...Chapter 2: Understanding E-Business, CRM, and KM Chapter Objectives 1. Understand how e-business differs from traditional business 2. Comprehend the relationship between e-business and electronic commerce 3. Understand the fundamental ideas behind customer relationship management 4. Understand the fundamental value proposition and key tenets of knowledge management 5. Identify the opportunities for knowledge management in e-business 6. Understand the fundamental ideas behind knowledge-enabled customer relationship management and its evolution E-Business: Is the conduct of business on the Internet, not only buying and selling but also servicing customers and collaborating with business partners. CRM: Is an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way. KM: The capabilities by which communities within an organization capture the knowledge that is critical to them, constantly improve it and make it available in the most effective manner to those who need it, so that they can exploit it creatively to add value as a normal part of their work. Death of 4 Ps Building Digital Capital: Knowledge & Relationships. Important Definitions: Customer Acquisition Cost, Channel Strategy, Switching Costs, Lock-In, Segmentation, Customer Profitability, Customer Retention, Response Analysis Fundamentals of Customer Relationships:...
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...E-MARKETING OPPORTUNITIES AND CHALANGES Topic: E-CRM By, Gowthami Budarapu ABSTRACT: Customer Relationship Management (CRM) is a way to identify, acquire, and retain customers - a business' greatest asset. By providing the means to manage and coordinate customer interactions, CRM helps companies maximize the value of every customer interaction and in turn improve corporate performance. E-CRM, or electronic Customer Relationship Management, is an integrated online sales, marketing and service strategy that is used to identify, attracts and retains an organization’s customers. It describes improved and increased communication between an organization and its clients by creating and enhancing customer interaction through innovative technology. E-CRM software provides profiles and histories of each interaction the organization has with its customers, making it an important tool for all small and medium businesses. Internet-based companies need to remain competitive. One way of improving competitive advantage is to attract more customers and increase customer retention; for example, by developing long-term, secure relationships between the buyers and sellers. Little empirical research has been conducted on the link between customer relationship management and customer loyalty within an Internet, or e-commerce, context. Electronic Customer Relationship Management (ECRM) has become the latest paradigm in the world of Customer Relationship Management. ECRM...
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...International Conference on Technology and Business Management March 28-30, 2011 Conceptual Framework for E-CRM Project Deployment in Indian Banks Ashwini Atul Renavikar ashvinirenavikar@yahoo.co.in University of Pune Sharad L Joshi sharadljoshi@gmail.com Marathwada Mitra Mandal Institute of Mgt Education, Res and Training, Pune A survey of Database Group (2006) has revealed that approximately 65% of the financial institutions have failed in getting expected benefits from huge investments in CRM technology. Another finding of the study conducted by I-L Wu and K-W Wu (2005) approximately 60% of the web-based CRM software (e-CRM) installations are failures. With these findings at the background the researchers have attempted to study the aspect of e-CRM deployment in 11 Indian banks (34 branches) with specific reference to banks in Pune and Mumbai. The study has been conducted in a sectoral comparison of public, private and cooperative banks. The study has contributed to the body of knowledge by suggesting a conceptual framework – PCM-PPT framework which is a result of quantitative and qualitative analysis of responses by bankers and e-CRM consultants. Keywords: e-CRM, Relationship Marketing, McCall’s Quality Factors 1. Introduction Customer relationship management (CRM) is that part of an enterprise’s business strategy that enables the entire enterprise to understand, anticipate and manage the needs of any current and potential customers. CRM is not an event or a technology,...
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...CRM From the outside, customers interacting with a company perceive the business as a single entity, despite often interacting with a number of employees in different roles and departments. CRM is a combination of policies, processes, and strategies implemented by an organization to unify its customer interactions and provide a means to track customer information. It involves the use of technology in attracting new and profitable customers, while forming tighter bonds with existing ones. CRM includes many aspects which relate directly to one another: * Front office operations — Direct interaction with customers, e.g. face to face meetings, phone calls, e-mail, online services etc. * Back office operations — Operations that ultimately affect the activities of the front office (e.g., billing, maintenance, planning, marketing, advertising, finance, manufacturing, etc.) * Business relationships — Interaction with other companies and partners, such as suppliers/vendors and retail outlets/distributors, industry networks (lobbying groups, trade associations). This external network supports front and back office activities. * Analysis — Key CRM data can be analyzed in order to plan target-marketing campaigns, conceive business strategies, and judge the success of CRM activities (e.g., market share, number and types of customers, revenue, profitability). Proponents of CRM software claim that it doesn't only allow more effective ways of managing customer relationships...
