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Supplier relationship management (SRM) is the systematic, enterprise-wide assessment of suppliers' strengths, performance and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers, in a coordinated fashion across the relationship life cycle, to maximize the ...
Relationship marketing refers to an arrangement where both the buyer and seller have an interest in a more satisfying exchange. This approach aims to transcend the post-purchase-exchange process with a customer in order to make richer contact by providing a more personalised purchase, and using the experience to create stronger ties.
Relationship development and maintenance can also be achieved through the use of loyalty programs or a celebrity endorser. These can help to increase a bond between a brand and a consumer. [26] IMC is defined as "integrating a variety of convincing messages across various forms to communicate with and develop relationships with customers."
Analytical CRM systems use techniques such as data mining, correlation, and pattern recognition to analyze customer data. These analytics help improve customer service by finding small problems which can be solved, perhaps by marketing to different parts of a consumer audience differently. [20]
Coordinating contract is defined as a coordination mechanism that provides incentives to all of its members so that the decentralized supply chain behaves nearly or exactly the same as the integrated one, by specifying contract parameters such as quantity, price, quality and deadlines, contracts are designed to improve supplier-buyer relationship.
Moreover, loyal employees allow better relationships to be established with key suppliers and distributors [2] and the business will be able to retain its customer satisfaction which will influence the service quality. The commitment of employees is therefore highly recommended for further positive influence on the business.
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Customer loyalty is determined by three factors: relationship strength, perceived alternatives and critical episodes. The relationship can terminate if: the customer moves away from the company's service area, the customer no longer has a need for the company's products or services, more suitable alternative providers become available,
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