...REPORT SUMMARY Avoid the Four Perils of CRM by Darrell K. Rigby, Frederick F. Reichheld, and Phil Schefter Arun G Antony (P13111) According to the "Harvard Business Review," a full 55 percent of customer relationship management (CRM) technologies and methods do not produce results. A wide array of CRM technologies exist to help companies target new customers, collect data on existing customers and streamline the customer acquisition process. Though many of these technologies and methods tout big returns, companies considering investing in CRM need to know how to avoid the four main pitfalls of customer relationship management technologies and methods. 1. Implementing CRM before creating a Customer strategy It seems obvious that you should draw up a plan before implementing anything. Yet a surprising number of firms dive headlong into CRM without carefully working out an exact customer strategy that the technology helps the company execute. In some ways it's similar to the rush to be on the web a few years back. It was so hip and "must-do" that everyone joined in. Yet most never stopped to ask why they were doing it or what they would get out of it. As a result, few websites to this day produce much of anything. Most were poorly thought out and almost nobody visits them. Only those who understand the Web and the role it plays in overall customer strategy have mastered how to utilize it. It may well be that the same thing is happening with CRM. Companies hear that Siebel...
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...ENTERPRISE SYSTEMS 1 APPLICATION AREAS Interorganizational systems • Systems that span organizational boundaries • e-Business applications – B2C – link businesses with their end consumers – B2B – link businesses with other business customers or suppliers • Electronic data interchange (EDI) systems 2 APPLICATION AREAS Intraorganizational systems 3 APPLICATION AREAS Intraorganizational systems (cont’d) 4 CRITICAL CONCEPTS Batch processing • A group (or batch) of transactions are accumulated, then processed all at one time 5 CRITICAL CONCEPTS Batch processing (cont’d) • In the early days of computers, all processes were batched • Major problem is the time delay before the master file is updated 6 CRITICAL CONCEPTS Online processing • Each transaction is entered directly into computer when it occurs 7 CRITICAL CONCEPTS Batch processing vs. Online processing • Significant delay before master • Master file updated within a file is updated (usually 1 day) fraction of a second • Much less expensive to operate • Much more expensive to operate Batch Processing Online Processing • Some applications naturally suited for batch processing (e.g., payroll) • Some applications need to be processed in real time Note: given the tradeoffs, hybrid systems that combine online data entry with batch processing are very common 8 CRITICAL CONCEPTS Online processing 9 CRITICAL CONCEPTS Functional information systems • Information...
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...Marketing Management 12e, Kotler and Kellner Summary: Chapter 5 (pages 139 - 171) Building Customer Value, Satisfaction and Loyalty Successful marketing companies invert the chart and see customers at the top and managers at every level must be personally involved in knowing, meeting and serving customers. Customer Perceived Value Customers are more educated and informed than ever and they have the tools to verify companies’ claims and seek out superior alternatives. They estimate which offer will deliver the most perceived value and act on it. Customer perceived value (CPV) is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. Total customer value is the perceived monetary value of the bundle of economic, functional and psychological benefits customers expect from a given market offering. Total customer cost is the bundle of costs customers expect to incur in evaluating, obtaining, using and disposing of a given market offering, including monetary, time, energy and psychic costs. Applying value concepts = what the customer perceives as value and applying these. Choices and implications = (given in the context of the tractor example) ▪ The buyer may be under orders to buy at the lowest price ▪ The buyer will retire before the company realises that the product is more expensive to run ▪ The buyer enjoys a long-term friendship with one of the sales people Buyers...
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...implementation of customer relationship management (CRM) systems. What is the most effective way to realize all of the benefits from CRM system implementation? Research for this report included a review of current literature on effective implementation of CRM systems and the market data on popular CRM systems on the market available on Gartner, the leading information technology research website. Major findings indicate that just simply buying into a CRM system would not bring the promised benefits associated with the system. That is only possible if the implementations of the system is backed by appropriate strategies, supplemented by the aid of high tech IT solutions and it is the most important to know how to use the integrated information system to the best advantage. For the new CRM system being implemented in the company to be a success, the company has to evolve and implement a strategy that will iron out the kinks from the existing system to the new. The success of this endeavor depends greatly on the top management, who has to showcase their commitment and, most importantly, lead the way, guiding the rest of the employees to a new direction, which, when supplemented by the new IT infrastructure, can help give the company the competitive edge it so desires. At the end of the day CRM is only a tool, which can bring tremendous success to the company only if it is implemented and utilized properly. Introduction CRM is a more than just technology, it is a business focus...
