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The issue of Customer Relationship Management
The issue of Customer Relationship Management
The issue of Customer Relationship Management
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Diagram 1: e.CRMMarketing one by one unique and is related to each customer that can have millions of audience.
One by one CRM
e.CRM Number of communication channels
Mass marketing
Traditional marketing
One kind for all Customer-specific production
Product Features
E-business:
Definition of E-Business according to various definitions and concepts in Customer Relationship Management (CRM):
E-business and its relationship with Customer Relationship Management
- Similarities Business 2 Business (B2B) and Customer Relationship Management (CRM)
Based on the above mentioned characteristics B2B and CRM have many similar cases which are dealt with below:
• Available anytime and anywhere
• The breadth and depth of main and central services
• Customer Research
• Technologies and new skills in order to deliver value
• Both need to adapt products and services to customers, one to one marketing have
• Both need to (platform) have the same operating system
• Both need a data repository (storage capacity)
• Both allow different marketing methods are tested with quantitative results
• Both must be flexible in the face of growing demand and unforeseen requirements.
• Both in all processes of trading include marketing, purchasing, sales, billing, and customer services are involved.
- Differentiations Business 2 Business (B2B) and Customer Relationship Management (CRM)
• Features
CRM has it’s characteristics in automation, marketing, sales automation, while B2B necessarily need not these features. B2B more dependent on the Internet, but CRM has more emphasis on business processes.
• Customers
B2B customers are harder than CRM customers for interesting to providers of goods and different services. Moreover B2B can attract la...
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...tems 20 , pages 301-304
6. Sharma Arun(2002) “Trends in Internet-based business-to-business marketing” , Industrial marketing Management 31, pages 77-84
7. Bob Thompson(2002), “The CRM solutions Guide“,june (crm Gru.com)
8. R.Rosenfield (2002) “ Customer Relationship Management; A Brief story and a big mystery“ by James
9.stanat,R (2000)global gold : “panning for profits in foreign markets ,journal of consumermarketing“ . Volume 17 no 2
10.Palmer ,R (2001) historical patterns of globalization :the growth of outward linkages of Swedish long –standing transnational corporations ,1890 -1990.stockholms university ,department of economic history :Stockholm
11.Valentine, L (1999)First Union tackles CRM with CRMs .ABA Banking Journal.Oct99 volume41,Issue 10,p62
12.Zeng,Y.E,Wen,J.H&Yen,D.C.(2003),CRM in B2B e-commerce . Information management& Computer Security,vol.11,no.1,p
Divide your target market into segments. Address how the markets will be segmented and how the CRM will allow you to retain your segmented markets.
The sales leads are now centralized and accessible across branches rather than individually gathered and processed by salespeople. In standardizing customer information, it now makes the marketing teams, analytic teams, and customer managers on the same page. It creates a “friendly competition” that encourages close cooperation for all areas. One major cost that this new strategy created was the confusion of different areas in RBC. Product managers and customer managers often misunderstood what way of action was appropriate, which lead to another problem: it took more time to make decisions. A benefit of this change is that there was no fighting for resources and instead cooperation. Another benefit would be the divisional organization, which can be seen in Exhibits 3a and
The first cause of the fluctuation of gold’s price is price mechanism. Defined in economics term, price mechanism means the relationship between the price and demand and supply of both goods and also services. Actually, both buyers and sellers who engage in trading are both affected by price mechanism, and price mechanism, in turn, is influenced by the demand and supply of buyers and sellers (Shaw, 2014). Similarly, the gold’s price is inevitably based on this pattern, and price mechanism plays the important role in swinging gold’s price (Harberger, 1957). Demand and supply are the two most necessary terms when focusing on price mechanism, indeed. In term of meaning, demand is buyer's desire and ability to spend money buying a specific quantity of good and service at an appropriate price (Elberse & Eliashberg, 2003). Demand, in reality, influences the price of gold to change in the same way with it (Smith & Kiesling, 2003). If there is more demand, the price of gold will escalate; moreover, people will certainly become excited and begin investing in gold as long as the gold’s price is increased by demand as a factor. On the contrary, if there is less demand, the price of gold will dwindle, and people will ignore and not pay the attention to gold (Demand, 2009). Not only does the demand affect the gold’s price fluctuation, but the supply also engages in oscillating the price of gold. S...
“A market segment consists of a group of customers who share a similar set of needs and wants. The marketer’s task is to identify the appropriate number and nature of market segment and decide ...
Business to business or B to B (B2B) different from business to consumer (B2C) in many ways:
"Gold Development | Gold and the Economy | World Gold Council." World Gold Council - Gold Price & Gold Market News. Accessed October 14, 2017. https://www.gold.org/who-we-are/our-members/gold-and-economic-development.
It has been observed since the inception of Marketing that marketers target to only specific market and how they identify such market. There are certain criteria or base they use to identify the consumers who they would be serving to. Customers do have unique requirements satisfaction levels and aspirations. Some customers however are similar with respect to their requirements of goods and services. In such case if their needs are identified and they can be grouped in quantities of a specific size then it can be segmented. Now each customer group have specific expectations and businesses must cater to the needs of the segmented that has been targeted.
Building a relationship with the customer has evolved into a system in itself be coordinated through them and cooperation between multiple destinations within the organization in order to one strategic objective, namely, to keep the property profitable customers and ensure their loyalty to the maximum possible period. Therefore, the main task of the CRM also be outside the scope of the marketing department and production, warehouse management and to senior management. But the new thing is in conjunction with the development of information and communication technologies, the emergence of what became known as the management of relations with customers electronically
Richards, K., & Jones, E. (2008). Customer relationship management: finding value drivers. Industrial Marketing Management, 37, 120-130.
Technology advance has provided an opportunity for businesses to operate and reach their customers through electronic platforms giving rise to new business, commerce and marketing systems including e-business, e-commerce, e-marketing and mobile commerce. However, the terms are mostly confused and used interchangeably hence the objective of this discussion being to differentiate them. In addition, the discussion defines e-marketing strategy and explains how it works.
Companies are beginning to move their CRM application out of data centers and onto the cloud making CRM less expensive and easier to expand. (Shein, 2009) Technology advances are also allowing companies to begin to take better advantage of big data, combing internal data with social media and mobile to deliver more business value. (Goodwin, 2013) In the future, more devices will be connected to the Internet. Cars, buildings, bodies and many other things will be connected through sensors and it is expected that this increase in information will continue to drive the changes in CRM and how it is used to support sales, marketing and customer service. (Sartain,
In order to elaborate on the thesis topic, there is a need to introduce basic theo-retical concepts used in this work. The author concentrates on several main terms revealing a concrete meaning of each.
As markets grow more competitive retail players are trying to retain customer satisfied and happier. Customers are satisfied and happier when all the expectation of customers are met. Customer satisfaction means that customer needs, wishes and expectations are met or overcome during the product/service period, giving way to repeat-purchasing and customer loyalty. Customer Relationship Management (CRM) is a versatile process, interfered by set of information technologies that focuses on creating two ways of exchange with customers so that firms have an intimate knowledge of their expectations, needs and buying behavior patterns in this method CRM assist companies grasp as well as foresee the need of current and potential customers. A CRM is a vital tool to understand the customer in a broader way & know about the customer expectations and
The are two basic categories of business conducted over the internet, Business-to-Customer (B2C) and Business-to-Business (B2B), and they share one common key aspect - use of Internet technologies to manage all aspects of the business.
Svend Hollensen (2003): “Marketing Management a relationship approach”, FT Prentice Hall Financial Times, pg 9-10