...Examination Paper of Customer Relationship management IIBM Institute of Business Management Examination Paper MM.100 Customer Relationship Management Section A: Objective Type & Short Questions (30 Marks) This section consists of Multiple Choice & Short Note type questions. Answer all the questions. Part One carries 1 mark each & Part Two carries 4 marks each. Part One: Multiple Choices: 1. High congruence means: a. High probability of success b. Low probability of success c. Zero probability of success d. None 2. Novo Jim‟s excellent resource book for Recency, Frequency and Monetary is: a. Drilling high b. Digging the top c. Cutting edges d. Drilling down 3. In „FURPS‟ R stands for___________ a. Responsibility b. Resource c. Retention d. Reliability 4. NAICS stands for_____________ a. National American Industry Coding System b. North American Industry Cooling System c. National American Industry Cooling System d. North American Industry Coding System 5. The book „Reengineering the corporation‟ is written by: a. Michael Hammer and James Champy b. Michael Champy and James Hammer c. Michael Douglus and James Ferrari d. Michael Ferrari and James Douglus 6. The book „Building the Data warehouse‟ is written by: a. Michael Doglus b. James Champy c. Bill Inmon 1 IIBM Institute of Business Management Examination Paper of Customer Relationship management d. James Ferrari 7. Which of the following is considered as the bible...
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...within thinner consumer budget. Since the travel industry expenses are decreasing and new technology is steadily replacing many jobs, Classic Airline is set to use this as an opportunity to influence proven techniques while improving the existing Customer Relationship Management system. Classic Airlines strives to introduce a transparent planning process to increase customer loyalty. Rising costs and over expansion has been a hindrance for Classic Airlines. With a 20% decrease in flights, 19% decrease in rewards members and 32,000 employees on the payroll; the company is need for a significant change. The Board of directors have also added a 15% cost reduction mandate for 18 months increasing the need for a transformation within the company. Amanda Miller was hired in 2000 to prepare for her promotion in 2002, following the retirement of Jack Broadway. This switch happened at a critical time, and has inopportunely set the airline back. Amanda Miller believes in operational excellence as the number one priority for the company, which has left the firm vulnerable in a time when consumers need to be valued and competitors are learning more of continuous improvement. Problem Solution Classic Airlines earned 8.7 billion in sales last year; however they have clashed with an unproductive Customer Relationship Management system which reduced earnings from consumers. Classic Airlines hurts from the absence of an effective CRM integration, unclear customer relationships and minimal creative...
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...PROJECT “Customer relationship managment” Performed by Mikhaylyuk Sergey Marketing Faculty Group 1509 Supervised by Mironova Dina Aleksandrovna Project defended on: ______________ 2010 __ Evaluation: ____________________ Tutor’s signature: ____________________ Moscow 2010 Contents Introduction 3 Contextual Background 4 The difference between CRM and relationship marketing 7 Benefits of Individualisation 8 1.1. to the organisation 8 1.2. to the consumer 8 Application of CRM 10 1.1. Electronic Customer Relationship Management (eCRM) 10 1.2 CRM and Supplier Management 10 1.3 Customer Relationship Management and the Marketing Plan 11 Conclusions 13 Bibliography 14 Introduction The study of marketing is one that has been fixed on an evolving range of marketing segments over the last fifty years or so. A look at the progress of the changing focus of marketing shows a considerable shift in thinking. In the 1950's marketers were mostly focused on consumer goods, while the 1960's saw a shift towards industrial markets. In the 1970's effort was focused on non-profit or societal marketing, while in the 1980's the services sector received increasing attention. This leads us to the 1990's and through to the present where relationship marketing is the new focus of marketing. It has evolved from other forms of marketing and has countless benefits for businesses that use the relationship strategy. It is limitless...
