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Customer relationship management’s approach to create, adopt and redefine the marketing strategies

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  1. Introduction.
  2. A clearer perspective about modern management tools.
  3. Importance of CRM.
  4. Targeting of customers and segmentation of market.
  5. Examples of a few database and CRM tools.
  6. The 4P's of marketing.
    1. Product development.
    2. Pricing.
    3. Sales promotion.
    4. Sales channel distribution.
  7. The other side of CRM and DBM systems.
  8. Advantages of CRM.
  9. Conclusion.
  10. Bibliography.

The intensity and the traffic in competition is on the rise ever since the idea of globalization was adopted. One cannot deny the fact that the ever changing customers attitude, behavior, shift in needs, tastes and other variants are making life more challenging for a marketing manager. In this era of customer ruling the market and most often called ?The King? it is very important to know the customer for every business to survive and thrive. So the line is to know and understand the customer. This is where CRM techniques and tools play an important role as they become inevitable for an organization. CRM bridges the gap between the business and customers by which the business and its marketers get close to their customers. As a result of this a series of developments are taking place in order to make the implementation of CRM tools and processes, which has changed the way of, business and marketing.

[...] By usage of CRM models and tools it becomes easier for the Marketing Department to know its customer well by which the price sensitivity of the customer is determined. By conducting a research on the acquire data in comparison to the market the marketing department gets closer in deciding the ideal price. For e.g. in E-Business companies the marketing department uses several techniques to determine the customers psychology, response and attitude toward the Price Factor. Most often when a customer comes online one can keep a track on his browsing habits which becomes a data in itself as it is one of the best sources to understand a customer better. [...]

[...] was more of a sellers market than a buyers market, but ever since the countries started opening up their markets to create a World Market with the launch of new and innovative products and services the customer started gaining unbelievable importance. The strategy of being Product-oriented shifted to Customer-oriented; there was a major shift in the axis of power from the seller to the buyer (Customer). The companies started to redefine their mission and their plans to make their business more Customer-Focused or rather Customer-oriented. [...]

[...] In this era of Relationship Marketing market segmentation has gained importance and is a significant tool to understand and identify the needs and behavior of potential customers. Market is huge concept or rather an idea rather than a place and to make it precise the market has to be divided, this process of dividing the market is called as Market Segmentation. In practical sense a Marketer has to understand that it is very difficult to deal with the market as a whole as the customer profile becomes varied to an innumerable extent. [...]

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