attributes helps businesses to decide upon what products and services should be offered to the customer segment and how it should be marketed and priced so that it matches customers’ requirements and desires. This research paper would look into marketing concepts and theories, which helps businesses to build and maintain a customer portfolio. For this purpose, the researcher has gone through and understood various theories and research works to elaborate on the concept of customer portfolio management. Content of the Customer Portfolio The content of the customer portfolio enables managers to understand the business-to-business marketing strategies that can be utilized for assessing supplier-customer relationships. With this assessment, managers identify scarce resources of the organization and allocate them accordingly so that maximum profitability can be achieved (Sinha et al., 2002). The content of customer portfolios makes it easier for managers to optimally compose customer relationships in order to determine, whether the company amongst members of the target market because of its customer relationship tactics or the competitive position of the organization (Ravenscraft, 1983). This is the reason, that customer portfolio management is considered as an integral part of an organization’s marketing functions. ...