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Customer Relationship Management Practices in Consumer Durable Goods
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Customer Relationship Management(CRM)describes the technology and methods used by organizations to document, analyze and build strategies aimed at improving the relationship between the firm and its customer.CRM is an essential part of modern business management that focuses on customer retention through increased customer satisfaction and enhanced loyalty. It is a Customer satisfaction, Loyalty, retention (SLR) conceptual model of how customer value affects customer satisfaction, which in turn affects loyalty, customer loyalty affects customer retention. Loyalty of the customer increases with customer satisfaction at an increasing rate (Ramakrishnan 2002).It is to measure customer satisfaction, loyalty and retention essentially capturing the voices of the customer. The primary reasons for assessing customer satisfaction are to maximize customer retention, and to gain/build customer loyalty.
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