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Customer Relationship Management

Customer Relationship Management. By, Dr. Madhurima Deb. Marketing Defined. A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Exercise 1.1.

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Customer Relationship Management

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  1. Customer Relationship Management By, Dr. Madhurima Deb

  2. Marketing Defined • A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

  3. Exercise 1.1 • Identify and discuss five most important founding concepts of marketing.

  4. Core Marketing Concepts

  5. Transform the 4Ps into a 4Cs. Four Ps Four Cs Product Customization Price Clear value to the customer Place Convenience Promotion Communication

  6. WHAT IS CUSTOMER RELATIONSHIP MANAGEMENT ?

  7. Definition • Automation of horizontally integrated business processes involving front office customer contact points (marketing, sales, service and support) via multiple interconnected delivery channels’, Metagroup (2000). • Gronroos and Berry (1963), “CRM is the process of acquiring, developing and retaining relationship with customers”. • Gartner (2004), “CRM is an IT enabled business strategy the outcomes of which optimizes profitability, revenue and customer satisfaction by organizing around customer segments, fostering customer-satisfying behaviors and implementing customer-centric process”. • Eg. Flipkart, Amazon, Banks etc

  8. CRM as Business Strategy Utilization of the scarce resources in a profitable way. Production/ Operation HR IT Finance Sales & Marketing

  9. Elements of CRM • In order to serve the customers profitably core elements that are needed are, • Customer Knowledge • Relationship Strategy • Individual value proposition • Communication (multi-channel integration)

  10. Process and System of CRM • It begins from ‘moment of truth’ • Integration of both front and back end operation.

  11. Success of CRM requires • Retain profitable customers in the business portfolio. • Due to Industrial revolution relationship dissipated between customer & suppliers. • Gaps increased. • From 1980’s onwards the concept of relationship marketing slowly started gaining momentum.

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