...opportunity to build better relationships with customers than has been previously possible in the offline world. By combining the abilities to respond directly to customer requests and to provide the customer with a highly interactive, customized experience, companies have a greater ability today to establish, nurture, and sustain long-term customer relationships than ever before. The ultimate goal is to transform these relationships into greater profitability by increasing repeat purchase rates and reducing customer acquisition costs. Indeed, this revolution in customer relationship management or CRM1 as it is called, has been referred to as the new “mantra” of marketing. The need to better understand customer behavior and focus on those customers who can deliver long-term profits has changed how marketers view the world. Customer Relationship Management is an innovative approach undertaken by the marketers in the process of developing lifetime customers and maximizing lifetime value of the customers. CRM approach is still new for the corporate managers, as in India the customers are still at the receiving end only. The concept of CRM and its implementation creates chaos for the marketers, as they are unable to comprehend the benefits of this approach to enhance their relationships with their customers and ultimately gain the long-term profitability profit. History of CRM Before the introduction of CRM systems, customers would buy from a company...
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... CUSTOMER RELATIONSHIP MANAGEMENT (CRM) Abstract Majority of administrations have observed the customer relationship management (CRM) design as a hi-tech explanation for glitches in individual region, convoyed by a great deal of not coordinated enterprises. in any case, customer relationship management have to be conceptualized as a strategy, due to its technological, human, and processes implications, meanwhile an organization decides to carry it out. On this concept, the main aim declared in this research is to propose, vindicate, and legalize a model based on critical success influences that will constitute a lead for companies in the execution and diagnosis of a CRM strategy. The model is match by a set of 13 critical success factors with their 55 analogous metrics, which will perform as a lead for organizations desiring to apply this type of strategy. These rudiments cover the three key aspects of every customer relationship management strategy (processes, human factors and technology); giving a universal focuses and appease success in the performing of a CRM strategy. These critical success factors were measured by a group of internationally experts permitting deciding guidelines for a consumer relationship management employment as well as the plausible causes of the shortages in past projects. Introduction In the early of 1960s, Levitt recommended that the aim of business was to “create and sustain customers” [1]. After more than few...
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...factor to decide whether they should buy this product or not, it is not enough for 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...
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...Customer relationship management (CRM) is a widely-implemented strategy for managing a company’s interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support.[1] The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service.[2] Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments.[3] Measuring and valuing customer relationships is critical to implementing this strategy.[4] Benefits of CRM A CRM system may be chosen because it is thought to provide the following advantages:[citation needed] Quality and efficiency Decrease in overall costs Decision support Enterprise agility Customer Attention [edit] Challenges Successful development, implementation, use and support of customer relationship management systems can provide a significant advantage to the user, but often, there are obstacles that obstruct the user from using the system to its full potential. Instances of a CRM attempting to contain a large, complex group of data can become cumbersome and difficult to understand for an ill-trained user. Additionally, an interface...
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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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...IMPROVING CUSTOMER RELATIONSHIP MANAGEMENT IN HOTEL INDUSTRY BY DATA MINING TECHNIQUES MIRELA DANUBIANU, VALENTIN CRISTIAN HAPENCIUC Mirela DANUBIANU, Lecturer Ph. D. Eng, Ec. “Stefan cel Mare” University of Suceava Valentin Cristian HAPENCIUC, Associate Professor, Ph.D. Ec. “Stefan cel Mare” University of Suceava Keywords CRM, data mining hotel industry 1. Introduction It’s a fact that a successful company not only put customers first, but put customers at the center of the organization because the changes in customer behavior determines unpredictable profitability and may be the cause for inefficient marketing planning. The main goal of CRM is the capability to handle customer interaction across different channels and functions, for building loyal and profitable customer relationships. Although cost cutting and competitive pricing strategies may attract customers from competitors, in many services industries price advantages are not a sufficient reason for customers moving between suppliers. In these situations successful competitive strategies include developing strong relationships with customers and cross-selling them other services. Data mining - techniques for exploration and analysis of large quantities of data in order to discover meaningful patterns and rules - helps businesses sift through layers of seemingly unrelated data for meaningful relationships, where they can anticipate, rather than simply react to, customer needs. 2. An overview of CRM Customer Relationship...
