Crm : Customer Relationship Management

Customer Relationship Management (CRM) is the core business strategy that integrates internal processes and function and external network, to create and deliver value to targeted customer. It is grounded by high quality customer-related data and enabled by information technology.

CRM (Customer Relationship Management) is an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way. For example, an enterprise might build a database about its customers that described relationships in sufficient detail so that management, salespeople, people providing service, and perhaps the customer directly could access information, match customer needs with product plans and offerings, remind customers of service requirements, know what other products a customer had

Customer Relationship Management (CRM) is a tool that helps track, manage and supply information about customer’s interactions with an organization to help contribute to customer satisfaction that leads to customer loyalty. Additionally, CRM programs provide tools and applications designed to target their efforts on the most profitable customers, target new potential customers, and generate sales and maintain relationships with customers contributing to a greater market share.

Different sources can be used for collection of lead generation data, whereas a CRM system can be used to target sales and marketing campaigns. For most of the companies, CRM, an acronym for Customer relationship management is at the heart of their operations. A system containing a record of each interaction with customers, allowing customers to maintain their relationship and keep on offering customers their services, is their lifeblood.

Many firms using CRM to achieve their competitive advantage by understanding individual customer needs, and therefore to manage their marketing efforts more efficiently. For the rapid changes in the market-place, technology and marketing functions, customers are becoming more aware, less loyal and less acceptance of low service levels. These changes lead firms to make their marketing functions customer-based rather than product-based. In addition, growth in data storage technology has made it possible for firms to obtain more amount of customer-level information. All these reasons making effect on the rapid growth and increasing the awareness of CRM.

According to (FORMAN), “CRM is a business and technology discipline for coordinating all of the firm’s business process in sales marketing and services that involve its interactions with customers. CRM consolidate customer data from multiple sources and communication channels from to help firms identify profitable customers, acquire new customers , improve service and support , and target products and services more precisely to customer preference”.

Marketing MA Management and International Business Introduction CRM is a term for methodologists, technologies and e-commerce capabilities -used by companies to manage customer relationships. (Foss, 2001:1) It is also called customer management, customer care and sometimes customer centricity or customer-centric management. (Brown, 2000:1) All the names and definitions of CRM have customer, as its core-it is the management of customer relationships, which attempts to revolutionize marketing and reshape entire business models.

CRM is technology used as proactive marketing strategies. CRM is used in customer centric business environment. CRM is used to track the customer behaviour and habits. CRM main objective is to retain the customer by providing the needful information to the

Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth.

Customer Relationship Marketing (CRM) is more focused on what happens after a customer is acquired. The goal is to develop a long-term customer relationship that benefits both the customer and the company. This summary will discuss the purpose of customer relationship marketing, the customer value versus the company value, strategies used to implement CRM, and review companies that have successfully implemented customer relationship marketing programs.

Customer relationship management (CRM) is an approach that company’s use to manage, analyze and interact with customers. It refers to the practices, strategies and the technologies used by companies to understand the customer’s needs and behavior in order to create and build relationships with customers and to follow them throughout the customer lifecycle with a focus on increasing & retaining customers with driving the sales growth.

Customer Relationship Management (CRM) is significant in the service marketing these days, customers are the major element that relates to the company growth and profits. Understanding the customer purchase behavior and relationship is a key of success that commonly indicates the B2B & B2C relationship management. CRM system provides the customer information that shows what customer wants and needs, and help sales person to increase the customer relationship with the organization. Besides, customer relationship management is used in the business and marketing strategies extensively by segment and targeting the major customer groups. The system presents the customer needs and performances that can help the company to attract the new customer, increase customer satisfaction, reduce the customer manage cost and increase sales productivity.

1) Introduction: Customer Relationship Management (CRM) is a key business strategy that optimizes customer experience and increases service or product value. CRM represents a function that relates customer satisfaction, customer behaviour, customer value and profit of an organization. The main goal of integrating CRM software is to improve the sales functionality, such as providing real time customer data history to the sales departments. Other benefits of CRM software include improved targeted marketing and personalized customer service. The vision for integrating CRM software is to be the most preferred LED lighting company in retail for our targeted customer segments, thus maximizing customer satisfaction and retention, increasing sales

CRM 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, Market Intelligence seeks completive advantage based on real-time customer information. MI begins with the nation of customer knowledge, a company cannot meet its customer needs and wants and thereby offer value, unless it understands the evolution of the customer. Customer Knowledge –What kind of relationships will add value will add value to customers-loyalty programs, Value perception of the customer segment and how can the value be enhanced. To create customer profiles includes customer profiles customer demographics, psychographic data, and direct and indirect communications with the company in order to develop product, service offerings, marketing campaigns, growth and retention. Granular data-Highly detailed, highly personalized data specifically structured around an individual customer. Big companies embrace the vision and long –term goal of capturing and retaining customers. With granular customer information, market intelligence helps them and other companies

In an industry that is more and more competitive every day hospitality organizations like any other business have to find ways to build a client base as well as keep their current clientele loyal. A guests experience when traveling, dining out, or planning their special event is of utmost importance when it comes to the success of the individual organizations that they visit or rely on to provide the service needed. Building a positive customer relationship is beneficial to the customer as well as the financial performance of the organization. In order to build and maintain this positive relationship an organizations marketing department employs a marketing strategy referred to as Customer Relationship Management (CRM). The term CRM can be defined and interpreted in many different ways Reinhartz et al (2004) define CRM as a “process to manage customer relationship initiation, maintenance and termination across all customer contact points to maximize the value of the relationship portfolio”. The way an organization implements CRM is their individual strategy and this strategy can include one or many different approaches. An organizations customer service philosophy should be centered on information that is collected through the use of CRM; therefore, CRM is not only a marketing strategy but also an overall customer-centric business strategy. The purpose of this paper is to identify different types of CRM strategies, their benefits, how these strategies fail as well as