Key Words in Marketing - Essay Example

Only on StudentShare

Extract of sample
Key Words in Marketing

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. ...
Download paper

Summary

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…
Author : cicerobogisich

Related Essays

Sustainable Marketing
In order to successfully deliver a competitive market, most of the companies do pass their products through the environmental effect that their products might be having; once it is clear in a particular area if sustainable marketing is effective in the overall goal of the company as whole. (Binswanger, H. 1994) This will lead to the overall improvement in the achievement of all the set objective, visions, missions and goals of a particular business despite the existing challenges in the market. Critical analysis of sustainability marketing; The main objective of sustainable marketing is not to...
4 pages (1004 words) Essay
Marketing Strategies Marketing Essay
Here, the marketing personnel of any organisation comes in the picture as a foreground and is the backbone of the business. The way the organisation market its products and services makes a direct impact on to the firm, its suppliers, its customers and all others that come under affection by the firm’s choices. In addition, marketing is another way of building and sustaining enduring relationships between buyers, sellers, and other parties. Creating, communicating, delivering, and exchange offers are few of the courses of actions involved in the process of marketing. Nevertheless, customer...
8 pages (2008 words) Essay
Marketing
For this reason, brands must select celebrity endorsements very carefully because the expense needed for celebrity endorsement is large yet there are many risks involved simply due to the fact that a brand cannot control a celebrity's actions in either their professional or personal lives. For brands that are looking to be successful, the easiest way to do this is by associating the brand with a celebrity that already has success. The hope is that consumers will associate the success of the celebrity with the brand they are supporting. The reality is that this is very often not the case, yet...
3 pages (753 words) Essay
marketing
My understanding of insurance and reinsurance companies, pension, stock exchanges, leasing and lending companies was also increased. In addition, marketing knowledge enable me to know different ways that I can use to create value, and not just products. In addition to the above lessons, at the end of the chapter I appreciated the role of technology which has shaped marketing and in the end, affected the financial service delivery positively. This happened because the marketers identified essential issues like the product element, place and time, process and productivity and quality. I also...
8 pages (2008 words) Essay
Digital Marketing
is a private organization of US that has its business in the industry of men’s clothing. The company is widely known for its Denim brand of jeans sold across the globe. Levi Strauss & Co. received its first US patent of manufacturing denim jeans or blue jeans in the year of 1873. The company was founded by Levi Strauss and is being controlled by the private owners or descendants of the company and headquartered in San Francisco in USA. Over the years, the company has expanded its operations and sales in Europe, Middle-East, Africa, Asia Pacific and several other parts of the world. The...
6 pages (1506 words) Essay
Key Marketing Issues Facing Gillette Indonesia.
1). The company sought to satisfy its domestic and export market. As such, the company manufactures high quality razor blades and shaving systems (Quelch & Bartlett 2006, p. 360). Its target market includes adult urban males who include the working class and college students who manifest western grooming habits (Kanter & Dretler 1998, p. 60-68). However, the company faces immense competition from Tatra, Tiger, and SuperNacet companies that manufactures low-end double-edged blades (Harvard Business School 1998, p. 1). Gillette Indonesia operates in developing countries (Ricardo-Campbell 1997,...
6 pages (1506 words) Case Study
MARKETING ESSAY QUESTION
538). Most marketers today are experiencing difficulties with effective and systematic planning due to a number of market forces such as globalization, fierce competition among market players, radical changes in technology and changing consumer behavior. This piece of research work presents a brief study on systematic approach to marketing planning from the perspective of contemporary international marketing contexts. This paper reviews relevant literatures to critically evaluate the statement “A systematic approach to marketing planning is essential to successfully inform the marketing...
8 pages (2008 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!