...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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...onsider the following progression for a moment, and let's see where eCRM can lead: 1. eCRM provides Access 2. Access creates Information 3. Information enables Measurement 4. Measurement is an imperative for Process Improvement 5. Process Improvement leads to Growth in Revenues & Profit Therefore, eCRM, well implemented, leads to Growth in Revenues & Profits, a bold assertion? This paper offers a definition of eCRM and explains why this progression is a valid. Everywhere you look these days you see ‘everybody.com’ and ‘e-everything’. CRM (Customer Relationship Management) has been undergoing evolution towards the Web for some years but only relatively recently have we seen the term eCRM. So what is eCRM? Is it old CRM with some Internet access bolted on? Or is it more fundamental than that? To properly understand eCRM it is useful to look at the evolution of CRM and to review its original objectives. As can be seen in Figure 1, CRM evolved out of the SFA (Sales Force Automation) systems from the early 90s. Prior to this, companies were not treating Sales & Marketing as priorities for IT investment. Areas such as Accounting, Office Automation and ERP were the money-spinners and it was difficult to find a seriously funded project for Sales & Marketing system. Today it is very different, CRM is considered as very important in most organisations and for many it has become a major element of their ongoing IT investment. Of course, investment in any IT system...
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...organizational performance measures: 1. Financial 2. Customer and Market 3. Quality 4. Time 5. Flexibility 6. Innovation and Learning 7. Productivity and Operational Efficiency 8. Sustainability Exhibit 3.1 The Scope of Business and Operations Performance Measurement Measurement is the act of quantifying the performance criteria (metrics) of organizational units, goods and services, processes, people, and other business activities. Good measures provide a “scorecard” of performance, help identify performance gaps, and make accomplishments visible to the workforce, the stock market, and other stakeholders. Financial Measures • Often take top priority in for-profit organizations. • Traditional financial measures include revenue, return on investment, operating profit, pretax profit margin, asset utilization, growth, revenue from new goods and services, earnings per share, and other liquidity measures. Customer and Market Measures • Customer measures: Customer satisfaction, customer retention, gains and losses of customers and customer accounts, customer complaints, warranty claims, measures of perceived value, loyalty, positive referral, and customer relationship building. − A customer-satisfaction measurement system provides a company with customer ratings of specific goods and service features, and indicates the relationship between those ratings and the customer’s likely future buying behavior. • Market measures: Market share, business...
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...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 believe in the technology and that does not encourage reasonable risk taking and there is a some type of a reward structure in place. According Baran & Galka, (2013) “A worldwide highly successfully high-tech company was led by a progressive CEO who had instilled an intense internal competitive culture. He felt that our competitiveness comes greatness and he was right. Alot of the...
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...businesses in successfully implementing strategies aimed at winning and retaining customers profitably. It is also helping businesses shift from a short-term transaction based mode of operation in their interactions with customers to a long-term relationship mode. Objectives – The objective of this course is to help students understand the concept and practice of CRM derived from research and applications across businesses. These concepts and applications from real life case studies will help identify opportunities, which can be successfully implemented for long term profitability. Pedagogy – The teaching methodology will include a mix of lectures, discussions, presentations by practitioners, videos, exercises and case analysis. The cases are integrative in nature but will also help develop an appreciation of specific elements of CRM. Each session will require preparation of assigned reading / case and active participation by students. A significant portion of the performance will depend on student’s contribution to the class. Group Project – Identify any organisation which is practicing some form of CRM. Start working with them to understand the objectives, strategy, structure and process of relationship management. Identify the key issues they faced in implementation especially related to financial and marketing evaluation of the program. Interview some...
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...profitability of its consumers. Under this program, customer shopping trends are identified and rewarded. This in turn can support the objectives providing an inventory selection of specialty foods that their customers’ desire increasing the favorable of repeat shoppers to the Kudler name. In order for the program to be effective, customers are given a swipe card that contains their information in a bar-code format. The swipe card enables Kudler stores to electronically record the frequency of purchases made by the consumer refiguring the points accumulated during time of checkout. The point system can be explained as so for every one dollar spent with the store one point is accumulated for that transaction. The existing information technology (IT) database the company utilizes is identified as a “customer table” that has each customer’s mailing information regarding the demographics for birthdays and anniversaries. This will need to be revamped to include the points accrued per capita for Frequent Shopper’s cumulative transactions. When the frequent shopper has accumulated the specified range of points determined by Kudler, the reward(s) of their choosing can be redeemed at the nearest store location. The IT department is solely responsible for the e-commerce (EC) expansion of the website that needs to include the customers’ purchases. Implementing the development of this expansion will require the installation of any hardware or software required for the integration process...
