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CRM - Research Paper Example

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CRM Research Paper Overview Customer Relationship Management plays a significant role in every business organization in the modern perspective. In order to identify the influence of an effective CRM, the paper shall analyze the marketing system of a pharmaceutical company, the Hanmi Pharmaceutical…
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Download file to see previous pages... Its market share has reached 20% in the hypertension drug market. The company wanted to raise the awareness about Amodipine brand through advertising it as nation’s hypertension drug (Hanmi, “Hanmi at Glance”). Clari is another major pharmaceutical product of Hanmi Pharmaceutical Company. It is a Macrolide Antibiotic. It is one the Hanmi’s first generic drugs which are used to cure infection. It has benefited Hanami with robust sales and has ranked second in the sales of drugs after amodipine. Its sales were above 10 million USD in the year 2009 (Hanmi, “Hanmi at Glance”). Hanmi Pharmaceutical Hanmi Pharmaceutical Company was established in the year 1973 and from then onwards it has grown remarkably. Hanmi incessantly showed 20% to 30% growth rate since its establishment. It has emerged as one of the largest pharmaceutical companies in Korea. In the year 2008 its sales was more than 558 million USD. By developing good R&D strategy Hanami Pharmaceutical has now been able to become a most competitive organization in the international market (Hanmi, “Hanmi at Glance”). Value of Customer Relationship Management (CRM) CRM is an approach to create, expand and maintain customer relationship. It provides a vision to an organization in order to deal with their valuable customers. To meet these visions, organization should implement effective CRM strategies that can increase the sales, develop the customer service, marketing and data analysis activities. Notably, the main objective of CRM is to maximize beneficial relationship with customer for both dealer and customer. Hanmi’s high quality marketing as well as sales based information technology is considered as the main driving force which has resulted in consumer growth. Hanmi Pharmaceutical is dedicated to develop and provide innovative and valuable drugs to the customer to maintain an effective customer relationship. Hanmi Pharmaceuticals has been producing Cephalosporin products since 1987 and supplies products in over 40 countries. Hanmi has a wide range of customers in many countries of the USA, Europe and Asia. Their new manufacturing plant has the ability to produce many ‘innovative drug APIs and intermediates’ (Hanmi, “Hanmi at Glance”). Hanmi Pharmaceutical also maintains efficient relationship with their global partners for exploring modified drugs such as esomeprazole, clopidogrel, clari, amodipine and others. Hanmi is also working to find business partners in other parts of the world where they have not established yet (Hanmi, “News Archives”). In the year 2007 Hanmi Pharmaceutical got “Forbes management first prize”. Forbes had put a high valuation on Hanmi because of adopting ERP IT technology and took the social responsibility through a sustainable management approach. Hanmi Pharmaceutical always supports society to help customers live better in a cleaner environment. For instance, for children Hanmi changed single cap medicine to double capped medicine. It planned and promoted various strategies to upgrade the quality of life of customers with efficient CRM strategies (Hanmi, “News Archives”). Customer Retention Program (CRP) Often organizations develop programs which offer purchase inducement, such as discounts on any purchase from any company or “soft benefits” which is referred to as Customer Retention Program (CRP). An effective CRP includes plans and methods for identification and registration of customer, customer segmentation, design ...Download file to see next pagesRead More
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