Perceived benefits of CRM in selected Industries

2021 ◽  
pp. 151-156
Author(s):  
Adireddy Sakunthala
Keyword(s):  
Business Strategy ◽  
Customer Value ◽  
Customer Relationships ◽  
Customer Relationship ◽  
Perceived Benefits ◽  
Customer Profitability ◽  
Manufacturing Organizations ◽  
Technical People ◽  
Meaningful Communication

Customer Relationship Management (CRM) is an enterprise approach to understand and influence customer behavior through meaningful communication in order to improve customer acquisition, customer loyalty and customer profitability. CRM can be viewed as an approach to accomplish upper hand. In addition, CRM is tied in with recognizing an organization's best customers and augmenting the incentive from them by satisfying and retaining those. CRM can be seen as a way to achieve competitive advantage. Therefore, the definition for CRM is “A business strategy to manage interactive customer relationships to optimize long-term customer value and satisfaction”. The aim of this paper is to identify and seek the opinion of the marketing and technical people in service and manufacturing organizations with regard to perceived benefits of CRM which are the promises of software package before implementation are realized through the implementation of CRM in both service and manufacturing industries.

Customer Relationship Management (CRM)

2009 ◽  
pp. 94-117
Author(s):  
Mahesh Raisinghani ◽  
Abdu Albur ◽  
Sue Leferink ◽  
Thomas Lyle ◽  
Stephen Proctor
Keyword(s):  
Customer Relationship Management ◽  
Business Strategy ◽  
Business Processes ◽  
Relationship Management ◽  
Internet Marketing ◽  
Customer Relationships ◽  
Customer Relationship ◽  
Technical Solution ◽  
Strategic Implementation

This chapter discusses customer relationship management (CRM) as a customer-focused business strategy enhanced by technology that automates and enhances business processes to proactively manage profitable and long-term customer relationships. CRM solutions span a continuum of implementations from a narrow tactical implementation of a specific technical solution to a broad strategic implementation of a customer centric solution. Furthermore, the authors hope that understanding the underlying assumptions and theoretical constructs through the use of CRM will not only inform researchers of a better CRM design for studying e-commerce and Internet marketing, but also assist in the understanding of intricate relationships between different factors.

Strategic Imperatives for Customer Centric Approach

2012 ◽  
pp. 414-433
Author(s):  
Neeta Baporikar
Keyword(s):  
Business Strategy ◽  
Customer Relationships ◽  
Customer Relationship ◽  
Information Communication ◽  
Competitive Environments ◽  
The Subject ◽  
New Challenges ◽  
Customer Services ◽  
Communication And Technology

Organizations have been forced to transform themselves from “product-centric” to “customer-centric” for various reasons. Becoming customer centric is one of the most important aims of any organization. Customer Relationship Management has attracted the attention of both marketing practitioners and researchers over the last decade. Despite, or maybe due to, the attention drawn to the subject, a clear agreement on what CRM is and especially how CRM should be developed remains lacking. It is now commonly understood that CRM involves technology, drives marketing, sales, and customer services, and is often approached as a business strategy to create value for an organization through the creation of profitable long-term customer relationships. Significant progress has been made in identifying and researching the components of CRM individually. The roles of CRM applications, customer knowledge, customer satisfaction, and a customer-centric strategy have all been subject of research lately. However, to the best of the author’s knowledge, no comprehensive research has been conducted to identify and understand the strategic imperatives for developing customer centric approach, and that is the core objective of this chapter. Moreover, the advancements in society and technology leading to convergence of information, communication, and technology, coupled with acceleration in globalization, competitive environments, and changing customer’s preferences have created new challenges as well as opportunities for leveraging knowledge about customers. Also we have yet to find research that shows a relationship between strategic imperatives and customer centric approach.

Customer Relationship Management (CRM)

2010 ◽  
pp. 2055-2077
Author(s):  
Mahesh Raisinghani ◽  
Abdu Albur ◽  
Sue Leferink ◽  
Thomas Lyle ◽  
Stephen Proctor
Keyword(s):  
Customer Relationship Management ◽  
Business Strategy ◽  
Business Processes ◽  
Relationship Management ◽  
Internet Marketing ◽  
Customer Relationships ◽  
Customer Relationship ◽  
Technical Solution ◽  
Strategic Implementation

This chapter discusses customer relationship management (CRM) as a customer-focused business strategy enhanced by technology that automates and enhances business processes to proactively manage profitable and long-term customer relationships. CRM solutions span a continuum of implementations from a narrow tactical implementation of a specific technical solution to a broad strategic implementation of a customer centric solution. Furthermore, the authors hope that understanding the underlying assumptions and theoretical constructs through the use of CRM will not only inform researchers of a better CRM design for studying e-commerce and Internet marketing, but also assist in the understanding of intricate relationships between different factors.

