ADMS 1000 Lecture Notes - Lecture 9: Customer Relationship Management, Relationship Marketing, Internal Communications

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: eytan lasry

Document Summary

Elements of relationship marketing: to build long-term customer relationships, marketers need to place customers at the center of their efforts, to achieve long term relationships, they build them with four basic elements, they gather info about their customers. They can assess the customer"s level of satisfaction or dissatisfaction with their service. Marketers can also calculate the cost of attracting one new customer and figure out how much profit that customer will generate during the relationship. Sophisticated tech and the internet help this happen. Building buyer-seller relationships: marketers of consumer goods and services have discovered that they must do more than simply create products and then sell them, one reason consumers form continuing relationships in their desire to reduce choices. Identifying their most profitable customers: calculating the lifetime value of each customer"s business, creating a meaningful dialogue that builds relationships and encourages genuine brand loyalty.