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Marketing

4.3 The customer lifecycle

CRM ensures a focus on customers throughout the customer lifecycle:

 selection – determining which customers to target

 acquisition – convincing targeted customers to buy

 retention – ensuring repeat business

 extension – attracting existing customers to other products in the portfolio.

4.4 CSFs of CRM

 software selection and capability

 software usability

 staff buy-in

 facilitating business processes

 strong leadership and change management.

Illustrations and further practice

Now review Illustration 3 and try TYU 4.

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