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...Customer Relationship Management 1. Introduction In a world where the customer is always the king, more and more companies are going an extra mile to get to know the customers and make them feel happy. Customers want more than just courtesy of the person serving them, they want the sales representatives and the company to know them, recognize them and understand them. Here, the word "relationship" comes into place. Customers want a business relationship with the company where they can be appreciated and respected. Hence, customer relationship management, or CRM, is fast becoming one of the major elements of corporate strategies in many organizations. Already, companies such as Hong Leong Finance and UOB are pouring in millions of money into IT initiatives that will see the deployment of new servers and a CRM system. These IT initiatives are aimed at enhancing the workflow processes thereby saving time and money in the long run. 2. Definition of CRM 2.1 CRM is a strategy Customer Relationship Management (CRM), is strategic approach that combines the business processes, technology, employees, and information across an enterprise to attract and retain profitable customers. In simpler terms, CRM means putting customers at the heart of the business. 2.2 CRM is an information system CRM focuses on the retention of customers by collecting all data from every interaction, every customer makes with a company from 'all' touch or access points whether they are phone, mail...
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...obtained what they need and what through creating and executing products and values with others” -PHILIP KOTLER “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 it stakeholders.” Coping with these exchange processes calls for a considerable amount of work and exchange thinks about the means of achieving desired responses from other parties. Thus we see marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value” -A.M.A (American Marketing Association) “The market include both places and region in which buyers and sellers are in free competition one another” - PYLE “Market for most commodities may be through not as a geographical meeting places but as getting together buyers and sellers in person by mails, telephone or any other communications” - MITCHEN CUSTOMER RELATIONSHIP MANAGEMENT Over a century...
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...Question1 : What are the development approaches for CRM implementation Answer: 1. Defining CRM Functionality: As the requirements define the “what” functionality defines the “how”. Interestingly enough, so does the business process. The best way to identify your functionality is to map out your business process and identify the functions within it. Each function should map back to a business requirement. The key questions to ask when defining necessary functionality are “what aspect of our customer-focused processes do we need to support with technology?” For this to work, the process has to involve following process: a. Analyze customer purchase history to understand the most frequently purchased products by other like customers. b. Score the likelihood that a customer will buy an individual product. c. Communicate resulting customer list and product scores to call center application system. d. Collect response rates. e. Refine scores based on campaign results. The point here is to define your own unique requirements. After the unique requirement is listed, record the functionality for each one, asking, “How will we accomplish this requirement?” This will give you a list of key functions for each requirement and will finish the hard part. 2. Narrowing down the technology choices: When one has identified the necessary functions, one is ready to map the functions to the candidate technologies by answering the question, “Is there a CRM tool that can perform each...
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...BSc (HONS) in Business Information System BIS3012 – Customer Relationship Management Field Research – Customer Relationship Management Tutor: Dr. Lakshimi Narasimhan Chari Date of submission: 9th December 2011 ABSTRACT. Relationship Management is the most strongest and most efficient approach in maintaining relationship with customers. Businesses base on the customers as the famous saying, “Customers are always right” The impact of CRM in the commercial world cannot be undervalued. CRM is first and foremost business strategy that can be effectively executed through the appropriate business process and technology management capabilities the best match to an organization’s customer facing goals. Says Francis Buttle, pg 6, yr 2009. Table of Contents Pages 1. Introduction to Customer Realationship Management (CRM) 1 - 2 2. Business Models of Companies # Alibaba.com 3 # Illyria Geotechnologies 4 # iTunes 4 # Apple.Inc 5 # E-Bay 11 5 # Avon 6 # Inland Revenue Board of Malaysia 6 # Syabas 6 # The Northeast Gang Information System 7 # Proton Sdn Bhd 7 # E-Citizen portal of Singapore 8 # Immigration Department of Malaysia 8 3.Social Media Applications 9 4. CRM Software applications 10 5. CRM Strategies and associated business process 11- 12 6. CRM Best Practices 13 - 14 7. Conclusion 15 8. References 16 – 17 Introduction. According to Judith (2003, pg 41) CRM...
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...Questions for Cases All groups need to prepare the PPTs and groups for presentations will be selected during the sessions 1. Infosys’s Relationship Scorecard 1. How does Infosys’ customer-centric organization compare with that of other companies? What challenges does this organization try to address? What tensions do these challenges create, and how does Infosys deal with them? 2. What is the role of the RSC in a customer relationship? What does an RSC offer that is not already contained in the client’s SLAs? What are the opportunities and challenges involved in building an RSC? 3. Infosys has learned through its RSCs that some customers are dissatisfied with its team turnover. How would you respond to Apted’s request to keep the best people in the Syngenta team? How would you deal with this issue from Syngenta’s perspective? 4. How should Sanjay deal with the challenges and tensions that have arisen with the use of the RSC? Could you help Sanjay design an action plan to improve the RSC? Should Infosys make it a priority for EMs to get their clients to embrace RSCs? Should Sanjay suggest using the RSC earlier in the relationship with a client? Is there any change that you would introduce to the content of the RSC? 2. Chantale and Clinton 1. What were Chantale and Clinton’s service expectations? How did they develop? 2. What is your evaluation of the Canadian’s provision of repair service? 3. Should The Canadian or other stores be concerned about incidents of this...
