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(Lee et al 2005). The latter is a great example of relationship marketing, not only does it reward returning consumers with point' that maybe exchanged for goods or holidays, but it does so by bringing together several partner organizations including Sainsbury's, Debenhams and BP. Some theorists such as Peppers and Rogers (1993), Lynch and Mitchell (1997) claim that although they make sense, they are essentially just another costly marketing promotion, based on the fact that competitors would be quick to follow suit and the customer would again be simply looking for who is offering the most
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Until recently, customer relationship management has taken on a broader meaning. In this broader sense, CRM is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction than competitors and market rivals. It deals with all aspects of acquiring, keeping and growing customers.
Kotler (1997) suggests that to understand customer relationship marketing and incorporate it within the company as an effective strategy, companies must first look at the process involved in attracting and keeping customers. The order in which it can be shown is as follows:
Suspects this is everyone who might conceivably buy the product or service. Could also be described as the target …show more content…
Indeterminateness a relationship is subject to continuous change, with an uncertain future which is, in part, determined by its history but also by current events and the parties' expectations of future events.
Resource demanding effort is required to build and maintain a relationship. This can be viewed as an investment and a maintenance cost.
Preclusion from other opportunities there is always a need to prioritise the use of limited resources and, hence, it may not be possible to pursue all of the individually attractive opportunities. Additionally, some relationships may be irreconcilable with an existing
Until recently, customer relationship management has taken on a broader meaning. In this broader sense, CRM is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction than competitors and market rivals. It deals with all aspects of acquiring, keeping and growing customers.
Kotler (1997) suggests that to understand customer relationship marketing and incorporate it within the company as an effective strategy, companies must first look at the process involved in attracting and keeping customers. The order in which it can be shown is as follows:
Suspects this is everyone who might conceivably buy the product or service. Could also be described as the target …show more content…
Indeterminateness a relationship is subject to continuous change, with an uncertain future which is, in part, determined by its history but also by current events and the parties' expectations of future events.
Resource demanding effort is required to build and maintain a relationship. This can be viewed as an investment and a maintenance cost.
Preclusion from other opportunities there is always a need to prioritise the use of limited resources and, hence, it may not be possible to pursue all of the individually attractive opportunities. Additionally, some relationships may be irreconcilable with an existing