Customer Relationship Marketing

Abstract

The research paper would introduce and thereafter develop acquaintance with C.R.M. as a practical concept, especially through illustrations. It suggests certain measures for improvement of C.R.M. in organizations. The research methodology adopted is review of literature through books, web-sites, research journals, articles and practical application of social psychologists' theories to C.R.M.

The term 'Relationship Marketing' was introduced in the marketing literature in 1980. In the words of Gronroos relationship marketing is to establish, maintain and enhance relationships with the customers and other partners at a profit so that the objectives of the parties involved are met. This is achieved by a mutual exchange and fulfillment of promises. Such relationships are usually, not necessarily, long- term. Establishment of a relationship includes attracting and building the relationship with the customer so that the economic goals of the relationship are achieved.

"Customer relationship marketing means marketing oriented towards strong and lasting relationships with the individual accounts." "Customer relationship marketing is an integrated effort to identify, maintain and build up a network with individual consumers and to continuously strengthen the network for mutual benefits of both the sides, through inter-active, individualized and value added contacts over a long period of time."

In the research paper, there is a focus on different Significant Aspects of C.R.M. like cultivating customer relationships, development of customer bonds and attracting, retaining and increasing customers.

The suggestions include psychological perspectives on relationships, C.R.M. process, significance of listening to the 'Consumer Voice' regularly and regain management.