Crm Customer Relationship Management - 2174 Words

CRM – CUSTOMER RELATIONSHIP MANAGEMENT Abstract Customer Relationship Management, also known as CRM, is a technology system that enhances communication between the user and the potential or existing customer. The system is most commonly used in a company to support sales, information technology, and customer service. CRM assists a company by providing and recording information to better help the company align with their customer service goals. According to B. O’Connell (2001) in â€Å"CRM: The New Know-Your-Customer Tool: Customer Relationship Management Software Is Coming,† it gathers and tracks â€Å"all client-related information including transactions and email, in-person and phone communications†¦Ã¢â‚¬  (p. 1). Not all information that is collected is used. Companies, such as Fidelity Investments, track incoming calls and periodically review how well the company supported the customer and found a solution to the problem. TABLE OF CONTENTS Abstract 2 CRM - An Introduction 4 A Discussion of the CRM and Its Development 6 How CRM is Used Today 6 The CRM Strategy 7 The Impact of Technology on CRM 7 The Benefits of CRM 9 CRM – Business Usage 10 CRM in Business Strategy 11 Implementation, Considerations Recommendations 12 Conclusion 13 References – Works’ Cited 14 CRM - An Introduction Customer relationship management (CRM) is a hybrid business solution that can increase sales and marketing efficiency. One can think of it as a powerful set of tools, apps, and platforms thatShow MoreRelatedCustomer Relationship Management (CRM)845 Words   |  3 PagesRM stands for Customer Relationship Management. It is an approach used to learn more about customers needs and manners in order to develop stronger relationships with them. Good customer relationships are at the core of business achievement. There are many technological mechanisms to CRM, but thinking about CRM in mainly technological terms is a mistake. The more useful way to think about CRM is as a calculated process that will help you better understand your customers’ needs and how you can meetRead MoreCustomer Relationship Management ( Crm ) Essay831 Words   |  4 Pages CRM: Customer Satisfaction, Customer Loyalty, and Firm Profitability Customer Relationship Management (CRM) is a tool that helps track, manage and supply information about customer’s interactions with an organization to help contribute to customer satisfaction that leads to customer loyalty. Additionally, CRM programs provide tools and applications designed to target their efforts on the most profitable customers, target new potential customers, and generate sales and maintain relationshipsRead MoreCustomer Relationship Management ( Crm )1510 Words   |  7 Pages1) Introduction: Customer Relationship Management (CRM) is a key business strategy that optimizes customer experience and increases service or product value. CRM represents a function that relates customer satisfaction, customer behaviour, customer value and profit of an organization. The main goal of integrating CRM software is to improve the sales functionality, such as providing real time customer data history to the sales departments. Other benefits of CRM software include impro ved targeted marketingRead MoreCustomer Relationship Management ( Crm )857 Words   |  4 PagesCustomer Relationship Management (CRM) The most important aspect of any company that is involved in medium to big projects, is the company’s relationship with its clients. It is so important that companies like BNSF Railways, which was awarded Customer Relationship Management Excellence Awards in 2006 by Gartner Inc. (Schwalbe, K., pp 56, 2010), boosted its sales by simply investing more in customer relationship management. To reinforce the importance of CRM, studies conducted by HUFS College ofRead MoreCustomer Relationship Management ( Crm )1583 Words   |  7 PagesChapter 2 : CRM study 2.1 Defining CRM Customer relationship management (CRM) is an approach that company’s use to manage, analyze and interact with customers. It refers to the practices, strategies and the technologies used by companies to understand the customer’s needs and behavior in order to create and build relationships with customers and to follow them throughout the customer lifecycle with a focus on increasing retaining customers with driving the sales growth. The idea of a CRM system isRead MoreCustomer Relationship Management ( Crm ) Essay1406 Words   |  6 PagesCustomer Relationship Management (CRM) may be methodology} that supports degree organization’s decision-making method to retain long-term and profitable relationships with its customers. Some define CRM as simply a business strategy whereas others define it as a data-driven approach to assess customers’ current desires and gain The common variations of CRM include: operational CRM (O-CRM); analytical CRM (A-CRM); collaborative CRM (C-CRM); e-Commerce CRM (e-CRM); and mobile CRM (m-CRM) OperationalRead MoreCustomer Relationship Management ( Crm ) Essay769 Words   |  4 Pagesare target markets, customer