cqu mrkt19036 marketing of service products relationship marketing strategies

Task Description
It has been shown that high levels of customer satisfaction are linked to customer loyalty. Further that loyal customers are more frequently heavy users of a service and therefore usually more profitable. The third piece of assessment that completes your body of work in this unit, consists of a business report that is 1500 to 2000 words in length. The focus of your report is to develop a customer retention plan and recovery strategy to support your service business post-COVID-19.
Choose one of the options below:
Option 1: A coffee shop or caf in your local area that is not one of the major chains (ie NOT McDonalds, Gloria Jeans, Hungry Jacks, KFC, Boost Juice, etc.). Choose a small to medium sized, local enterprise to focus on.
Option 2: A theatre in your town/city (can be an arts theatre such as the Brisbane Arts Theatre, the Malthouse Theatre of Princess Theatre in Melbourne, or Sydney Lyric Theatre, etc). Any cultural theatre but not movie cinemas/theatres.
Option 3: Your Choice provides the flexibility of developing a report for your current service-based employer or a service business you wish to start up (but not both). If you choose option 3 then you must gain approval from the unit coordinator for your proposed service business.
Your task as the marketing manager for your business choice (option 1, 2 or 3 above) is to develop a report for the business on creating loyal customers and building relationship marketing strategies for the enterprise. Your aim is to develop a plan for the business to build a foundation for customer retention and satisfaction
You will need to:
1. Develop a market segmentation profile of your current/future customers for the enterprise based on its location (geographic) and suburb profile (demographic) and include key psychographic and behavioural characteristics.
2. Consider how you can effectively tier your services to deliver value and satisfaction to all customers.
3. Create a plan for customer retention for your business including:
a. Strategies to create loyalty bonds
b. Strategies to build in switching barriers, and
c. Strategies to reduce churn.
4. Provide any other recommendations that you feel would be appropriate for your business must consider delivering a comprehensive CRM strategy for their business. You can consider any of the 7Ps, and any of the common failures in CRM implementation, and/or other service recovery strategies address the post-COVID-19 challenges for retaining existing customers and potentially gaining new customers.

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