Week 9 Strategic relationship:

Week 9 Strategic relationship:

We had Rob speaking about the strategic relationship theories namely, Agency; Transaction Cost Economics; Resource Dependency; Social/Relational Exchange and Interaction
I think each one of them is as important as others. The agency theory – utility gives more insight about how to have better relationship with the other agents. The concept of strength of preference which Rob discussed n lecture explain how this has its impact. As he also stated utility is subjective, there lies major challenge for an organization to correctly identify the need of the customer rather that going general which I think will not impress the customers. Another important factor I believe is the social relational exchange theory – this is most appropriate discuss direct relationship to the customers. It’s how well the organization has rapport with the customer will determine its success. Building trust and relationship is the most important factor in success of the business. I think Organizations broader perspective of the customer needs first theory will directly reflect how well they are successful and how the relationship is maintained with customers, third party vendors, other institutions and managing them all in organized manner.

The second part of lecture was in to the real time issues in implementing the CRM in an organization. The factors mentioned in the lecture will surely be the most important and challenging for the organizations to handle. I completely agree with that as its more commonsense rather that a strategy failure. Organizations know there and the question is are they trying to do something to rectify this and have better relationship with customers or are these being ignored in the context of the growth.