Scenario: Traditionally marketers used to practice mass marketing wherein the manufacturer engages in mass production, mass distribution, and mass promotion of one standardized product aimed for all customers. This leads to lower costs which in turn lead to lower prices and at the same time higher margins. However, now with increasing trend in customer awareness, customers are getting to know about the differences among them and want to be treated differently. Now they demand quality and most importantly they require customized solutions with something different from the rest of the crowd. In response to such customer demands companies have become more customer-centric and are using segmentation marketing, customized marketing, niche marketing to approach a heterogeneous market.
In your opinion how a proper CRM system can aid companies in developing this customer centric approach? Identify at least 5 dimensions or ways of how companies can use CRM to apply customer-centric approach.”
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