Relationship marketing is a theory generally applied to majority of marketing activities (Kotler et al., 1999). There are different types of relationship marketing applied today and these include those found in new media technology, corporate social responsibility and more…
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In line with this, the proponent tries to find out more about customer relationship in order to confirm or contradict the idea that ‘Relationship Marketing may still be regarded as an ‘umbrella philosophy’ with numerous relational variations rather than as a wholly unified concept with strongly developed objectives and strategies’ (Egan, 2004). The arguments are illustrated using examples from organisations and appropriate theory in line with relationship marketing and customer relationship. Relationship marketing and marketing activities As mentioned earlier, relationship marketing is a theory generally applied to majority of marketing activities. Relationship marketing is an integral part of every marketing activity because at present, classical marketing is slowly eliminated due to the fact that marketers are more concern on finding loyal customers than looking for new ones (Boone and Kurtz, 2006). This is due to some reasons that it is expensive to find for new customers than maintaining existing ones. In this reason, some organisations aggressively promote their product or service offerings in the hope that they will be able to acquire new potential customers. This in return incurs specific cost that eventually may be added up to the final price of product or service offerings. On the other hand, companies that are confident to cater loyal customers do not need to promote further their service or product offerings. As a result, customers are benefited because no further cost may be incurred for promotion that usually they have to pay as to be integrated in the final price of the offerings. Different types of relationship marketing There are three different and important marketing strategies used by marketers. These include creating customer satisfaction, building brand equity, and creating and maintaining relationships (Sorce, 2002). As can be observed, these three are interrelated. As a result, there is a great chance for a satisfied customer to become loyal to a certain brand he has tried so far. That customer can eventually attest to the performance of the brand which leads further to creating a significant relationship once there is an effort to create or maintain it on the part of marketers. There two major types of marketing: traditional marketing and relationship marketing which includes database marketing, interaction marketing, and network marketing (Brodie et al, 1997).These types of relationship marketing according to Egan (2001) are equivalent to direct marketing, consumer-relationship marketing and business-to-business relationship marketing. According to Brodie and his colleagues, these marketing types often do co-exist due to the fact that there are existing different situations between buyer and seller. However, in today’s modern approach in marketing, there is an added relationship marketing type which is also known as E-marketing which involves the use of internet and interactive technologies to link the firms and their customers (Palmer and Pels, 2005). The database marketing or known as direct marketing is a relationship marketing which is about analysing data obtained from customers and implementing the corresponding results (Blattberg et al., 2008). Blattberg and his colleagues elaborated that database marketing is about the use of customer databases in order to come up with effective acquisition, retention and development of customers which are the main
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The paper tells that customer relationship management is important to a business enterprise. It consists of a chronological view and breakdown of existing and possible customers. This assists in reduced comparing and searching customers, and to anticipate customer requirements effectively and boost business.
This paper illustrates that customer relationship management is concerned with sales but also includes other functions of a company, such as marketing and customer service. The whole purpose is to facilitate the buying or selling experience for a client. They aim at attracting prospects and sustain close interactions with the existing customers.
The discussion seeks to answer the question: How can a company use new technologies and IDIC task to build a Learning Relationship not possible before e-commerce? How should that chart be changed in order to facilitate customer management and to make sure people are evaluated, measured, and compensated for building the value of the customer base?
Customer Relationship Management Abstract In the today’s era of technological, scientific, and industrial boom, organizations are now surging ahead and transmitting its data about their customers, sales activities, marketing techniques, and other practices from manual to automated systems that integrate and interlink the inter-departmental processes with each other on a single platform.
This has forced companies to try and evolve their operations and how they interact with their customers so as for these companies to be able to survive in this fast changing environment. The changes taking place in the various companies have not been limited to only a single aspect of the business operations and companies are now adopting various changes that have seen them generally changing every aspect of their operations as opposed to changing only a single aspect of their operations.
In addition, a business can position its entire brand as one which is focused on customer relationships, such as emphasising a company value which is congruent to consumer values. Regardless of the specific model used from organisation to organisation, CRM is all about satisfying the customer as a means to build profitability or achieve organisational performance.
Customer Relationship Management (CRM) is one such tool that integrates technologies and business processes to satisfy the needs of the customer. CRM has been defined as an interactive process that achieves an optimum balance between corporate investments and the satisfaction of customer needs to generate the maximum profit
nd it is important for an organization to have a customer relationship management system as it helps in managing the interaction between the firm and its clients whether it is sales or related to services the firm provides. The customer management system plays a crucial role in
The author of the paper states that there are many advantages of customer types. Customer types have a big role in profiling customers, personalizing offerings, building relationships and determining customer life-time value. Customer life-time value is an important database marketing technique.
stomers, and it is limited to activities taking place in the customer facing functions such as marketing customer service, and sales among others (Kincaid 2003, p.42). In most cases, CRM software is used to control lead information, marketing campaigns and market participation,
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