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Choice Models and Customer Relationship Management

Kamakura, Wagner A., Mela, Carl F., Ansari, Asim, Bodapati, Anand V., Fader, Peter, Iyengar, Raghuram, Naik, Prasad A. , Neslin, Scott, Sun, Baohong, Verhoef, Peter C., Wedel, Michel and Wilcox, Ronald T., Choice Models and Customer Relationship Management (2005). Marketing Letters 16:3/4, 279-291

13 Pages Posted: 12 Feb 2014  

Wagner A. Kamakura

Rice University

Carl F. Mela

Duke University - Fuqua School of Business

Asim Ansari

Columbia Business School - Marketing

Anand V. Bodapati

University of California, Los Angeles (UCLA) - Anderson School of Management

Peter Fader

University of Pennsylvania - Marketing Department

Raghuram Iyengar

University of Pennsylvania - Marketing Department

Prasad A. Naik

University of California, Davis

Scott Neslin

Tuck School of Business at Dartmouth

Baohong Sun

Carnegie Mellon University - David A. Tepper School of Business

Peter C. Verhoef

University of Groningen - Department of Marketing & Marketing Research

Michel Wedel

University of Maryland - Robert H. Smith School of Business, Marketing Department; University of Groningen - Faculty of Economics and Business

Ronald T. Wilcox

University of Virginia - Darden School of Business

Date Written: 2005

Abstract

Customer relationship management (CRM) typically involves tracking individual customer behavior over time, and using this knowledge to configure solutions precisely tailored to the customers’ and vendors’ needs. In the context of choice, this implies designing longitudinal models of choice over the breadth of the firm’s products and using them prescriptively to increase the revenues from customers over their lifecycle. Several factors have recently contributed to the rise in the use of CRM in the marketplace:

• A shift in focus in many organizations, towards increasing the share of requirements among their current customers rather than fighting for new customers.

• An explosion in data acquired about customers, through the integration of internal databases and acquisition of external syndicated data.

• Computing power is increasing exponentially.

• Software and tools are being developed to exploit these data and computers, bringing the analytical tools to the decision maker, rather than restricting their access to analysts.
In spite of this growth in marketing practice, CRM research in academia remains nascent. This paper provides a framework for CRM research and describes recent advances as well as key research opportunities.

Keywords: customer relationship management, direct marketing

Suggested Citation

Kamakura, Wagner A. and Mela, Carl F. and Ansari, Asim and Bodapati, Anand V. and Fader, Peter and Iyengar, Raghuram and Naik, Prasad A. and Neslin, Scott and Sun, Baohong and Verhoef, Peter C. and Wedel, Michel and Wilcox, Ronald T., Choice Models and Customer Relationship Management (2005). Kamakura, Wagner A., Mela, Carl F., Ansari, Asim, Bodapati, Anand V., Fader, Peter, Iyengar, Raghuram, Naik, Prasad A. , Neslin, Scott, Sun, Baohong, Verhoef, Peter C., Wedel, Michel and Wilcox, Ronald T., Choice Models and Customer Relationship Management (2005). Marketing Letters 16:3/4, 279-291. Available at SSRN: https://ssrn.com/abstract=2394141

Wagner A. Kamakura (Contact Author)

Rice University ( email )

6100 South Main Street
P.O. Box 1892
Houston, TX 77005-1892
United States
(713) 348-6307 (Phone)

Carl F. Mela

Duke University - Fuqua School of Business ( email )

Box 90120
Durham, NC 27708-0120
United States
919-660-7767 (Phone)

Asim Ansari

Columbia Business School - Marketing ( email )

New York, NY 10027
United States

Anand V. Bodapati

University of California, Los Angeles (UCLA) - Anderson School of Management ( email )

110 Westwood Plaza
Los Angeles, CA 90095-1481
United States

Peter Fader

University of Pennsylvania - Marketing Department ( email )

700 Jon M. Huntsman Hall
3730 Walnut Street
Philadelphia, PA 19104-6340
United States

Raghuram Iyengar

University of Pennsylvania - Marketing Department ( email )

700 Jon M. Huntsman Hall
3730 Walnut Street
Philadelphia, PA 19104-6340
United States

Prasad A. Naik

University of California, Davis ( email )

One Shields Avenue
Davis, CA 95616
United States

Scott Neslin

Tuck School of Business at Dartmouth ( email )

Hanover, NH 03755
United States

Baohong Sun

Carnegie Mellon University - David A. Tepper School of Business ( email )

5000 Forbes Avenue
Pittsburgh, PA 15213-3890
United States
412-268-6903 (Phone)
412-268-7357 (Fax)

Peter C. Verhoef

University of Groningen - Department of Marketing & Marketing Research ( email )

Netherlands

Michel Wedel

University of Maryland - Robert H. Smith School of Business, Marketing Department ( email )

College Park, MD 20742
United States
301.405.2162 (Phone)
301.405.0146 (Fax)

HOME PAGE: http://www.rhsmith.umd.edu/marketing/faculty/wedel.html

University of Groningen - Faculty of Economics and Business ( email )

Postbus 72
9700 AB Groningen
Netherlands

Ronald T. Wilcox

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

HOME PAGE: http://www.darden.virginia.edu/faculty/wilcox.htm

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