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The Global Impact of Customer Relationship Marketing
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Journal Article
The Global Impact of Customer Relationship Marketing
2010
Overview
The rapidly changing global marketplace and increased competition have created a need for the leadership of firms to develop new sources of sustainable competitive advantage. When sustainable competitive advantage and perceived customer differentiation are not present the leadership of firms becomes forced to pursue tactics designed to reduce costs and lower prices. Leadership of firms enters global markets to lower prices through economies of scale and lower labor costs. Additionally, leadership decisions to enter new markets are based on the objective of reaching new user groups. When leadership attempts to gain economies of scale through high-volume production and lower labor costs, there is a corresponding high incidence of standardization of products. With a high degree of standardization comes a corresponding low incidence of differentiation. High volume/low differentiation production models in the global environment yield lower profit margins than products with a high-perceived customer value. Customer Relationship Marketing (CRM) strategies are critical to leveraging internal sources of sustainable competitive advantage. Increasingly competitive global markets have created a greater need for differentiation and focus strategies that can lead to more profitable customers who are loyal and less sensitive to price. Entering global markets for the benefits of economies of scale or lower labor costs will not differentiate firms from competitors in a lasting way. CRM strategies have replaced economies of scale and mass marketing as the predominant factors for success in global markets. [PUBLICATION ABSTRACT]
