FACULTY OF MANAGEMENT
STRATEGIC MANAGEMENT
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
Abstract
Majority of administrations have observed the customer relationship management (CRM) design as a hi-tech explanation for glitches in individual region, convoyed by a great deal of not coordinated enterprises. in any case, customer relationship management have to be conceptualized as a strategy, due to its technological, human, and processes implications, meanwhile an organization decides to carry it out. On this concept, the main aim declared in this research is to propose, vindicate, and legalize a model based on critical success influences that will constitute a lead for companies in the
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The systemic admission places customer relationship management at the middle of the organization, with customer-orientated business processes and the amalgamation of customer relationship management systems [8].
In this resolve, only 2% of the firms are refining successful customer relationship management projects; 18% are beginning to comprehend the projects from a holistic focus; 34% of the firms have initiated projects without any type of harmony; and 46%have not considered customer relationship management [6]. According to the intricacy of initiating a customer relationship management strategy, faced by diverse firms, some advising firms and companies managing statistic data have observed the mistakes happened in the past. They propose few practices and contemplation to be taken into account [6–9].
In this term paper, some references are made to this point, to spotlight and maintain the worth of each of the viewpoints related to a customer relationship management strategy. For example, the analysis carried out by Forsyth capture a sample of about 500 firms, with worries to the factors of inability to succeed to attain the customer relationship management profits. The main causes of powerlessness to get ahead were [9]:
• Organizational alteration (31%).
• Firm policies (23%).
• Small understanding of customer relationship management (18%).
• Deficient customer relationship management
* A Customer Relationship Management System needs to be implemented. Such a system can be bought easily. But The Company should not buy any system just to have it. The decision has to be considered carefully from the aspects of both technical support and management. Management aspects will be addressed at a later point. Technical aspects are that the CRM System must support modern interface and network structures; this so two-way
For most business owners, they would all be in agreement and say that the connection they have with their customers is very important to them because it decides if the business is going to be a great success, or if the business is going to take a nose-dive. As a result, of an increase in customer standards and financial difficulties most firms no matter how big they are, they are taking a second look and thinking about how technology can help them to develop healthier and stronger relationships, and how to capitalize on their business. The best way to handle this situation is to choose a good customer relationship management system this can help a business they can become more efficient while maximizing their productivity. However, CRM systems could only be used by enterprise organizations; that has all changed this system is now being used as an influential factor when determining how well an organization will do (Saab, 2011).
However, some authors admit that substantial investments in CRM are not right for everyone (Groonroos, 1990, 3-11). It is argued that in a small business, it is relatively easily to manage customers than in a large hotel chain, for example, which is required to process a large amount of information and thus needs huge investments in technology, process redesign, and people. However, in order to cope with this problem, information technology (IT) is essential, if used properly.
In order to establish a suitable CRM system and increase the success rate, understanding CRM processes is especially important. Building CRM system, there are many works need to do(). Firstly, the target customer market should be identified. Different customer strategies are focused on different target customer markets based on their profitability. Then, firms set customer objectives, for example, acquire customer satisfaction and loyalty. After that, the leaders and managers should support and commit the implementation of a CRM system. At the same time, when companies change their targets, a plan about changing
An effective Customer Relationship Management (CRM) program can be used to identify, retain, satisfy and obtain customers by using technology to optimize strategies for understanding customers’ needs to manage business interactions with current, former, and prospective customers. Additionally, CRM also enables companies to maximize internal, external, marketing and customer service operations to better address the needs of the customer building a better relationship with customers that a more profitable. (Ahmad & Buttle, 2001)
It refers to a set of strategies employed by a company in managing and analyzing business’s relationship with its customers. The aim of customer relationships management is to improve the quality of service given to the customers and it is also instrumental in assessing customer retention and boosting sales made by the business organization (Christopher, 2016). It also enables firms to gain a competitive advantage over other firms that supply similar products. A firm with an efficient supply management that incorporates sound customer relationship practices in its operations is, therefore, likely to be far ahead of its competitors and rivals. In addition, the integration of the customer relationship management in the field of supply chain management is important as it enables business organizations to collect valuable data that shows the needs and wants of the customers. Consequently, the business organization is able to respond appropriately to the needs of customers. Lastly, the customer relationship management is used in the supply chain management to forecast future behaviors and needs of
This MBA project provides a detail analysis of Customer Relationship Management with respect to its
Through 3 years of studying in the Antonin University the phrase customer relationship management has passed in several courses I've taken as an effective plan a firm can take to be successful. CRM is a system that tries to gather information about customers and help managers to make a good relation that will lead to a feeling of interest to the customer and loyalty to the firm. Firms today realized that being unique or competitive in an innovative product or service is short lived, that what made the relation with customers a strategy of being competitive. CRM is an important step any company can take to be effective and efficient in managing their business. The purpose of this project is to study the challenges of CRM in the Lebanese market and why most of the companies are not applying this process that will lead to their growth. This project will take into consideration the case of Hotel La Memoire that succeeded in investing in
This research paper attempts to conduct a study of deployment of Customer Relationship Management (CRM) best practices in the context of retail banking, specific to HDFC private sector retail bank, one of the largest banks in India with presence in 14 other countries. The research objective involves describing how the selected bank is deploying the Customer
Profitability in business and many other enterprises has a big leaning on the management of the entire firm. In one way or another decision made come back to haunt the management either in a good way or a bad one. When it comes to satisfying customer needs, one has to offer a keen ear to them such that all their feedback is put into account (Mary, 2014). We talk of an awesome customer care management and customer relationship management as crucial in ensuring that the firm goes an extra mile into
In finding & analysis part, I tried to discuss Customer Relationship Management (CRM) practices in Janata Bank Limited (JBL).Information added to this research paper largely based on selected Questionnaire and annual report of Janata Bank 2014.
For any organization to implement a successful CRM is by having a collective and unified vision from board executives, stake holders to operational personnel. The organization and the customers have conditions when building relationships, Organizations need to increase profits and hold its customer base whereas Customers need a quality product with good service and an acceptable price. Objectives for organizations to build customer relationships [8]:
Today, customer relationship management is very important to the business world. Most of the companies established a department and the programs to manage their relationship with the customers. Customer relationship management (CRM) is a business strategy which designed to help a company to understand and look forward to the needs of its potential and current customers (Anderson & Stang, 2000). Customer data is being collected in several different areas of the company, stored in a central database, analyzed, and distributed to key points (Anderson & Stang, 2000).The business world once was “product-centric”, the companies just provided what they could produce. However, it is now become “customer-centric”, they provide products and service
For many reasons, customer’s relationship management in marketing financial services gives a whole host of suggestions as to how companies can improve their Customer Relationship Management and achieve their anticipated returns on investment. It shows how to avoid the main problems and challenges some of the conventional wisdom about what is happening in the financial services market.
Customer Relationship Management (CRM) is a strategy for operating all your enterprise’s relationships and interactions with your clients and future clients. http://www.salesforce.com/uk/crm/what-is-crm.jsp