Discussion 2 | marketing | centennial college

This week’s discussion is a little different from what we’ve done so far.

This week, you will analyze a scenario and some related information to come up with solutions to a problem. There are no correct answers here; however, some answers may be better than others. I encourage you to be creative in your ideas and feel free to do research beyond the class materials.

Case Analysis 1 – Strategies for Customer Development

Customer development is the process of growing the value of retained customers. Companies generally attempt to cross-sell and up-sell products into their customer base while still having regard for the satisfaction of the customer.
Cross-selling, which aims to grow share-of-wallet, can be defined as selling additional products and/or services to an existing customer.
Up-selling can be defined as selling higher-priced or higher-margin products and/or services to an existing customer.

The Scenario

You’re the new Chief Revenue Officer for a mid-sized bank and you’re tasked with developing strategies for growing the share-of-wallet of your existing customers. Revenues from your customer base have remained flat for the past 3 years and you’ve been hired to find ways to reverse this trend.

Some Relevant Facts

The customer profile of your bank is:

  • 60% Boomers
  • 30% Gen X
  • 10% Millenials/Gen Z

The market profile is:

Highly competitive, with low switching costs. All banks in the market offer similar products and services. 

(Remember: Growing existing customers is cheaper than acquiring new ones.)

Your current value proposition is:

Come to us for all your financial needs!

The Problem

How do you grow share-of-wallet in these circumstances?

Some Advice

Review the CRM technologies listed in Chapter 4 of your textbook.

  • Which of those technologies might you use to implement customer development strategies to help increase revenue from your existing customers?

Explain your choice of technologies and how you would use them.

When responding to this post, consider the problem. Use your imagination and creativity to add more context to the problem if you like. You can make some assumptions in your response if it helps you answer the prompt, but please clarify what those are. This allows the rest of us to follow your logic and thought process when reading your response.

You must start a thread before you can read and reply to other threads

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more