Retention of existing customers is a priority for businesses to survive and prosper. The high cost of acquisition of new customers in a mature market has pushed organizations into actively seeking to build and sustain long‐term relationships with customers. Such relationships are strong enough to provide a substantial barrier to switching business over to competition in most cases. The transition of a neutral or negative relationship into positive territory is based on changes in one or more of the cognitive, affective and behavioral dimensions of the relationship. Information exchanges between an organization and its customers play a significant role in such a change. The nature and scope of relationship with a customer changes, as the customer needs evolve in the course of the product life cycle in the customer’s industry. A framework merging the concepts of “customer relationship management” and “product life cycle” into “customer relationship life cycle” is proposed.
Chattopadhyay, S. (2001), "Relationship marketing in an enterprise resource planning environment", Marketing Intelligence & Planning, Vol. 19 No. 2, pp. 136-139. https://doi.org/10.1108/02634500110385444Download as .RIS
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