Customer Relationship Management

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Customer Relationship Management
SYMBIOSIS INSTITUTE OF MANAGEMENT
STUDIES (SIMS)
Dissertation
on

Customer Relationship Management
Submitted By:
Ayush Singh
Roll no:09
PRN No:68211
Class- 2(D)
Semester: Fourth Semester
Date required:18/2/2008
Date of Submission: 18/2/2008
Assignment Grade:
Comments of the Faculty:
1

Customer Relationship Management
CONCEPT OF CRM
INTRODUCTION TO CRM
CRM (Customer Relationship Management) has been growing steadily for the last few years and is now seen as the way forward for any business wishing to thrive in the "e-future '. CRM concentrates on the retention of customers by collecting all data from every interaction, every
customer
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The long term orientation is often emphasized because it is believed that marketing actors will not engage in opportunistic behavior if they have a long-term orientation and that such relationships will be anchored on mutual gains and cooperation.
Another important facet of CRM is —customer selectivity". As several research studies have shown not all customers are equally profitable for an individual company. The company therefore must be selective in tailors its program and marketing efforts by segmenting and selecting appropriate customers for individual marketing programs. In some cases, it could even lead to —outsourcing of some customers — so that a company better utilize its resources on those customer it can serve better and create mutual value. However, the objective of a company is not to really prune its customer base but to identify appropriate programs and methods that would be profitable and create value for the firm and the customer.
Thus Customer Relationship management can be defined as:
—Customer relationship management is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the company and the customer." 4

Customer Relationship Management
OBJECTIVE OF MY STUDY
• The objective of my project is to understand the concept of CRM and its benefits that
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