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...CRM at Minitrex Surendra Garapati Wilmington University Customer Relationship Management: Customer Relationship Management is well known for practices and technologies that any organization will use to improve and investigate, for developing business relationships with customers and helping with customer maintenance there by driving to sales growth. This system is used to obtain information about the customers that are involved in the company relationships. That would include the company’s website, telephone, live chat, direct mail, and online networking. CRM network will also give detailed information on customer’s personal information, purchase history, intentions to buy and interests. CRM assists in figuring out and rewarding the most beneficial consumers. CRM is defined as a combination of consumer maintenance along with devotion standards, along with facts foundation programming. Businesses can have preferred to preserve contacts with new clients, maintain these people and create a long-run, loyal human relationships. Before existence of database system, following human relationships together with numerous consumers had been nearly extremely hard. data base today, assists in amassing consumer details, comply them for particular marketing and promotion activities. CRM is much more needed to business in competition with bigger opposition. Diverse companies have got various assumptions on CRM. CRM utilizes recruiting human resources and it also services in organization...
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...Customer relationship management Also described as „information-enabled relationship marketing“ is an enterprise-wide initiative that belongs to all areas on an organization. Comprises processes used by organizations to manage consumer relationships whoch also include collceting, storing and analyzing data. CRM attempts to provide a strategic bridge between information technology (IT) and marketing strategies, thereby aiming at building long-term relationships and profitability. It is vital to maintain appropriate Customer Information management systems by acquiring customer databases and consolidating customer feedback. Companies interact with customers, treat them as organizational assets, learn about them and through the process of incorporating feedback and co-creation develop a level of intimaxy with them. e-CRM Important CRM goal is to build long-term and profitable relationships with chosen customers and further get closer to those customes with every point of contact with them. primary objective of most org is Customer Acquisiton followed by Customer Retention. Heart of Marketing is relationships and nurturing long-term relationships should be the goal of marketing practice. Definition e-CRm: activities to manage customer relationships by using the Internet, web browsers or other electronic touch points. A higher degree of interactivity possessed by these channels further allows companies to: * Engage in dialogue * Organize consumer redressal ...
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...Results of research: Literature Review Customer relationship management has become very popular now days due to increase in competition among all type of business. Customer relationship management always demands from the companies to create the values for the customers by delivering them the products and should expect the profitable returns in exchange. Customer relationship management is mainly focusing on how the business can retain its existing customers in this competitive environment. Customer relationship management means that managing and fulfilling the expectations of the customers via delivering them best product and services than its competitors in that industry. Effective CRM brings profits in the company and helps in improvements of overall financial position of the business via continuous profits. Any organization of the world can easily manage the customer relationship management by delivering their customers the business products at the low prices with the best possible quality than its competitors can deliver. The organizations customer relationship management can be measured that how much company has brand loyal customers and is it retaining its customers or not. Customer relationship management always demands from the companies to create the values for the customers by delivering them the products and should expect the profitable returns in exchange. Customer relationship management is mainly focusing on how the business can retain its existing customers...
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...your idea? Why do managers need to know about it? Ten years ago, Fournier et al.’s Harvard Business Review article, “Preventing the Premature Death of Relationship Marketing,” charged that “the very things that marketers were doing to build relationships with their customers were destroying those relationships at the core.” According to the authors, relationship marketing was “powerful in theory, but troubled in practice” because marketers did not fundamentally understand what relationships with customers were all about or how they should be built and maintained. Ten years later, this seminal article continues to be a bestseller for the Harvard Business Review, is widely cited by academics (406 citations in Google Scholar), is incorporated frequently into MBA, executive education and doctoral curricula, and, importantly, has been a guiding force for managers from diverse industries who are interested in establishing stronger customer relationships. What accounts for the enduring appeal of the “Premature Death” article? We argue that the fundamental lessons offered in this article are as relevant today as they were ten years ago. In fact, our failure to appreciate relationship fundamentals is even more extraordinary in today’s relationship-savvy business climate than it was in 1998 when Customer Relationship Management (CRM) theory and practice were in their infancy. Businesses have now lived through a decade of investment in CRM: the systems, programs, and processes...