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...Conference on Technology and Business Management March 28-30, 2011 Conceptual Framework for E-CRM Project Deployment in Indian Banks Ashwini Atul Renavikar ashvinirenavikar@yahoo.co.in University of Pune Sharad L Joshi sharadljoshi@gmail.com Marathwada Mitra Mandal Institute of Mgt Education, Res and Training, Pune A survey of Database Group (2006) has revealed that approximately 65% of the financial institutions have failed in getting expected benefits from huge investments in CRM technology. Another finding of the study conducted by I-L Wu and K-W Wu (2005) approximately 60% of the web-based CRM software (e-CRM) installations are failures. With these findings at the background the researchers have attempted to study the aspect of e-CRM deployment in 11 Indian banks (34 branches) with specific reference to banks in Pune and Mumbai. The study has been conducted in a sectoral comparison of public, private and cooperative banks. The study has contributed to the body of knowledge by suggesting a conceptual framework – PCM-PPT framework which is a result of quantitative and qualitative analysis of responses by bankers and e-CRM consultants. Keywords: e-CRM, Relationship Marketing, McCall’s Quality Factors 1. Introduction Customer relationship management (CRM) is that part of an enterprise’s business strategy that enables the entire enterprise to understand, anticipate and manage the needs of any current and potential customers. CRM is not an event or a technology, or even an...
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...distinctive customer experience while maintaining low operating costs, they have turned to the promise of CRM. Although operational and security issues became top of mind immediately after September 11th, CRM has gradually come back into focus as airlines recognize the importance of effective customer management in establishing long term competitive advantage. CRM’s promise is indeed compelling strengthened loyalty driving increased revenue, with lower acquisition costs and improved operational efficiency. For full-service airlines, CRM is an essential component of their corporate strategy, the means of differentiating themselves from competitors in the eyes of the customer. And although low cost carriers may be less reliant on CRM as a means of driving competitive differentiation, even they must invest in fundamental CRM technologies and processes to manage the customer efficiently over the course of the travel experience. Increasingly, airlines are recognizing that CRM is a long term investment, with the true benefits reaped through profitable lifelong customer relationships. Although many airlines understand the significance of CRM to their bottom lines, such programs as they exist today are suboptimal. Few airlines truly exploit CRM analytics to segment their customers based on value rather than miles flown, instead, they are using only simplistic segmentation models. CRM investments are largely driven by the competition rather than the needs of the airline’s most valuable customers...
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...management (CRM) technology is becoming more and more prevalent is the workforce nowadays, especially in determining how many sales you were able to make and also customer’s feedback as well as interaction. Generally, CRM is a model that is implemented to manage a company’s interactions with customers, client, and also the sales prospects. By applying the CRM technology, it can help your sales team to organize, automate and synchronize the business processes that would be able to help in finding, attracting and winning the hearts of new and potential clients, in the same time also retaining those loyal customers that you already have. The relevance of using the CRM technology in conjunction with sales may not be recognize immediately to some, but in the long term, there is a certain benefits that will certainly bring a boost to your business. 1. CRM increases the productivity of the sales team As mention, the utilization of CRM is able to provide a huge boost to the sales team. CRM is able to streamline one’s process by making the pricing, order processing and other sales tasks that are completely automated. By adopting the CRM technology, it will give your sales team a competitive advantage by reducing your production costs, increasing the sales revenue and also the market share. 2. Able to build a stronger customer relationships As a sales team, what matter most is to build a strong relationship with your customers. By implementing the CRM technology, the team...
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...which employees 550 individuals and their projected annual earnings are $46 million. RM has production divided among three plants. RM’s mission is to focus on achieving and maintaining profit that ensures that the financial and human capital is available to sustain growth. In week three, team C established four potential outsourcing options. Of those four potentials, RM stands to gain the most potential from outsourcing customer relationship management (CRM). This could cover service, sales, and marketing. Services that will be provided include the call center support, field support management, e-Service, campaign management, sales forecasting, account management, and pipeline management. Outsourcing will assist with new government required reporting requirements. CRM will assist RM for future outsourcing projects such as switching over to compatible systems for finance and accounting. Situation Analysis RM is recognized for their innovation and providing customers with new products. An outsourcing plan pertaining to CRM has been established below. The success of the project will be measured by the performance measures; customer satisfaction, marketing, and employee retention. Outsourcing Plan Based on research by RM they have created a cost-effective recognition program that is aimed at motivating employees, increasing retention, and increase employee satisfaction. These options will be looked at by the management and owners on a regular six-week basis until all criteria...
