Scribd Logo
Upload

Welcome to Scribd!

  • 115 views

    Customer Relatioship Management

    Uploaded by

    sundivana
    Customer Relationship Management (CRM) is about understanding customer needs to increase sales and service. CRM blurs sales and service boundaries to focus on customers. The goal is to increase customer retention through satisfaction. True CRM requires relentless focus on customers. Early CRM systems supported sales and service but have evolved into multi-channel systems. CRM provides strategic benefits like increased customers and retention. It also provides functional benefits to strategy makers. Implementing CRM increases key metrics like customers, retention rates, and loyalty. CRM integrates technology and customer-centric processes to understand customers and create personalized strategies. A holistic approach treating customers and employees well is needed for long-term CRM success.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd

    Customer Relatioship Management

    Uploaded by

    sundivana
    115 views6 pages
    Customer Relationship Management (CRM) is about understanding customer needs to increase sales and service. CRM blurs sales and service boundaries to focus on customers. The goal is to increase customer retention through satisfaction. True CRM requires relentless focus on customers. Early CRM systems supported sales and service but have evolved into multi-channel systems. CRM provides strategic benefits like increased customers and retention. It also provides functional benefits to strategy makers. Implementing CRM increases key metrics like customers, retention rates, and loyalty. CRM integrates technology and customer-centric processes to understand customers and create personalized strategies. A holistic approach treating customers and employees well is needed for long-term CRM success.

    Original Description:

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    DOC, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Customer Relationship Management (CRM) is about understanding customer needs to increase sales and service. CRM blurs sales and service boundaries to focus on customers. The goal is to increase customer retention through satisfaction. True CRM requires relentless focus on customers. Early CRM systems supported sales and service but have evolved into multi-channel systems. CRM provides strategic benefits like increased customers and retention. It also provides functional benefits to strategy makers. Implementing CRM increases key metrics like customers, retention rates, and loyalty. CRM integrates technology and customer-centric processes to understand customers and create personalized strategies. A holistic approach treating customers and employees well is needed for long-term CRM success.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    115 views6 pages

    Customer Relatioship Management

    Uploaded by

    sundivana
    Customer Relationship Management (CRM) is about understanding customer needs to increase sales and service. CRM blurs sales and service boundaries to focus on customers. The goal is to increase customer retention through satisfaction. True CRM requires relentless focus on customers. Early CRM systems supported sales and service but have evolved into multi-channel systems. CRM provides strategic benefits like increased customers and retention. It also provides functional benefits to strategy makers. Implementing CRM increases key metrics like customers, retention rates, and loyalty. CRM integrates technology and customer-centric processes to understand customers and create personalized strategies. A holistic approach treating customers and employees well is needed for long-term CRM success.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 6
    At a glance
    Powered by AI
    The key takeaways are that CRM involves understanding customer needs to increase sales and service, focusing on the customer to increase retention and satisfaction, and that it requires a long term strategic approach.

    The strategic benefits of CRM include recognizing it as a long term approach that is important for increasing revenue, though understanding of all its strategic benefits is still developing.

    Some functional benefits of CRM according to the passage include increasing the number of customers, increasing customer retention rates by keeping profitable customers, and increasing customer loyalty and lifetime relationships.

    CUSTOMER RELATIONSHIP MANAGEMENT

    INTRODUCTION:

    Customer Relationship Management is all about understanding the customer’s


    needs and leveraging this knowledge to increase sales and improve service.
    Customer Relationship Management blurs the boundaries between sales and
    services, and is used to unify a company’s activities around the customer. The
    overarching goal is to increase customer share and customer retention through
    customer satisfaction. True Customer Relationship Management requires relentless
    focus on the customer.

    The Evolution Of Customer Relationship Management:

    CRM must start with a business strategy, which drives changes in the
    organization and work processes, which are in turn enabled by Information
    Technology. The reverse does not work.

    In the 1990s, computer systems were deployed to support sales and service
    processes. Sales Force Automation systems quickly evolved from simple contact
    managers, while Customer Service and Support systems became the backbone of
    automated call centers.

