Customer Relationships Management - 2150 Words

Customer relationship management (CRM) is a business philosophy and set of strategies, programs, and systems that focuses on identifying and building loyalty with a retailer’s most valued customers (Levy, Weitz 275). A loyal customer is one who is committed to purchasing merchandise and services from a specific retailer, he or she resists the efforts of competitors, and also has an emotional attachment to a retailer. The four steps involved in the formation of a CRM program are collecting customer data, analyzing customer data, developing a CRM program, and implementing the CRM program. Implementing CRM programs can be extremely beneficial in increasing business and creating/maintaining a competitive edge. They also categorize customers†¦show more content†¦Although CLASS is a relatively low-tech system, its application has been successful and its future looks promising. Each employee’s uniform is included with a â€Å"guest-preference pad.† On this pad, employees note any guest preferences and then forward the information to the guest recognition office. Ritz-Carlton looks forward with CLASS with ample hopes and expectations. Their vision is that all employees, in time, will be able to access CLASS directly. Furthermore, Ritz-Carlton is looking into implicating technology into their employees’ routine responsibilities. They’re exploring the benefits of utilizing portable hand-held devices. This utilization will aid company-wide access to the database. While CLASS has provided the Ritz-Carlton with a system of consistency, the technology would be worthless without their staff. As corporate manager of guest recognition points out, Our people supply the initial information that is added to the system as well as carry out the services detailed within the system. If our employees didn t put the information to real, concrete use the system would be worthless (For Ritz-Carlton, It All Begins With Customer Knowledge). Much like the Ritz-Carlton, Neiman Marcus focuses much of its CRM program towards giving the customer the best experience. The primary component of their CRM program is their InCircle rewards card. With the card, customers take out a line of creditShow MoreRelatedCustomer Relationship Management Systems And Customer Relationships1128 Words   |  5 Pagesrepresentative of the business, and a customer. The customer has a problem or need and the salesperson seeks to address it. From the first line of communication, the salesperson assesses the situation and decides the best solution from their product or service line. Using intuition and skill, the representative leads the customer into buying the best product with hopes of turning a profit. Every exchange is important and will often determine if they customer will return to the business the next timeRead MoreCustomer Relationship Management1204 Words   |  5 PagesCRM Customer Relationship Management CRM is a Strategy Most people believe that CRM is just a system that will run their business without making any efforts which is totally wrong. The CRM is a strategy that is run by people to acquire, manage, select, grow and retain a strong relationship with the right customers with the best long-term profit potential. This cannot be done with a CRM system without a good strategy that puts the employees on the right track. The CRM System Read MoreCustomer Relationship Management : Definitions Of Customer Relationships966 Words   |  4 Pages2.1.1. Customer relationship management Definitions of customer relationship management Kumar and Reinartz (2012, p.4) defined CRM as a process companies analyse marketing database and leverage communication technologies to find practices and methods to maximise lifetime value of each customer to the firms. In this definition, the authors focus on customer value which is the economic value customers receive after they interact with the organisations. The most important part of a CRM strategy isRead MoreCustomer Relationship Management1220 Words   |  5 PagesIntroduction Customer Relationship Management (CRM) is an important part of any companies sales mix. As part of a sales mix, companies must have a strong sales team; a well planned and executed marketing strategy, and a method to record pertinent information to manage customer relations. A CRM system is an important part in any company. They have a variety of uses from holding basic information such as names and address, to holding other information including relationship history, contract informationRead MoreCustomer Relationship Management4209 Words   |  17 PagesFACULTY OF MANAGEMENT STRATEGIC MANAGEMENT CUSTOMER RELATIONSHIP MANAGEMENT (CRM) Abstract Majority of administrations have observed the customer relationship management (CRM) design as a hi-tech explanation for glitches in individual region, convoyed by a great deal of not coordinated enterprises. in any case, customer relationship management have to be conceptualized as a strategy, due to its technological, human, and processes implicationsRead MoreCustomer Relationship Management16994 Words   |  68 PagesCustomer Relationship Management SYMBIOSIS INSTITUTE OF MANAGEMENT STUDIES (SIMS) Dissertation on Customer Relationship Management Submitted By: Ayush Singh Roll no:09 PRN No:68211 Class- 2(D) Semester: Fourth Semester Date required:18/2/2008 Date of Submission: 18/2/2008 Assignment Grade: Comments of the Faculty: 1 Customer Relationship Management CONCEPT OF CRM INTRODUCTION TO CRM CRM (Customer Relationship Management) has been growing steadilyRead MoreCustomer Relationship Management20711 Words   |  83 PagesThe impact of customer relationship management on the financial performance of an organization 1 Chapter 1-Introduction The impact of customer relationship management on the financial performance of an organization 2 1.1 Introduction This chapter provides an overview of the dissertation in brief. Background of the study and rationale of the study are discussed in the first half. Then this chapter goes on to explain six research objectives and two research questions. Finally structure of Read MoreCustomer Relationship Management1754 Words   |  8 PagesCUSTOMER RELATION MANAGEMENT †¢ MODULE CUSTOMER MANAGEMENT †¢ LECTURER DR GEOFF WINTER †¢ TOPIC CUSTOMER RELATION MANAGEMENT. †¢ SUBMITED BY MUHAMMAD AMIR †¢ I.D. 39644 †¢ GROUP D TABLE OF CONTENT 1. EXECUTIVE SUMMARY 2. DEFINITION OF CUSTOMER RELATION MANAGEMENT 3. QCI CUSTOMER MANAGEMENT MODEL 4. DISCUSSION 5. CONCLUSION 6. CITATIONS EXECUTIVE SUMMARY This paper discussRead MoreProjects: Customer Relationship Management and Customers10208 Words   |  41 Pagesâ€Å"EFFECTIVENESS OF CUSTOMER RELATIONSHIP MANAGEMENT PROGRAMME IN STATE BANK OF INDIA† Submitted In The Partial Fulfillment Of Degree Of MBA Batch 2006-08 SUBMITTED TO: - SUBMITTED BY:- Mrs. Riya Sharma Rishi Gupta (Project Guide) Roll no. 0471483906 [pic] MAHARAJA AGRASEN INSTITUE OF TECHNOLOGY PSP AREA, SECTOR-22 ROHINI, DELHI—110085 Ph: 25489493- WHOMRead MoreCustomer Relationship Management : A Strategy Of Managing Customer Relationships1523 Words   |  7 PagesCRM is Customer Relationship Management: A strategy of managing customer relationships based on the integration of customer information throughout a company in order to achieve maximum customer satisfaction and retention. CRM process is to collect, store, and analyze customer interaction information (customer knowledge), transforming the practice of marketing research. Marketing intelligence: The use of real-time customer information (customer knowledge) to achieve a competitive advantage. In short