relationship management (CRM), technology and breakthrough opportunities, building relationships with customers, and most importantly, customer lifetime value. Target markets are part of a marketing strategy. It is a â€Å"fairly homogenous group† of customers who a company wants to appeal to (pg 33). To determine their target markets, companies look at age, location, gender and etc. For example, a firm that sells winter apparel will target customers who live in cold regionsRead MoreCustomer Relationship Management ( Crm )1456 Words   |  6 PagesIntroduction Customer Relationship Management (CRM) is significant in the service marketing these days, customers are the major element that relates to the company growth and profits. Understanding the customer purchase behavior and relationship is a key of success that commonly indicates the B2B B2C relationship management. CRM system provides the customer information that shows what customer wants and needs, and help sales person to increase the customer relationship with the organizationRead MoreCustomer Relationship Management ( Crm )3159 Words   |  13 PagesCustomer Relationship Management (CRM) is a strategy for operating all your enterprise’s relationships and interactions with your clients and future clients (What is CRM.) The CRM industry has been molded by monolithic trends over its lifetime. Back in the late 90s, intranets, extranets and the internet altered CRM into more collaborative approaches. The move to cloud has transformed CRM and the relative merchant success. It has definitely encouraged several more users to implement CRM solutionsRead MoreCustomer Relationship Management ( Crm )1223 Words   |  5 PagesCustomer relationship management (CRM) is an essential part of every modern business. At the beginning of 21st century, the customer power dramatically increased due to Internet and technology development. The objectives of CRM are to build profitable and long-term relationships with customers. CRM is a complete system that provides a 360-degree view of the customer. It is also a method that tends to capture the experience of the consumers, and gain their trust to remain loyal customers. It is also

Overview Of Schumpeter Denoted Entrepreneur As An...

Schumpeter denoted entrepreneur as a key in the economic growth and entrepreneurial process as a prime element in the progress and advancement of economy. Again he stated that entrepreneurship is an essential element for the development of any economy and economic and political framework condition would not affect the growth. The benefits due to entrepreneurship to community will be greater in those economies where entrepreneurs have flexibility to operate, to expand their ideas, and to obliterate the rewards. To attract more and more productive entrepreneurs, governments need to take corrective measures to streamline the policies and regulations. Government should prepare a different framework for the negative effects of layoffs in†¦show more content†¦This will lead to introduction of new technology, innovation of new product line, transformation of their production systems, existing power structures. The crescent interest, in the field of entrepreneurship has enhanced more with the interest of dynamic role of small businesses. In developing country like India small business has a remarkable potential. After analyzing statistical data of various countries it has been shown that small firm developed faster than big industries. Large industries first lost jobs while small industries created new workplaces. Thus the focus is more on small scale industries, which tend to the origin of employment in the developing country India with respect to rural areas. Apart from the employment many other factors denotes the economic progress of country. These factors include investment in fixed assets, climate, infrastructures, inflation, education and institutional quality. Young people are an integral part of the rural community they are able to encourage the long-term economic and social development of the country. According to ‘Food and Agricultural Organization’ (FAO) there is no universally accepted definition of youth. For statistical purposes, the United Nations General Assembly in 1985 for the International Youth Year first defined youth â€Å"as people between the ages of 15 and 24† . Moreover youth can be described in more alternative ways; as on different stage of

Is Marketing Science or Arts Essay Example For Students

