...GM1114 Relationship Management 2015 Course outline The course is divided into four modules Module 1 - RM Concepts, Module 2 - RM Applications in Consumer and Business Markets, Module 3 - RM Tools, Techniques and Technologies, and Module 4 - RM Implementation Module 1: Sessions 1-4 The Concept of Relationship Management Text: Chapters 1-4 This module focuses on the conceptual and theoretical foundations of RM. A number of theoretical perspectives developed in economics, law and social psychology are being applied in RM. These include transactions cost analysis, agency theory, relational contracting, social exchange theory, network theory, and inter-organizational exchange behavior. Resource allocation and resource dependency perspectives and classical psychological and consumer behavior theories have also been used to explain why organizations and consumers engage in relational behavior. An overview of these theories will help develop insights on RM from multiple perspectives. Session 1 : CRM : The Strategic Imperatives Reading – Chapter 1 Session 2: Conceptual Foundations of CRM Reading – Chapter 2 Session 3: Building Customer Relationships Reading – Chapter 3 Session 4: Economics of CRM Reading – Chapter 4 Additional Recommended Readings Module 1 Brodie, R. J., Hollebeek, L. D., Jurić, B., & Ilić, A. (2011). Customer Engagement: Conceptual Domain, Fundamental Propositions, and Implications for Research. Journal of Service Research, 14(3), 252271. Egol...
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...Customer Relationship Management Holly Smith August 16, 2011 Introduction Customer acquisition and retention have become essential in a highly competitive global market where advanced technological and web-based tools and applications are used to lure new customers as the old marketing strategy of quality goods at low cost has become redundant and the focus is on customer centric marketing and product development. Customer Relationship Management (CRM) has been defined as, “a cross functional, customer-driven and technology-integrated business process management strategy that maximizes relationships” Chen and Popovich (as cited in Parsongsukan,2010, p.17). The successful implementation of a CRM strategy requires organisational transformation, changing business processes and only then can CRM implementation achieve the desired results and CRM vision. CRM implementation cannot be restricted to software and technological upgradation for enhancing customer database management. CRM is an integrated approach that requires organisation and business process transformation for effective implementation. History of CRM The evolution of CRM started from mass marketing when companies’ mass- produced goods and services believing that customers had similar needs and preferences. This trend gave way to target marketing where marketing campaigns were used to target goods and services to different strata’s of consumer segments...
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...Well talking about Customer Relationship Management (CRM), it can be define as a set of technology-enabled business processes that enable us to create more consistent and profitable interactions with our customers which is also known as relationship marketing. But first we must be aware of satisfying customers. Customer satisfaction is a business philosophy which tends to the creation of value for customers, anticipating and managing their expectations, and demonstrating ability and responsibility to satisfy their needs. Qualities of service and customer satisfaction are critical factors for the success of any business. As Valdani (2009) points out; enterprises exist because they have a customer to serve. The key to achieve sustainable advantage lies in delivering high quality service that results in satisfied customers (S hem well et al, 1998). Companies are facing their toughest competition ever. To win customers and encourage them to stay loyal or repurchase the service, most companies have resorted to meeting and satisfying customer needs by not being only reactive but proactive. They are also interested in finding new ways and means to satisfy the customer. Most companies are aiming for good customer relationship which means better service to the customer thereby preventing the customer from being promiscuous. A lot of companies are not just attracting customers, but are working at building long term relationship with customers both local and foreigner, suppliers, employees...
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...what through creating and executing products and values with others” -PHILIP KOTLER “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and it stakeholders.” Coping with these exchange processes calls for a considerable amount of work and exchange thinks about the means of achieving desired responses from other parties. Thus we see marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value” -A.M.A (American Marketing Association) “The market include both places and region in which buyers and sellers are in free competition one another” - PYLE “Market for most commodities may be through not as a geographical meeting places but as getting together buyers and sellers in person by mails, telephone or any other communications” - MITCHEN CUSTOMER RELATIONSHIP MANAGEMENT Over a century...
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...market that customer can choose to purchase any products, but consumers’ psychology always want to come back a firm, which makes them to feel happy. As a result, a major task for firm is how to make consumer feel satisfy and continue use their products or services. To gain the success, companies need to have a positive relationship with their customers. Thus, firms have invested a lot of time and costs to develop their interaction with customers before, during and after purchasing because this will help businesses to maximize their profits. In addition, due to the development of information technology, customer relationship management has assisted effectively for companies to achieve several major benefits. Indeed, customer relationship management is extremely important to support firms that not only to understand deeply all customers’ needs but also to give effective strategies on time to take the consumers’ satisfaction and loyalty. Therefore, this essay will attempt to explain the importance of customer relationship management in B2B marketing that can give firms a significant competitive advantage. There are several definitions about Customer Relationship Management (CRM), but some people have many mis-understanding such as database marketing, marketing process, loyalty schemes and do-able by any company....
