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Darren McCutchen

The advent of modern information and telecommunication technologies has made a lot of the traditional mammoth task easier to apprehend, for example, the management of a huge database within a company. Certainly within the past decade, technologies have in a way enabled new management disciplines to materialise. These include customer relationship marketing (CRM); knowledge management (KM); information management (IM) and supply chain management (SCM). In the global environment that companies today operate, it is essential to develop a competitive advantage in all spheres of business processes whether is dealing with product sourcing or service marketing.

Today¡¯s customers are fortunate lots where they are faced with multiple choices to choose from whether it is the purchase of cars, financial services and consumable items. It is therefore important to understand the needs of the customers in formulating any marketing plans. For example, the Egg financial services group undertook a study to gauge what the customers want before embarking on its financial services operation. The number of customers attracted doubled of its expectation within the first month of business. There is a distinct difference between the marketing espoused by Egg and the more traditional marketing that emphasize on Pricing, Product, Place and Promotion (4P). So what is the nature of marketing pursued by Egg and other likeminded companies?

It is called Customer Relationship Marketing or CRM in short. It is defined as a process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders. (1) It involves developing a loyalty from the customer that evolves frequency, regularity and intensity. The distinct difference with traditional marketing is that conventional marketing has no ambition to climb the loyalty ladder. It is also well anchored on the strategy of Pricing, Product, Place and Promotion or commonly known as the 4P, less emphasise on retaining custom.


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