Contemporary issues in marketing Essay Example | Topics and Well Written Essays - 3000 words - 1

Contemporary issues in marketing - Essay ExampleOrganizational knowledge is raise through effective use of the information collected. Knowledge management hence rests on two foundations - utilizing and exploiting the agreements information and application of peoples skills, talents, thoughts, and imagination (Broadbent, 1998). Human expertise is utilized for phone line advantage. Customer relationship management (CRM) focuses on the needs of the node and integrates technologies and business processes (Bose, 2002). The process is the same as KM where knowledge about the customers is captured, analyzed and utilized to enhance the product or services to the customer. CRM frankincense revolves around marketing and deep analysis of customer behaviour. The knowledge acquired about the customer can be a powerful tool in not only acquiring new customers but stock-still for the retention of the existing customers. It can help segment the customers based on their lifestyle and purchasing habits (McKim & Hughes, 2001). Thus, KM enhances customer relationship and hence to serve the customers better, knowledge of the customers is vital. on that pointfore, an integration of Km and CRM has led to the development of the customer knowledge management (CKM) model (Gebert, Geib, Kolbe & Brenner, 2003).1b. ICT is very vital for the successful implementation of CRM. ICT ca help omit huge amount of information on the customer and it enables measuring the relationship value at severally stage of the relationship. For effective implementation, there must be a customer database, a communication behave and an application of relationship management (Park & Kim, 2003). This can convert one-time buyers into loyal customers. In the digital economy, ICT has changed the way businesses function. There is increased transparency of information even though this has also led to new competitors and new products in every field of business (Koerner & Zimmermann, 2000). With the help of ICT, new industry structure and business models