Relationship Management = The process of analysing, planning and controlling an organisations relationships, in order to be able to leverage the more important relationships to the long-term benefits of the organisation.
Relationship management involves a range of activities designed to:
- Gather information about the other parties in the firms commercial relationships in order to help predict and manage their behaviour.
- Segment and prioritize the firms portfolio of commercial relationships based on their relative profitability or potential impact on the organisation.
- Develop approaches and action plans for managing key relationships.
- Implementing action plans for communication and collaboration, using appropriate mechanisms.
- Monitor and evaluate the effectiveness of relationships and communication, in terms of fulfilled objectives, partner satisfaction, relationship development and return on investment for the organization.
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