The questions below will be addressed in the succeeding discussions: What the differences between privacy and data security? How these differences affect the responsible way companies use customer data? What are the ways in which treatment of customer data affect trust?…
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The paper tells that privacy refers to a state of personal information being kept free from unsanctioned intrusion. It is concerned with the handling and protection of personal information that is sensitive. Individuals often give such information in the course of everyday business. On the other hand, data security is a means of ensuring that personal data is kept safe from corruption and access suitably managed and controlled. The differences between privacy and data security are important in handling customer information. This is the reason many organizations have staff responsible for data security totally separated from those in charge of privacy. The differences will ensure that the company responsibly uses customer data to avoid legal suits related to misuse of customer information. It will also help in building customer trust. Building customer trust is vital for the company’s success. This is because it has the impact of building or breaking customer loyalty with the company. For this reason, customers prefer that their private information be kept secret, only being disclosed to authorized persons under their consent. It is, therefore, important that the company maintain both data privacy and security. Customers mainly trust those companies that they believe maintain a high degree of privacy and security of their information. However, companies that do not maintain security and privacy of customer’s data may not be able to ensure customers’ trust. This in most cases resulted in legal action by customers who feels aggrieved by leakage of their personal information...
Selladurai, (n.d) notes that companies that apply mass customization realized many positive outcomes. The advantages they attribute to the fact that mass customization increased their market share, customer satisfaction, expanded customer knowledge, and reduced their order response time. Others reported reduced manufacturing cost, which resulted in increased profits. Customers benefit from the fact that they are reasonably priced, and products are manufactured in accordance with their personal preferences and specifications. Disadvantages of Mass Customization Companies that practice mass customization reported a number of disadvantages. Most notable one is the fact that it increases the cost of production. This is due to the use of premium cost that the manufacturing system incurs for factoring in the flexibility of customization, and for sacrificing a certain degree of cost efficiency that is associated with standardization. Mass customization also lowers on time delivery to the customers. It lowers supplier delivery performance due to uncertainty in customer specification, which result in increased order response time. The method may also result in low product quality. On the customer’s point of view, mass customization result in increased lay over time. This makes the product take longer to reach them. Customers are also not given a chance to return a customized product in case they are unsatisfied with the quality (Selladurai, n.d). Types of Mass Customization Component Sharing Modularity Mass Customization In this case, component swapping modularity is used to customize products by reusing a functional module across a variety of products. It can be a single motor across the power tools or in case
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“Customer Relationship Management Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/management/1395507-customer-relationship-management.
The paper tells that customer relationship management is important to a business enterprise. It consists of a chronological view and breakdown of existing and possible customers. This assists in reduced comparing and searching customers, and to anticipate customer requirements effectively and boost business.
This paper illustrates that customer relationship management is concerned with sales but also includes other functions of a company, such as marketing and customer service. The whole purpose is to facilitate the buying or selling experience for a client. They aim at attracting prospects and sustain close interactions with the existing customers.
The discussion seeks to answer the question: How can a company use new technologies and IDIC task to build a Learning Relationship not possible before e-commerce? How should that chart be changed in order to facilitate customer management and to make sure people are evaluated, measured, and compensated for building the value of the customer base?
The study is conducted to dig out and formulate a structural correlation between the importance of customer database and the improvement in Customer Relationship Management (CRM). For instance it will be discovered about numerous types of customer related data which will be required by the marketing personnel.
This has forced companies to try and evolve their operations and how they interact with their customers so as for these companies to be able to survive in this fast changing environment. The changes taking place in the various companies have not been limited to only a single aspect of the business operations and companies are now adopting various changes that have seen them generally changing every aspect of their operations as opposed to changing only a single aspect of their operations.
In addition, a business can position its entire brand as one which is focused on customer relationships, such as emphasising a company value which is congruent to consumer values. Regardless of the specific model used from organisation to organisation, CRM is all about satisfying the customer as a means to build profitability or achieve organisational performance.
Customer Relationship Management (CRM) is one such tool that integrates technologies and business processes to satisfy the needs of the customer. CRM has been defined as an interactive process that achieves an optimum balance between corporate investments and the satisfaction of customer needs to generate the maximum profit
nd it is important for an organization to have a customer relationship management system as it helps in managing the interaction between the firm and its clients whether it is sales or related to services the firm provides. The customer management system plays a crucial role in
The author of the paper states that there are many advantages of customer types. Customer types have a big role in profiling customers, personalizing offerings, building relationships and determining customer life-time value. Customer life-time value is an important database marketing technique.