“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.
Brand Loyalty –... [continues]
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