Customer Relationship Management

Customer Relationship Management

Before going in the detail of customer relationship marketing first we should know that what is

relationship marketing? It is basically Establishing a long-term continuous relationship with the

customer, initiated and managed by the firm. This relationship must provide value to both parties.

If a customer is lost, not only is that particular transaction lost, but perhaps all future transactions

throughout the life of that customer.

As discussed earlier that marketing is the

organizational function charged with defining

customer targets and the best way to satisfy needs

and wants competitively and profitably. Since

consumers and business buyers face an abundance

of suppliers seeking to satisfy their every need,

companies and nonprofit organizations cannot

survive today by simply doing a good job. They

must do an excellent job if they are to remain in

the increasingly competitive global marketplace.

Many studies have demonstrated that the key to

profitable performance is to know and satisfy

target customers with competitively superior

offers. This process takes place today in an

increasingly global, technical, and competitive

environment. When marketing helps everyone in a

firm really meet the needs of a customer both before and after a purchase, the firm doesn’t just get

a single sale. Rather, it has a sale and an ongoing relationship with the customer. That’s why we

emphasize that marketing concerns a flow of need-satisfying goods and services to the customer.

Often, that flow is not just for a single transaction but rather is part of building a long-lasting

relationship that is beneficial to both the firm and the customer.