Module 3
Module 3
PART I. INTRODUCTION
As we study and immerse ourselves in “Principles of Marketing” in the process, it is necessary to know some Marketing
Principles and Strategies. The module is subjected to discuss Module 3 – Explain the Value of Customer.
PART II. STANDARDS
CONTENT: The learners demonstrate an understanding of the value of customer relations and customer service
PERFORMANCE: The learners shall develop a program for customer service
LEARNING COMPETENCIES:
Most Essential Learning Competency:
After going through this module, you are expected to:
1. define the value of customers; and
2. identify and describe “relationship development strategies”
According to Serrano, Relationship Marketing includes activities aimed at developing and managing trusting and long-
term relationships with larger customers. (Customer profile, buying patterns and history of contacts are kept in a sales
database) Relationship marketing is a strategy designed for customer loyalty, interaction, and long-term engagement to be
fostered. Customer Relationship focuses more on long-term customer retention than acquiring large numbers of new and
potentially single-transaction customers.
Customer Value is the relationship between benefits and the costs including money, stress, and time to sacrifice that is
necessary to get those benefits. Or simply stated in a mathematical equation: Benefits – Cost = Customer Value.
Importance of Customer Value
1. Designing and providing superior customer value are the keys to successful business strategy in the 21st
century.
2. Value reigns supreme in today’s marketplace and marketspace.
3. Customers will not pay more than a product is worth and will reward excellence.
4. A customer-centric culture provides focus and direction for the organization, ensuring that exceptional value
will be offered to customers.
5. Designing and delivering superior customer value propels organizations to market leadership positions in today’s
highly competitive global markets – absolute advantage.
6. Providing outstanding customer value has become a mandate for management.
Customer Relationship Marketing -will make earlier agents of change look inadequate. The key facilitator is technology
available to marketers. CRM weds the individual customer and technology in ways that are unique. These fourth-wave
relationships, propelled by a confluence of technological advances, will themselves change at geometric rates. (1) One-to-
one marketing, (2) Database marketing, (3) Integrated marketing, and (4) Interactivity.
9 Relationship Marketing Strategies and Tools
There are some actionable relationship marketing strategies that we hope will be successful for you and your business
from www.powerobjects.com .
1. Networking - Networking, online and off, can be a powerful relationship marketing technique. This isn’t just for job
seekers! Think about the interests that you have as a business, and then join groups that share your affinities.
2. Cherish Each Customer - Not just in the way that every company says that they do. Make sure that every interaction
you have with your customers shows them that they are valued.
3. Listen to Your Customers - Listen to your customers! Every business says they do, but not all follow through or apply
what they’ve heard. Even listening and responding
to compliments can be beneficial. People love knowing they’ve been heard. Even complaints can be a blessing in disguise.
People often just want someone to share their concerns with.
4. Build a Brand Identity - A memorable brand will make it easy for customers to find you and your product(s).
Customers will gravitate toward what they find that is memorable.
5. Give Your Customers Free Information - What’s better than free? Not much. Your customers are seeking information
about your product(s). They have questions. Give them answers! Identify the topics and interests your customers have.
6. Loyalty Rewards - Loyalty programs encourage shoppers to return to stores where they frequently make
purchases.
7. Communicate Often - Relationships are based on communication. Your customers and users want to communicate
with you, so be sure to communicate with them often. Relationship marketing works well when you strive to be there for
your customers.
8. Special Events - Holding a special event for your existing or prospective customers is a great way to
build relationships.
9. Face-To-Face Time - Like a lot of what we’ve been mentioning, it comes back to interactions. While electronic
communication is great, and often preferred, having a face-to-face meeting can help the customer feel valued.
Customer service is the act of taking care of the customer's needs by providing and delivering professional, helpful, high
quality service and assistance before, during, and after the customer's requirements are met. Customer service is meeting
the needs and desires of any customer. Some characteristics of good customer service include: Characteristics of Good
Customer Service:
1. Promptness: Promises for delivery of products must be on time. Delays and cancellations of products should
be avoided.
2. Politeness: Politeness is almost a lost art. Saying 'hello,' 'good afternoon,' 'sir', and 'thank you very much' are a part of
good customer service. For any business, using good manners is appropriate whether the customer makes a purchase
or not.
3. Professionalism: All customers should be treated professionally, which means the use of competence or skill expected
of the professional. Professionalism shows the customer they're cared for.
4. Personalization: Using the customer's name is very effective in producing loyalty. Customers like the idea that whom
they do business with knows them on a personal level.
PART IV. ACTIVITY
During the current COVID-19 pandemic, global markets are severely disrupted. Businesses are forced to explore
innovative solutions to overcome the growing negative implications of this unprecedented crisis.
Business environment are affected, and few had close because of this pandemic situation. Due to various quarantine
measures imposed by the government. The existing business continuity plans may not be enough to address the fast-
changing variables presented by COVID-19 pandemic.
Source: Roxas-Divinagracia, M. T. (n.d.). Responding to the potential business impacts of COVID-19 (Deals and
Corporate Finance). Retrieved June 30, 2020, from https://www.pwc.com/ph/en/advisory/deals-advisory/responding-
to-the-potential-business-impacts-of-covid-19--deals-.html
Reflective Question. Can businesses still use concept of Customer Value despite of this pandemic situation?
Explain.
PART V. EVALUATION Fill in the Blanks
Directions: Read each statement below carefully and fill in the blanks with the correct answer.
__________________1. It is almost a lost art. Saying 'hello,' 'good afternoon,' 'sir', and 'thank you very much' are a
part of good customer service. For any business, using good manners is appropriate whether the customer makes a
purchase or not.
__________________2. It is the relationship between benefits and the costs including money, stress, and time to
sacrifice that is necessary to get those benefits.
__________________3. It is the act of taking care of the customer's needs by providing and delivering professional,
helpful, high quality service and assistance before, during, and after the customer's requirements are met. Customer
service is meeting the needs and desires of any customer.
__________________4. It includes activities aimed at developing and managing trusting and long-term relationships
with larger customers.
__________________5. Relationships are based on communication. Your customers and users want to communicate
with you, so be sure to communicate with them often. Relationship marketing works well when you strive to be there
for your customers.