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Customer Relationship Management Model

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Added on  2021-04-24

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CUSTOMER RELATIONSHIP MANAGEMENT 10 CUSTOMER RELATIONSHIP MANAGEMENT Customer Relationship Management Name of Student Name of University Author Note Table of contents Answer to question 1: 2 Answer to question 2: 6 Reference List 11 Answer to question 1: The Customer Relationship Management (CRM) model was developed by Gartner in the year 2002 and had coined the term ‘True CRM’, which can be used by the organisations in handling with the customers in a better manner. This has helped the organisation in maintaining a better position in the market

Customer Relationship Management Model

   Added on 2021-04-24

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Running head: CUSTOMER RELATIONSHIP MANAGEMENTCustomer Relationship ManagementName of StudentName of UniversityAuthor Note
Customer Relationship Management Model_1
1CUSTOMER RELATIONSHIP MANAGEMENTTable of contentsAnswer to question 1:.................................................................................................................2Answer to question 2:.................................................................................................................6Reference List..........................................................................................................................11
Customer Relationship Management Model_2
2CUSTOMER RELATIONSHIP MANAGEMENTAnswer to question 1:The Customer Relationship Management (CRM) model was developed by Gartner inthe year 2002 and had coined the term ‘True CRM’, which can be used by the organisationsin handling with the customers in a better manner. Gartner Inc. is one of the research andadvisory organisation with respect to information technology in the world (Khodakarami andChan 2014). The company has clients from all over the world and provides them advisesregarding maintaining better relationship with the customers. The company was establishedin 1979 and its headquarters is located in Stamford, Connecticut and has clients in more than90 countries across the globe. The company also has around 1600 persons as consultants andresearch analysts (Trainor et al. 2014). The primary reason for the organisation in not understanding true CRM is that theyare not being able to see the bigger picture that will help in making better decisions withrespect to the objectives of the company with that of the customers. Most of the organisationsare struggling in measuring the benefits that they are providing to the customers, as themethods for proving are very difficult with respect to the revenue that has increased withinthe organisation (Choudhury and Harrigan 2014). The main structure of the CRM model proposed by Gartner consists of eight buildingblocks such as the CRM vision, which is the first of the blocks. Most of the organisations thatare successful in nature use the style of leadership that is inspirational in nature. This helpsthe organisation in maintaining a better position in the market with respect to its competitorsby defining the value propositions in a better manner (Eko 2014). An example of this wouldbe ‘Wells Largo’s Los Angeles Metro Region’ where the organisation tries to interpret thevision of the organisation into definite actions throughout the areas that are functional in
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3CUSTOMER RELATIONSHIP MANAGEMENTnature. This has helped the company in achieving almost triple of the amount that wasinvested in the metropolitan area of Los Angeles (Nitu, Tileaga and Ionescu 2014). According to Venturini and Benito (2015), the second block of the CRM modelconsists of the strategy where the successful organisation has to gain proper knowledgeregarding whether the base of customers can be transformed into an asset by delivering aproper value proposition for the customers. It also needs to consist of the objectives regardingthe organisation, customers and the various segments that the company aims to attract thecustomers. The company also needs to define the resources that will be used for interactingwith the potential customers. According to Gohary and Hamzelu (2016), the third block of the model is known asConsistent Valued-Customer Experience, which is inclusive of the propositions, whichcontains some values and is beneficial for the organisation as well as the customers. It helpsthe organisation in achieving a better position in the market by being consistent in all thechannels. Charles Schwab is one of the best examples, as it is considered to be a leader withrespect to the technological innovation and is also facing major competition from the otherfirms as well. Eko (2014) was of the opinion that most of the financial institutions act at afaster rate in meeting the demands of the customers by providing the services through variouschannels throughout the day. This helps the organisation in gaining a better understandingregarding the requirements of the products. For instance, Charles Schwab has been offeringmore functionality with respect to the products through the traditional as well as the modernchannels. This has helped the company in gaining positive results due to the efforts in itsCRM initiatives. According to Das (2015), the fourth part of the model is known as the organisationalcollaboration, which involves the transformation of the behaviour of the employees, structure
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