Marketing MA Management and International Business Essay -- Business a

merchandise MA Management and International BusinessIntroductionCRM is a term for methodologists, technologies and e-commercecapabilities -used by companies to manage node relationships.(Foss, 20011) It is also called customer management, customer careand sometimes customer centricity or customer-centric management.(Brown, 20001)All the names and definitions of CRM have customer, as its core-it isthe management of customer relationships, which attempts torevolutionize marketing and reshape entire profession models.To survive and grow the backup must make a profit. To make a profitit has to find people who are willing to pay much for itsproducts/services than they cost. Therefore profit comes fromcustomers.All Profit comes from customersSo if no profit=no businessAnd no customers=no profitThen no customers=no businessTherefore customers ARE the businessThe idea of CRM is not new-it was the way the local shopkeeper treatedhis customer-he knew him, knew what was happening in his li fe, what hewas buying, ( mavin to one marketing?) etc. What is new though is thatnowadays the retailers try to establish dialog with tens of thousandsor even millions of customers in an attempt to understand them better,their individual postulate and maximise the lifetime value of thisrelationship. In this respect it is not revolution of marketing, butrather evolution. The old model of doing business is back into action at law but armed with technology and different schemes to reach thecustomer and retain them for life.The four types of CRM programmes, described by Stanley (2000) areaimed at enabling the company to adopt back customers, who have defectedor are planning to, (Win Back or Save), to create loyalty amongcustomers (retail Loyalty), to up-sell or cross sell services to thesecustomers (Cross Sell/Up-Sell) and to mind-set for new customers (Prospecting)Retail LoyaltyLoyalty is a feeling or attitude of devoted attachment and affectionor the act of binding oneself (intellec tually or emotionally) to acourse of action. (http//dictionary.reference.com)In everyday life loyalty implies emotional commitment to family andfriends, fidelity in marriage. It also suggests monogamy-one choiceabove all others. (Humby et.al, 20039)In this sense loyalty is something expected. But when it comes to... ...ce a Customer, Always a Customer Dublin OakTree PressFoss, B., Stone, M., (2001) Successful Customer RelationshipMarketing London Kogan PageGilbert, D., (1999) Retail Marketing Management Harlow FT/PitmanHumby, C. et al., (2003) Scoring Points London Kogan PageOliver R. (1997) Research New York McGraw HillOmar, O (1999) Retail Marketing LondonFT ManagementReichheld, R. (1996) The Quest for Loyalty Boston Harvard BusinessSchool PressDaley, J (2004) Is a toaster a fairish swap for your loyalty as ashopper? The Independent (http//proquest.umi.com)Davis, H. (2002) Marketing is all about intellectual use of dataLoyalty GuideJones, K (2002) are you exploiting the potenti al of your customerbase? Loyalty Guidehttp//www.at1.uk.com/Loyalty_Fundamentals.htmwww.bbc.co.uk/cgi-bin/search/results. asda+loyalty+schemewww.foodanddrinkeurope.com/news/news- -loyalty-cards http//www.mori.com/polls/2002/blacksun.shtml 2002)http//money.guardian.co.uk/(Datamonitor report by E.Ripley)www.mori.comhttp//news.bbc.co.uk/1/hi/business/52056.stmCross J. (2004) Lecture notes Southampton, University College