Customer Relationship Management
Definition
Systematic methods for maintaining and developing customer relationships.
Historical Background
2000s: CRM systems enabled refined relationship management.
Example
From new customer development to retention, full lifecycle management. Like making friends.
Formula
Customer Loyalty = f(Satisfaction, Trust, Dependence)
Core Concepts
Customer value mining: improving loyalty for repeat purchases and referrals.
Extended Applications
Development: market research, targeting; maintenance: regular visits; service: problem solving; analysis: value assessment; loyalty: membership, rewards.