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Pavitar Parkash Singh, Lovely Professional University Unit 12: Customer Relationship Management

Unit 12: Customer Relationship Management Notes

CONTENTS
Objectives
Introduction
12.1 Aim

12.2 Features of CRM
12.3 Advantages of CRM over Mass Media Marketing
12.4 Customer Relationship

12.5 Understanding Customer Relationship Management (CRM)
12.6 Determinants of CRM
12.7 Managing Customer Relationships
12.8 Marketing Strategy Continuum
12.9 Summary

12.10 Keywords
12.11 Review Questions
12.12 Further Readings

Objectives

After studying this unit, you will be able to:
 Explain the CRM;
 Describe the features of CRM;
 Discuss the advantages of CRM;

 Describe the marketing strategy continuum.

Introduction

CRM can be defined as a frame work to identify, attract, satisfy and retain profitable customers
by managing effective relationships in order to achieve increased and guaranteed profitability.
This is where the company focuses on building long lasting relationship only with profitable
customers by giving financial and social benefits. And also CRM advises firms to ignore
unprofitable/less profitable customers and focus only on high profitable customer who will
have long term relationship with customers.

Role of the marketing has changed during the past decade and marketers focus on CRM rather
than individual transaction oriented customers due to many reason such a globalization, increased
competition, short product life cycle.

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