...IMPLEMENTING CUSTOMER RELATIONSHIP MANAGEMENT AS A CORE BUSINESS STRATEGY Presented to Adrian Lim School of Business Management Nanyang Polytechnic February 13, 2014 EXECUTIVE SUMMARY This report provides an analysis and evaluation of the current customer relationship management of Singapore Café Ptd Ltd. The purpose of this report is to enhance the existing customer’s experience at Singapore Café and to increase our presence in the F&B Industry. Sources of data collection include search engines and websites of the companies. The report finds that it is important for Singapore Café to focus on our one-to-one marketing management and knowing who our customers are, where they are and what they need. However, in order to nurture better relationship with customers and retaining them, Singapore Café needs to keep a consistent system of collating information from returned feedback forms and take a step further in enhancing our programme and activities in engaging with our customers. Recommendations discussed include: * Leveraging on Social Media * Develop a centralised customer database. TABLE OF CONTENTS IMPLEMENTING CUSTOMER 1 RELATIONSHIP MANAGEMENT 1 AS A CORE BUSINESS STRATEGY 1 TABLE OF CONTENTS 3 INTRODUCTION 5 STATEMENT OF PROBLEM 5 STATEMENT OF PURPOSE 5 SCOPE OF REPORT 6 SOURCES AND METHOD 6 FINDINGS AND ANALYSIS 7 CONCLUSION 14 RECOMMENDATION 15 LIST OF FIGURES Figures 1 Costa Coffee Six-Months Sales Projection...
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...Customer Relationship Management and Key Account Management [Name of writer] [Name of institution] Table of Contents Introduction 1 Customer Relationship Management 1 Customer Relationship Management in Business to Business 1 Customer Relationship Management in Business to Customer 2 Issues related to CRM in B2B and B2C 2 Customer Privacy 3 Technical Immaturity 4 Ownership and Accountability 4 Importance of Customer Loyalty 5 Conclusion 5 References 7 Customer Relationship Management and Key Account Management Introduction This paper intends to focus on the importance and need of customer relationship management for business organizations. The paper will focus the role of customer relationship management in business to business marketplace. In addition to this, the paper will incorporate the role of customer relationship management in business to customer marketplace. The paper will further illustrate the issues which are associated with customer relationship management in business to business marketplace. Issues related to customer relationship management in business to customer marketplace will also be included in the paper. Positive and negative impacts of relations on business dealings will also be discussed in the paper. All of these discussions will help in understanding proper role of customer relationship management in the both B2C and B2B marketplace. Customer Relationship Management CRM i.e. Customer Relationship Management...
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... Significance to the business model 4 Summary 5 The Employment Relationship 6 Overview 6 Evolving Frameworks and Models 6 Recommendations 7 Legal Context 8 Overview 8 National Legislation & its importance to Australian business 8 Impact of Legislation on the Business 9 Recommendations to Bytes Electrical 10 References 11 Bibliography 11 Executive Summary The purpose of this report is to identify the importance of strategic human resource management to Bytes Electrical. This role of strategical management in regards to a businesses most important assets – its employees, is heavily influenced by a number of stimuli outlined in this report, including the evolution of human resource management to what it is today, the employment relationship and the environment and legal context that the business must operate within. By outlining these influences on Bytes Electrical, this shall allow for the management team to clearly understand the importance of HRM in today’s context. The result of this report is to highlight and convey a summary of these influences and present a number of recommendations to Bytes electrical to ensure the continued and/or increased productivity and efficiency of the business. By presenting these recommendations it allows for the business to identify problem areas within the entity and implement these proposals as it see’s fit. The Evolution of HRM Human resource management is an ever-changing business function and is considered...
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...Understanding E-Business, CRM, and KM Chapter Objectives 1. Understand how e-business differs from traditional business 2. Comprehend the relationship between e-business and electronic commerce 3. Understand the fundamental ideas behind customer relationship management 4. Understand the fundamental value proposition and key tenets of knowledge management 5. Identify the opportunities for knowledge management in e-business 6. Understand the fundamental ideas behind knowledge-enabled customer relationship management and its evolution E-Business: Is the conduct of business on the Internet, not only buying and selling but also servicing customers and collaborating with business partners. CRM: Is an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way. KM: The capabilities by which communities within an organization capture the knowledge that is critical to them, constantly improve it and make it available in the most effective manner to those who need it, so that they can exploit it creatively to add value as a normal part of their work. Death of 4 Ps Building Digital Capital: Knowledge & Relationships. Important Definitions: Customer Acquisition Cost, Channel Strategy, Switching Costs, Lock-In, Segmentation, Customer Profitability, Customer Retention, Response Analysis Fundamentals of Customer Relationships: Lifetime Value...
