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Customer relationship marketing - Essay Example

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Traditional marketing devoted time on finding out what motivates the customer as was explained by Boom and Bitner (1981) through their 7Ps of marketing and study of consumer behaviour. Later Gummeson (1996) came out with 30 relations of marketing and Achrol & Kotler (1999)…
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Customer relationship marketing

Practitioners and strategists both believe that in the current scenario of stiff competition and rivalry the only practical way of reaching and convincing the customer is through CRM. Customer confidence in the companies can be regained by this method which is more personal and certainly more intimate than promotions. Products have become similar and homogenous and even the services provided are becoming standard practice as any new move is easily substituted or copied by competition and effectively it looses its edge. In saturated and matured markets the problem is even more acute and schemes and loyalty programmes are so similar that customers find no novelty in them. Indeed Palmer (1998) is of the opinion that promotions are no more than an encouragement to customers to switch their loyalties.
The foundation of Strategic Behavior Theory is that firms take specific actions, like developing objectives, implementing goals, formulating strategies and using tactics, to augment their competitive position against rivals and thereby capitalize on firm performance (Kogut 1998). Strategic Behavior Theory is also consistent with the strategic choice perspective (Child, 1972) in that it accepts that while a firms choice of strategies and tactics are guided by the external environment, they are not completely determined by it.
Strategic Behaviour theory also explains that a firm’s choice of behaviour is related more to its strategies and goals and not so much to transaction costs. As a consequence firms try to build competitive advantage against their rivals by developing those strategies that put them in favourable positions (Porter 1996). One such strategy is to build a more enduring relationship through Participatory Collaboration between stakeholders. Satisfaction is another human trait that will bring harmony in relations. Participatory collaborations will benefit in ... Read More
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