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Chapter 8

Chapter 8 discusses contemporary topics in marketing, focusing on customer relationship management (CRM) as a strategy for building long-term customer relationships and enhancing shareholder value. It emphasizes the importance of understanding customers as individuals and utilizing personalized marketing approaches, particularly through social media. Additionally, the chapter touches on the role of ethics and corporate social responsibility in marketing practices.

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3 views14 pages

Chapter 8

Chapter 8 discusses contemporary topics in marketing, focusing on customer relationship management (CRM) as a strategy for building long-term customer relationships and enhancing shareholder value. It emphasizes the importance of understanding customers as individuals and utilizing personalized marketing approaches, particularly through social media. Additionally, the chapter touches on the role of ethics and corporate social responsibility in marketing practices.

Uploaded by

geiz123jr
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Chapter 8

Contemporary
topics in
Marketing
8.1 Overview of customer relationship
management (CRM)

A process of creating & retaining profitable CRM helps businesses build a relationship
customer with long term relation by with their customers that, in turn, creates
delivering customer value and satisfaction. loyalty and customer retention.

Concerned with creating improved


shareholder value through the development It requires superior employee attitudes +
of appropriate relationships with information, technology and applications.
customers.
Customer relationship management (CRM) focuses
on understanding customers as individuals instead of
as part of a group. To do so, marketers make their
communications more customer-specific, like the
personalized marketing efforts used by Amazon. com.

WHAT IS
CRM was initially popularized as one-to-one
CUSTOMER marketing. But it has become a much broader
RELATIONSHIP approach to understanding and serving customer
MANAGEMENT? needs than one-to-one marketing.

Customer relationship management is a company-


wide business strategy designed to optimize
profitability, revenue, and customer satisfaction by
focusing on precisely defined customer groups.
Accomplished by organizing the company around
customer segments, establishing and tracking customer
interactions with the company, fostering customer-
satisfying behaviors, and linking all processes of the
company from its customers through its suppliers.

WHAT IS
On the surface, CRM may appear to be a rather simplistic
CUSTOMER customer service strategy. But, while customer service is
RELATIONSHIP part of the CRM process, it is only a small part of a totally
MANAGEMENT? integrated approach to building customer relationships.

CRM is often described as a closed-loop system that


builds relationships with customers. Exhibit below
illustrates this closed loop system, one that is continuous
and circular with no predefined starting or end point.
Overview of Customer
Relationship
Management (CRM)
LO 2 : Social
Media &
Marketing
1. Social media has changed the way that
marketers can communicate with their
brands from mass messages to intimate
conversations.

As marketing moves into social media,


marketers must remember that for most
people, social media is meant to be a social
experience, not a marketing experience.

Thus, social media is defined as any tool or


service that uses the Internet to facilitate
conversations.
LO 2 : Social Media & Marketing
LO 2 : Social Media & Marketing
LO 2 : Social Media & Marketing
LO 3 : Ethics and social responsibility
Social Control Theory
Ethics and social
responsibility
Corporate social responsibility (CSR)

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