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...are sold in more than 180 countries, with net sales exceeding USD 82B. With on-the-ground operations spread across 80 countries, meeting the business service needs of the organization was challenging. P&G’s Global Business Services (GBS) organization has met this challenge successfully; they have implemented best-in-class processes to provide business capabilities that create value for the business units, while reducing the costs and efforts necessary to support these operations. GBS is one of four organization pillars that support the organization’s business and provides more than 170 services to the company. The services delivered through GBS include everything from employee services (e.g. people management, facilities, communication, meeting services, and travel services) to business services (e.g. financial services and solutions, product innovation, supply network solutions). Many of those services are provided today through a set of alliance partnerships. The scope of the alliance management effort at GBS encompasses the entire outsourcing lifecycle of these outsourcing engagements; the goal is to create value for the business by improving the efficiency and effectiveness of these partner relationships, while reducing the risk associated with the use of third party organizations to deliver services. Managing the end-to-end relationship successfully creates a win-win situation for the organization and its...
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...Global outsourcing of information technology is a phenomenal business strategy for most countries all over the world, especially the developed. Companies within these states have limited development areas and resources to erect facilities that will maintain all levels of products and services development within the state, hence the aspect of offshore mergers. Various reasons as (Carmel &Nicholson 2005) identifies are as a result of cost reduction strategies due to easy and cheap transit of information and other related products. Edgell, Meister and Stamp (2008, p. 174) argue that, rise of outsourcing is based on cost benefits since most business operations operate on cutting cost of production to realize mass turnover. More so, the technological advancements that are realized as time progresses enhances the move to collaborate with other companies to offer manpower and skills aligned with corporate policies and standard of quality expected. The approach implemented by management determines the effectiveness of its decisions such that planning the whole initiative inclusive of proper funding and monitoring the business results for success (Willcocks 2010). To realize cost reduction, relationships must be developed and maintained first, since a good business relationship is the root of success for any business client and the partner (Weeks & Feeny 2011); therefore cost instills the urge of outsourcing while relationship development offers a conducive environment for working towards...
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...through relationships' Procurement and Contract Management This article is a literature review on the topic ' Procurement is essentially delivering value through relationships' . Procurement has been always considered to be the least among functions like Marketing, Finance, Human Resource Management etc...even though about 60% of the operating cost is for procurement and in cases like a manufacturing company it is even more. The recent Economic crisis has forced the top management to focus on this aspect of the business more carefully. This review explores the various aspects of procurement, in order to understand the concept of procurement some of the basic concepts like buyer and supplier, business relationships and customer value have been defined. Further I have tried to establish how procurement can add value to a business and to do this I have quoted examples from various business websites and journals. The review is also able to describe how a long term business relationship between the Buyer and Supplier can benefit each other both in terms of growth and financially. Every positive side has a negative side to it, I have been able to show some aspects of the negative side of it. Overall it can be concluded that procurement does deliver value through relationships. Introduction Procurement process is one of the most essential part of a business or a project. Through this process you are exposed to the potential market that is available to you in terms of business support...
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...emj.2006.03.005 European Management Journal Vol. 24, Nos. 2–3, pp. 151–162, 2006 Ó 2006 Elsevier Ltd. All rights reserved. 0263-2373 $32.00 The Underlying Vulnerabilities in Key Account Management Strategies NIGEL PIERCY, Warwick Business School NIKALA LANE, Warwick Business School Recent years have seen substantial growth in the development of Key Account Management (KAM) systems and structures to meet the escalating demands faced by suppliers from major businessto-business customers. KAM promises to replace adversarial buyer–seller relationships with cooperation, joint problem-solving and integration in a new model of buyer–seller interaction. Large expenditures have been made by many major companies in building KAM and similar strategies, in the face of ever-growing demands of powerful, large customers. However, these structures appear frequently to have been built on assumptions which are increasingly dubious. There is a compelling case for arguing that in many cases KAM strategy is fatally flawed and will, in the long term, fundamentally damage many of the supplier companies which have invested in this route to market. The challenge is to understand better the inherent weaknesses in KAM strategy to balance these against the potential benefits, and to develop more robust strategic alternatives to managing relationships with major customers. Ó 2006 Elsevier Ltd. All rights reserved. Keywords: Key account management, Strategic account management, Buyer–seller relations, Buyer–...
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...2010.10.07. CRM – Customer Relationship Management Bianka Parragh, Phd Óbuda University Keleti Károly Faculty of Business and Management Institute of Enterprise Management • Approaches of Customer Relationship Management • The origins of CRM • The rise of CRM • The role of CRM • Types of CRM 1 2010.10.07. RE-INVENTING CRM In the late 1990s and early year of the 21th century, CRM was offered up as the next wave of marketing. The tools and techniques that would make traditional marketing obsolete. The automated approaches that would make customer relationships automatic and would enable the marketing organization to shell anything to anyone they chose. CRM was the single solution that would solve every marketing problem. Simply install the software, plug in the customer data and sit back and watch the profils roll in. But it wasn’t that simple. It wasn’t that easy. And, it simply didn’t work that way. Millions of dollars anp pounds and yen and Euros were spent on CRM systems, software and structures but, not enough seemed to come back. The five important things are about the book’s approach to CRM 1.Strategic, not more tactics. CRM is a business decision, made by business managers to achieve business goals. So, most of all, this approach to CRM is strategic. 2. Customers, not companies. Payne’s approach puts the company and the customer in perspective. If there is no benefits to the customer, there can be no benefit to the company. CRM is reciprocal process...
