Customer Relationship Management

Before going in detail of the customer relationship marketing first we should know that what is the relationship marketing? Mainly it is Establishing a long-term continuous relationship with customer, initiated and managed by firm. This relationship has to provide value to both parties. If one customer is lost, not only is that specific transaction lost, but possibly all future transactions throughout the life of that customer.

As discussed before that marketing is organizational function charged with defining customer targets and best way to satisfy wants and needs competitively and profitably. As consumers and business buyers face plenty of suppliers seeking to satisfy their every need,    companies and nonprofits organizations cannot survive nowadays by just simply doing a good job. They have to do an excellent job if they are to remain in increasingly competitive global marketplace. Many studies have verified that the key to profitable performance is to know and satisfy target customers with competitively superior offers. This procedure takes place today in an increasingly technical, global and competitive environment. When the marketing helps everyone in a firm really meet needs of the customer both before and after a purchase, firm doesn't just acquire a single sale. Instead, it has a sale and an ongoing relationship with the customer. That's why we emphasize that the marketing concerns a flow of need-satisfying and services and goods to customer. Frequently, that flow is not just for a single transaction but instead is part of building a long-lasting relationship that is beneficial to the firm and the customer both.

CRM (Customer relationship management)

"CRM is the total process of building and maintaining profitable customer relationships by delivering the superior customer value and satisfaction." CRM Customer relationship management may be defined: as strategies focused on increasing loyalty, customer satisfaction and profitability by leveraging the superior customer knowledge acquired, stored, and acted upon along aid of information technology.