Customer Relationship Management
“Customer relationship management is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the company and customers”.
Importance of CRM
* Identifying customer needs.
* Identifying untapped business potential.
* Identify strong & weak points of suppliers.
* Benchmarking to achieve global excellence.
* Help in rediscovering the customers and understanding them * Identify field requiring new technology and development. * Provide feedback to the suppliers on its total operations. * Action plan to make organization customer centric.
Goals of CRM
* Build long term and profitable relationship with suitable customers. * Getting closer to those customers at every point of contact with them Enablers for the growth of CRM (Pg : 17-20 in the pdf you sent) * Emergence of service economy.
* Global orientations of business.
* Emergence of market economy.
* Aging population of economically advanced economies.
Criticality of Customer relationship
* Non traditional competition
* Market Maturity
* Misalignment between revenue & profit
Schools of Thoughts on CRM
1. Anglo Australian Approach – Explains relationship marketing as a Confluence (meaning : process of merging) of Quality management, customer relationship economics and service marketing concepts. 2. Nordic Approach – Explains relationship marketing as a Confluence of interactive theory, customer relationship economics and service marketing concepts.
3. North American approach – “Contrast” Organizations environment decides the relationship between buyer and seller.
Fig : Nordic Approach
Fig : Anglo Australian approach
Brand Relationship Management - is as the process of establishing, maintaining and developing relationship between brand and its consumers. BRM Process
Brand Loyalty – defined...
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