CUSTOMER RELATIONSHIP MANAGEMENT

Customer Relationship Management

Abstract

In this study we try to explore the concept of “Customer Relationship Management” in a holistic context. The main focus of the research is on “customers” and its relation with “their respective treatments” in terms of buying behavior. The research also analyzes many aspects of “customer relationship management” and tries to gauge its effect on “the entire relationship” that is being built within the context of making customer relationships more viable and justified. Finally the research describes various factors which are responsible for “effective customer relationship” and tries to describe the overall effect of “customer relationship management” on “the overall rapport” that shall be built accordingly.

CUSTOMER RELATIOSHIP MANAGEMENT

Introduction

For the purpose and objective of making significant amends, we shall be discussing customer relationship management and try to analyze the relevant patterns of discussion accordingly.

What is Customer Relationship Management (CRM)

Customer Relationship Management in itself is a holistic concept that is an extension of a branch that stems from marketing. Thus for this paper we shall limit our discussion to simply understand the concept of making viable contributions towards making significant contributions towards understanding the relationship of customers and the sellers respectively. Customer Relationship Management (CRM) implies those strategies and tools that are being implemented for the purpose and objective of making customer client servicing more adaptive, flexible and ultimately effective and strong relationships between customers and the sellers overall. These days' individuals have undertaken several types of forms of strategies and tactics that help individuals cooperate and undertake exceptional amends for the purpose and objective of making justified attempts to make customer-seller relationships more successful, effective and impactful (Ulaga, 2003).

Currently, many companies are developing such initiatives. According to a study by Cap Gemini Ernst & Young in November 2001, 67% of European companies has launched an initiative management (CRM). Notably, CRM aims to attract and retain customers more successful through a process logical, supported by technology information. This is to build lasting relationships by understanding the needs and preferences and thus add value to the company and the customer. It helps ensure that the customers are loyal. That means knowing them, know who they are, what their tastes, preferences for, well, to give them what they want, when they want and however they want (Skaates, 2002).

CRM is at these times the sum of two components: savings in costs and service to the client (perhaps this first). ...