Managing Relationship with Customer Essay Example | Topics and Well Written Essays - 1000 words - 3

Managing Relationship with Customer - Essay Example As the paper highlights CRM enables the enterprise to understand the customer very closely so that its services can be tailor-made to meet each individual requirement. Kotler et al. support these definitions and stated that customer relation management as the â€Å"process of carefully managing detailed information about individual customers and all customer ‘touch points’ to maximise customer loyalty. A customer touch point is any occasion on which a customer encounters the brand and product – from actual experience to personal or mass communications to causal observation†. The essence of CRM is that it clearly recognises the long-run value of potential and current customers, and focuses to increase revenue, profits, and shareholder value through targeted marketing activity such as developing, maintaining, and enhancing successful-customer relationships†. As Kotler et al. suggest, one of the important â€Å"goals of marketing is to develop deep, enduring relationships with people and organisations that could directly or indirectly affect the success of the firm’s marketing activities. Relationship marketin g aims to build mutually satisfying long-term relationships with key constituents in order to earn and learn and retain their business†. Relationship marketing has four dimensions   customers, employees,   marketing partners (channels, suppliers, distributors, dealers, agencies), and members of the financial community (shareholders, investors, analysis) and its outcome is the marketing network, a unique asset for the company.