Customer relationship management: A tool for effective marketing
Ganga S. Hiremath, Dr. SB. Akash
Customer Relationship Management is directly related to satisfaction of customer needs. CRM takes care of expectations of the customers and about what and how a product is presented to the customer. CRM is the system that integrates management of customer groups, establishment and management of marketing companies referring to marketing concept, especially relationship marketing. Making a practical definition, CRM is “The ability of an organization to effectively identify, acquire, foster and retain loyal profitable customers.” Customer relationship management is a business and marketing strategy that analyses about consumer’s needs and behaviour in order to create an effective relationship between an organization and its consumers. CRM is a combination of process, applications and commitment of management activities to develop high quality of customer service, and customer maintenance. This paper focus is to discuss the positive and negative impacts of customer relationship management (CRM), as a marketing strategy for an organization. The paper further explains the behaviour of consumers toward organizations and the emergence of electronic commerce that brought a positive change towards business in a global market.