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...“Shaping Your Future” The Background Information 1. Whose plan is this? Gabrielle Bonheur Chanel 2. Business and owner details: Renowned worldwide designer Coco Chanel was born with the name Gabrielle Bonheur Chanel on August 19, 1883, in Saumur, France. With her trademark suits and minimal dark dresses, Coco Chanel made ageless outlines that are still famous today. She herself turned into an abundantly respected style symbol known for her straightforward yet advanced outfits matched with incredible adornments, for example, a few strands of pearls. As Chanel once said,"luxury must be agreeable, else it is not extravagance." Her initial years, then again, were definitely not as glamorous as it would seem. After her mom's demise, Chanel was placed in a halfway house by her dad who acted as a merchant. She was raised by nuns who taught her the way to sew—an ability that would prompt her labor of love. Her handle originated from an alternate occupation altogether. Amid her concise profession as a vocalist, Chanel performed in clubs in Vichy and Moulins where she was called "Coco." Some say that the name originates from one of the melodies she used to sing, and Chanel herself said that it was an "abbreviated rendition of cocotte, the French word for 'kept lady," as per an article in The Atlantic. Around the age of 20, Chanel got to be included with Etienne Balsan who offered to help her begin a millinery business in Paris. She soon left him for one of his significantly...
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...------------------------------------------------- Customer relationship management From Wikipedia, the free encyclopedia Customer relationship management (CRM) is a widely implemented model for managing a company’s interactions with customers, clients, and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support.[1] The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients to return, and reduce the costs of marketing and client service.[2] Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments.[3] Measuring and valuing customer relationships is critical to implementing this strategy.[4] Contents [hide] * 1 Benefits of Customer Relationship Management * 2 Challenges * 2.1 Complexity * 2.2 Poor usability * 3 Fragmentation * 3.1 Business reputation * 3.2 Security, privacy and data security concerns * 4 Types/variations * 4.1 Sales force automation * 4.2 Marketing * 4.3 Customer service and support * 4.4 Appointment * 4.5 Analytics * 4.6 Integrated/collaborative * 4.7 Small business * 4.8 Social media * 4.9 Non-profit and membership-based * 5 Strategy * 6 Implementation * 6.1 Implementation...
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...relationship management (CRM) that helps broaden the understanding of CRM and its role in enhancing customer value and, as a result, shareholder value. The authors explore definitional aspects of CRM, and they identify three alternative perspectives of CRM. The authors emphasize the need for a cross-functional, process-oriented approach that positions CRM at a strategic level. They identify five key cross-functional CRM processes: a strategy development process, a value creation process, a multichannel integration process, an information management process, and a performance assessment process. They develop a new conceptual framework based on these processes and explore the role and function of each element in the framework. The synthesis of the diverse concepts within the literature on CRM and relationship marketing into a single, process-based framework should provide deeper insight into achieving success with CRM strategy and implementation. ver the past decade, there has been an explosion of interest in customer relationship management (CRM) by both academics and executives. However, despite an increasing amount of published material, most of which is practitioner oriented, there remains a lack of agreement about what CRM is and how CRM strategy should be developed. The purpose of this article is to develop a process-oriented conceptual framework that positions CRM at a strategic level by identifying the key crossfunctional processes involved in the development of CRM strategy. More...
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...management (CRM) that helps broaden the understanding of CRM and its role in enhancing customer value and, as a result, shareholder value. The authors explore definitional aspects of CRM, and they identify three alternative perspectives of CRM. The authors emphasize the need for a cross-functional, process-oriented approach that positions CRM at a strategic level. They identify five key cross-functional CRM processes: a strategy development process, a value creation process, a multichannel integration process, an information management process, and a performance assessment process. They develop a new conceptual framework based on these processes and explore the role and function of each element in the framework. The synthesis of the diverse concepts within the literature on CRM and relationship marketing into a single, process-based framework should provide deeper insight into achieving success with CRM strategy and implementation. ver the past decade, there has been an explosion of interest in customer relationship management (CRM) by both academics and executives. However, despite an increasing amount of published material, most of which is practitioner oriented, there remains a lack of agreement about what CRM is and how CRM strategy should be developed. The purpose of this article is to develop a process-oriented conceptual framework that positions CRM at a strategic level by identifying the key crossfunctional processes involved in the development of CRM strategy...
