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Customer Relationship Management (CRM) Introduction CRM can be defined as a company’s framework to create long-term relationships with current and potential consumers through the effective coordination of its marketing, post-marketing, sales and after-sales service efforts.
This gave rise to the era of transactional marketing, where the relationship enjoyed was purely based on delivering products and receiving payment. Nevertheless, in the modern times, numerous reasons have reignited the need for companies to form a closer relationship with its customers. Hence, this relationship has received the formal name of Customer Relationship Management and has undergone scientific analysis and modernisation. This paper understands the concept of CRM, its place in the field of marketing, reasons for its emergence, its constituent components and contemporary usage. Definition of CRM CRM can be defined in various ways. As per Das Gupta (2005), it is a framework of a company that helps it achieve a consumer-oriented business process and high customer loyalty. It is a tool that helps integrate various data collected about consumers, business transactions, performances of various marketing efforts, consumer reception of products or services and new developments in target market. Feinberg and Kadam (2002) defined CRM as an approach of a company concerning its commerce and marketing efforts that amalgamates business method, technology and all other actions, keeping the consumer at the centre. Parvatiyar and Sheth (2001) noted that CRM is an inclusive scheme that involves obtaining, maintaining and collaborating with consumers to generate a high degree of value. ...
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