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Marketing Is Managing Profitable Customer Relationships. Essay
Commerce is managing productive customer relationships. The twofold purpose of selling is to attract new customers by promising quality value and to make and develop new customers by delivering contentment. Thus, commerce is defined as the process by which corporations produce value for customers and create robust consumer relationships in order to capture value from customers in turn. Nowadays, marketing must be realized not in the past sense of creating the sale— “ telling and selling ” —but in the new sense of fulfilling consumer wants. If the seller understands consumer wants; create products and services that offer excellent customer value; and costs, distributes, and encourages them effectively, the purpose can be accomplished easily.
To create productive relationships, marketers must realize consumer needs. When the corporation is distinguished by superior customer value, this will make a competitive advantage: The advantage over competitors earned by providing higher customer value, either by giving lower prices or providing more benefits that justify high prices. This organization will distinguish itself via product differentiation, service differentiation, line differentiation, people differentiation or image differentiation.
Broadly defined, customer relationship management is the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Acquiring more customers does not always mean greater profits due to acquisition costs, the costs to satisfy those customers, and the lost revenue when customers do not remain loyal. The aim of customer relationship management is to produce high customer equity, the total combined customer lifetime values of all of the company's customers. The key to building lasting relationships is the creation of superior customer value and satisfaction.
Armstrong and Kotler (2009 ) , government that commerce is managing productive consumer relationships. Commerce has enabled 'exchanges ' of goods, services, events, experiences, knowledge and ideas well through different modes of communicating from concerns to clients. 'Exchange' according to Kotler and Keller (2006 ) is the core idea of marketing and to create any productive 'exchanges ', marketers attempt to evoke the behavioral reaction from the other party of consumer through analysis. But corporations, businesses and brands have to realize that marketing wants to be revolutionary and that the advantages of primary selling are far higher.
Reason? While attempting to create productive relationships with target customers, organization has to create the marketing strategy. But what philosopy can take the strategy? How much weight is made to the interests of the organization, clients and community? This selling concepts categorize these interests into five categories. Companies use these orientations as the foundation for their marketing efforts.
The first three steps all lead to this one: building profitable customer relationships. Customer relationship management (CRM) is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. The crucial part here is to create superior customer-perceived-value, which is the customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer, in relation to those of competing offers and superior customer satisfaction, which is the extent to which a product’s perceived performance matches a buyer’s expectations.
Type: Free Essay Example
Level: Business School
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