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...Customer Relationship Management According to Kotler and Keller (2009), customer relationship management is the way in which organizations manage specific information they obtain about their individual customers for the purpose of increasing customer loyalty (p.67). There are many different ways that organizations can go about building meaningful relationships with its customers. Establishing and maintain loyalty with customers is very important to the future success of an organization. The way for an organization to ensure that customer loyalty will remain intact is to never cease to present quality products and or services to their customers. This can create value to these products and services. The use of CRM can increase customer satisfaction and customer loyalty. The influence of customer satisfaction on loyalty should be noted when making connection More and more organizations are realizing that having customer centered operations are no longer optional. With this in mind, CRM can be viewed as a tool used to develop businesses and create a framework used to improve the delivery of services or products to its customers (Kapenen, 2004). In the past, customer satisfaction has been used to explain a customer’s loyalty but marketing scholars argue that there is a relationship between customers’ perceptions and behavior; but for the most part, customer satisfaction is still expected to play a major role in customer retention (Gustafsson, Johnson, & Roos, 2005, par.7)...
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...BSc (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...
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...fourth largest employer. It serves 30 million residential customers and more than 1 million commercial customers, delivers more than 10 billion pieces of mail annually, and maintains relationship with more than 24,000 retail sales points for CPC products and services. CPC maintains relationships with more than 24,000 retail sales points for CPC products and services. 1.2 Problem of CPC From the company started the operation until now, CPC was faced increasingly competition from aggressive independent carriers that were targeting specific business sectors. Customers’ experience with CPC was often complicated and frustrating. Besides, CPC also lack of the knowledge of how to manage their customer, but leaned to focus on their technical process improving the interior works instead of issue what their customer needs and wants (Canada Post: Customer-focused Delivery). A customer could call three or four times about the same issue and receive different responses from call center agents. 2.0 Importance of CRM to CPC Process redesign for Customer Relationship Management (CRM) is so important for CPC’s success. CRM is containing every details of a company’s customers, thus, it’s easy to track a customer. It also can be using to determine a favorable customer (Importance of Customer Relationship Management (CRM), 2012). Besides, CPC can maintain repository on customer profiles by using CRM, thereby treating each client as an individual and not as group. CRM systems also can help CPC...
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...Customer Relationship Management Alan D. Kero HTT/220 May 9, 2014 Rhonda Moore Customer Relationship Management CRM is a customer service management database that holds guest information and then can tell you what the guest’s likes and needs are. This is best used to anticipate a guest’s preferences before they arrive for a stay at your hotel. A true CRM is based more on recognition of the guest than on rewards that can be given to that guest (Nyheim, et al, 2005). A true CRM program is all encompassing when it comes to the information on any individual guest, from check-in to marketing. A CRM is best used when all aspects of the hotel staff are trained in its use. The information in the CRM comes for history with the guest, staff observances, and guest interactions with all touch pints within the hotel. With all the information gathered on a regular basis, the staff can look at the guest’s folio to find what their references are. This helps to prepare the staff for that guest’s arrival. With today’s reliance on the internet and social media the CRM helps hotels to now market to an individual rather than a mass group of people (Nyhiem, et al, 2005). The CRM allows the hotel to keep information on each guest. By using this information the management team can be better prepared to try and keep a repeat customer by showing the client that they care what the guest thinks and how to go about making them feel relaxed and welcome. References: Nyhiem, P. D., McFadden,...
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...IMPROVING CUSTOMER RELATIONSHIP MANAGEMENT IN HOTEL INDUSTRY BY DATA MINING TECHNIQUES MIRELA DANUBIANU, VALENTIN CRISTIAN HAPENCIUC Mirela DANUBIANU, Lecturer Ph. D. Eng, Ec. “Stefan cel Mare” University of Suceava Valentin Cristian HAPENCIUC, Associate Professor, Ph.D. Ec. “Stefan cel Mare” University of Suceava Keywords CRM, data mining hotel industry 1. Introduction It’s a fact that a successful company not only put customers first, but put customers at the center of the organization because the changes in customer behavior determines unpredictable profitability and may be the cause for inefficient marketing planning. The main goal of CRM is the capability to handle customer interaction across different channels and functions, for building loyal and profitable customer relationships. Although cost cutting and competitive pricing strategies may attract customers from competitors, in many services industries price advantages are not a sufficient reason for customers moving between suppliers. In these situations successful competitive strategies include developing strong relationships with customers and cross-selling them other services. Data mining - techniques for exploration and analysis of large quantities of data in order to discover meaningful patterns and rules - helps businesses sift through layers of seemingly unrelated data for meaningful relationships, where they can anticipate, rather than simply react to, customer needs. 2. An overview of CRM Customer...
