Customer Relationship Management- PDF

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QualificationGraduate Diploma in ManagementModule NameMarketing ManagementModule NumberGDM 46Assignment TitleCustomer Relationship ManagementName of CandidateShamila. DeSilvaCandidate No.446071826Submission Date12/15/18Word Count25111|P a g e
Table of Contents1.0 Introduction....................................................................................................................32.0 Definition of Customer Relationship Management.......................................................32.1CRM Types.................................................................................................................42.2 Models of CRM..........................................................................................................52.2.1 IDIC Model..........................................................................................................52.2.2 CRM Value Chain Model....................................................................................63.0 Benefits of Crm..............................................................................................................74.0 Limitation of crm...........................................................................................................85.0 Impact of crm on customer retention.............................................................................86.0 CRM of United Airlines.................................................................................................9List of References...............................................................................................................112|P a g e
1.0 IntroductionToday s competitive world, the organization must create it a lot of necessary to customersand instead of production and economical client service and a focus to their satisfaction,client relationship management can facilitate organizations to spot key customers and theimportance of protective them for future exchange, and thereby reduction of cost, attractnew customers. According to Philip Kotler and Armstrong (2004) CRM is concernedwith managing careful data concerning individual clients and every one client touchpoints" to maximize customer loyalty.The objective of this report is providing expressive information about crm and how it canbe used in the corporate world organization. In the initial part of this assignment, theauthor will explain the definition and importance of CRM. Furthermore, the author willdiscuss CRM models and types to apply the selected organization to identify the strengthand limitations of CRM. Finally, the author will discuss recommendation and conclusionto identify strategies of CRM in the practical world.2.0 Definition of Customer Relationship ManagementAccording to Buttle, (2008) Customer Relationship Management (CRM) "is the corebusiness strategy that integrates internal processes and functions, and external networks,to make and deliver price to targeted customers as a profit. CRM will be more outlined asa whole set of activities covering all functions of the organization, relating with andsupporting a client. Such activities build client satisfaction by a manner of providing totheir wants and wish over an extended amount of your time (Wimshurst and Mackay,2002).3|P a g e
According to Philip Kotler and Armstrong (2004) ‘CRM is concerned with managingcareful data concerning individual clients and every one client touch points" to maximizecustomer loyalty. It may also be outlined as ‘an alignment of strategy, processes, andtechnology to manage customers. In short, CRM is concerning effectively andsuccessfully managing client relationships through the whole life cycle (Deck, 2003).CRM could be a mercantilism strategy to create out, promote and sustain long-runremunerative client association. It needs growing a system to decide on the mostbeneficial customer relationships and operating to supply those customers with servicequality to go beyond their expectations. Recently, it's been shown that the corporation hasgiven the importance through improvement and effective services ((Merlin Stone, NeilWoodcock, 2011). CRM is a new method can be used for the purpose of new customer'screation and protecting Customer relationships. Not only that, it also provides support andretains outstanding relationship between the organization and customers through themaintaining customer loyalty (Neil Woodcock Merlin Stone, 2009).2.1 CRM TypesThere have three major types of CRM, Namely Operational, Collaborative, analyticalCRM are used by organizations. Operational CRM provides support to front-officebusiness processes that involve direct communication with customers through anycommunicating, like phone fax, e-mail, etc. the main points of each interaction withcustomers, as well as their requirements, preferences, topics of argument etc., hold onwithin the customers' contact history and might be retrieved by the organization's workerswhenever needed. Analytical CRM permits to research client knowledge generated byoperational CRM applications, perceive the customers' behavior and derive their trueprice to the organization.This helps to approach the purchasers with relevant data and proposals that satisfy theirwants. The analytical client relationship management applications use analyticalpromoting tools like data processing to extract data just like the shopping for patterns ofthe purchasers, target market, profitable and unprofitable customers, etc., that facilitate toboost the performance of the business. Collaborative CRM permits easier collaborationwith customers, suppliers, and business partners and, thus, enhances sales and client4|P a g e
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