CRM

CRM and Royal Mint

Executive summary

The paper focuses on the impact of CRM on the processes and the profitability of a business, maintaining healthy relationships with customers. In Business, the significance of the CRM is extremely high as it is a fast paced world, and every step taken by the firm is critical. CRM mainly focuses on maintaining strong relationships with customers, gauging their needs, demands and satisfaction level.

CRM and Royal Mint

Introduction

The world has changed drastically over past few decades, and so has the numerous practices pertaining to different aspects and domains in the world. Amongst the domains that have witnessed the most and fundamental changes, is that of trade and business sector. The practices and procedures that this sector now employs are far more different than what earlier were used. Now it is exceedingly tough for any older company to adhere to their conventional methods and practices, if they desire to triumph in the current race of perfect competition. It is highly imperative that the companies mould themselves and swiftly adapt to the changes, which the world and the business arena are constantly experiencing. Amongst those critical changes, is the constantly advancing and developing technology. This technological advancement has significantly impacted on the operations of numerous organisations, mostly in the constructive manner. Most of these advancements enable the company to modify and refine their marketing procedures, which eventually help them in yielding tangible results.

The previously mentioned scenario can easily be implemented on The Royal Mint Company. The inception of this thriving company took place almost thousand years ago, and since then it has done nothing less than constantly climbing the ladder of success and profitability.

The Royal Mint

The royal mint is an English company, possessing a rich history of its operations. Its profitable operations have helped it to earn the status of the world's leading and primary exporter of the mint. The rich and historic experience that Royal mint encompasses has made it well known around the world, for its quality coin making. The company has rendered its services in coin and medal making to almost more than sixty countries. The primary responsibilities of Royal mint lie with UK, with respect to the creation and distribution of its coin and medals. Most importantly, their products are not confined to the daily uses only, in fact, this company has the honour to be chosen for the greatest occasion, and for instance, they have developed the souvenir coins for the prime occasion for Olympics 2012.

However, the management of CRM believes that it is highly imperative that the employ numerous applications and processes, which will assist them in the better decision making and, hence refining their produces and functions. Therefore, in order to acquire this objective, the management has opted to employ the CRM, in determining the betterment of its procedures.

CRM

CRM is an acronym for 'Customer Relationship Management'. It is fairly challenging to present a concise definition of this term, as compared to merely explicating its meaning. Therefore, harmonising on one specific understanding and comprehension ...