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Customer Relationship Management Strategies

   

Added on  2021-06-16

12 Pages2821 Words40 Views
Statistics and Probability
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Running head: RELATIONSHIP MANAGEMENT Relationship ManagementName of the Student:Name of the University:Author Note:
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1RELATIONSHIP MANAGEMENTTable of Contents1. Identification of the CRM Strategies for Project Implementation.........................................22. Reasons for the Failure of CRM Implementation at Mashkin...............................................43. Current State of CRM Practice in Emerging Markets of Russia...........................................64. Additional Challenges Faced by Companies in Implementation of CRM Projects...............7References:.................................................................................................................................9
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2RELATIONSHIP MANAGEMENT1. Identification of the CRM Strategies for Project Implementation The changes in the buyer seller model led to the need of Customer RelationshipManagement (CRM) (Kumar, Vineet and Werner). The shift from the marketing behaviourand transactional sales to a customer centred model began in 1970. The relationship managerand the acceleration of the technology incorporated further changes in CRM during the 1980sand the 1990s. During the year 2000s, the internet complexities, advances in the social mediatechnology and the empowered behaviour of the customers completely changed the model.The results implied a shift of the perspective regarding how the consumers address the majorbusiness assets. However, the CRM strategies for project implementation include (Turnbull,Peter and Jean ):1. Governing the satisfaction of the customers beyond the development of good servicesand products2. Ensure retaining the existing customer for maximization of the efficiencies andreductions of the acquisition cost. 3. Improvement in the overall relationship between specific audience and business entityHowever, a different level of consumer relationship values is necessary in order to concentrateon individual needs of specific segment of the customers. This implied that customer loyalty andsatisfaction held more importance to the business metrics compared to the delivery of the servicesand the products (Khodakarami, Farnoosh, and Yolande). Such experience was carried under ahuge technological vacuum where the implementation of the advanced software not only reducedthe cost of doing the business but at the same time enhanced the service and quality expectations.Economic instability during the late 20th and the 21st century created challenges for the existingmarketing and sales trend for gaining newer customers as well as trends. Maximization of value of
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3RELATIONSHIP MANAGEMENTthe existing customers and reaping of the bottom line benefit of the strategy helps in stemming theeconomic hardships.However, for dealing with complex issues related to the identification the implementation ofaccurate CRM program, formation of a task force consisting of the employees belonging to themanagerial level is necessary. The larger firms posses the resource necessary for the buying of acomprehensive custom systems while the smaller firms focuses on lower cost, products offthe shelf, modification of the product development of the other firms and building of a in-house system. In the context of Russia although CRM is a comparatively newer concept, there hasbeen consideration of various CRM strategies by the telecommunication and the financeindustry (Gibbs, Tanya, and Nicholas). In July 2009, the CRM Association formed foraddressing the needs of the CRM market of Russia. The activities of the association includedconducting discussions, conferences and forums, assisting the organizations with necessarytraining, distributing publication for increasing awareness of CRM in the business practicealong with conducting research. Thus, the overall goal of the CRM association lay in not onlybuilding CRM awareness but also in sharing the appropriate practices and the technologies. In the first CRM congress held in Moscow in the year December 2013, only the bestCRM projects of Russia became a part of the discussion relating to the CRM approaches andthe system. There were over 350 top managers from the international and Russian companiestaking part in the discussion. The industries included pharmaceutical, financial services,telecommunication and marketing. There was another conference held in Russia on March2005 conducted by Microsoft Corporation along with DataArt that addressed development ofthe newer CRM solutions. The global business technology event with support from AmericanChamber of Commerce also held in Russia in the year, April 2014 that put forward
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