Customer Relationship Management ( Crm ) Essay

769 WordsSep 15, 20154 Pages
Deepali Lal Whether you are riding a bike, eating at a restaurant, or shopping, it all involves marketing. It affects people every day, whether they notice it or not. Some important concepts covered within the last few chapters are target markets, customer relationship management (CRM), technology and breakthrough opportunities, building relationships with customers, and most importantly, customer lifetime value. Target markets are part of a marketing strategy. It is a “fairly homogenous group” of customers who a company wants to appeal to (pg 33). To determine their target markets, companies look at age, location, gender and etc. For example, a firm that sells winter apparel will target customers who live in cold regions. Also, I have seen people of all types of ages using e-readers such as the Kindle. They were originally marketed towards younger people who are well versed with technology. However, it also appealed to elders, highly educated and rich people, thus expanding the target market. When selecting target markets, companies have to segment them. Furthermore, I shop online frequently, especially at Amazon.com. Every now and then I get emails from Amazon with recommendations of what else I should buy based on my previous purchases. This approach is called Customer relationship management (CRM), which is where the “seller fine-tunes the marketing effort with information from a detailed customer database” (pg 108). This is a type of clustering technique. When I
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