Journal of Emerging Trends in Economics and Management Sciences: Home

Abstract:
This article presents a descriptive discourse of Customer Relationship Management (CRM), its origin and perceived similarity to Relationship Marketing (RM) using extant marketing literature. It aimed at providing a contrasting clarification between CRM and RM with a view of determining whether or not both concepts are the same. It highlighted some notable differences between the two concepts by exploring key theoretical underpinnings based on the works of marketing scholars, and key CRM processes were also identified as conceptualized from the reviews. The different ways by which organizations and its customers perceive value were critically analysed. The findings suggested that CRM is still regarded as an elusive marketing concept which defies a concrete definition. Though, recently, there are attempts to provide a common definition of the concept. The findings showed that CRM is an old marketing ideology which is being clothed with new connotations and that; CRM and RM are like two inseparable Siamese-twins. Although, one is merely an extended version of the other nevertheless, both concepts hinges upon building strong and lasting relationships between business organizations and stakeholders in order to seek customers? loyalty and continuous patronage. Both business managers and practitioners are expected to benefit from the discussions as it exposes the dichotomy of opinions on CRM and RM. Marketing researchers can now begin to employ ways of adopting CRM processes not only to keep existing customers satisfied but also to attract new ones.

Keywords: stress quality, CRM, relationship marketing, value, technology-based, stakeholders,

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