There is the solved assignment of “Define Customer Relationship Management (CRM)”. The MB0046 (Marketing Management) assignment has been solved for SMU MBA assignment. You may view International Market Entry Strategies and Product Life Cycle also.
In the marketing world managers quite often says ‘retaining customer is more important than acquiring one’. We will examine the importance of this sentence. The organization uses communications tools to make their product and brand aware among the consumer. It uses its supply chains and human resources to sell their products. Each stage costs for the company. In this competitive world organizations want to reduce the cost and develop the database which helps in creating loyalty programs. There it is very essential for the organizations to use software to pile up big database of customer. Many Indian companies like Infosys, Wipro and others started offering CRM software to companies.
Definitions of Customer Relations Management (CRM):
Bery and Parasurman define CRM as “attracting, developing and retaining customer relationships.”
In industrial marketing, Jackson defines CRM as “marketing oriented toward strong, lasting relationships with individual accounts.”
Doyle and Roth define CRM as “the goal of relationship selling is to earn the position of preferred supplier by developing trust in key accounts over a period of time.”
The sequence of activities for performing relationship marketing would include developing core services to build customer relationship, customization of relationship, augmenting core services with extra benefits, and enhancing customer loyalty and fine-tuning internal marketing to promote external marketing success.
Christopher considers relationship marketing as “a tool to turn current and new customers into regularly purchasing clients and then progressively moving them through being strong supports of the company and its products to finally being active and vocal advocates for the company.”
From the above definitions, it could be concluded that Customer Relationship Management refers to all activities directed towards establishing, developing and sustaining long lasting, trusting, win-win, beneficial and successful relational exchanges between the focal firm and all its supporting key stakeholders.
CRM is not a new concept but an age-old practice, which is on the rise because of the benefits others, especially in the present marketing scenario. So, CRM today is a discipline as well as a set of discrete software and technology which focuses on automating and improving the business process associated with managing customer relationships in the area of sales, marketing, customer service and support.
In the marketing world managers quite often says ‘retaining customer is more important than acquiring one’. We will examine the importance of this sentence. The organization uses communications tools to make their product and brand aware among the consumer. It uses its supply chains and human resources to sell their products. Each stage costs for the company. In this competitive world organizations want to reduce the cost and develop the database which helps in creating loyalty programs. There it is very essential for the organizations to use software to pile up big database of customer. Many Indian companies like Infosys, Wipro and others started offering CRM software to companies.
Definitions of Customer Relations Management (CRM):
Bery and Parasurman define CRM as “attracting, developing and retaining customer relationships.”
In industrial marketing, Jackson defines CRM as “marketing oriented toward strong, lasting relationships with individual accounts.”
Doyle and Roth define CRM as “the goal of relationship selling is to earn the position of preferred supplier by developing trust in key accounts over a period of time.”
The sequence of activities for performing relationship marketing would include developing core services to build customer relationship, customization of relationship, augmenting core services with extra benefits, and enhancing customer loyalty and fine-tuning internal marketing to promote external marketing success.
Christopher considers relationship marketing as “a tool to turn current and new customers into regularly purchasing clients and then progressively moving them through being strong supports of the company and its products to finally being active and vocal advocates for the company.”
From the above definitions, it could be concluded that Customer Relationship Management refers to all activities directed towards establishing, developing and sustaining long lasting, trusting, win-win, beneficial and successful relational exchanges between the focal firm and all its supporting key stakeholders.
CRM is not a new concept but an age-old practice, which is on the rise because of the benefits others, especially in the present marketing scenario. So, CRM today is a discipline as well as a set of discrete software and technology which focuses on automating and improving the business process associated with managing customer relationships in the area of sales, marketing, customer service and support.
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