CHAPTER 11 - BUILDING A CUSTOMER - CENTRIC ORGANIZATIONAL - CUSTOMER RELATIONSHIP MANAGEMENT

Customer Relationship Management

- Managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability.

- CRM allows an organization to gain insights into customer's shopping and buying behaviors.

The Benefits of CRM

• companies that understand individual customer needs are best positioned to achieve success.
• building successful customer relationship is not a new business practise , however, implementing CRM systems allows a company to operate more efficiently and effectively in the area of supporting customer needs.

Evolution of CRM

1. CRM Reporting technologies  - help organizations segment their customer across other applications.
2. CRM Analysis technologies  - help organizations segment their customer into categories such as best and worst customers.
3. CRM Predicting technologies  - help organizations predict customer behavior, such as which customers are at risk of leaving

Operational And Analytical CRM

- Operational CRM supports traditional transaction processing for day to day front office operations or systems that deal directly with the customers.