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...MARKETING CRM Done Right by Darrell Rigby and Dianne Ledingham FROM THE NOVEMBER 2004 ISSUE T hrough the late 1990s and into 2000, managers plowed millions of dollars into information systems meant to track and strengthen customer relationships. Often built around complex software packages, these customer relationship management (CRM) systems promised to allow companies to respond efficiently, and at times instantly, to shifting customer desires, thereby bolstering revenues and retention while reducing marketing costs. But most firms failed to reap the expected benefits, and as executives dramatically reduced IT expenses in subsequent years, CRM sales plummeted. After rising 28% between 1999 and 2000, CRM sales dropped by 5% in 2001, 25% in 2002, and 17% in 2003, according to the technology market research firm Gartner. Many observers came to believe that CRM was destined to join enterprise resource planning (ERP) as another overhyped IT investment whose initial unmet promise nearly killed off the approach. But something unexpected has happened: Senior executives have become considerably more enthusiastic about CRM. In 2003, Bain & Company’s annual Management Tools Survey of 708 global executives found that firms actually began to report increased satisfaction with their CRM investments. In 2001, CRM had ranked near the bottom of a list of 25 possible tools global executives would choose. Two years later, it had moved into the top half. In fact, 82% of surveyed executives...
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...ESTRATEGIAS CRM EN EMPRESAS HOTELERAS. ESTADO DE LA INVESTIGACIÓN Y DEFINICIÓN DE UN MODELO DE ÉXITO INTEGRADOR Aurora Garrido Moreno Universidad de Málaga e-mail: agarridom@uma.es Antonio Padilla Meléndez Universidad de Málaga e-mail: apm@uma.es ABSTRACT El sector hotelero es especialmente relevante dentro de la actividad turística en general. Podemos afirmar que las empresas hoteleras se enfrentan en la actualidad a un entorno cada vez más cambiante, competitivo y con clientes más exigentes. Para dar respuesta a esto se han desarrollado estrategias de gestión de relaciones con clientes o Customer Relationship Management (CRM), donde la tecnología en la mayoría de los casos se señala como componente esencial. Sin embargo, tras la revisión de la literatura, podemos afirmar que es preciso realizar un análisis integrador de todos los factores que inciden en el éxito de una estrategia CRM. Por ello proponemos un concepto global del CRM como estrategia de negocio. Además, concluimos a partir de la revisión de la literatura que la mayoría de los estudios realizados hasta ahora sobre el CRM y más en el sector hotelero, son estudios de carácter exploratorio, siendo escasos los estudios confirmatorios, y señalando la mayoría de los estudios empíricos existentes principalmente los problemas que surgen a la hora de implementar el CRM en la práctica. Por ello, en este trabajo se presenta un modelo integrador de éxito en la implementación de la estrategia CRM que considera como variables...
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...The extent of technology usage and salespeople: an exploratory investigation Sylvain Senecal HEC Montreal, Montreal, Canada, and Ellen Bolman Pullins and Richard E. Buehrer University of Toledo, Toledo, Ohio, USA Abstract Purpose – Increasingly, salespeople adopt, or are being asked to adopt, and use a variety of technologies to increase their selling productivity and efficiency. Given this trend, many researchers have begun to explore the question of sales force adoption of technology. However, little work has been done to consider what happens once this technology is adopted. The purpose of this paper is to report two studies that investigated if and why salespeople had different technology usage and if the extent of usage had an impact on their performance. Design/methodology/approach – First, a qualitative study was performed to gain insights about extent of technology usage and the reasons that may explain differences. In order to test some of the research propositions that emerged from the qualitative study, an empirical study was conducted with 130 salespeople. Findings – Innovativeness was found to be helpful in distinguishing between different technology usage levels across various technologies (internet, e-mail, intranet, etc.). Results also suggest three potential antecedents of technology use, as well as a potential moderator of the usage to performance relationship. Originality/value – This paper provides a research agenda for studying this important area. Further...
