Q1. How do you define CRM?
Customer relationship management means to maintain relationship with existing and new customer but understand the customer satisfaction. Everything that done to maintain relationship by use of technology and strategies. Q2.What makes CRM the preferred approach to marketing in the Information Age? CRM became a preferred approach to marketing in the information age because of the two reasons:- A) Media dilution
As media have interfered in the marketing area where they focus the customer alone which directly impact an organisation as CRM helps to know the customer satisfaction level. B) Multiple communication channels
There are more communication channels that helps to know what customer want and new channel that focus customer directly. So these are the two ways that CRM is became preferred approach in marketing. Q.3 What is the distinction between traditional database marketing and a customer-value-based approach toward database marketing? Distinction in tradition and customer value based approach is following:- 1. In tradition there is basic information and in customer valued based integrated information about the customer is there. 2. The first uses the available data to use but in customer valued based it takes account the every channel information. 3. Tradition approach takes overall marketing of the area but customer valued based personalize the product and services of each customer expectation. 4. Customer valued based automatically generate new sales opportunities but tradition approach doesn’t. 5. Tradition approach give lead which is not accurate but customer valued based give accurate and up to date of the customer requirement lead. 6. Customer valued based automatically adapt to changing business environment as tradition...