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...Customer Relationship Management Holly Smith August 16, 2011 Introduction Customer acquisition and retention have become essential in a highly competitive global market where advanced technological and web-based tools and applications are used to lure new customers as the old marketing strategy of quality goods at low cost has become redundant and the focus is on customer centric marketing and product development. Customer Relationship Management (CRM) has been defined as, “a cross functional, customer-driven and technology-integrated business process management strategy that maximizes relationships” Chen and Popovich (as cited in Parsongsukan,2010, p.17). The successful implementation of a CRM strategy requires organisational transformation, changing business processes and only then can CRM implementation achieve the desired results and CRM vision. CRM implementation cannot be restricted to software and technological upgradation for enhancing customer database management. CRM is an integrated approach that requires organisation and business process transformation for effective implementation. History of CRM The evolution of CRM started from mass marketing when companies’ mass- produced goods and services believing that customers had similar needs and preferences. This trend gave way to target marketing where marketing campaigns were used to target goods and services to different strata’s of consumer segments...
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...GM1114 Relationship Management 2015 Course outline The course is divided into four modules Module 1 - RM Concepts, Module 2 - RM Applications in Consumer and Business Markets, Module 3 - RM Tools, Techniques and Technologies, and Module 4 - RM Implementation Module 1: Sessions 1-4 The Concept of Relationship Management Text: Chapters 1-4 This module focuses on the conceptual and theoretical foundations of RM. A number of theoretical perspectives developed in economics, law and social psychology are being applied in RM. These include transactions cost analysis, agency theory, relational contracting, social exchange theory, network theory, and inter-organizational exchange behavior. Resource allocation and resource dependency perspectives and classical psychological and consumer behavior theories have also been used to explain why organizations and consumers engage in relational behavior. An overview of these theories will help develop insights on RM from multiple perspectives. Session 1 : CRM : The Strategic Imperatives Reading – Chapter 1 Session 2: Conceptual Foundations of CRM Reading – Chapter 2 Session 3: Building Customer Relationships Reading – Chapter 3 Session 4: Economics of CRM Reading – Chapter 4 Additional Recommended Readings Module 1 Brodie, R. J., Hollebeek, L. D., Jurić, B., & Ilić, A. (2011). Customer Engagement: Conceptual Domain, Fundamental Propositions, and Implications for Research. Journal of Service Research, 14(3), 252271. Egol...
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...Title Page (a) Title of submission (ii) Theme area : CRM and 4 P’s of Marketing. : Customer relation ship Management = CRM and 4 P’s. (iii) Name of the author : Prof R Ramakrishnan : Head, Department of Management Studies Muthayammal Engineering College, Rasipuram 637408 (iv) Designation with Department (v) Mailing address: College: Residence: Suri Illam, 10A Swami Sivananda Salai, Rasipuram 637408 (vi) E-mail address (vii) Phone number(s) : ramakrish54@gmail.com College: 04287-220837 and 226837 Residence: 04287-225837 Mobile : +919952669656 : 04287- 226537 (viii) Fax number Presented by me at the National Seminar On Customer Relationship Management Organized by M.O.P. Vaishnav College for Women (Autonomous) Chennai-34. On 25th February 2006 1 of 10 Electronic copy available at: http://ssrn.com/abstract=1751648 Abstract = CRM and 4 P’s of Marketing The concept of CRM has evolved over a period of time through a sequence of initiatives, which have been directed towards improving business performance. In today's highly competitive business world CRM can be considered as the ultimate solution for both customers as well as organizations. CRM considers customers not as outsiders but as insiders to the business and aims to build a long-term relationship with them. A high degree of customer contact, commitment and services are therefore essential features of CRM CRM is an on-going process of identifying and creating new value with individual...
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...Preparing an Integrated Marketing Plan and Program Building Customer Relationships Capturing Value from Customers The Changing Marketing Landscape Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 1- slide 2 What Is Marketing? Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 1- slide 3 What Is Marketing? The Marketing Process Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 1- slide 4 Understanding the Marketplace and Customer Needs Core Concepts • • • • • Customer needs, wants, and demands Market offerings Value and satisfaction Exchanges and relationships Markets Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 1- slide 5 Understanding the Marketplace and Customer Needs Customer Needs, Wants, and Demands Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 1- slide 6 Understanding the Marketplace and Customer Needs • Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want • Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs Copyright © 2010 Pearson Education, Inc. Publishing...