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...3/Article No-8/2557-2566 ISSN: 2249-7196 INTERNATIONAL JOURNAL OF MANAGEMENT RESEARCH AND REVIEW E - CRM: AN ULTIMATE STRATEGY FOR AN ORGANIZATION Sagar Deshmukh*1, N. Deepa2, A. Raj Shravanthi3 1 Research Scholar, Dept. of Agrl. and Rural Management, Tamil Nadu Agricultural University, Coimbatore, Tamil Nadu, India. 2 Assistant Professor, Dept. of Agrl. and Rural Management, Tamil Nadu Agricultural University, Coimbatore, Tamil Nadu, India. 3 Research Scholar, Dept. of Agrl. and Rural Management, Tamil Nadu Agricultural University, Coimbatore, Tamil Nadu, India. ABSTRACT Customer relationship management is a business strategy to select and manage relationship with the most valuable customers. The concept of CRM when seen in context of e-business called as e-CRM. It provides companies means for conducting personalized, interactive and relevant communication with customers across both traditional and electronic channel. E-CRM integrates traditional CRM and e-business application. It makes possible for an organization to extend its infrastructure to customers and partners in ways that offer new opportunities of learning customer needs, gaining new economies, reaching new customers, adding values and doing these in real time while it might sound very simple, achieving effective e-CRM is itself a stupendous task. Companies agree that e-CRM is critical to their business, but unfortunately very few understand exactly what it is or how to evolve an eCRM solution from...
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...European Scientific Journal May 2013 edition vol.9, No.13 ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431 THE STRATEGIC BENEFITS AND CHALLENGES IN THE USE OF CUSTOMER RELATIONSHIP MANAGEMENT SYSTEMS AMONG COMMERCIAL BANKS IN KENYA Maximillah Bitutu Muro, PhD Candidate Department of Management Science, University of Nairobi, Nairobi, Kenya Peterson Obara Magutu Lecturer, Department of Management Science, University of Nairobi, Nairobi, Kenya Kepha Nyankora Getembe, PhD Candidate Department of Management Science, University of Nairobi, Nairobi, Kenya Abstract Nowadays, many businesses such as banks, insurance companies, and other service providers have realized the importance of Customer Relationship Management (CRM) and its potential to help them acquire new customers, retain existing ones and maximize their lifetime value. At this point, close relationship with customers requires strong coordination between IT and marketing departments to provide a long-term retention of their customers. The purpose of this study was to establish the use of CRM systems and further determine the challenges facing the use of CRM systems among the commercial banks in Kenya. The study used descriptive design. The study targeted forty five (45) commercial banks in Kenya. Primary data was obtained using self administered questionnaires. The successfully filled up questionnaires containing responses were first edited for accuracy, consistency and completeness. The data...
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...for: Dr. Diane McCann Prepared by: Arqum Usmani E- Commerce for Small Business Prepared for: Dr. Diane McCann Prepared by: Arqum Usmani E- Commerce for Small Business You decide Week 5 You decide Week 5 It’s a great joy to know that my ideas contributed to the ongoing growth and success of this company. I was confident that we would be successful as a company, we had a great idea and product thanks to Catherine and Max also to help make this idea successful. Now that we have become successful it’s time for us to sustain and also take this success to the next level. I’m excited that you guys offered to use an e-CRM system as our next step to building. It’s a great idea and I’m definitely on board to get this started but the question now is what system is best for us? First I want to talk about the advantages that an e-CRM system has to offer and how it will benefit us. The e- CRM system is a management system for electronic customer relationships which I predicted last time would become a huge success and also something to watch out for. I advised that our relationship with the customer should always be good and always make the customer satisfied. The e-CRM will definitely help us with this process by making it more efficient to deal with our customers. We are a company that offers high quality portraits and with it comes our exceptional service to the customer and our company Town Photography will benefit from an e-CRM system to keep our exceptional customer service...
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...(HONS) in Business Information System BIS3012 – Customer Relationship Management Field Research – Customer Relationship Management Tutor: Dr. Lakshimi Narasimhan Chari Date of submission: 9th December 2011 ABSTRACT. Relationship Management is the most strongest and most efficient approach in maintaining relationship with customers. Businesses base on the customers as the famous saying, “Customers are always right” The impact of CRM in the commercial world cannot be undervalued. CRM is first and foremost business strategy that can be effectively executed through the appropriate business process and technology management capabilities the best match to an organization’s customer facing goals. Says Francis Buttle, pg 6, yr 2009. Table of Contents Pages 1. Introduction to Customer Realationship Management (CRM) 1 - 2 2. Business Models of Companies # Alibaba.com 3 # Illyria Geotechnologies 4 # iTunes 4 # Apple.Inc 5 # E-Bay 11 5 # Avon 6 # Inland Revenue Board of Malaysia 6 # Syabas 6 # The Northeast Gang Information System 7 # Proton Sdn Bhd 7 # E-Citizen portal of Singapore 8 # Immigration Department of Malaysia 8 3.Social Media Applications 9 4. CRM Software applications 10 5. CRM Strategies and associated business process 11- 12 6. CRM Best Practices 13 - 14 7. Conclusion 15 8. References 16 – 17 Introduction. According to Judith (2003, pg 41) CRM defines...
