Customer Relationship Management – Study Material

“Customer relationship management is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the company and customers”.

Schools of Thoughts on CRM:

Order custom essay Customer Relationship Management – Study Material with free plagiarism report

450+ experts on 30 subjects Starting from 3 hours delivery

Get Essay Help
1. Anglo Australian Approach – Explains relationship marketing as a Confluence (meaning: process of merging) of Quality management, customer relationship economics and service marketing concepts.
2. Nordic Approach – Explains relationship marketing as a Confluence of interactive theory, customer relationship economics and service marketing concepts.
3. North American approach – “Contrast” Organizations environment decides the relationship between buyer and seller.

Ladder of Loyalty:

1. Partner – An advocate who is actively involved in decisions of the company.
2. Advocate – A supporter who proactively works to improve the products & services of company.
3. Supporter – A client becomes a supporter when he is satisfied with the offering and refers to friends.
4. Client – A customer who make repeat purchases.
5. Customer – A prospect who get attracted by the offerings and buy the product or service.
6. Prospect – Is a target, a possible customer.

Learning about customers:

• Knowledge acquisition.
• Customer differentiation.

Cost of losing a customer:

• Reduces cash flow for firm in future.
• New customers cost up to 5 times more.
• More cost effective for services firm as they discover new traits of customer likes and dislikes.
• Developed a higher level of loyalty can change more for their products and services.
• If word of mouth is good, then firms have to spend less on advertisement and spend for attracting new customers.

Don't let plagiarism ruin your grade

Run a free check or have your essay done for you

Check my essay Hire Writer