Marketing MA Management and International Business Essay

Marketing MA Management and International Business Introduction CRM is a term for methodologists, technologies and e-commerce capabilities -used by companies to manage customer relationships. (Foss, 2001:1) It is also called customer management, customer care and sometimes customer centricity or customer-centric management. (Brown, 2000:1) All the names and definitions of CRM have customer, as its core-it is the management of customer relationships, which attempts to revolutionize marketing and reshape entire business models. To survive and grow the business must make a profit. To make a profit it has to find people who are willing to pay more for its products/services than they cost. Therefore profit comes from†¦show more content†¦It is the result of the company creating such conditions for the customer so that the latter continue to purchase from the organization -preferably for lifetime. For retailers the benefits of having loyal customer base are enormous. These are just few of them: 1. Companies can boost profits by almost 100 percent by retaining just 5 percent more of their customers†( Reichheld, 1996) 2. It costs much less to keep a customer than it does to- recruit one. 3. Advertising costs are reduced. A loyal customer acts as an advocate of the company and helps attract new customers. (Word –of- mouth advertising) (Lecture notes, 2004) The question is: â€Å"Can the customer loyalty be created and retained for life these days?† or â€Å"Is the loyalty a ‘Holy Grail’ and the retailers can only achieve a slight margin of preference for certain time?† A small survey into the types of consumers according to their degree of loyalty, the loyalty schemes with its advantages and drawbacks will possibly shed more light into this topic. According to J.Cross (2004) there are four main types of customers: 1. Switchers In any market there are customers who are loyal to the suppliersShow MoreRelatedRole Of Branding On Consumer Buying Behaviour Among Textile Ghana Fabric Users Essay1090 Words   |  5 PagesAwunyo-Vitor, D. (2014). Assessing the role of branding in the marketing of pharmaceutical products in Ghana: A case of three pharmaceutical companies. African journal of business management. vol 8(13): 502-510: doi: 10.5897/AJBM2013.7297 Artz, K.W., Norman, P.M., Hatfield, D.E. and Cardinal, L.B., (2010) â€Å"A longitudinal Study of the Impact of RD, Patents, and Product innovation on form Performance†, Journal of Product Innovation Management, Vol. 27, no.5, pp. 725–740. 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