Customer Relationship Management - 16994 Words

Customer Relationship Management SYMBIOSIS INSTITUTE OF MANAGEMENT STUDIES (SIMS) Dissertation on Customer Relationship Management Submitted By: Ayush Singh Roll no:09 PRN No:68211 Class- 2(D) Semester: Fourth Semester Date required:18/2/2008 Date of Submission: 18/2/2008 Assignment Grade: Comments of the Faculty: 1 Customer Relationship Management CONCEPT OF CRM INTRODUCTION TO CRM CRM (Customer Relationship Management) has been growing steadily for the last few years and is now seen as the way forward for any business wishing to thrive in the e-future . CRM concentrates on the retention of customers by collecting all data from every interaction, every customer†¦show more content†¦The long term orientation is often emphasized because it is believed that marketing actors will not engage in opportunistic behavior if they have a long-term orientation and that such relationships will be anchored on mutual gains and cooperation. Another important facet of CRM is —customer selectivity. As several research studies have shown not all customers are equally profitable for an individual company. The company therefore must be selective in tailors its program and marketing efforts by segmenting and selecting appropriate customers for individual marketing programs. In some cases, it could even lead to —outsourcing of some customers — so that a company better utilize its resources on those customer it can serve better and create mutual value. However, the objective of a company is not to really prune its customer base but to identify appropriate programs and methods that would be profitable and create value for the firm and the customer. Thus Customer Relationship management can be defined as: —Customer relationship management is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the company and the customer. 4 Customer Relationship Management OBJECTIVE OF MY STUDY †¢ The objective of my project is to understand the concept of CRM and its benefits thatShow MoreRelatedCustomer Relationship Management Systems And Customer Relationships1128 Words   |  5 Pagesrepresentative of the business, and a customer. The customer has a problem or need and the salesperson seeks to address it. From the first line of communication, the salesperson assesses the situation and decides the best solution from their product or service line. Using intuition and skill, the representative leads the customer into buying the best product with hopes of turning a profit. Every exchange is important and will often determine if they customer will return to the business the next timeRead MoreCustomer Relationship Management : Definitions Of Customer Relationships966 Words   |  4 Pages2.1.1. Customer relationship management Definitions of customer relationship management Kumar and Reinartz (2012, p.4) defined CRM as a process companies analyse marketing database and leverage communication technologies to find practices and methods to maximise lifetime value of each customer to the firms. In this definition, the authors focus on customer value which is the economic value customers receive after they interact with the organisations. The most important part of a CRM strategy isRead MoreCustomer Relationship Management1204 Words   |  5 PagesCRM Customer Relationship Management CRM is a Strategy Most people believe that CRM is just a system that will run their business without making any efforts which is totally wrong. The CRM is a strategy that is run by people to acquire, manage, select, grow and retain a strong relationship with the right customers with the best long-term profit potential. This cannot be done with a CRM system without a good strategy that puts the employees on the right track. The CRM System Read MoreCustomer Relationship Management1220 Words   |  5 PagesIntroduction Customer Relationship Management (CRM) is an important part of any companies sales mix. As part of a sales mix, companies must have a strong sales team; a well planned and executed marketing strategy, and a method to record pertinent information to manage customer relations. A CRM system is an important part in any company. They have a variety of uses from holding basic information such as names and address, to holding other information including relationship history, contract informationRead MoreCustomer Relationship Management4209 Words   |  17 PagesFACULTY 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 implicationsRead MoreCustomer Relationships Management2150 Words   |  9 PagesCustomer relationship management (CRM) is a business philosophy and set of strategies, programs, and systems that focuses on identifying and building loyalty with a retailer’s most valued customers (Levy, Weitz 275). A loyal customer is one who is committed to purchasing merchandise and services from a specific retailer, he or she resists the efforts of competitors, and also has an emotional attachment to a retailer. The four steps involved in the formation of a CRM program are collecting customerRead MoreCustomer Relationship Management20711 Words   |  83 PagesThe impact of customer relationship management on the financial performance of an organization 1 Chapter 1-Introduction The impact of customer relationship management on the financial performance of an organization 2 1.1 Introduction This chapter provides an overview of the dissertation in brief. Background of the study and rationale of the study are discussed in the first half. Then this chapter goes on to explain six research objectives and two research questions. Finally structure of Read MoreCustomer Relationship Management1754 Words   |  8 PagesCUSTOMER RELATION MANAGEMENT †¢ MODULE CUSTOMER MANAGEMENT †¢ LECTURER DR GEOFF WINTER †¢ TOPIC CUSTOMER RELATION MANAGEMENT. †¢ SUBMITED BY MUHAMMAD AMIR †¢ I.D. 39644 †¢ GROUP D TABLE OF CONTENT 1. EXECUTIVE SUMMARY 2. DEFINITION OF CUSTOMER RELATION MANAGEMENT 3. QCI CUSTOMER MANAGEMENT MODEL 4. DISCUSSION 5. CONCLUSION 6. CITATIONS EXECUTIVE SUMMARY This paper discussRead MoreProjects: Customer Relationship Management and Customers10208 Words   |  41 Pagesâ€Å"EFFECTIVENESS OF CUSTOMER RELATIONSHIP MANAGEMENT PROGRAMME IN STATE BANK OF INDIA† Submitted In The Partial Fulfillment Of Degree Of MBA Batch 2006-08 SUBMITTED TO: - SUBMITTED BY:- Mrs. Riya Sharma Rishi Gupta (Project Guide) Roll no. 0471483906 [pic] MAHARAJA AGRASEN INSTITUE OF TECHNOLOGY PSP AREA, SECTOR-22 ROHINI, DELHI—110085 Ph: 25489493- WHOMRead MoreCustomer Relationship Management : A Strategy Of Managing Customer Relationships1523 Words   |  7 PagesCRM is Customer Relationship Management: A strategy of managing customer relationships based on the integration of customer information throughout a company in order to achieve maximum customer satisfaction and retention. CRM process is to collect, store, and analyze customer interaction information (customer knowledge), transforming the practice of marketing research. Marketing intelligence: The use of real-time customer information (customer knowledge) to achieve a competitive advantage. In short