Marketing: The Core Concept Of Customer Relationship Marketing

Relationships, the essence of life, which are like invisible threads but aim to build unique bond between individual and the company, which needs to be managed effectively but very complicate to be in control.CRM is a comprehensive strategy and the process of acquiring, retaining and parterning with select few customers, to create superior value for the company and the end customer. Customer Relationship Marketing (CRM) is a business process in which client relationships, customer loyalty and brand value are built through marketing strategies and activities. CRM allows businesses to develop long-term relationships with established and new customers while helping streamline corporate performance. CRM incorporates commercial and client-specific

This concept in the later days got extended to money along with social and other interactive process/es. Here the concept of Relationship emerged and continued so long the parties in relation keep adding value to the transactions.

In late 1970’s, researchers interested in industrial marketing and marketing channels started to develop frame work and theories focussing on dyadic network related to exchange relationship in the form of not only goods but also different resources that are exchanged between buyer and seller, through relationships.

The recent growth in service sector in the economy is attributed to application of relationship marketing. Consumer’s quality experiences and subsequent satisfaction with the service are primarily an outcome of interaction relationship between service provider and the customer.

In mid1980’s, rapidly developing information technological trends have been creating a primarily practice based and consultant driven approach to CRM like Data base Marketing, direct marketing, e-CRM.

Relationship marketing is a specific approach in the discipline of marketing management which has the potential to improve its productivity and create the value for both the customer and also the company.

Reasons for growth of

This process of "churning" is less economically viable than retaining wall or the majority of customers using both direct and relationship management as lead generation via new customers requires more