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Marketing Ma Management And International Business

1999 words - 8 pages

Marketing MA Management and International Business

Introduction

CRM is a term for methodologists, technologies and e-commerce
capabilities -used by companies to manage customer relationships.
(Foss, 2001:1) It is also called customer management, customer care
and sometimes customer centricity or customer-centric management.
(Brown, 2000:1)

All the names and definitions of CRM have customer, as its core-it is
the management of customer relationships, which attempts to
revolutionize marketing and reshape entire business models.

To survive and grow the business must make a profit. To make a profit
it has to find people who are willing to pay more for its
products/services than they cost. Therefore profit comes from
customers.

All Profit comes from customers
So if no profit=no business
And no customers=no profit
Then no customers=no business
Therefore customers ARE the business

The idea of CRM is not new-it was the way the local shopkeeper treated
his customer-he knew him, knew what was happening in his life, what he
was buying, (one to one marketing?) etc. What is new though is that
nowadays the retailers try to establish dialog with tens of thousands
or even millions of customers in an attempt to understand them better,
their individual needs and maximise the lifetime value of this
relationship. In this respect it is not ‘revolution’ of marketing, but
rather ‘evolution’. The old model of doing business is back into
action but armed with technology and different schemes to reach the
customer and retain them for life.

The four types of CRM programmes, described by Stanley (2000) are
aimed at enabling the company to win back customers, who have defected
or are planning to, (Win Back or Save), to create loyalty among
customers (Retail Loyalty), to up-sell or cross sell services to these
customers (Cross Sell/Up-Sell) and to prospect for new customers (Prospecting)

Retail Loyalty

"Loyalty is a feeling or attitude of devoted attachment and affection;
or the act of binding oneself (intellectually or emotionally) to a
course of action. (http://dictionary.reference.com)

In everyday life loyalty implies emotional commitment to family and
friends, fidelity in marriage. It also suggests monogamy-one choice
above all others. (Humby et.al, 2003:9)

In this sense loyalty is something expected. But when it comes to
retail loyalty, traditional definition no longer works.

R.Oliver (1997) defines the concept this way: “A deeply held
commitment to re-buy or re-patronize a preferred product or service
consistently in the future despite situational influences and
marketing efforts having the potential to cause switching behaviour”

In retail the customer loyalty is not expected. It is the result of
the company creating such conditions for the customer so that the
latter continue to purchase from the organization -preferably for
lifetime.

For retailers the benefits of having loyal customer base...

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