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...world seems to suggest that the customer survey method is used more often than any other. There can be problems with data collection and analysis from surveys but technology is improving the measurement of data (Oakland, Beardmore, 1995). We now have computer software to take data, analyze and distribute results. This may be more accurate in reporting the statistics reducing human error, but the survey has to be correctly designed to ensure that data is not tarnished (Fogli, 2006). Measurement Methods The most popular method of measuring customer satisfaction is the survey. Most companies will use independent marketing firms to design and implement surveys that are customized to their industry. These companies can use postal questionnaires and telephone poles to collect data. Usually these questionnaires consist of around fifty questions rating the service on the five point Likert scale (Oakland, Beardmore, 1995). They focus around ordering, delivery, installation and their criteria for excellent suppliers. Telephone surveys are similar in the questions asked but added some different elements concerning competitors. These surveys not only expressed what the organizations are doing well, but where unimportant tasks are being performed. This results in cost savings as well. Improvement in technology has created the use of Internet surveys as well. There are several organizations that send out surveys to customers by email on a regular basis. CDW has been able...
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...BCAP 3200 Term Project Implementation Plan For Advanced Health Solution Instructor Instructor Name Students Student #1 Student #2 Student #3 Student #4 Student #5 Student #6 Table of Contents Executive Summary 2 Company Definition 3 Products and Services 4 BIOFLEX LOW INTENSITY LASER 4 MASSAGE THERAPY 5 NUTRITIONAL SUPPLEMENTATION 6 COLONICS THERAPY 6 Organization Chart 8 Sonia Bryl 8 Ksenya Hudym 8 Jason Hudym 9 Company Price List 10 SOP’s 11 New Patient Welcome Letters 11 Routine Patient Correspondence 11 Outgoing Mail 12 New Patient Procedure 12 Current Patient Procedure 13 Appointment Making Procedure 13 Reminder Call Procedure 14 Therapy Session Procedure 14 Billing and Collections 15 Referring Accounts to Collections Procedure 16 Cancellations and No-Shows Procedure 16 Inventory Reorder Procedure 17 Inventory Restocking Procedure 17 Security Considerations 18 Network Security 18 Internet Security 18 Patient Records Security 19 Financial Records Security 19 Legal Considerations 20 Disclaimer: 20 Privacy Issues: 20 Copy Right Laws: 20 Systems Integration 21 Simply Accounting Basic 2007 Analysis 21 Medi Tech LILT Analysis 22 Website & Content Management Analysis 23 Customer Relationship Management Anaylsis 24 Network Review and Analysis 26 ...
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...manages, or franchises a portfolio of brands which includes Waldorf-Astoria Collection, Conrad International, Hilton Hotels, etc. With the focus of Customer Really Matter strategy, Hilton Hotel Corporation has invested much in CRM since 2002 aiming to build a broad customer base and the premier global hospitality business. Hilton Hotels Corporation considers customer as the most important component of their business, so they developed objectives to build a close long-term relationship with their customers. To provide consistent and outstanding service to its customers, the CRM initiative was primarily focus on its four categories of Best Guests: members of Hilton Honor program, 4+, Fast Rez members and local VIPs. Hilton achieves this tight relationship through recognition, personalization, service recovery, and customer analysis. Refer to the endnotes ix and x, the net revenue per call is a measure of efficiency of call center and that the conversion ratio measures how many calls were “closed” turning callers into bookers. By analyzing Exhibit 3.7, the total efficiency improvement from 2002-2007 is 105.5% which indicates that the call center efficiency has been double through the adoption of CRM initiative. This apparent increase shows that the CRM initiative performs well for Hilton Hotel Corporation. What’s more, the conversion ratio from 2002-2007 increased by 3.4% totally though it decreased 0.1% in 2005...
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...Having this into consideration it becomes easy to see how important it is to communicate changes or improvements to Stakeholders, since they are directly affected by all decisions, modifications, etc. Actions needed to be fully calculate since their expertise and know-how is deeply appreciated keeping all processes in track. 4. Frontline Managers should definitely seek for regular feedback, listen to the employees, keep track of progress and aim for growth and development. 5. Property Management Systems (POS) are always a valid tool to keep track of progress, evolution, effective and ineffective strategies or products. POS allow us to receive detailed reports and keep a close eye on something hard to detect without the help of technology. Later on, all this data can be treated...
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...which employees 550 individuals and their projected annual earnings are $46 million. RM has production divided among three plants. RM’s mission is to focus on achieving and maintaining profit that ensures that the financial and human capital is available to sustain growth. In week three, team C established four potential outsourcing options. Of those four potentials, RM stands to gain the most potential from outsourcing customer relationship management (CRM). This could cover service, sales, and marketing. Services that will be provided include the call center support, field support management, e-Service, campaign management, sales forecasting, account management, and pipeline management. Outsourcing will assist with new government required reporting requirements. CRM will assist RM for future outsourcing projects such as switching over to compatible systems for finance and accounting. Situation Analysis RM is recognized for their innovation and providing customers with new products. An outsourcing plan pertaining to CRM has been established below. The success of the project will be measured by the performance measures; customer satisfaction, marketing, and employee retention. Outsourcing Plan Based on research by RM they have created a cost-effective recognition program that is aimed at motivating employees, increasing retention, and increase employee satisfaction. These options will be looked at by the management and owners on a regular six-week basis until all criteria...
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