Customer Relations Management (CRM)

Paper Summary:

This paper explains that, while the traditional 4Ps of marketing capture the essential functional areas required to create a marketing strategy and plan, it does not provide a framework for defining and measuring lifetime customer value. The paper then presents the 4Cs--customer value, lower costs, better convenience and better communication--that support the marketing paradigm shift, which places prime value on maximizing customer loyalty over the long-term through customer relations management (CRM). The paper relates the ways that a CRM system can create a value-add on for the dealer while being a means of aligning unmet customer needs for the manufacture.

Table of Contents:
From the 4 P's to the 4 C's: Customer Value, Lower Costs, Better Convenience, And Better Communication.
CRM Applied to a Computer Chips Manufacturer/Dealer Conflict

From the Paper:

"Costs also are part of the unique value proposition of companies who operate in highly commoditized industries as well. Better convenience is a direct result of the use of the Internet for streamlining supply chains and making products and services more accessible on the one hand, and the increasing time pressures consumers are under continually on the other. Convenience became critical when the majority of married couples had both spouses working in either part-time and full-time jobs."

Sample of Sources Used:

• Josh Bernoff, Charlene Li. 2008. Harnessing the Power of the Oh-So-Social Web. MIT Sloan Management Review 49, no. 3 (April 1): 36-42.http://www.proquest.com (accessed April 13, 2008).
• Andreas Birnik, Cliff Bowman. (2007). Marketing mix standardization in multinational corporations: A review of the evidence. International Journal of Management Reviews, 9(4), 303-324. Retrieved April 20, 2008, from ABI/INFORM Global database. (Document ID: 1388991701).
• E Constantinides (2006). The Marketing Mix Revisited: Towards the 21st Century Marketing. Journal of Marketing Management, 22(3,4), 407-438. Retrieved April 20, 2008, from ABI/INFORM Global database. (Document ID: 1057129551).
• Terry Grapentine (2006). MARKETING MIX. Marketing Research, 18(1), 4-5. Retrieved April 21, 2008, from ABI/INFORM Global database. (Document ID: 1035196971).
• Theodore Levitt (2004). Marketing Myopia. Harvard Business Review,82(7,8), 138-149. Retrieved April 21, 2008, from ABI/INFORM Global database. (Document ID: 657204971).

More papers on Customer Relations Management (CRM):

• Term Paper # 145066 : "Customer Relations Management"
• Analytical Essay # 123403 : "Customer Relationship Management (CRM)"
• Term Paper # 4606 : "Electronic Customer Relationship Management (CRM)"

APA Citation:

MLA Citation: