( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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CRM- A NEW DIMENSION OF MARKETING

    1 Author(s):  MANOJ KUMAR

Vol -  5, Issue- 2 ,         Page(s) : 597 - 604  (2014 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

Today, customer relationship strategy is emerging as one of the most important components of corporate strategy. A well-executed customer relationship strategy can result in a number of quantitative benefits including greater ability to up-sell and cross-sell, improved customer retention and reduced cost of service. In addition, successful companies will also develop reference able customers, foster customer forgiveness and create relationship equity, a situation where the customer and the company are both deriving high levels of value from the relationship. Together, these quantitative and qualitative benefits contribute to shareholder value. The old adage goes that "the customer is always right", which is the reason so many companies today spend millions of dollars on technology systems to get closer to them. Yet for many customers, their experience is an ever-greater remoteness from the companies who say they are there to serve them. The information they receive is untargeted, it doesn't speak to them directly and bears little relationship to what they need, want or might aspire to. This paper focus on the market applications provided by large CRM vendors.

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1. Referred by Shweta Jain in "The Loyal Touch". The Strategist, Business Standard, July 1, 2003, p. 1.
2. Philip Kotler and Gary Armstrong. "Principles of Marketing", New Delhi: Prentice-Hall of India Private Limited, 2003, p. 16-17. 
3. Ibid, p. 17.
4. Philip Kotler, "Marketing Management", Delhi: Person education (Singapore) Private Limited. Indian Branch, 482 F.I.E. Patparganj, 2003, p. 53.
5. Ibid, p. 75.
6. Referred by Philip Kotler in his "Marketing Management", Delhi: Person Education (Singapore) Private Limited. Indian Branch, 482, F.I.E. Patparganj, 2004, p. 660.
7. Bernd Sehmitt, "Marketing Without Selling", The Strategist, Business Standard, July 15, 2003, p. 4.
8. Shwela Jain, "The Loyal Touch". The Strategist, Business Standard, July 1, 2003, p. 1.

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