Role of Social Media in Customer Relationship Management Essay

Role of Social Media in Customer Relationship Management - Essay Example Along with that, this work explores the importance of using social media for its diverse objectives in business, event, and social context. In the context of an event, this study also explores London Mela festival (2014), and the way organizers used social media to manage the customer relationship. London Mela is Europes largest outdoor South Asian festival which consists of several live entertainments and traditional Asian culture activities. This research study explores the role of social media in customer relationship management with a reference to London Mela as an example of the event. Firstly, there is a need to understand the definition of relationship marketing. Grà ¶nroos (1994, cited in the Egan, 2001, p. 23) describes relationship management as â€Å"identify and establish, maintain and enhance and, when necessary, terminate relationships with customers and other stakeholders, at a profit so that the objectives of all parties involved are met, and this is done by mutual exchange and fulfilment of promises.† Thomas and Housden (2011) assert that the concept of relationship marketing is that customer must be influenced in a way that leads to his contentment. According to Chan and Guillet (2011), customer relationship management is a systematic approach to managing firms communication or interaction with current and future customers. However, it involves technological expertise in organizing and synchronizing sales, marketing, customer services and technical support. On the other hand, Masterman and Wood (2006) argue that Customer Relationship Management (CRM) is a management philosophy on the basis of which firms common goal can be achieved through identifying and satisfying customers defined and undefined needs and wants.