Whether it is called customer relationship management, CRM, or just good business practice based on common sense, making customers central to immediate and long-term business action is on the rapid rise. Leading-edge companies the world over are recognizing that intimate, one-to-one relationships with their customers are critical to survival in our increasingly global and competitive marketplace.
CRM is implemented in the organizations for having a good relationship with the customers and attaining profits from them. According to customer desires and needs the firms has to deliver the best technology and methods in best ways, which led to the usage of an analytical tool called CRM Customer Relationship Managementwhere a database is created for the different type of customer information which helps to have a competitive advantage with other firms Raab et al, Retaining the old customers to the company is a difficult task in the present world.
The firm has to know the customer's taste and know what they buy Raab et al, Goals and aims of customer relationship management is took at the customer in four stages are durable, to attract new customers, having good and healthy relationship with profitable customers Raab et al, According to BandStrategy and Customer relationship Management goes hand in hand because it produces efficiency and other operational gains which give a firm a competitive edge over other firms.
The report is focussed on the impact of CRM as an application which is related to information, information use and business strategy. CRM can be treated as an application which focuses on customer relationship and other technologies by collecting and storing the information given by the customer.
CRM is not only technology for solving problems; they have kept the customers in the centre as they are the main target of business organisations Raab et al, The importances of information flow in an organisation, knowledge and business Crm in e business thesis are explained in detail within the report.
It is grounded on high quality customer data and enabled by IT". CRM can be categorized in different sectors where CRM is applied, IT firms view CRM as an application that can stimulate the business process in terms of marketing, maintenance and software development.
CRM is a software application used by the firms to be in touch with their current customers and their future customers.
Information Technology has helped CRM where it has accelerated and enabled a better coordination of business process Raab et al, Using CRM retaining the old customers is five times more profitable than finding a new one Buchanan and Gilles ; Reichheld cited in Becker, Ribbert and Dreiling, According to Peppers, Rogers and Dorf excessively large number of firms were not appropriately prepared to implement CRM, because of this significant number of IT projects failed.
The CRM discipline's relationship with Knowledge Management KM approaches and technologies has extensively been recognized as a relevant field of research Roman and Fjermestad, ; Fahey, ; Romano, ; Winer, ; Massey et al, Knowledge management can be defined as "the process of critically managing knowledge to meet existing needs, to identify and exploit existing and acquired knowledge assets and to develop new opportunities" Quintas, Lefrere and Jones, cited in Dous et al.
The important role being played by KM systems in the current customer centric business environment, Particularly in the context of marketing decisions there is lack of a easy and overall framework to integrate the traditional CRM functionalities with the management and application of the customer related knowledge.
KM systems manage the firm's knowledge through the process of structuring, creating, disseminating and applying knowledge to enhance firm's performance and create value, traditional CRM have focussed on the transactional exchanges to manage customer interactions Bose, Sugumaran, The Meta model is closely related to Ontology where it explains "Consists of a representational vocabulary with precise definitions of the meanings of the terms of this vocabulary plus a set of formal axioms that constrain the interpretation and well formed use of these firms" Campbell and Shapiro ; cited in Becker, Ribbert and Dreiling, According to Bunge ; cited in Becker, Ribbert and Dreiling, ontological theory is an answer to an ontological question with a tremendously broad scope.
The CRM Meta model is explained with an example of an airline company, For the airline company to penetrate the global market and get their precious customers, the airline firm brought the "earn points for a mile" on business class flights where the customers can redeem when they reach miles for a free intercontinental business class upgrade Becker, Ribbert and Dreiling, Based from the Meta model figure, the facts are built from customer reference objects, where they would have given the complete details about them such as their interest, type of diet, etc.
Master data stores the complete data of the customer's name, address, date of birth, nationality, credit card information, mobile number, etc.
Customer knowledge is reinterpreted of customer relationship campaign and customer category value. Further Customer Knowledge is reinterpreted of customer's fact, customer's preference and customer master data.
Ratios don't contain any business information but they store quantitative information such as revenues, costs, miles flown Becker, Ribbert and Dreiling, In the Year the airline firm decided to consider all the customers and segmentation in two groups for the customer reference. One group to focus on the country of residence and the group to focus on customer's who have flown more than miles.
For the customer preference, the customers are divided in two groups; the first group is fulfilling all the conditions and others in the other group.customer relationship management (CRM) systems is becoming increasingly important to improve customer life time value .
Understanding the needs of customers, firms need to align various organizational aspects with their CRM systems, e.g. business processes, strategies, top . The purpose of this thesis is study of Customer Relationship Management process in Customer Retention.
We describe the objectives of Customer Relationship Management (CRM) in Customer Retention which is very important for the survival of companies in today competitive environment. Electronic CRM (e-CRM)is the electronically delivered or managed subset of CRM. It arises from the consolidation of traditional CRM with the e-business applications marketplace and covers the broad range of information technologies used to support a.
The Impact of Customer Relationship Management (CRM) Technology on Business-to-Business Customer Relationships By James Edward Richard A thesis submitted to Victoria University of Wellington in fulfillment of the .
Customer Retention in E-commerce business Qu Feihua Thesis Business Information technology Abstract Customer relationship management in the E-commerce area is one of the areas require deeper research. In the 80‟s the marketing approach started to focus on. entrepreneur meaning, entrepreneur definition,what is entrepreneur, entrepreneur skill, entrepreneur characteristics, Business Thesis.