New Reflection Paper

Reflection Paper
One of the most important factors in a company's success is its ability to satisfy its
customers, since, as frequently stated, the business would not exist without them. It is absolutely
correct since, without clients, you cannot make a profit or achieve your return on investment
(ROI). Profit is the primary objective of every firm; thus, in order to maintain success, we must
meet consumer demands and understand when they are most necessary. In this module, it focuses
on how to satisfy customers and how to gain their trust and loyalty. Before we can gain their
trust, we must first establish what we call CRM, which stands for customer relationship
management. Clients most often prefer a business or a hotel that provides them with great
experiences, not just with the ambiance itself but also with the staff. They mostly come back if
you treat them nicely, and in order to do that, the staff must practice how to act and treat the
guests correctly. Customer service is crucial for a firm's success, as it directly impacts its market
share, revenue, profitability, and competitiveness. It also affects inventory carrying costs, as it
sets the level of inventory that the firm should maintain to make a product available to customers
whenever they want to buy it. To improve customer satisfaction, concerted efforts throughout the
supply chain should be made.
Customer service elements include anticipating, accurate problem identification,
completeness, responsiveness, and problem-solving efficiency. Different firms and industries
attach varying degrees of significance to customer service, with different lists of categories. For
example, Simon (1965) identified five essential elements: anticipation, accuracy in problem
identification, completeness, responsiveness, and problem-solving efficiency. These five
components are crucial for businesses to understand because not only can they keep you
informed about current events and solve problems, but they can also help you develop
connections with your clients. Pre-transaction elements are nonroutine, policy-related activities
that require management input due to their significant impact on product sales. These elements
include a written statement of customer service policy, provision of a written statement of
customer service policy to the customer, organizational structure, system flexibility, and
management services. Transaction elements are activities most commonly associated with
customer service, such as stockout level, order information, order cycle elements, expedited
shipment, transshipment, system accuracy, order convenience, and product substitution. Stockout
level measures lost sales due to low product availability, while order information provides fast
and accurate information about inventory status, order status, expected shipping and delivery
dates, and backorder status.
The length of time between the client placing the order and the end of delivery is
measured by order cycle components. Expedited shipments are required in an emergency to
shorten the transit time and follow order cycle time. When one regional warehouse runs out of a
certain stock but other regional warehouses maintain that stock at a high level, transshipment
takes place. System accuracy relates to the precision of the customer's ordered quantities, pricing,
and product specs, as well as billing. Order convenience is the level of difficulty a consumer has
while placing an order. This difficulty can be brought on by bureaucratic red tape, perplexing
order forms or procedures, and a lack of available payment methods. Product substitution allows
customers to replace the product ordered with an alternate product of comparable features or
quality. Post-transaction elements focus on post-sales support, which is generally valued as the
cost of the product increases. Luxury goods often come with greater post-sales service, and they
may be included as part of the purchase price or unbundled. To retain customers, a firm must
build trust in its service capabilities and deliver services as promised. This trust is built by
providing a satisfying service experience in the first transaction. By learning about customers'
needs and preferences over time, the firm can better understand and serve them. Customer
relationship management (CRM) is a business practice that focuses on building long-term
relationships with valued customers, who are more profitable to serve. To identify these
customers, the company should segment the customer population into loyal patrons and disloyal
customers. To effectively manage customer relationships, companies must determine if they are
on the right track and worth investing in. A healthy customer relationship can lead to increased
revenue, customer participation in promotions, reduced turnover, and reduced costs for both
parties. From the customer's perspective, this can include increased service support, personalized
benefits, and enhanced satisfaction. To measure the ROI of customer relationships, companies
are increasingly using the Customer Management Assessment Tool (CMAT), which measures
nonfinancial customer value and compares progress with competitors. After reading everything
in this module, I have now a better idea of how to handle customers and what I should do if I
break their trust and want to gain it back. I am somewhat glad to have read this and understand
some of its parts because it could actually help me in the near future.

New Reflection Paper

Uploaded by

Copyright:

Available Formats

New Reflection Paper

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

New Reflection Paper

Uploaded by

Copyright:

Available Formats

Reflection Paper

supply chain should be made.

Customer service elements include anticipating, accurate problem identification,

completeness, responsiveness, and problem-solving efficiency. Different firms and industries

identification, completeness, responsiveness, and problem-solving efficiency. These five

include a written statement of customer service policy, provision of a written statement of

dates, and backorder status.

measured by order cycle components. Expedited shipments are required in an emergency to

relationship management (CRM) is a business practice that focuses on building long-term

You might also like