Customer Relationship Management – Study Material

node Relationship carry awayment node blood management is a comprehensive strategy and process of acquiring, retaining and partnering with selective nodes to bring in superior value for the comp either and customers. Importance of CRM * Identifying customer needs. * Identifying untapped pedigree potential. * Identify strong & weak points of suppliers. * Benchmarking to achieve global excellence. * Help in rediscovering the customers and understanding them * Identify field requiring modern technology and development. * Provide feedback to the suppliers on its total operations. Action plan to make organization customer centric. Goals of CRM * arrive at long term and profitable birth with suitable customers. * Getting impending to those customers at every point of contact with them Enablers for the growth of CRM (Pg 17-20 in the pdf you sent) * growth of return economy. * Global orientations of business. * Emergence of market economy. * Aging population of economically a dvanced economies. Criticality of Customer family * Non traditional competition * commercialize Maturity * Misalignment between revenue & profitSchools of Thoughts on CRM 1. Anglo Australian approach shot Explains consanguinity marketing as a Confluence (meaning process of merging) of Quality management, customer relationship economics and service marketing concepts. 2. Nordic Approach Explains relationship marketing as a Confluence of interactive theory, customer relationship economics and service marketing concepts. 3. North Ameri substructure approach oppose Organizations environment decides the relationship between buyer and seller. Fig Nordic Approach Fig Anglo Australian approachBrand Relationship Management is as the process of establishing, maintaining and underdeveloped relationship between brand and its consumers. BRM Process Brand Loyalty delimit as the customers commitment to the brand and make repurchase over time. scarper of Loyalty 1. Partner An advoc ate who is actively involved in decisions of the company. 2. abet A supporter who proactively works to improve the products & services of company. 3. Supporter A client becomes a supporter when he is satisfied with the offering and refers to friends. 4. leaf node A customer who make repeat purchases . Customer A opportunity who get attracted by the offerings and buy the product or service. 6. Prospect Is a target, a possible customer. Learning about customers 1. Knowledge acquisition 2. Customer differentiation Customization of grocerying Mix 1. Product 2. Price 3. Place 4. promotional material 6 Types of Markets or Marketers * Customer market * Referral market * Influence market * Recruitment market * Supplier market * Internal market misunderstand of CRM * infobase Marketing. * CRM is a marketing process. * CRM is an IT issue. * Loyality scheme. * Can be implemented by any company.Tools & process of CRM Value chain Primary Stage Customer Portfolio outline Customer Int imacy Network development Value preposition development Manage customer lifestyle Customer Supporting conditions Leadership & Culture Data & Information Technology Profitability People Process Zero Customer Defections * Price defector * Product defector * Service defector * Market defector * Technology defector * Organizational defector Customer salvation program to reduce defection tincture 1 Measure customer redemptionStep 2 Interview formal customers Step 3 Analyze, compile and service data Step 4 Identify switching barriers CRM Framework personnel casualty block Major agency Blue block Minor role Relationship Style Initiation Development Maintainance / Enhancement Psychological Step Stwiching Satisfaction Trust Commitment Loyality CRM in B2C Market Characteristics of services A. intangibility Could not be felt immediately B. Heterogeneity differences C. Simultaneity akin(predicate) quality products offered at same time D.Perishability s helf life of expendable products or zero inventory. Dimensions of Quality Services I. Reliability II. Assurance III. palpability IV. Empathy V. Responsiveness Cost of losing a customer 1. Reduces cash flow for libertine in future. 2. New customers cost up to 5 times more. 3. to a greater extent cost effective for services firm as they discover new traits of customer likes and dislikes. 4. Developed a higher level of loyalty can change more for their products and services. 5. If word of mouth is good, then firms have to fade less on advertisement and spend for attracting new customers.