Customer relationships marketing Essay - 2011 Words

Literature Review The Evolving Sales and Marketing Landscape Marketing and business development professionals are confronting a rapidly different and changing business landscape. The traditional business model that was once the standard is now being transformed due to technology drivers that make advanced marketing and sales capabilities possible. The business model of yesterday supported mass marketing, mass production, and standardized cookie-cutter products and services. Enterprises will have fall behind the competition if they continue to rely and operate on this substandard model. Today, companies are re-engineering their operations and investing in enhanced IT infrastructures, which enable them to provide customized, personalized,†¦show more content†¦The company then has the opportunity to segment and analyze this data in order to learn more about that particular customer shopping habits. An analysis can then be performed to determine why this person did not make a pu rchase as well as what can be done differently to persuade this person to buy their product. The company can now position the four Ps of marketing: product, price, promotion, and place to better serve this customer. This process the company has taken unlitmately succeeds in developing a relationship with the customer. The company now knows more about what the customers preferences are and how to offer them. Consequently, the customer has a vested interest in the relationship as well, and is more likely to conduct business with that company in the future. The Shift to Relationship Marketing Though many of todays marketing practices have evolved due to increasing technology, the marketing environment still centers around the four Ps of marketing described above. However, in order to remain competitive, companies must create a unique set of those four Ps which appeal to each individual customer and sets them apart from their competitors. Target marketing is no longer an efficient use o f marketing efforts because a great deal of resources can be lost to uninterested individuals while in the process of trying to capture potential customers. Because of the potential loss of resources, there is now a movement away from targetingShow MoreRelatedCustomer Relationship Marketing1911 Words   |  8 PagesDelivering Customer Value – Customer Relationship Marketing Introduction In the past few decades Customer relationship was none existence with business organization making no effort to build relationships with its customers. But since then strong competition has forced business to form long lasting relationships with its customers, if it needs to stay in business. The term Customer Relationship Marketing first emerged during the 1990’s. 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