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. While in practice they were different approaches, at least in theory, CRM holds the same meaning as relationship marketing and the two are often used as substitutes of one another (Parvatiyar and Sheth, 2002). These two expressions have been applied to various ideas and contexts, that either present a constricted practical viewpoint of marketing or an expanded viewpoint encompassing a company’s orientation (Nevin, 1995). The constricted viewpoint of CRM is the effort of marketing by use of databases of current and potential consumers, highlighting the promotion-related characteristics concurrent with data recording. Yet another viewpoint, given by Vavra (1992) is that CRM is the sum total result of a company’s quest for retaining consumers through various post-marketing strategies that enable the company to foster a favourable relationship with the consumers, even after sales transactions are made. Thus, to sum up all efforts by different scholars, 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. CRM’s place in Marketing CRM is a diverse concept and encompasses all aspects of marketing. It is a tool used to create a personal one-to-one relationship with each consumer, as opposed to a restrictive company-customer relation. This helps in getting higher business out of consumers by locating high-value consumers, understanding their needs better and offering them an unprecedented quality of personalised service. The process not only rewards with high degree of customer satisfaction and loyalty, but also greater profits. CRM is also used to manage financial risks and make sales transactions a pleasurable experience for both the company and its consumers. For example, people who enjoy great relationships with their salesmen are more likely to provide contacts that can easily be converted into active consumers. Besides providing leads, such people are also likely to continue giving business to the company over a longer ...
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“Key Words in Marketing Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.net/marketing/115813-key-words-in-marketing.
Press freedom also has a role to play in affecting the public opinion about certain things. The governments these days are implementing legislations through which the press can enjoy its relevant freedom. The First Amendment in the US Constitution states that “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech or of the press; or the right of the people peaceably to assemble, and to petition the government for a redress of grievances” (Cornwell 2004 p 258).
Hence marketing becomes one of the most crucial aspects of a business. Kotler et al (2007:7) has defined market as ‘a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others’.
This is because it has an effective, cultured communication with the audience. One perfect example is Dada. Dada emerged from after War disaster and confusion from arrival of modern society. In addition, Dada was extremely unorganized, scattered and chaotic.
Correspondingly, this essay flows with an intention to gain an in-depth knowledge about the various utilities of Customer Relationship Management (CRM) in the 21st century business context. This essay has also been focused on the facts of the historical evolution of CRM in the strategic marketing initiatives.
Segmentation Contents Collecting Relevant Literature: 3 Main Body: 8 Definition and description: 8 Segmentation and STP: 9 History: 11 Uses of Segmentation: 12 References: 14 Collecting Relevant Literature: Dividing customers as per age, sex, income, education, marital status etc.
Breitling Instruments: This Company was established in 1884 by Leon Breitling in St.Imier, Switzerland. This company specialises in making chronographs and precision counter for scientific and industrial use only. After a short success Breitling shifted to Chaux-de-fonds.
Its current network of operations spans the globe from Latin America to Asia1. Definitely such a significant presence in the international markets means quite a lot of marketing decisions and such decisions
Freedom; we have numerous stores in New York City, new jersey, Connecticut and plan to expand even more. One can visit our stores and purchase, make a phone call and place an order from a convenient store or remotely make orders on our online customer portal.