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Customer Relationship Management - Essay Example

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In the paper “Customer Relationship Management” the author discusses the importance of loyalty which is perhaps the reason why firms are increasingly resorting to induce better Customer Relationship Management policies so as to retain and manage customers…
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Customer Relationship Management
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Download file to see previous pages CRM is a broad aspect and can be used from the perspective of consumer, business and implementation of strategies. CRM can be broadly divided into three major categories namely, functional, business strategy and implementation. Functional category includes aspects which relate to the functional areas of an organization and includes areas like sales force automation, customer support etc. The business strategy aspect can be divided into three types which are business, technology and customer. The implementation perspective can be divided into analytical, collaborative and operational based practices. Analytical CRM is a tool that seeks to gather and analyse data related to operational aspects of an organization. Tools like OLAP and other data warehousing techniques help in creating a better experience for consumers by improving their relationship with the organization. Collaborative CRM focuses upon the different points of interaction with the customer and the firm and serves to integrate the various channels of communication for a better service delivery. Operational CRM helps in providing solutions with regards to various back and front end support for administrative and customer related aspects by integration with different databases to provide customer friendly support and delivery business processes (Motiwalla & Thompson, p.332-333). CRM not only aims at developing a better relationship with the customers but also strives towards creating an all round development....
Collaborative CRM focuses upon the different points of interaction with the customer and the firm and serves to integrate the various channels of communication for a better service delivery. Operational CRM helps in providing solutions with regards to various back and front end support for administrative and customer related aspects by integration with different databases to provide customer friendly support and delivery business processes (Motiwalla & Thompson, p.332-333). Scope and Importance of Customer Relationship Management CRM not only aims at developing a better relationship with the customers but also strives towards creating an all round development of relationship with all the major stakeholders including the suppliers who play a crucial part in the sustainability of the organization. The main aspects of CRM include knowledge of the customer, an effective strategy directed towards maintaining a relationship with the customer, communication and finally the value addition in the product or service offering (Peelen, p.7). Figure 2: Diagram showing the scope of CRM (Source: Buttle, p.299) CRM places the customer at the centre of the framework as all its intended policies are directed towards the development of customer relationship. Management of suppliers is essential considering the fact that they form the backbone of an organization’s business activities. Firms like Wal-Mart have effectively used ERP to bring about a better and efficient relationship with the suppliers so as to deliver greater value to the consumers. Toyota uses a effective CRM framework to manage its large number of suppliers which has helped in attaining efficiency which has reaped numerous operational benefits to ...Download file to see next pagesRead More
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