customer relationship management

Managing Customer Relationships Exercise Answers

Q: Explain why it is more profitable to retain existing customer relationships than to continually try to attract new ones. Research has shown that one loyal customer tends to become more profitable over time. Apart from not having to outlay the initial costs of attracting new customers, there are four factors that create incremental profits …

Difference b/w Relationship Marketing & Relationship Management

Relationship marketing refers to using marketing tools to attract potential customers, establish communication, and create and develop relationships. Relationship management moves the customers up the loyalty ladder by maintaining and enhancing relationships and retaining customers. Relationship Marketing Defined ‘…the union of customer service, quality and marketing.’ (Bateson) ‘…the dual focus of getting and …