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...What are the development approaches for CRM implementation Answer: 1. Defining CRM Functionality: As the requirements define the “what” functionality defines the “how”. Interestingly enough, so does the business process. The best way to identify your functionality is to map out your business process and identify the functions within it. Each function should map back to a business requirement. The key questions to ask when defining necessary functionality are “what aspect of our customer-focused processes do we need to support with technology?” For this to work, the process has to involve following process: a. Analyze customer purchase history to understand the most frequently purchased products by other like customers. b. Score the likelihood that a customer will buy an individual product. c. Communicate resulting customer list and product scores to call center application system. d. Collect response rates. e. Refine scores based on campaign results. The point here is to define your own unique requirements. After the unique requirement is listed, record the functionality for each one, asking, “How will we accomplish this requirement?” This will give you a list of key functions for each requirement and will finish the hard part. 2. Narrowing down the technology choices: When one has identified the necessary functions, one is ready to map the functions to the candidate technologies by answering the question, “Is there a CRM tool that can perform each of these core...
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...- 452 Permanent link to this document: http://dx.doi.org/10.1108/02635570210445871 Downloaded on: 24-11-2012 References: This document contains references to 18 other documents Citations: This document has been cited by 37 other documents To copy this document: permissions@emeraldinsight.com This document has been downloaded 11293 times since 2005. * Users who downloaded this Article also downloaded: * Injazz J. Chen, Karen Popovich, (2003),"Understanding customer relationship management (CRM): People, process and technology", Business Process Management Journal, Vol. 9 Iss: 5 pp. 672 - 688 http://dx.doi.org/10.1108/14637150310496758 Yun E. Zeng, H. Joseph Wen, David C. Yen, (2003),"Customer relationship management (CRM) in business-to-business (B2B) e-commerce", Information Management & Computer Security, Vol. 11 Iss: 1 pp. 39 - 44 http://dx.doi.org/10.1108/09685220310463722 Christopher Bull, (2003),"Strategic issues in customer relationship management (CRM) implementation", Business Process Management Journal, Vol. 9 Iss: 5 pp. 592 - 602 http://dx.doi.org/10.1108/14637150310496703 Access to this document was granted through an Emerald subscription provided by INDIAN INSTITUTE OF MANAGEMENT KOZHIKODE For Authors: If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service. Information about how to choose which publication to write for and submission guidelines are available for all. Please visit...
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...RELATIONSHIP MANAGEMENT | CRM IN BANKING INDUSTRY | Submitted by- Kartikeya Vairagare 046 laxita Chauhan 048 Manvendra Gautam 050 Mohit dave 053 Pranit Bhagat 055 Piyush Shende 057 Shambhavi Singh 078 | Introduction In recent time, we has witnessed that the World Economy is passing through some intricate circumstances as bankruptcy of banking & financial institutions, debt crisis in major economies of the world and euro zone crisis. The scenario has become very uncertain causing recession in major economies like US and Europe. This poses some serious questions about the survival, growth and maintaining the sustainable development. However, amidst all this turmoil India’s Banking Industry has been amongst the few to maintain resilience. The tempo of development for the Indian banking industry has been remarkable over the past decade. It is evident from the higher pace of credit expansion, expanding profitability and productivity similar to banks in developed markets, lower incidence of non- performing assets and focus on financial inclusion have contributed to making Indian banking vibrant and strong. Indian banks have begun to revise their growth approach and re-evaluate the prospects on hand to keep the economy rolling. 1. HISTORICAL BACKGROUND Bank of Hindustan was set up in 1870; it was the earliest Indian Bank. Later, three presidency banks under Presidency...