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...A Project Report On Customer Relationship Management in Reliance Life Insurance KOPPAL Submitted in partial fulfillment of the requirements for Award of Master of Business Administration With Specialization In MARKETING Submitted by SUNIL CHOUDARY.K Reg No- MBA/08/48 Under the Guidance of COMPANY GUIDE INSTITUTE GUIDE SANTOSH KUMAR B.R ROHITH C KALASKAR CUSTOMER EXECUTIVE SECRETARY GENERAL HET-IMS HUBLI Indian Institute of Business Management Shivajinagar, Pune – 411 005 Declaration I hereby declare that the project entitled “CUSTOMER RELATIONSHIP MANAGEMENT” undertaken at RELIANCE LIFE INSURANCE COMPANY LTD,KOPPAL submitted in partial fulfillment of the requirement for the award of the degree in Master in Business Administration to the Indian Institute of Business Management, Pune. It is my original work and is not submitted for the award of any other degree or diploma. Place Date SUNIL CHOWDARY.K ACKNOWLEDGEMENT As I look back after the completion of my project I feel it would not have been possible without the guidance. I am very grateful to all the people who have lent their precious time and advice for rendering this project successful...
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...A Project Report On Customer Relationship Management in Reliance Life Insurance Submitted in partial fulfillment of the requirements for Award of Master of Business Administration With Specialization In Human Resources Submitted by Abhishek Vermani Reg No- MBA-6259 Under the Guidance of COMPANY GUIDE INSTITUTE GUIDE SANTOSH KUMAR B.R ROHITH C KALASKAR CUSTOMER EXECUTIVE SECRETARY GENERAL HET-IMS HUBLI Declaration I hereby declare that the project entitled “CUSTOMER RELATIONSHIP MANAGEMENT” undertaken at RELIANCE LIFE INSURANCE COMPANY LTD,SOLAN submitted in partial fulfillment of the requirement for the award of the degree in Master in Business Administration to the ICDEOL Summer Hill Shimla. It is my original work and is not submitted for the award of any other degree or diploma. Place Date ABHISHEK VERMANI ACKNOWLEDGEMENT As I look back after the completion of my project I feel it would not have been possible without the guidance. I am very grateful to all the people who have lent their precious time and advice for rendering this project successful. I take this opportunity to thank them all. Firstly, I am grateful to “RELIANCE LIFE INSURANCE COMPANY LTD, SOLAN” for giving...
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...Communications of the Association for Information Systems (Volume13, 2004) 177-195 177 BUSINESS INTELLIGENCE Solomon Negash Computer Science and Information Systems Department Kennesaw State University snegash@kennesaw.edu ABSTRACT Business intelligence systems combine operational data with analytical tools to present complex and competitive information to planners and decision makers. The objective is to improve the timeliness and quality of inputs to the decision process. Business Intelligence is used to understand the capabilities available in the firm; the state of the art, trends, and future directions in the markets, the technologies, and the regulatory environment in which the firm competes; and the actions of competitors and the implications of these actions. The emergence of the data warehouse as a repository, advances in data cleansing, increased capabilities of hardware and software, and the emergence of the web architecture all combine to create a richer business intelligence environment than was available previously. Although business intelligence systems are widely used in industry, research about them is limited. This paper, in addition to being a tutorial, proposes a BI framework and potential research topics. The framework highlights the importance of unstructured data and discusses the need to develop BI tools for its acquisition, integration, cleanup, search, analysis, and delivery. In addition, this paper explores a matrix for BI data types (structured...
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...Exploitable Weaknesses in Terrorist Organizations CRM 363,professor Ryan Burchnell The Role of the Intelligence Community in the Exploitation of Weaknesses in Terrorist Organizations Ways to help prevent terrorism Cherie Sterling 6/8/2012 Abstract This paper will let you in on what is going on in the intelligence community today and what they are doing to stop the war on terror with all the different agencies and what theories they are using to help fight this battle/war. The role of the intelligence community/agency plays a huge part in the exploitation of weakness among terrorist organizations. In this paper we will see how there are many different theories on how the intelligence community can help stop terrorism or at least calm it down. Also to see how the different intelligence agency work together to help stop the war on terror. We all know that terrorism will probably never completely end, but if we are willing to understand and take charge of the problem at hand maybe, we come to some sort of resolution amongst all the countries. Intelligence agency has been working behind the scenes for many years without any public knowledge on fighting the war on terror. Intelligence agency is behind the scenes type of people they are not out on the battlefield fighting the war so to speak. The intelligence agency is a very tight knit community that works very close with one another they talk with each...
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