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...BCO6604— Customer Relationship Management Semester 1 2011 Lithan Hall Singapore Presentation (30% of assessment) & Short Paper (25% of assessment) This assignment should be done in groups of no more than 2 students. You must select a customer relationship management systems topic in conjunction with your workshop leader. The topic chosen will form the basis of a professionally written paper and presentation. Students can select topics based on their own understanding and investigations of the different types of CRM systems or applications across different industry settings. The scope of the CRM topic can be relatively narrow or broad. Some suggested, but not definitive topics might include the following: |Business case for CRM systems adoption |Strategic value of CRM systems | |How CRM creates value for customers |Cloud computing and CRM systems | |Managing networks for CRM performance |Using CRM to managing supplier relationships | |Data mining CRM |Web Services and CRM | |IT requirements for CRM |The CRM Interaction centre | |CRM outsourcing ...
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...------------------------------------------------- Customer Relationship Marketing ------------------------------------------------- Customer Relationship Marketing The Importance Of CRM in Business-to-Business Practices The Importance Of CRM in Business-to-Business Practices Contents 1. Introduction 2 2. The Importance of Customer Relationship Marketing 3 2.1 Business Buyer Characteristics 4 2.2 Collaborative Relationships 5 3. Customer Relationship Marketing Strategies 6 3.1 Acquiring the right Customers 6 3.2 Crafting the right value proposition 7 3.3 Instituting the best process 8 3.4 Motivating employees 8 3.5 Learning to retain customers 9 4. Conclusion 9 5. Reference List 10 1. Introduction According to Gordon, customer relationship marketing is defined as ‘…the on-going process of identifying and creating new value with individual customers and then sharing the benefits from this over a lifetime of association’ (Weinstein, 1999). It is very important to note the evolution of Customer Relationship Marketing in the business world. Communicating a generic message to a large group of people was the norm in the past (Belch and Belch, 2007). This proved to be a very expensive method to keep as this non-specific message did not serve well to understand and deliver each and every one of the individual needs of the customer (Belch and Belch, 2007). The 1980’s saw the advent of database marketing which was the first stage in the journey to efficient Customer Relationship Marketing...
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... ON CUSTOMER RELATIONSHIP MANAGEMENT Submitted to: Kamalpreet Kaur JRF Punjabi University, Patiala INTRODUCTION The essence of the information technology revolution and, in particular, the World Wide Web is the opportunity to build better relationships with customers than has been previously possible in the offline world. By combining the abilities to respond directly to customer requests and to provide the customer with a highly interactive, customized experience, companies have a greater ability today to establish, nurture, and sustain long-term customer relationships than ever before. The ultimate goal is to transform these relationships into greater profitability by increasing repeat purchase rates and reducing customer acquisition costs. Indeed, this revolution in customer relationship management or CRM1 as it is called, has been referred to as the new “mantra” of marketing. The need to better understand customer behavior and focus on those customers who can deliver long-term profits has changed how marketers view the world. Customer Relationship Management is an innovative approach undertaken by the marketers in the process of developing lifetime customers and maximizing lifetime value of the customers. CRM approach is still new for the corporate managers, as in India the customers are still at the...
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...Running head: CMR CMR Eva Stefferud Herzing University In order for this retailer to support its employees in their to build and sustain customer relations, it does need to start from top level down. The most important way in doing so is establishing communication with its employees. When communications is stablished and employees are confident in with the information that is provided to them, trust is then formed. According to Baslin & Reddin, (2004) “Trust is a powerful force that builds loyalty, increases credibility and supports effective communications. It gives you the benefit of the doubt in situations where you want to be heard, understood and believed. A workforce that trusts its leaders and really understands what is happening within the company will be more satisfied, more productive and better able to contribute ideas for improvement. Measuring progress, getting feedback after making the effort, you also want to know whether what you have done is working. Just as there is no end to improving quality, there is no end to building trust. This makes it necessary to combine ongoing, sporadic, short-term measurement activities with regular, long-term measurement. Once you gain the employees trust and buy in, the organization can move forward in building strong relationship with their customers. I believe that internal competitive work methodology can in fact insure the success of a CRM program. I believe that a company that has a strong leadership that...
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