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...organization: organizational design for e-CRM M.F. Smith & Associates, Inc., Morristown, New Jersey, USA Keywords Information systems, Transaction costs, Organizational design, Teams, E-commerce Abstract In 1998 J.P. Morgan's analysts forecast that the market for e-CRM (customer relationship management) solutions would grow rapidly. Since then more than 700 e-CRM firms have emerged. The convergence of information technologies caused enterprise information systems providers to add e-CRM functionality to their systems, thus further increasing the number of e-CRM suppliers. The proliferation of e-CRM concepts, models and technologies causes significant confusion and uncertainty. Corporate executives question the economic benefits of investing in multimillion dollar e-CRM projects, ponder about the right business and organizational models for e-CRM, and are uncertain which e-CRM models and technologies will prove both profitable and sustainable over time. With so many failed e-CRM initiatives some executives wonder whether e-CRM is not simply a hype. In the present paper what e-CRM is, from where the economic benefits from investing in e-CRM derive, and the evolution of alternative e-CRM models are elaborated. It is also argued that successful e-CRM projects are not narrowly departmental, but instead organization-wide initiatives. The paper presents a conceptual framework for e-CRM organizational architecture. The findings in the paper are based on e-CRM industry analysis, evaluation and...
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...Delhi Business Review ? Vol. 2, No. 1, January - June, 2001 E-CRM IN INDIAN BANKS AN OVERVIEW R.K. Mittal Rajeev Kumra T ECHNOLOGY, people and customer are the three elements on which hinges the success of banking in the fast changing economic environment. The ultimate performance of a bank depends upon the satisfaction of its customers. In the emerging competitive and technological driven banking era, banks have to strive hard for retaining and enlarging their customer base. E-CRM, which is the latest buzzword in the corporate sector, is perceived as one of the effective tool in this direction by the banks. Its emphasis is on defining the customers as valuable in the long-term and on viewing customer relationships as a learning relationships. The concept of CRM, when seen in the context of e-business, it translates into e-CRM, which essentially deals with managing customer interactions over the web. The present paper attempts to analyze the concept of e-CRM in Indian banks from its various dimensions covering specifically its need, process, present status and future prospects. Introduction The advancement in information and communication technology has made the new millennium, emillennium. The dividing line between banks and non-banking financial institutions, like insurance and mutual funds, is getting blurred. Competition from players in the market has resulted into products and services traditionally offered by banks and financial institutions, are now being...
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...Researches on SAP-CRM’s Application in Cigarette Manufacturing Factory Yi Wu Business School Hohai University Nanjing , China e-mail: logowuyi@126.com Fengping Wu Business School Hohai University Nanjing, China e-mail: wfp@hhu.edu.cn Abstract—The SAP-CRM is short for Customer Relationship Management in SAP system. It is a fully functional, customercentric, e-commerce solution. This solution is designed to provide customers with satisfaction, and loyalty services. It helps to improve the competitive advantage, leading to higher profits. Through implementing SAP-CRM, it will help the enterprise to establish the formidable information sharing platform and to optimize processing flows, so the marketing department can get the marketing information accurately, providing the support directly to the marketing decisionmaking. At the same time, the SAP-CRM system will establish the relationship between marketing department and production department, research department, etc, promoting to form the sales program closed loop, market feedback processing closed loop as well as the new products researches closed loop. By SAP-CRM system, the staff will maintain with the channel customers and the terminal customers steady, assisting to plan and to carry out the sales. Moreover, the SAPCRM system provides the tools for the administrators to manage and monitor the sales persons. Through the SAPCRM’s implementation, it will help to create the more valuable customers relations for the enterprise...
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...The Magic CRM of Macy's, Inc. Natalia Lawson University of Phoenix Information Systems Fundamentals CIS/207 Byron L. Kizzie February 4, 2013 The Magic CRM of Macy's, Inc. "Be everywhere, do everything, and never fail to astonish the customer." Macy’s motto. The history of Macy’s, Inc., one of the largest department store retailers in the world, has began with an opening of a small dry goods store in New York in 1858 ("Macy’s: A History," 2013, p.1). ‘First-day sales of the newly born store totaled $11.06 and reached $90,000 by the end of the first year.” Macy’s, Inc. conducted its business in 11 adjacent buildings by the end of the 19th century ("Macy’s: A History," 2013, p. 1). In the 21st century, “the store’s fiscal sales in 2011 reached $26.4 billion. Approximately 171,000 employees work at Macy’s, Inc., formerly known as Federated Department Stores, Inc. The giant retailer has two corporate offices in Cincinnati, 800 department stores in 45 states, the District of Columbia, Guam and Puerto Rico” ("Macy’s Fact Sheet," 2013, p. 1). In addition, the corporation conducts e-business on macys.com website. What has made and continues to make Macy’s, Inc. so successful and respectful? As a former employee of Macy’s, Inc., I can attest from my own experience that the corporation’s success is due to its highly organized and well-developed Customer Relationship Management (CRM) system. How the business requirements drove the system’s initial development...
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