Crm Theory For The Need Of Crm

Customer relationship management (CRM) is a model for helping the company manages its interactions with current and future customers. CRM software helps the company organize, automate, and synchronize sales, marketing, customer service, and technical support.

‘Customer Relationship Management is the ultimate challenge for marketing experts in any business. A successful company will use customer information wisely to build relationships with their customers, on the level that together they will work together towards a long-term relationship.’ (Xu et al. 2002)

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)

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

It gives me deep pleasure in acknowledging the valuable effort extended to me by various personalities in completion of my project because every project needs inspiration, guidance and help at every step. For this, I would like to thank Dr. Lakhwinder Singh, Head of department, for giving me opportunity to work under Dr. Fulbagh Singh, Department of Commerce, Guru Nanak Dev University, Amritsar. I offer heartfelt gratitude to Dr. Fulbagh Singh for his keen interest, suggestions, extreme support and invaluable guidance during the course of this project.

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.

Today, more and more companies find that cultivating customer loyalty is a key factor to achieve success. Customer relationship management (CRM) focuses on the relationship between customer and company. Due to this feature, many companies are trying to establish their own CRM system for helping them to connect new customers and boost old customers’ long-term loyalty. CRM systems include operations and analysis, and relationship marketing strategy and supporting, customer-centric business processes (Buttle 2004). With the development of information technology (IT), using CRM system

Our most sincere thanks to our head of the department Mrs. Urvisha Patel and our project guide Mr. Mayank Chauhan for the kind of co-operation and for guiding, encouraging and motivating us through out in the project.

It’s very important to a business to have good customer relationships; CRM Software’s main objectives are to attract new customers while maintaining and satisfying their current customers and trying to win back the trust of former customers. Customers are one of the most important variables for a business owner to pay attention to, when trying to create a profit. Customer Relationship Management software keeps track of customer information to help the company maintain a strong relation with the customers. Good CRM Software brings together information from all databases within a company and gives

The cumulative impact of Customer Relationship Management (CRM) strategies throughout enterprises continue to illustrate how effective these processes, systems and technologies are for bringing the customers' concerns, preferences and needs into the center of a company's operations. The value of CRM is in changing how companies measure their performance from their customers' expectations, also quantifying the preferences and requirements (Mukerjee, Singh, 2009). Gaining customer insights through the use of CRM can also give companies greater insights into how they can continually improve e-commerce, Web-based self-service and better integrate their existing systems into new Web-based ones (Xu, Walton, 2005). With so much potential value to be attained through the use of CRM and its related technologies, there are a multitude of businesses adopting these technologies.

CRM a combination of policies, processes, and through the organize the implementation of the strategy to unify the Customer interactions, and provide tracking apparatus the customer information. This involves the use of technology In attracting new and profitable customers; and Forming contact the existing ones. Customer relations management is an emerging tool allows the seller to maintain its presence Dynamic the marketing environment. Customer Relationship management of is a business imperative Agenda. Latest research conducted BY BUSINESS LINE Intelligence showed that six ten company since it began in the CRM journey.CRM deep understanding customer needs expect a good attitude and behavior Organize and maintain A customer database and Innovation Strategy in for clients. The customer relationship management is the goal Order to ensure levels of customer’s satisfaction and joy with the company (Pahoa and Versa interface, 2008).

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

Rich customer relationships that generate loyalty and revenue are critical to sustained business performance. Now more than ever, organizations must be able to flexibly adapt to the unique needs of individual customers. To meet this challenge, companies of all sizes are deploying Customer Relationship Management (CRM) applications and strategies across their organizations. They are coordinating multiple channels: including the web, email, call centers, direct mail and face to face – to interact with customers and meet their needs.

Customer relationship management (CRM) is widely implemented and centralized system which offers a place for interaction under a company. An employee can handle again the repeated problem which occurred in the past by re-investigate it. Besides, CRM provides a place to identify what customers wants. Employees can track customer’s expectation by their feedback and communication that can improve their buying experience and stay interact with customer in order to understand their true needs.CRM also has ability to let the company see the customer interaction in clear picture. Different customers from different segments require different products and services, but this complex situation can handle well by CRM. Furthermore, CRM provides quality and efficiency system in the company management that helps company achieves their success by building long-term customer relationship.

Examination Paper: Customer Relationship Management IIBM Institute of Business Management Examination Paper Customer Relationship Management Section A: Objective Type (30 marks) • • • This section consists of Multiple Choice questions & Short notes type questions. Answer all the questions. Part One questions carry 1 mark each & Part Two questions carry 4 marks each. MM.100