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...Corporation (NYSE: CVG), a global leader in relationship management, announced today that Hyundai Motor America has signed a three-year contract renewal for Convergys’ industry-leading customer management solutions. Hyundai first became a Convergys client in 2005. Convergys’ relationship management solutions include dedicated and experienced customer service agents who are the first point of contact for vehicle owners contacting Hyundai’s Consumer Affairs for sales and service related concerns. Convergys provides case management, fulfillment, self-service, and back office solutions to Hyundai. Convergys also provides analytical expertise to Hyundai, leveraging the customer satisfaction surveys it conducts on behalf of the company to offer Hyundai actionable customer intelligence. Hyundai Motor America, which has more than 790 dealerships across the United States, is focused on providing a superior customer experience to drive continued high levels of customer loyalty and retention. Throughout its multi-year relationship with Hyundai, Convergys’ continuous improvement initiatives, experienced staff, proactive training initiatives, and ability to capture and report actionable customer intelligence in areas including product design and the dealership experience, illustrate Convergys’ value as Hyundai’s relationship management partner. “At Hyundai, we know that providing the highest level of service to our customers throughout their relationship with our company is a key driver of...
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...firms to maintain the buying of customers and also compete with their competitors. In fact, there are too many businesses in a market that customer can choose to purchase any products, but consumers’ psychology always want to come back a firm, which makes them to feel happy. As a result, a major task for firm is how to make consumer feel satisfy and continue use their products or services. To gain the success, companies need to have a positive relationship with their customers. Thus, firms have invested a lot of time and costs to develop their interaction with customers before, during and after purchasing because this will help businesses to maximize their profits. In addition, due to the development of information technology, customer relationship management has assisted effectively for companies to achieve several major benefits. Indeed, customer relationship management is extremely important to support firms that not only to understand deeply all customers’ needs but also to give effective strategies on time to take the consumers’ satisfaction and loyalty. Therefore, this essay will attempt to explain the importance of customer relationship management in B2B marketing that can give firms a significant competitive advantage. There are several definitions about Customer Relationship Management (CRM), but some people have many mis-understanding such as database marketing, marketing process, loyalty schemes and do-able by any company....
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...Customer Relationship Management Sarina White Ashja Thompson DSIM 518: Competing through Innovation and Information Technology Instructor: Vikas Agrawal Spring 2016 Table of Contents Abstract……………………………………………………….. Page 1 Introduction…………………………………………………… Page 2 Literature Review…………………………………………….. Page 3 – 4 History and Development of CRM………………………..... Page 4 – 5 CRM in Action………………………………………………... Page 6 – 7 CRM and Competitive Advantage…………………………. Page 7 – 9 Implementations Considerations and Recommendations. Page 9 Conclusion……………………………………………………. Page 10 References…………………………………………………… Page 11 – 13 Abstract For our research paper, we’re going to focus on customer relationship management and how it plays a role in a company’s consumer base and profits. The cycle of CRM is primarily divided into four parts which are marketing, sales, support, and feedback. We’re going to look into detail at all four of these components and how they correlate with one another from an organizational aspect. We’re going to be looking at CRM through the eyes of the seller, the person behind the counter. We want to know how this information technology helps the organization and in what ways does its performance project competitive advantage. There are many different systems of CRM such as operational CRM which focuses primarily on the marketing, sales, products, and services of the company. Another system is analytical CRM which focuses primarily on the database and how the...
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...(2006) state, “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders” (p. 6). Classic Airlines has been recognized with the Wright Stuff® trophy for this year, however with the current economy Classic Airlines’ revenue has been decreasing as well as its passenger’s activity. The company has a rewards program in place, but it is still not enough to keep the profits at projected levels. Employees are concerned that their salary will be cut to offset the cost. Classic Airlines can benefit from effective marketing in a today’s economy. Marketing Concept “Marketing concept is a management philosophy according to which a firm’s goals can be best achieved through identification and satisfaction of the customers’ stated and unstated needs and wants” (Business Dictionary, n.d). Some of the concepts Classic Airlines utilizes are: production, product, selling and holistic marketing. Production concepts states the consumers prefer products widely available and inexpensive. Managers of production-oriented businesses concentrate on achieving high production efficiency, low costs and mass distribution (Kotler & Keller, 2006). Product concept is where consumers favor the products that offer the most quality, performance or innovative features. Managers often focus on making superior products and improve them over time. Classic...
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