Is Marketing Science or Arts Essay Introduction The debating question concerning marketing whether it is a form of science or art has long been a controversial subject. Scholars over the past several decades have constantly argued attempting to classify and prove the term marketing belonging into either the art and science category. Marketing is derived by which a product/service originate, priced, promoted and placed,distributed to people Who consume them. It involves lots Of preparations, developments. Organizing and decision making for all the four P(s) of marketing. Peoples general misconception of the term marketing is that it is n artistic field whereby the role of marketers is to be creative, innovative and thus cook up impressive actions and put their ideas ranging from product adverts, slogans, logos and mascots across the board. What people fail to realize is that beneath all above, there lies the strategic science that revolves the four fundamental P(s) of marketing the product, price, place/distribution strategy that needs to be developed and finally the promotion . The scientific classification for marketing is divided into a group of four factors ranging from practicality, knowledge based, academic based as well as intellectual needs. This essay will focus on some of key factors to argue the point that while marketing as an activity does tend to involve artistic endeavors requiring creativity on the part of marketers, the core of marketing itself as a subject matter is that its very much grounded in the principles of social science, like psychology, for example. Discussion Marketing Is Science: In the past, academics like Avail (1949). Barrels (1951), Hutchinson (1952) and Bezel (1963) have strongly affirmed that marketing is a form of an art due to the complexity of marketplace behaviors was impossible to be formulated based on harries. Avail (1949) believes that innovation, creativity with styles and intuitive feel is what appeals to consumers for a particular product or service. On the contrary, we have another group of academics that stands on the other side arguing that marketing is indeed science, people like Converse (1945), Brown (1948), Alderman and Cox (1948), Kettle (1972) and Hunt (1976). Cayman (1999) states that his fundamental belief of marketing is that is not just alchemy or art but rather it is science because marketing needs to be carried out in accordance to business principles. It is a strategic activity focusing on a discipline and using the right tools to carry it out Again, Cayman (1999) affirms that marketers whose focus is merely based on creativity are bound to have plenty of ideas but not when it comes to sales. It is certainly undeniable that marketing jobs requires some artistic facets to attract consumers to their products or services in the vein Of innovative tastiness, slogans, design and packaging but these artistic elements do not just appear out of thin air but from methodological advancement Of studies be it behavioral science or business areas as well as sociology Sutton and Klein (2003) claims that marketers are businessperson and their role is not merely consisting of being imaginatively trendy. It is therefore a marketers accountability to contribute intellectual research and process discipline to the enterprise marketing management. Marketers must have hypothesis of marketing hopes versus marketing expectations to achieve based on a scientific methodology and setting out to experiment it. The common marketing failures are due to the incapability of marketers to apply knowledge of their clients to position their brands, inability to effectively market their brands ended traditional media plus failure to create necessary customer processes due to lacking of culture and organization information for brand management. Arrant (1985) in his own words quoted that Even a cursory perusal of scholarly articles in marketing journals is bound to confirm dominant status of logical empiricism. He then further qualified that with proper resources such as technology and correct instruments, marketers would be able to produce and more pragmatic manner to solve any marketing issues. The diagram above further illustrates Arrant scientific marketing theory by viding four factors (subjective, Objective, harmony and conflict) containing four models (logical empiricist, sociopolitical, subjective world and liberation). Marketing Institutes and Association Generally, science is classified as a method by which scientists and academics venture to erect a precise, consistent and logical representation or interpretation of a particular subject. Science also involves empirical research or otherwise knowledge, especially gained through experience. Referring back to the milestones of marketing development, The American Marketing Association, a professional association for individuals and companies relied associated with marketing was founded in 1937 and based in North America. The establishment of AMA was resulted in a merger of National Association of Marketing Teachers (MAT) and American Marketing Society (AMASS). Mamas website (2004) approved and defined the role of marketing as a linkage between buyers and sellers through a flow of information which is used to identify and define the marketing prospects and issues from generating, refining and evaluating marketing actions to monitoring marketing performance as well as improving the understanding of marketing as a process. Nonverbal communication EssayInevitably, this focus on marketing measurement not only kept Wichita on top of its game in business, but also consistently put Wichita on Fortunes top 100 places to work list. Another