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Customer Relationship Management - Essay Example

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In the paper “Customer Relationship Management” the author analyzes a basic company-wide strategy that has been carefully drafted so as to help the company or organization in being able to increase its profitability and reduce costs by firmly solidifying the customer loyalty…
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Customer Relationship Management
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Download file to see previous pages  Engaging in CRM allows company employees, who work in various customer contact departments such as customer support, marketing and sales, to become better placed and able to make rapid and well informed decisions on every aspect of the business ranging from competitive positioning tactics to up-selling and cross-selling opportunities. According to CRM Magazine, although it was once thought to be a type of software, CRM has gradually evolved and has now become a customer-centric philosophy that most organisations are adopting and developing various policies that help it permeate throughout the various organisations. CRM is seen to encompass a set of three key elements that play an important role in the success of a well formulated CRM program. These three elements are basically technology, people and process (destinationcrm, 2010). Customers have long been considered as being the biggest asset to any business enterprise and more often than not, this definition is seen to specially apply to those customers who will continue engaging with the business and hence remain its customers in the future (Rust, Lemon and Zeithami, 2004). Customers are usually perceived as the main reason for which companies as well as business enterprises exist. The value of a given customer can be calculated so as to show the customer lifetime value. The customer lifetime value (CLV) is commonly defined as the current value of the entire. The value of a given customer can be calculated so as to show the customer lifetime. ...Download file to see next pagesRead More
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