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Essay / Research Paper Abstract
A 14 page paper that provides an overview and explanation of customer relationship management marketing, a marketing approach that has gained increasing emphasis over the last fifteen years. The paper includes different definitions of customer relationship management (CRM), the steps and components of the approach, and a number of strategies to develop relationships with customers. The writer explains although there was to be a focus on Singapore, little has been written about relationship marketing in Singapore. Bibliography lists 10 sources.
Page Count:
14 pages (~225 words per page)
File: MM12_PGcrmsn.rtf
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Unformatted sample text from the term paper:
apply anywhere in the world, adjusting for cultural differences.] Customer Relationship Management Relationship management has become a focal point in marketing and, in fact, in business, over the last
ten to fifteen years (Wong, 2000; Wikipedia, ). Wong (2000) reports the reasons have to do with "the blurring boundaries between markets or industries, an increasing fragmentation of markets,
shorter product life cycles, rapid changing customer buying patterns and more knowledgable and sophisticated customers" (p. 77). The greater competition companies face in a global economy is another reason for
customer relationship management to take a prominent place in marketing is another strong impetus in the growing emphasis in this area (Wong, 2000). Relationship marketing represents a paradigm shift
in business and in the marketing efforts of a business (Wong, 2000). The purpose and goal is to establish long-term relationships with customers rather than striving for the one-shot order
(Wong, 2000). One of the paradigm shifts affects one of the traditional measures of success - market share (Wong, 2000). Wong (2000) suggests the new paradigm must look at the
share of the customer rather than the share of the market. In other words, what share of a customers purchases does a company hold (Wong, 2000). In fact, Wong (2000)
argues that it is the share of the customer that is the measure of relationship marketing. Adrian Payne identified six markets central to relationship management marketing; they are internal, supplier,
recruitment, referral, influence and customer markets (Wikipedia, ). Referral marketing means the company develops and implements a marketing plan that will result in referrals from existing customers (Wikipedia, August,
2005). It takes time before this approach begins to pay off but it is well worth the effort and time required because it is very often the most effective strategy
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