Customer Relationship Management - Essay Example

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Customer Relationship Management (Name) (Institution) (Course) (Tutor) (Date) A Review of the Evolution of Relationship Marketing and its Implications for Business Introduction to the Text What is the Importance of Relationship Marketing? In recent times, the general management of organizations and companies across the globe has in recent times been faced with a myriad of various challenges in light of the fast changing economies, and times…
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Download file to see previous pages One of the key change agents that has in recent times been seen to have grown in critical importance for companies involves technology. Technology has played a major role in redefining nearly all aspects of business in the modern world (Bidgoli, 2010). It has been key in the facilitation of the gradual shift of power into the hands of the general consumer after moving it from the organization. The greatly empowered customers of the modern world are acutely aware of the immense power that they now wield. By utilizing the internet, customers are now able share information that helps bring them close to not only other customers but also to the organization. The shared feedback, information and various opinions are now generally available to one and all at a rate that can be viewed to be almost instantaneous. It is mainly due to this reason that it organizations cannot be able to ignore social media as a medium of communication (Flynn, 2012). Marketing managers have resulted to learn how to properly utilize this medium so as to be able to effectively manage the relationship that their companies and organizations happen to enjoy with their various customers, this is especially so in light of the fact that social media has proven to be both the bane as well as the boom to most organizations. Marketers are now using social networking to provide prompt customer redress. There is a lot of pressure being exerted on companies forcing them to constantly ensure that they are always on their guard due to the fact that customer reactions on the internet tend to generally happen on an instantaneous live basis. In the event that there happens to be any adverse feedback or shared opinion by a single individual dissatisfied customer, the opinion can quickly spread all over the internet and spearhead a campaign that can have the results of critically harming an organization or company. When used effectively, the internet can serve to help an organization to effectively build up its customer relationship as well as sufficiently strengthen the existing relationship (Kurtz and Boone, 2010). It can greatly serve to help companies in their attempts to reach out to single individual customer a situation which would otherwise have been deemed as being impossible. The Marketing Organizations have not only taken to communicating with their customers on an individual basis, but with the aid of various data mining techniques as well as the effective use of various technologies, they now better understand all their customer’s needs. This has been seen to greatly help customers in the development of customized solutions that have been specifically tailored to try and effectively address the various needs of a specific given individual customer. Companies and organizations such as Airlines, Insurance companies, Banks and various service industry players such as MacDonald’s and Pizza hut have been able to achieve these developments and have built emotional connections with their customers by implementing the use of technology and various CRM packages. The various dynamics that are involved in marketing have in ...Download file to see next pagesRead More
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