CUSTOMER RELATIONSHIP MANAGEMENT

MADE BY: ADITI GOYAL

BASIC KEY TERMS

1. NEED
2. WANT/DESIRE 3. DEMAND 4. MARKET 5. MARKETING.

NEED,WANT/DESIRE,DEMAND
NEED: It is a basic necessity without which a person cannot exist. E.g.:-Water, Food, Air, etc.. WANTS/DESIRE : It is something that you decide to get but without which you can survive and exist. Eg.:- Car , A.C , etc.. DEMAND :Is that want of us for which we have purchasing power for it.

MARKET & MARKETING

MARKET: A market is public gathering held for buying and selling merchandise(product).A place where goods are offered for sale.

MARKETING: It is an organizational function and set of processes for creating, communicating, and delivering value to the customer and for managing customer relationship in way thats benefits the organization and its stake holder.

MARKETING MIX OF 7Ps

1. PLACE 2. PRODUCT 3. PRICE 4. PROMOTION 5. PHYSICAL

EVIDENCE 6. PEOPLE 7. PROCESS.

Customer Relationship Management

CRM is a comprehensive strategy and process of acquiring, retaining, and partnering with selective customer to create superior value for the company and the customer. CRM processes that help form individualized relationships with customers (to improve customer satisfaction) and provide the highest level of customer service to the most profitable customers.

Why does the organization need CRM?

The ultimate purpose of CRM, like any organizational

initiative, is to increase profit.

CRM not only improves the service to customers but also a

good CRM capability will also reduce costs, wastage, and complaints.
Its a opening lines of communications with your customers

gives you direct constant market reaction to your products, services and performance, far better than any market survey.
Good CRM also helps you grow your business: customers stay

with you longer; referrals to new customers increase from increasing numbers of satisfied customers.

Components of CRM

Customer:
The customer is the only source of the companys present profit and Future growth. However, a good customer, who provides more profit with less Resource. CRM can be thought of as a marketing approach that is based on customer Information [Wyner, 1999].

Relationship:
The relationship between a company and its customers involves Continuous bi-directional communication and interaction. CRM involves managing this relationship so it is profitable And mutually beneficial.

Management:
CRM is not an activity only within a marketing department. Rather it involves continuous corporate change in culture and processes. The Customer information collected is transformed into corporate knowledge that Leads to activities that take advantage of the information and of market opportunities. CRM required a comprehensive change in the organization and Its people.

Characteristics of excellent CRM

The following characteristics are associated with delivery of excellent CRM: Reliability Responsiveness Safety Courtesy Consideration Communication Recognizing the customer Competence

Benefits of effective CRM

Reduced costs. Increased customer satisfaction, because

they are getting exactly what they want (i.e.., exceeding expectations). Growth in numbers of customers . Maximization of opportunities (eg., increased services, referrals, etc.). Increased access to a source of market and competitor information. Long term profitability and sustainability.

Types of CRM
Operational CRM: Its also known as Front office CRM. E.g.- to sales, marketing and service staff. 2. Analytical CRM: Its also known as Back office CRM. E.g.- Hr manager. 3. Collaborative CRM: It is an approach to (CRM) in which the various departments of a company, such as sales, technical support, and marketing, share any information they collect from interactions with customers by using Personal interaction, letter, fax, phone, Internet, e-mail etc. For example, Customer feedback gathered from a technical support session could inform marketing staff about products and services that might be of interest to the customer.
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