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...FACULTY OF MANAGEMENT STRATEGIC MANAGEMENT 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...
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...the functioning of Customer Relationship Management & its contribution towardsEconomic Development of the county Primary Data 1. Canara Bank.2. Mandvi Co.operative Bank.3. www.crmsurvey.com Secondary Data 1. CRM relating books.2. Economic Times.3. CRM Articles from South Indian Bank.4. CRM in India. Chapter 2. Customer Relationship ManagementIntroduction 1 Customer Relationship Management Customer Relationship Management is all about understanding thecustomer’s needs and leveraging this knowledge to increase salesand improve service. Customer Relationship Management blurs theboundaries between sales and services, and is used to unify acompany’s activities around the customer. The overarching goal isto increase customer share and customer retention throughcustomer satisfaction. True Customer Relationship Managementrequires relentless focus on the customer. That is it in a nutshell.Just as a Roadmap will help you to understand the roads, you willneed to take as well as alternative routes, so CRM helps signcompanies make decision about the best route and objectives for their situation.Many businesses use CRM as a management tool for after theprospect has been given to a customer, but to do this you mustattract the customer. Although CRM is great for managingcustomer relationship, it can also utilized for marketing purposeand you can squeeze out of the most of a system that savesvaluable time and improves relationships significantly. C 2.1. The Evolution...
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...Pergamon PII: European Management Journal Vol. 19, No. 5, pp. 534–542, 2001 2001 Elsevier Science Ltd. All rights reserved. 0263-2373/01 $20.00 S0263-2373(01)00067-6 Cross-Functional Issues in the Implementation of Relationship Marketing Through Customer Relationship Management LYNETTE RYALS, Cranfield University School of Management SIMON KNOX, Cranfield University School of Management There is a major change in the way companies organise themselves as firms switch from productbased to customer-based structures. A key driver of this change is the advent of Customer Relationship Management which, underpinned by information systems convergence and the development of supporting software, promises to significantly improve the implementation of Relationship Marketing principles. In this paper we explore the three main issues that can enable (or hinder) the development of Customer Relationship Management in the service sector; the organisational issues of culture and communication, management metrics and crossfunctional integration — especially between marketing and information technology. 2001 Elsevier Science Ltd. All rights reserved. Keywords: Customer relationship management, Cross-functional integration, Information technology, Relationship marketing keting debate were made by Reichheld and Sasser (1990) reporting on the customer retention work of Bain and Co. These findings indicated that a 5 per cent increase in customer retention resulted in an increase in average...
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...European Scientific Journal May 2013 edition vol.9, No.13 ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431 THE STRATEGIC BENEFITS AND CHALLENGES IN THE USE OF CUSTOMER RELATIONSHIP MANAGEMENT SYSTEMS AMONG COMMERCIAL BANKS IN KENYA Maximillah Bitutu Muro, PhD Candidate Department of Management Science, University of Nairobi, Nairobi, Kenya Peterson Obara Magutu Lecturer, Department of Management Science, University of Nairobi, Nairobi, Kenya Kepha Nyankora Getembe, PhD Candidate Department of Management Science, University of Nairobi, Nairobi, Kenya Abstract Nowadays, many businesses such as banks, insurance companies, and other service providers have realized the importance of Customer Relationship Management (CRM) and its potential to help them acquire new customers, retain existing ones and maximize their lifetime value. At this point, close relationship with customers requires strong coordination between IT and marketing departments to provide a long-term retention of their customers. The purpose of this study was to establish the use of CRM systems and further determine the challenges facing the use of CRM systems among the commercial banks in Kenya. The study used descriptive design. The study targeted forty five (45) commercial banks in Kenya. Primary data was obtained using self administered questionnaires. The successfully filled up questionnaires containing responses were first edited for accuracy, consistency and completeness. The data...
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...Need of Customer Relationship Management Customer Relationship Management is the biggest and the most proficient approach in maintaining and creating relationships with customers. Customer relationship management is not only business but also strong personal connection within people. Development of this type of connection takes the business to new stages of success. Once this personal and emotional linkage is built, it is very quite easy for an organization to identify the actual requirements of customer and help them to serve them in a better way. It is a belief that more the sophisticated strategies involved in implementing the customer relationship management, the more strong and fruitful is the business. A CRM system consists of a historical...
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...Harvard Business Review Article Proposal “Putting the ‘R’ Back into CRM” By Susan Fournier (Boston University) and Jill Avery (Simmons College) November 17, 2009 1.) What is the central message (the “aha”) of the article you propose to write? What is important, useful, new, or counterintuitive about 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...
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