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Title: From customer relationship management to customer‐managed relationship : unraveling the paradox with a co‐creative perspective
Authors: Law, M
Lau, T
Wong, YH
Keywords: Customer care
Relationship marketing
Financial services
Corporate strategy
Issue Date: 2003
Publisher: Emerald Group Publishing Limited
Source: Marketing intelligence and planning, 2003, v. 21, no. 1, p. 51-60 How to cite?
Journal: Marketing intelligence and planning 
Abstract: Analyzing three perspectives on customer relationship management (CRM) developed by academics, numerous paradoxes are illustrated, as it can be an integrated corporate approach, a specific strategy to customer behavioral modification or differential customer treatment. The paper highlights that an evolutionary change in the concept of CRM is required. Three key findings have been made. First, customers should be the major focus, and companies are actually dealing with customer‐managed relationships (CMR). Second, it is not just a one‐to‐one relationship pattern. The linkages with other parties are the cores of the relationships between customers and companies. It should therefore be a one‐network‐one relationship. Third, a co‐creative approach should be used in order to integrate the CRM and CMR concepts to enable customers to participate in corporate strategy formulation and to encourage companies to cooperate with third parties in serving customers. The financial service sector is taken as a major example to illustrate the full concept of CRM and CMR. Managerial implications arising from the implementation of the co‐creative approach are explored, which include market share and mind share.
ISSN: 0263-4503
EISSN: 1758-8049
DOI: 10.1108/02634500310458153
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