Customer satisfaction and customer loyalty: a perspective of customer relationship management

Customers are always the valuable assets of an organization. Because of rapid globalization and growing competition, customers now have a variety of options available with them for purchasing a particular product or service. They can easily draw comparisons or even switch to other companies if they are not satisfied with the product or service offered by an organization. As a result, the organizations are becoming customer-focused in order to provide maximum customer satisfaction by offering the products or services according to their tastes and preferences in order to maintain long term relationship. That is why many companies are turning to Customer Relationship Management (CRM) that focuses on ways of identifying and retaining the loyal customers. An empirical study is to be performed on the importance of marketing strategies followed by various organizations for retaining customers and examines the impact of customer relationship management on customer satisfaction and loyalty.