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The Impact of the Global Recession Within Business Today

In: Business and Management

Submitted By simbamcgrath1
Words 2609
Pages 11
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The impact of the global recession within business

The following is a report on how the Global Recession has impacted on Customer Relations Management and how more and more businesses worldwide have begun to adopt CRM systems in a bid to improve their business in the current economic climate
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The impact of the global recession within business

The following is a report on how the Global Recession has impacted on Customer Relations Management and how more and more businesses worldwide have begun to adopt CRM systems in a bid to improve their business in the current economic climate
Report by: Elaine McGrath
Student K00121928
Limerick Institute of Technology
Report by: Elaine McGrath
Student K00121928
Limerick Institute of Technology

Business Report
The Impact of the Global Recession on CRM within business
Elaine McGrath K00121928
(CRM) Customer relationship management is a business strategy for managing organisations interactions with their customers, their clients and their future sales prospects .It uses technology to organise and automate their business processes such as sales and marketing activities, customer service and technical support. According to a Goldman Sachs Study CRM is considered the second most important initiative after security for business.
The overall goals of CRM are to seek out, find and win new clients and to implement strategies to retain existing customers therefore reducing customer churn levels. Another goal of CRM is to encourage true lifetime loyalty and optimise the lifetime value of the customer as well as deselecting undesirable customers. Undesirable customers may be customers who do not particularly increase profits for a company and in some cases may even cost the company money such as a customer who has to be

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