organization that heavily emphasizes a culture of accountability and insurability for marketing activities is Frito Lay, where access to real time data due to its direct store delivery model makes the company able to respond quickly to the effects Of marketing actions. Measurement Of marketing impact is not just the job of the marketing department but also has permeated to the upper levels Of this organizations management (Thomas, Woodard Reportable 2008). Marketing Anthropology and Sociology Marketing academics have provided their insights of their individual theories when it comes to marketing and its co-relation to social science, Kaplan (1964) defines theory as a system of laws whereby the laws are modified into a methodical correlation between one another. It is clear that since marketing as a science concerns transactions between buyer and seller which happens in a social world, marketing is actually a social science. In fact, it can he said that both marketing scholars and managers basically study human behavior (Zinnias Hierarchies, 1992). When it comes to marketing anthropology, there are various ways to categorize research community which basically refers to the buyers and customers (Peter and Olson 19831 Organizations need to take into consideration what potential customers are seeking in order to cater to market the products or services. Therefore, in Order to achieve this, it will involve various mathematical modeling, search and surveys on demographics, geographical factors and customer behaviors. According to Dowling (2004), it is a complex process to understand the psychology behind the motivation of consumers purchasing decisions. Therefore it is crucial to build a strategic research technique to study the behavioral science of consumers which are generalizations, structural frameworks, strategic recommendations and market-sensing principles. Already it can be seen that in the sub-areas of marketing such as consumer behavior, sales management and channel behavior, marketing has already evolved from creative research to one fraught with theories and a collection of problem statements needing evaluation and tests (Anderson 1983). As early as asses, Barrels (1951) has concluded that for marketing to become a proper science, has to evolve from a purely business-world tool to one that has a number of basic irrefutable principles or theories. This evolution from business to science must he jointly worked on by both marketers and social scientists, the former to formulate basic hypotheses based on their real-world experiences and the latter to refute or support the hypotheses by way of experimentation and observation. Admittedly, marketing has a long way to go before it can be recognized as a fully fledged social science discipline. When compared to more established social sciences, like economics, for example, marketing still carries the perception that it is a subject that does not prioritize the principle of knowledge acquisition or the drive to improve human society. Unfortunately, many still see marketing as fulfilling the needs Of only a specific segment Of society; name the commercial sector (Anderson 1983). On a positive note, Hunt (1383) postulated that marketing is progressing in this rear on a good pace. He listed 4 sets Of marketing fundamentals that need to be scientifically explained: 1. Buyer behavior 2. Sel ler behavior 3. Institutional frameworks which facilitate buyer-seller exchanges 4. The consequences of 1-3 on society in general With progress being made on at least 3 of the 4 fundamentals shown above, he is positive that given sufficient time and effort, like other recognized social sciences, marketing would one day have its own tried, proven and testable general theories. Conclusion Marketing as a science may not be as established or mature in comparison to Other social sciences such as psychology but it is also not a purely artistic subject matter. The ongoing argument regarding marketing being art or science is likely one that Will not be concluded anytime soon but it is clear that serious efforts have been made and are still being made to establish the fundamental rules and measurable theories and hypotheses to push marketing up the scientific ladder. The argument that marketing cannot be made a science does not hold water as essentially, marketing is the study of the human condition albeit not just a mental science like psychology regardless of location, and race, culture and elision, human response to stimuli are basically not markedly different. The wants and the needs may differ slightly, but the basics of human behavior do not change. It is important that some ground rules be created in the continuing study of marketing and in the implementation of marketing ideas. A good job is no longer just a matter of opinion, hearsay or guesswork much work has to be done to analyze, calculate and predict and eventually measure the results and effectiveness tot a marketing effort. There is a clear need for this especially now that the business world has become so much more complex.