Marking

Relationship Marketing As a Planning Process

Relationship Marketing As a Planning Process

Introduction

Marketing is itself defined as way to groom the business growth and enhance the relationships with its customers. Companies and marketers always want to turn the coin the right side so as to make stronger and long term relationships with their clients.

According to Adani,

Research tells us that the goal of any CRM strategy is to make client relationships and actively attract profitable customers for the businesses and helps in retaining them.It will not help the customer relationship unilaterally, but for the mutual benefit of optimization. Many businesses areknownto be higher customer loyalty and repeat business, resulting lead to higher profitability. This fact can be justified relatively simple, as in repeat purchases, a customer knows companies and products and may be less costly and more aware convinced. Only then, all the benefits of satisfied customers, such as lower price sensitivity, revenue growth through increase in confidence, referrals and related marketing savings advantage(Colgate & Peter, 2000, pp. 375-387).

With a well-developed CRM strategy is one in whichcompanies can analyze the existing needs and desires of their customers and then address the policy in accordance with the certain standards. Ideally, the customer feels well cared for at all times and is willing to take on cross-selling activities. Also for new customers, an efficient CRM system is essential importance. From the existing data should be able to evaluate, for example, if the customer has already received offers and how they have been adopted. With a sufficiently large database to potential new customers can also appeal to the individual, since it is already "Comparison customers" are, can be made of their data.

According to Mr. Joseph (Marketing Practitioner at MIT):

Background

We live in a highly globalized world, marked by competition and competition increasingly fierce. The "explosion" of the internet made it disappear any insurmountable barrier, whether between individuals or between markets, either with each other? The attitude of companies with respect to their clients has undergone significant changes over time. "Before the 1960's, the same production and retail, to some extent, were practiced on an individual basis. The companies had pride in maintaining special and lasting relationships with their customers. Such relationships, keeps the customer loyal to the business(Brown & Stanley, 1999, pp. 123 - 129).

(CRM) is the strategy upon which companies are focusing more and more, they are developing new and unique strategies in order to develop relations with customers. Once you enter in relation with the customer now companies only need to cope up with the customer expectations. Customer relationship management has taken an important place in the service sector like retail companies and Banking industry. This development first noted by Berry in 1983, that retail outlets are subject to increasing competition, and became interested in to develop a Customer Relationship Management strategy. This new direction requires a change in the organization to be fully effective(Payne &Frow, 2005, pp.167-176).

Globally, the service sector has been revolutionized in recent years by its ...