    By the late-1990s, the real action was outside the corporate firewall. Explosive
    growth in Internet usage spawned a proliferation of e-business applications to
    manage online customer and partner relationships, often called "e-CRM" and
    "Partner Relationship Management," respectively. Now, "multi-channel CRM"
    systems were available .
    CRM BENEFITS:

     Strategic benefits: Customer relationship management does not enable a


    quick win. It is a long-term approach that has to be adopted at a strategic
    level. This is recognized in 90% of the organizations surveyed and obviously
    has a high level of importance in a company’s strategy to increase revenue.
    However, the understanding of the strategic benefits of relationship
    management still has some way to go. To a greater degree they have
    understood the implications of customer relationship management and have
    identified the risk to their business of not doing so, namely loss of customers
    and competitive attack. They have yet to look at the bigger picture and all of
    the associated benefits that would enable their business strategies to be
    successful.

     Functional benefits of CRM: Strategy formulation in today’s highly


    competitive environment is the most important and difficult decision for any
    firm to make. In response to the question on who in Organization will get
    maximum strategic benefits of CRM Initiatives, majority of managers have
    indicated that they consider strategy decision makers. IT and Delivery
    sections would to the after sales according to the managers follow immediate
    benefit.

     Expected benefits: World-wide experience has shown CRM implementation


    increases number of customers, increases customer retention rate by
    retaining most profitable customers, increases customer loyalty and helps in
    developing lifetime relationship with customers. Over 70% of the firms are
    highly optimistic in getting benefited on these parameters. Expectations are
    greater in increased customer retention and loyalty.
    CRM CAPABILITIES:

    Integration of interactive technologies and customer centric business processes


    to identify, learn and predict buyer behaviour and to create one to one marketing
    strategies.

    A customer centric business intelligent system to create decision support systems


    for efficient sales, marketing and service processes.

    Customer Relationship Management with People.

    The organization of people and information must support the need to manage
    contacts, knowledge and information on a local and global basis. Many corporate
    financial executives complain about the difficulties in identifying and contacting
    the appropriate person for a particular question or problem. Also, they complain
    about the inability of some of their banks to provide a complete picture of business
    dealings with the company.

    The corporate client prefers that a bank be organised on a sector basis. Major
    corporate clients should have a dedicated individual or team for each service area.
    They want the relationship manager to be the focal point between themselves and
    the other resources of the bank. They also want direct access to product and service
    specialists who know them and the business they have transacted

    CONCLUSION:

    Relationship marketing is emerging as a new area of focus for service firms in


    India. But these are mainly based on some loyalty programs and investments in
    technology for enhancing the capability of databases. Managers should ensure that
    while investing in databases, technology, human resources and relationship
    marketing programs, attempts should also be made to develop milestones, which
    help them sustain these initiatives. These milestones become benchmarks against
    which future programs get evaluated. Measurement metrices get developed over a
    period of time when one starts collecting information about customers, their
    buying patterns, usage behavior, referrals, etc and start linking them to the
    marketing programs. Successful firms take a long-term strategic view of customer
    relationship management. It cannot be solely managed through periodic programs.
    A holistic approach which leads firms to develop customer centric process,
    integrate technology through customer oriented approaches, motivate employees to
    perform to their full potential through empowerment are prerequisites for firms to
    successfully utilize their customer knowledge to enhance relationships with their
    customers.

    Customer relationship management is do-able. Presently in India, companies have


    wonderful opportunity to fully utilize the power of a CRM Software Solutions. It is
    unrealistic to implement all the features and integration possibilities all at once. If a
    phased approach is adopted in an planned manner with cross functional teams
    implementing the customized solutions under the co-leadership of both the IT and
    strategists, it will obtain the appropriate approvals at each stage and organization
    will have a successful CRM system to compete globally.
    AVANTHI’S RESEARCH AND TECHNOLOGICAL ACADEMY

    ( RAVADA )

    Marks awarded:

    STUDY

    ON

    CUSTOMER RELATIONSHIP MANAGEMENT

    IN

    LOGISTIC AND SUPPLY CHAIN MANAGEMENT

    ( 2nd MID MINI PROJECT-4TH SEM )

    MASTER OF BUSINESS ADMINISTRATION

    BY
    SUNIL KUMAR

    09HQ1EOO44

    You might also like