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...Question1 : 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...
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...Introduction Canada Post Corp. (CPC), a Canadian Crown enterprise, is Canada’s national postal service provider. It has be a world leader in providing innovative physical and electronic delivery solutions, creating value for their customers, employees and all Canadians. It not only 66000 employees, it is also the country’s fourth largest employer. It serves 30 million residential customers and more than 1 million commercial customers, delivers more than 10 billion pieces of mail annually, and maintains good relations with more than 24000 retail sales points for CPC products and services. Building and maintaining trusted relationships with employees, customers, suppliers and our shareholder is the fundamental for their business, reputation and their success. Canada Post Corp. managing in an ethical way, guided by a sense of social responsibility. Core customer issues: * With customer expectations rising and the ongoing emergence of the Internet. * Customers’ experience with CPC were often complicated and frustrating. A customer could call three or four times about the same issue and receive different responses from call center agents. * The former systems were standalone and didn’t integrate customer and call information. 1. Why is the process redesign so important for CPC’s success? CPC recognized that its future depends on having customer processes and support systems. It’s customer expectations rising and the ongoing emergence of Internet. To demonstrate...
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...Customer Relationship Management Sarina White Ashja Thompson DSIM 518: Competing through Innovation and Information Technology Instructor: Vikas Agrawal Spring 2016 Table of Contents Abstract……………………………………………………….. Page 1 Introduction…………………………………………………… Page 2 Literature Review…………………………………………….. Page 3 – 4 History and Development of CRM………………………..... Page 4 – 5 CRM in Action………………………………………………... Page 6 – 7 CRM and Competitive Advantage…………………………. Page 7 – 9 Implementations Considerations and Recommendations. Page 9 Conclusion……………………………………………………. Page 10 References…………………………………………………… Page 11 – 13 Abstract For our research paper, we’re going to focus on customer relationship management and how it plays a role in a company’s consumer base and profits. The cycle of CRM is primarily divided into four parts which are marketing, sales, support, and feedback. We’re going to look into detail at all four of these components and how they correlate with one another from an organizational aspect. We’re going to be looking at CRM through the eyes of the seller, the person behind the counter. We want to know how this information technology helps the organization and in what ways does its performance project competitive advantage. There are many different systems of CRM such as operational CRM which focuses primarily on the marketing, sales, products, and services of the company. Another system is analytical CRM which focuses primarily on the database and how the...
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...Customer Relationship Management VSF This book is dedicated to my children Emma and Lewis of whom I am enormously proud. Customer Relationship Management Concepts and Technologies Second edition Francis Buttle AMSTERDAM • BOSTON • HEIDELBERG • LONDON • NEW YORK • OXFORD PARIS • SAN DIEGO • SAN FRANCISCO • SINGAPORE • SYDNEY • TOKYO Butterworth-Heinemann is an imprint of Elsevier Butterworth-Heinemann is an imprint of Elsevier Linacre House, Jordan Hill, Oxford OX2 8DP 30 Corporate Drive, Suite 400, Burlington, MA 01803, USA First edition 2009 Copyright © 2009, Francis Buttle Published by Elsevier Ltd. All rights reserved. The right of Francis Buttle to be identified as the author of this work has been asserted in accordance with the Copyright, Designs and Patents Act 1988 No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher. Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone ( 44) (0) 1865 843830; fax: ( 44) (0) 1865 853333; email: permissions@elsevier.com. Alternatively you can submit your request online by visiting the Elsevier web site at http://elsevier.com/locate/ permissions, and selecting Obtaining permission to use Elsevier material. Notice No responsibility is assumed by the publisher for any injury and/or damage...
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...A RESEARCH PAPER ON CUSTOMER RELATIONSHIP MANAGEMENT Submitted to: Kamalpreet Kaur JRF Punjabi University, Patiala INTRODUCTION The essence of the information technology revolution and, in particular, the World Wide Web is the opportunity to build better relationships with customers than has been previously possible in the offline world. By combining the abilities to respond directly to customer requests and to provide the customer with a highly interactive, customized experience, companies have a greater ability today to establish, nurture, and sustain long-term customer relationships than ever before. The ultimate goal is to transform these relationships into greater profitability by increasing repeat purchase rates and reducing customer acquisition costs. Indeed, this revolution in customer relationship management or CRM1 as it is called, has been referred to as the new “mantra” of marketing. The need to better understand customer behavior and focus on those customers who can deliver long-term profits has changed how marketers view the world. Customer Relationship Management is an innovative approach undertaken by the marketers in the process of developing lifetime customers and maximizing lifetime value of the customers. CRM approach is still new for the corporate managers, as in India the customers...
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