In recent years management thinking has shifted from a focus on acquiring new customers to an understanding of the importance of retaining customers and the need to build up loyalty among these customers. It has been recognized that a company’s relationship with it a customer is one of the most important assets, and this is all the more important in today’s climate of the customer turnover, decreasing brand loyalty, and lower profitability. As a result, many organizations are moving away from product concentrate and brand concentrate marketing, towards customer concentrate approach. Also referred to as customer relationship marketing and customer loyalty marketing, CRM employees information technology to enforce and execute relationship marketing approaches.
Customer relationship management is an approach to managing a company’s interaction with current and potential future customers. The CRM approach tries to analyze data about customers history with the company, to improve business relationships with customers. relationship management is a strategy in which a continuous label of engagement is maintained between an organization and its audience. Firstly firms are able to customize their offerings for each customer.bye accumulating information across customer interactions and processing this information to discover hidden patterns, CRM applications help firms customize their offering to suit the individual tastes of their customers. This customization enhances the pre-receive quality of products and services from our customer’s viewpoint, and because for received quality is a determinant of customer satisfaction, it follows that CRM applications indirectly affect customer satisfaction.
Prof. Dr. Rashmi Gujrati,
Professor Principal (KCSMCA)
Regulatory Board member of In Traders Academic Platform
Member ICA, IAA, AICP, FSSER, AASE, IBIMA