CRM - Scope and Challenges in B-To-B Markets

The new era of business marketing is built on effective relationship management. Relationship management centers on all activities directed towards establishing, developing and maintaining successful exchanges with customers and other constituents. Nurturing and management of customer relationships has emerged as an important strategic activity in most firms. This is because loyal customers are far more profitable to keep than those customers who are price sensitive and perceive little difference among alternative offerings. Secondly a firm that is successful in developing strong relationships with customers secures important and lasting advantages that are hard for competitors to understand or copy. This paper is an attempt to understand buyer behavior, concepts of CRM and the application software used in implementing CRM.