Relationship Marketing: Strategies and Tools- h-CRM - A Hierarchy

Abstract

This paper reviews the evolution of relationship marketing as the most important strategic concept for today’s business success. It is seen as a separate entity focused on customers, sharply contrasting traditional marketing where product and production are often considered a top priority. It is argued that customer needs and expectations are not considered sufficiently in traditional marketing approach. Understanding and retaining customers is the fundamental source of business success. In this era of information technology revolution, customer relationship management is seen as the primary strategic tool for consolidation of these relationships along with some other technology tools. It has been specifically mentioned that effective usage of technology is important for proper management of relationships. However human element is the most important factor in this relationship which has been emphasized here with special reference to both customers and employees. Lastly the model showing amalgamation of technology and human resource is portrayed as the key to the sustenance of this relationship. Long term customer loyalty is considered the desired end product of these relationships which leads to ultimate prosperity and success of any business.