Customer Relationship Marketing ( Crm ) - 963 Words

Introduction Customer Relationship Marketing (CRM) is more focused on what happens after a customer is acquired. The goal is to develop a long-term customer relationship that benefits both the customer and the company. This summary will discuss the purpose of customer relationship marketing, the customer value versus the company value, strategies used to implement CRM, and review companies that have successfully implemented customer relationship marketing programs. Purpose of CRM Relationship marketing aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business. The four main constituents are customers, employees, marketing partners, (i.e. suppliers, distributors, dealers) and financial partners (i.e. shareholders, investors). The outcome of relationship marketing is a company asset called marketing network. The marketing network consists of the company and supporting stakeholders with whom it has built mutually profitable business relationships. Customer relationship marketing is often confused with customer relationship management. Their abbreviations are the same but they have two different meanings. CRM is a range of one-on-one relationship marketing programs based on the level of company and customer value. Customer relationship management is the management of those relationships. Gregor mentions in â€Å"The Marketing Audit Comes of Age†, it is the process of carefully managing detailed information aboutShow MoreRelatedAn Evaluation on the Customer Relationship Management (Crm) Service Marketing (Sm) with Special Reference to Emirates Airline†30191 Words   |  121 PagesDISSERTATION â€Å"AN EVALUATION ON THE CUSTOMER RELATIONSHIP MANAGEMENT (CRM) amp; SERVICE MARKETING (SM) WITH SPECIAL REFERENCE TO EMIRATES AIRLINE† March 8, 2010 By: YASIR ALI 0811866996244 Dissertation submitted In the partial fulfillment of the requirement For the degree of MASTER OF BUSINESS ADMINISTRATION (FINANCE) UNIVERSITY OF WALES, UK. March 2010 Submitted by: YASIR ALI, UNIVERSITY ID: 0811866996244 Dissertation Declaration Form DECLARATION This work has not previously acceptedRead MoreAn Evaluation on the Customer Relationship Management (Crm) Service Marketing (Sm) with Special Reference to Emirates Airline†30204 Words   |  121 PagesDISSERTATION â€Å"AN EVALUATION ON THE CUSTOMER RELATIONSHIP MANAGEMENT (CRM) amp; SERVICE MARKETING (SM) WITH SPECIAL REFERENCE TO EMIRATES AIRLINE† March 8, 2010 By: YASIR ALI 0811866996244 Dissertation submitted In the partial fulfillment of the requirement For the degree of MASTER OF BUSINESS ADMINISTRATION (FINANCE) UNIVERSITY OF WALES, UK. March 2010 Submitted by: YASIR ALI, UNIVERSITY ID: 0811866996244 Dissertation Declaration Form DECLARATION ThisRead MoreCustomer Relationship Management ( Crm )1583 Words   |  7 PagesChapter 2 : CRM study 2.1 Defining CRM Customer relationship management (CRM) is an approach that company’s use to manage, analyze and interact with customers. 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Performance evaluation also helps in taking corrective action in terms of modifying program features and relationship marketing objectives. Without proper performance metrics to evaluate CRM efforts, it would be hard to make objective decisions regarding continuance, variation, or cancellation of CRM programs. (Parvatiyar Sheth, 2001). Most