Customer Relationship Management (CRM)

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Customer Relationship Management (CRM)

“The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction”.

Customer Relationship Management (CRM) is perhaps the most important concept of modern marketing. Until recently, CRM has been defined narrowly as a customer data management activity. By this definition, it involves managing detailed information about individual customers and carefully managing customer "touch points" in order to maximize customer loyalty.
 

More recently, however, customer relationship management has taken on a broader meaning. In this broader sense. Customer Relationship Management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. It deals with all aspects of acquiring, keeping, and growing customers.

Relationship Building Blocks: Customer Value and Satisfaction

The key to building lasting customer relationships is to create superior customer value and satisfaction. Satisfied customers are more likely to be loyal customers and to give the company a larger share of their business. Customer Perceived Value
"The customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers".
 
Customer Satisfaction

"The extent to which a product's perceived performance matches a buyer's expectations".

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