In addition, CRM help enhanced customer services by provide excellent communication with customers and modify the offer, thus maintain loyalty of profitable customers (Dimitriadis & Stevens, 2008). In the other way, CRM described as a commonly business strategy that using for managing and interacting with customers, supplier and shareholder (Gallagher, 2012). Gallagher (2012) studied that CRM has using technology to manage productivity and also for enhancing customer service. Therefore, SMEs need low cost and high benefit CRM to achieve successful customer service which is adapts business with IT
Tamosiuniene and Jasillionene (2007)1 explained vision in terms of CRM as the creation of picture of what the customer- centric enterprise will look like to ensure that a competitive position can be created in the market place. Evengelia and Michalis (2006)2 In his journal customer relationship management CRM is a strategy than can help them to build long lasting relationship with their customers and increase their profits through the right management system and the application of customer focused strategies CRM in the banking sector is of strategic importance. Lindgreen et al (2006)3 have explained that CRM strategy consist of customer strategy, brand strategy and customer interaction strategy. CRM is a business approach that integrates people,
Banks need to understand each economy which led banks to adopt CRM strategy. Because attracting a new customer may cost five times as much as retaining an existing one, relationship marketing also emphasizes customer retention. Companies build customer share by offering a larger variety of goods to existing customers, training employees in
1. Explain to Mrs. Wen what CRM is and how CRM is different from traditional marketing. Customer Relationship Management (CRM) is a term that refers to practices, technologies, and strategies that organizations use to oversee and analyze customer interaction and information. This is done through use of the consumers’ lifecycles, with the objectives of enhancing business relationships with customers, helping with customer retention, and increasing profitability. It is basically a system created by the company to interact with its customers effectively and efficiently.
The key element of this is the need to get a 360 degree view of customers, which is why heavy investments in CRM solutions are currently underway globally. An effective utilization of this package in building customer loyalty is a major challenge faced by a firm implementing it for their advantage. OBJECTIVE OF THE LITERATURE REVIEW The primary objective of this literature review is to understand the role of Customer Relationship management in developing and maintaining customer loyalty. ARTICLES REFFERED ARTICLE #
3.0 Findings This article aimed at determining components of CRM strategy and its effects to competitive advantage achievement. The findings of this article highlight the effects of CRM on competitive advantage and the components of CRM strategies. The findings were synthesized and summarized from few previous researches’ results which studied the topic of CRM. There are few components of CRM such as the components of perception and customers’ separation, attracting and protecting customers being faithful (making loyalty), emphasis on quality, improving and specializing the relations with the customers (customization), complaint investigation, invest in internal people, and relationship-based interfaces (Mehrdad & Hallaj, 2011; Aihie & Az-Eddine,
CRM: Need of Modern Business Dr. SEEMA SHARMA Assistant Professor A.S College, Khanna. Punjab (INDIA) E-mail: firstname.lastname@example.org. ¬¬¬¬¬¬¬¬¬¬¬¬¬¬___________________________________________________________________________ Abstract In the present era of globalization and cut throat competition, the fast changing economic and Technological environment is the witness of shifting the paradigm. Customer relationship management is a new technique in marketing where the companies try to develop long time relationship with the customers. It is combination of technology, people and processes that seeks information of company’s customers to understand their needs and taste.
CRM (Customer Relationship Management) The key to success is finding a way to exceed client’s expectations. So, the hotel must keep tracking their client’s behaviour to maintain the relationship. Previously, The hotel use manual way to collect customer information such as personal information, their previous booking, when and how long their stayed at the hotel, etc. In order to improve the hotel grow revenue make a success of the business in long term, the hotel need CRM strategy. The objective of CRM or Customer Relationship Management is about analysing customer data and then satisfying them.
The findings of this article highlight the effects of CRM on competitive advantage and the components of CRM strategies. The findings were synthesized and summarized from few previous researches’ results which studied the topic of CRM. There are few components of CRM such as the components of attracting and protecting customers being faithful, improving and specializing the relations with the customers, complaint investigation, perception and customers’ separation, emphasis on quality, invest in internal people, measure customer satisfaction but manage customer service, and relationship-based interfaces (Mehrdad & Hallaj, 2011; Aihie & Az-Eddine, 2007; Rajab et al., 2014). Complaint investigation with the rank mean of 3.35 was ranking as the most important component of CRM then followed by making the loyalty, customization, perception and customers’ separation (Mehrdad & Hallaj, 2011). Complaint resolution, feedback, guarantee, and corrective action were also perceived as important components of CRM (S., 2013, P.138).