Transcription of MANAGING CUSTOMER RELATIONSHIPS - Ruth N. …
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MANAGING CUSTOMER RELATIONSHIPS - Ruth N. …
MANAGING CUSTOMER RELATIONSHIPS 33 CHAPTER 1 MANAGING CUSTOMER RELATIONSHIPSRUTH N. BOLTON AND CRINA O. TARASIA bstractThe CUSTOMER relationship management (CRM) literature recognizes the long-run value of po-tential and current customers. Increased revenues, profits, and shareholder value are the result of marketing activities directed toward developing, maintaining, and enhancing successful com-pany CUSTOMER RELATIONSHIPS . These activities require an in-depth understanding of the underlying sources of value that the firm both derives from customers, as well as delivers to customers. We built our review from the perspective that customers are the building blocks of a firm. In order to endure long-term success, the role of marketing in a firm is to contribute to building strong market assets, including a valuable CUSTOMER portfolio. CRM is an integral part of a company s strategy, and its input should be actively considered in decisions regarding the development of organizational capabilities, the management of value creation, and the allocation of resources.
MANAGING CUSTOMER RELATIONSHIPS 5 relationships must be carefully managed and customer loyalty must be earned (Rust et al., 2004). However, the customer base is certainly a market-based asset that should be measured, managed,
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