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Discuss the theoretical principles behind Customer Relationship Management (CRM) and its practical influence on marketing mix decisions. Use appropriate examples to illustrate your thoughts - Essay Example

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Customer Relationship Management, commonly referred to as CRM, is defined as the customer-oriented approach of a business that comprises of analysis, planning, controlling and co-ordinating of the relationship between a company and its customers; the relationship is developed…
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Discuss the theoretical principles behind Customer Relationship Management (CRM) and its practical influence on marketing mix decisions. Use appropriate examples to illustrate your thoughts
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Extract of sample "Discuss the theoretical principles behind Customer Relationship Management (CRM) and its practical influence on marketing mix decisions. Use appropriate examples to illustrate your thoughts"

Download file to see previous pages processes; when these three aspects are taken into account, an organisation can get an in-depth information about its customers and achieve even higher levels of customer loyalty and increased profitability.
The primary role of CRM is to engage each customer in a valuable exchange of dialogue that will help a company to customize its product or service offerings in ways that will ensure that the customers are attracted, cordial relations with them are developed and they can be retained for long time by offering them appealing and attractive packages of high quality and innovative preferred offerings on an ongoing basis (Yim, Anderson & Swaminathan, 2004).
CRM allows the companies to emphasize on the areas that are important for the customers by monitoring their behaviour as it gives insights about their varying needs, demands and preferences. When a valuable pool of data is gathered, an organisation can successfully offer a service to its customer that exceeds his/her expectation level; in order to make successive progression, the company will have to employ the mechanisms that will improve the service excellence such as using multiple communication channels like sales and marketing.
Since CRM is an organisation wide strategy, it is important that its business strategy comprises of a specific target market that it will be focusing on for attracting the customers, developing long-term relations with them and then taking adequate measures to make them loyal to the company for a long period. According to Kim, Zhao and Yang (2008), the essence of CRM theory has its origination from three important notions of marketing management i.e. relationship marketing, customer orientation and database marketing. As the Information and Communication Technology (ICT) has enhanced, all three marketing views are merged together in the CRM model (Roberts, Liu & Hazard, 2005).
As the customers are exposed to unlimited marketing activities by various companies, reaching them by ...Download file to see next pagesRead More
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