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Submitted By xikali
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|The Hong Kong Institute of Vocational Education |
|Department of Business Administration |
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|Customer Relationship Management |

CRM_01 Nature of Customer Relationship Management

LECTURE OBJECTIVES

■ Understand relationship marketing. ■ Understand the differences between relationship marketing and transaction marketing. ■ Understand customer relationship management ■ Identify the essential concepts on customer relations – customer satisfaction and customer loyalty

1. Understand Relationship Marketing

1. What is ‘Relationship Marketing’?

Marketing consists of actions taken to build and maintain desirable exchange relationships with target audience. They want to build strong economic and social relationships by consistently delivering superior value. Successful firms work to build long-term relationships with their customers and initiate relationship marketing strategy.

Relationship marketing is a strategy that maintains long-term partnerships with customers. It starts by understanding who your customers are what they value, what they want to buy. Companies then build relationships with customers by offering value that satisfied their customers.

Relationship marketing is also known as one-to-one marketing, which is about marketing to

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