W7 Assignment, Model Customers.docx - Model Customers 1 Model Customers Grantham University Dr Cheryl Avant Foundations of Marketing Model Customers 2

W7 Assignment, Model Customers.docx - Model Customers 1...

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Model Customers 1 Model Customers Grantham University Dr. Cheryl Avant Foundations of Marketing September 25, 2012
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Model Customers 2 Why do some companies share close relationships with consumers? Is it because of how vital the consumer is to them, or is it because the consumers are the overall judgment of what is needed in the market? No matter what, each company should implement some type of Customer Relationship Management (CRM). CRM is a business strategy used to gain profitability, revenue, and customer satisfaction by focusing on highly defined and certain customer groups. There are even steps on how the CRM works: Identify consumer relationships, understand interactions with current customer base, capture customer data based on interactions, store and integrate customer data using information technology, identify best customers, leverage customer information and then start over again. It is a continuous cycle with changing factors, and the advantage of it that there is no starting or ending point to the CMR process. Some disadvantages of CRM would be the lack of
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