Scope Of Customer Relationship Management
CHAPTER 1
INTRODUCTION
In the modern economy a priority of business activities becomes a two-way communication between the company and its customers. This communication is based on the interests of both sides: companies that seek to profit, survive and grow, and customers who want to achieve added value. The most successful companies today are those that create their business processes in line with customer expectations [1]. Customers are the most important asset of an organization. For building, managing and strengthening loyal and long-lasting customer relationship, the strategy called Customer Relationship Management (CRM) is used.
1.1 Customer Relationship Management
Customer Relationship
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• Integrating the activities of marketing, sales and service to achieve a common goal.
• Applying customer knowledge to continuously improve performance through a process of learning from successes and failures.
• Acquiring and continuously updating knowledge about customer needs, motivations and behavior over the lifetime of the relationship.
• Measuring both inputs across all functions including marketing, sales and service costs and outputs in terms of customer revenue, profit and value.
• Constantly flexing the balance between marketing, sales and service inputs against changing customer needs to maximize profits.
1.3 Benefits of CRM
The benefits of CRM are:
• CRM permits business to leverage information from their databases to achieve customer retention and to cross sell new
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Due to the increase in online transactions, it becomes better and efficient to automate this process [6], [7].
Today, customers are more highly educated, under higher stress, more specialized, living longer, and more influenced by global culture than those of the 60s and 70s when our view of marketing was formed [8]. With a sharp increase in the competition between the different businesses on over the world and with the accelerated growth of the globalization and the global markets, the companies become to research about new methods and technologies support them to keep their market share and their current customers, and to decrease the attrition rate of their customers into another competitors. In 21st century some of the large companies in various businesses such as telecommunication, retailing and banking and other have adopted data mining technology (DM) as emergent technology to support their marketing and their customer relationship management (CRM) strategy. DM mainly depended on different analytical software that supports statistics and machine learning. This technology helps the company to convert the huge volume of the customer data that are stored in the databases into meaningful information and actionable knowledge, this information support the mangers to take effective and critical decisions in terms of designing active marketing programs and building effective CRM
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