Daffodil International University
Faculties and Departments => Business & Entrepreneurship => Business Administration => Topic started by: Shah Alam Kabir Pramanik on November 19, 2015, 07:59:36 PM
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CRM & PRM
At present CRM & PRM are the most important concept of modern marketing. Now companies are trying to maintain CRM and PRM.
CRM: Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
• Relating with more carefully selected customers:(selective relationship management)
• Relating for the long term: (attracting, retaining, and growing, profitable relationship with their valued customers.)
Companies can build customer relationship at many levels and many ways, depending on the nature of the target market. Marketers can build relationships or bonds with their customers through many ways like
Tools or levels/ ways to build relationships:
1. Inform customers/ communicate with customer: Proctor and Gamble, Wal-Mart, GP all create brand building relationships through brand building advertising, sales promotion, calling, mailing as well as through websites.
2. Frequency marketing program: Frequency marketing programs are programs that reward the customers who buy frequently or in large amounts.
Example: Many super markets are providing patronage discounts to their VIP customers.
GP are providing “thank you bonus”, “instant bonus’’ to their customers who are using more.
3. Club membership / give extra status: now companies are trying to give the membership to their valued customer. Companies are trying to increase community involvement.
Example: GP provides status through STAR CUSTOMER.
4. Structural Ties: Companies trying to tie their customer structurally.
Example: Post paid customers of GP. Some companies provide product to their customer promptly after getting the order.
By the above mentioned ways companies are trying to build strong relationships with their customers and provide superior value to their customers.
PRM:
Partner relationship management is working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
• Partners inside the company: ( Within the organization)
Only marketing department does not perform marketing functions. Others department like accounting, sales and services, production, purchasing, procurement also perform marketing function. Marketing department must build relationships with other departments.
Example: Toyota, Proctor and Gamble, IBM they are maintaining relationship within the other departments of the organization.
• Marketing partners outside the firm: (Outside the organization)
Today most companies are networked companies, relying heavily on partnerships with other firms.
Marketing partners are seller, reseller, whole seller, retailer, advertising agency, distributor, services agencies etc.
May even company may build relationships with competitors. (IBM and DELL)
Example: Toyota built a good relationship with its supplier to provide superior value to the customers.
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Thanks for sharing.
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Thanks