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papers.ssrn.com - CRM and 4 P's of Marketing by Dr. Ramakrishnan - SSRN Papers

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10 Pages Posted: 31 Jan 2011

Date Written: Feburary 25, 2006

Abstract

The concept of CRM has evolved over a period of time through a sequence of initiatives, which have been directed towards improving business performance. In today's highly competitive business world CRM can be considered as the ultimate solution for both customers as well as organizations. CRM considers customers not as outsiders but as insiders to the business and aims to build a long-term relationship with them. A high degree of customer contact, commitment and services are therefore essential features of CRM. CRM is an on-going process of identifying and creating new value with individual customers and then sharing the benefits of this over a lifetime of association. It involves the understanding, focusing and management of on-going collaboration between suppliers and selected customers for mutual value creation and sharing through interdependence and organizational alignment. Marketing gurus say that STP (Segmentation, Targeting and Positioning) are part of strategic marketing and the 4ps (Price, product, place and promotion) are tactical marketing. The marketing mix is a simplification and this transactional approach is not adequate for CRM. CRM Should Keep these 4 P's, but add 4 R's namely Relations, Retention, Referrals and Recovery and one T- Technology. But CRM is much more than that. Customer Relationship Management involves: Commitments to customers; Training and empowerment; Service standard; Complaint management. Gordon identifies what he terms the 11 C's of Relationship Marketing (which in a sense act as a replacement to the traditional 4 P's of marketing): Customer; Categories; Capabilities; Cost, profitability and value; Control of the contact to cash processes; Collaboration and integration; Customization; Communications, interaction and positioning; Customer measurements; Customer care; Chain of relationships. The “4 Ps of CRM Success" are Planning, People, Process and Platform to some while it is Product, Process, Policy, and People to others. The article will discuss these aspects with Indian examples.

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