The need of customer relationship management (CRM) to succeed in the world of business

Sanjay K.

Order the writing of a tailor-made Business strategy Term papers

Free quote online

Thesis Format .doc

The need of customer relationship management (CRM) to succeed in the world of business

Download

Read an extract

Reader
Abstract
Contents
Extract

Abstract

A woman once purchased a car, and several days before the scheduled delivery date, she got a call all from the sales manager at the dealership. Fearing the expected bad news about the potential delay in the delivery date, she answered the call with trepidation. To her surprise manager asked her few questions about where she usually drove, what kind of music she listen to, and so forth. She answered them not really knowing what this was all about until the day she picked up her car. To her delight the dealership had supplied her with maps of the regions she had referred to her in her conversation, and her radio was preset to stations, which corresponded to the music she had indicated as her preference. Needless to say, this woman was this manager's customer for life.

The above is an example of Relationship Marketing by the dealer. Since the customer base of this dealer was not very huge, he was able to establish such a personal rapport with the lady.

Introduction
The advent of relationship marketing
1. Relationship marketing
2. The customer value chain
The concept of relationship marketing includes
From relationship marketing to customer relationship management
Goal of improving productivity in 4 ways
Objectives of CRM
Learning relationship and process
1. Courtship
2. Relationship
3. Marriage
The customer relationship learning cycle
1. Developing the blue print
2. Implementing the processes, people and technology
3. Measuring and monitoring the goal
Perspectives of customer relationship management
Data mining
1. Data mining process cycle
2. Data input
3. Data warehouse
4. Data analysis
Customer satisfaction and loyalty
One to one marketing
1. Reasons for adoption of one to one marketing
2. Benefits of one-to-one marketing
Mass customization
1. Benefits of mass customization
Database marketing
Marketing database system
Stages in database management and usage
Call centers
Customer interactive marketing
Examples of applications of E-CRM
Implementation of CRM program
Challenges and concepts in CRM
The six E's of E-CRM

Get this table of contents for free after login.

Extract

[...] The best consumer satisfaction program in the world is worth very little unless it feed into the strategic and operational planning of the company. This information is then provided to all employees so that adjustments can be made to improve performance in their respective areas. One of the most important parts of the marketing executive's job is to get the entire organization to focus its decisions on actions that affect how many customers are satisfied. Much of a marketer's time is spent creating strategies that influence satisfaction. [...]

[...] Though the concept of buyer-seller relationship is not new, and has been practiced in on form or the other since time immemorial, it is only in recent times that Customer Relationship Management (CRM) has turned into a buzzword. Customer loyalty has always been valuable, but today it has become more vital for success. The Core Concept of CRM is deceptively simple- no doubt born on the web companies with virtually no physical presence have been leveraging the internet and internet-based CRM solutions to reach out to global markets despite their physical limitations, but CRM can also help large brick and mortar companies bridge obstacles created by their complex physical presence to get closer to their customers. [...]

[...] The customer expectations are based on personal experience, observation of others, company actions, advertising and promotion. Customer Satisfaction Measurement Since satisfaction contributes so much to the success of an organization, it is no surprise that marketers are very interested in measuring satisfaction. Satisfaction ratings provide a way for consumer to compare brands, enable testing agencies to determine how well products perform and allow companies to monitor how satisfied consumers are with their goods and services. One critical source of information is feedback from customers. [...]

[...] Business Process Change To successfully implement CRM, customer management processes need to be integrated into the organization so that the identification, attraction, retention and development of customers are truly customer orientated. This implies that existing departmental; product or geographic structures are no longer valid or effective. Changes of this scale are difficult to implement and manage overnight so many organizations obtain short term benefits by putting a process ‘overlay' on to the existing departmental structures. This overlay is designed to increase the communication between departments and enable a broader understanding of customer needs, while the broader process design and implementation phase is developed separately. [...]

[...] To practice true CRM, the production or service delivery end of their business must be able to treat a particular customer differently based on what that customer said during an interaction with the sales or marketing part of the firm. A common misconception about CRM is that, because it stretches down to the granular level of every single customer, every single customer must receive a uniquely different offer or message. That is a worthy goal, but what CRM really means is simply treating different customers differently, in a way that is meaningful to the individual customer. [...]

doc