Oracle Corporation is one of the largest and well-respected technology companies in the information technology industry, with more than $35 billion in annual revenue and nearly 400,000 customers (Oracle Corporation, 2011b); the company seeks to leverage their customer base to double revenue in the next three years. Eschewing an account management model, Oracle has consistently grown revenue through aggressive acquisitions and the implementation of a specialized sales model, to assure each acquired product line continues to grow and customers have access to needed expertise. With over 77 strategic acquisitions since 2005 (Oracle Corporation, 2011c), representing capability from applications to disk, Oracle now plays a prominent role in nearly every company in the world, yet many customers have expressed dissatisfaction with the specialized sales model, the lack of account management and the lack of a strategic engagement by Oracle (Oracle Corporation, 2011a). Conversely, the specialized sales model is perceived by many inside the company to be a barrier to explosive growth, particularly as overlapping product functionality results in turf wars between divisions, and competing solutions are sometimes proposed to customers. In addition, solutions comprised of the full stack of technology are rarely sold. As a result, North America Sales (NASA), the largest sales division, has invested in the development and rollout of the Customer Interaction Model (CIM), a pseudo account management approach that primarily uses existing roles to lead the cross-functional Oracle account teams, engage strategically with customers, and double account revenue in three years. However, the rollout of the CIM has only been partially effective meetin...
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In 1994, Jim Donehey was brought in to update Capital One’s IT system. His solution was to replace their aging mainframe computers with an object-based system, but this technology had never been used on such a large scale. In contrast, two-thirds of Capital One’s competitors outsourced their IT functions. Within 5 years the company had the world’s largest Oracle database with 23 terabytes of data – winning them the Gartner Group’s Excellence in Technology Award.
RBC Financial Group uses a customer relationship management (CRM) strategy that provides a variety of services for a variety of clients. The strategy allows for individual customers to trust RBC and develop a personal relationship with each and every client. One major factor that allows CRM to operate effectively is the use of technologies and analytics to help classify each client’s financial situation. These customer profitability-based techniques allowed RBC to categorize their clients into A, B, and C groups so that the sales teams could optimize their efforts in catering to these different clients. This strategy holds the following strengths: optimizing sales efforts to different customers, easily accessible electronic sales leads, centralized and standardized financial decisions, and building personalized and sustainable customer relationships. There are a few weaknesses to the system though including the complexity in predicting future positions of companies despite the use of analytics as well as the complexity in creating consistency when using these
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Customer relationship management systems are part of enterprise applications. These systems are used to help manage relationships with customers, Information is provided to coordinate all of the business processes that deal with customers in sales, marketing, and service to optimize revenue, customer satisfaction, and customer retention (Laudon & Laudon, 2012).In today’s world, customer management relationship systems have given companies a large list of ways to interact with customers. Even though those ways are applied occasionally, companies still find even newer ways to provide customers an enjoyable experience for their products and services. Today, the customer relationship management industry is mainly focused on components, such as crowdsourcing, customers using mobile apps of companies and interaction from the social media teams of companies. Needless to say, Starbucks, coffeehouse chain, have pioneered in this system. Starbucks started out as a café in Seattle, Washington in USA at1971. One day, in 1981, a man named Howard Schultz entered in the café for the first time and fell into homelike environment of the café. He adored the place so much that, in 1987, he and a group investors acquired the café. From there on out, as of June 28, 2015, they have built more than 24000 stores in 70 countries
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Customer relationship management has become the marketing buzzword of the past two decades, with business-to-business firms jumping in, many without really being certain of what they hope to achieve from it, and oftentimes being disappointed with the results. Gummesson (2004) describes CRM as "the values and strategies of relationship marketing with particular emphasis on customer relationships- turned into a practical application. " CRM has become a necessity to successfully and profitability manage customers and a firm’s relationship with them, with the market reaching a value of approximately $11.5 billion in 2002. Xu et al. 2002). The 'Secondary' of the 'Secondary' of the 'Secondary' of the 'Secondary' of the 'Second
McDaniel, C., & Gates, R. (2006). Marketing research (7th ed.). Hoboken, NJ: John Wiley & Sons.
As Peter Duckers has put it, "The ultimate aim of all business organisation is - to create a customer". These days, for most products and services, the market belongs to the buyer. The customers e...