Strategic Imperatives for Customer Centric Approach

2011 ◽  
pp. 285-304
Author(s):  
Neeta Baporikar
Keyword(s):  
Business Strategy ◽  
Customer Relationships ◽  
Customer Relationship ◽  
Information Communication ◽  
Competitive Environments ◽  
The Subject ◽  
New Challenges ◽  
Customer Services ◽  
Communication And Technology

Organizations have been forced to transform themselves from “product-centric” to “customer-centric” for various reasons. Becoming customer centric is one of the most important aims of any organization. Customer Relationship Management has attracted the attention of both marketing practitioners and researchers over the last decade. Despite, or maybe due to, the attention drawn to the subject, a clear agreement on what CRM is and especially how CRM should be developed remains lacking. It is now commonly understood that CRM involves technology, drives marketing, sales, and customer services, and is often approached as a business strategy to create value for an organization through the creation of profitable long-term customer relationships. Significant progress has been made in identifying and researching the components of CRM individually. The roles of CRM applications, customer knowledge, customer satisfaction, and a customer-centric strategy have all been subject of research lately. However, to the best of the author’s knowledge, no comprehensive research has been conducted to identify and understand the strategic imperatives for developing customer centric approach, and that is the core objective of this chapter. Moreover, the advancements in society and technology leading to convergence of information, communication, and technology, coupled with acceleration in globalization, competitive environments, and changing customer’s preferences have created new challenges as well as opportunities for leveraging knowledge about customers. Also we have yet to find research that shows a relationship between strategic imperatives and customer centric approach.

Customer Relationship Management as a Customer-Centric Business Strategy

2015 ◽  
pp. 182-218
Keyword(s):  
Life Cycle ◽  
Customer Service ◽  
Business Strategy ◽  
Customer Value ◽  
Life Cycle Management ◽  
Customer Relationship ◽  
Strategic Integration ◽  
Customer Life Cycle ◽  
Strategic Objective ◽  
Company Culture

CRM is fundamentally essential for the future of the company. CRM technologies enable the company to understand customer behavior better, predict their future behavior, deliver customized customer experience, and establish long-term customer relationships. However, considering that CRM is only limited with technology would be a big mistake for the company. Companies cannot deliver outstanding customer value, service, and experiences only through investing in CRM technologies. Strategic integration of CRM philosophy into company culture and operating processes are required to deliver superior customer service and experience. In the absence of CRM strategy, companies fail to harvest the benefits of CRM. The main purpose of this chapter is to discuss the characteristics as well as the strategic objective of CRM strategy. This chapter explains the customer life cycle management and proposes a holistic framework for customer life cycle management. This chapter ends with discussing the strategies to turn customers into assets and create devoted customers.

Customer Relationship Management and Data Mining

2016 ◽  
pp. 1362-1401
Author(s):  
Niccolò Gordini ◽  
Valerio Veglio
Keyword(s):  
Data Mining ◽  
Customer Relationship Management ◽  
Customer Value ◽  
Relationship Management ◽  
Global Market ◽  
Customer Relationship ◽  
Digital Revolution ◽  
Marketing Activities ◽  
Potential Customers

In the global market of today, Customer Relationship Management (CRM) plays a fundamental role in market-oriented companies to understand customer behaviors, achieve and maintain a long-term relationship with them, and maximize the customer value. Moreover, the digital revolution has made information easy and fairly inexpensive to capture. Thus, companies have stored a large amount of data about their current and potential customers. However, this data is often raw and meaningless. Within the CRM framework, Data Mining (DM) is a very popular tool for extracting useful information from this data and for predicting customer behaviors in order to make profitable marketing decisions. This research aims to demonstrate the classification decision tree as one of the main computational data mining models able to forecast accurate marketing performance within global organizations. Particular attention is paid to the identification of the best marketing activities to which firms should concentrate their future marketing investments. The criteria is based on the loss functions that confirm the accuracy of this model.

The Impact of Customer Relationship Characteristics on Profitable Lifetime Duration

2003 ◽  
Vol 67 (1) ◽  
pp. 77-99 ◽  
Author(s):  
Werner J. Reinartz ◽  
V. Kumar
Keyword(s):  
Customer Value ◽  
Customer Relationships ◽  
Decision Makers ◽  
Customer Relationship ◽  
Traditional Methods ◽  
Monetary Value ◽  
The Impact

The authors develop a framework that incorporates projected profitability of customers in the computation of lifetime duration. Furthermore, the authors identify factors under a manager's control that explain the variation in the profitable lifetime duration. They also compare other frameworks with the traditional methods such as the recency, frequency, and monetary value framework and past customer value and illustrate the superiority of the proposed framework. Finally, the authors develop several key implications that can be of value to decision makers in managing customer relationships.

Transforming Employee Engagement Into Long-Term Customer Relationships: Evidence from Information Technology Salespeople in Taiwan

2012 ◽  
Vol 40 (9) ◽  
pp. 1549-1553 ◽  
Author(s):  
Benjamin J. C. Yuan ◽  
Michael B. H. Lin ◽  
Jia-Horng Shieh ◽  
Kuang-Pin Li
Keyword(s):  
Transformational Leadership ◽  
Employee Engagement ◽  
Work Engagement ◽  
Customer Relationships ◽  
Service Performance ◽  
Relationship Development ◽  
Customer Relationship ◽  
Performance Development ◽  
Over Time

In this study, we found that when information salespeople in Taiwan perceived more transformational leadership, they were more likely to show increases in work engagement development over time. Furthermore, increases in work engagement development influenced increases in service performance development, which therefore positively predicts increases in customer relationship development over time.

Drivers of contract renewal in international B2B services: a firm-level analysis

2017 ◽  
Vol 35 (3) ◽  
pp. 358-376 ◽  
Author(s):  
Paul Jeremy Williams ◽  
M. Sajid Khan ◽  
Rania Semaan ◽  
Earl R. Naumann ◽  
Nicholas Jeremy Ashill
Keyword(s):  
Product Quality ◽  
Customer Value ◽  
Customer Relationships ◽  
Firm Level ◽  
Industrial Firms ◽  
Content Type ◽  
Contract Renewal ◽  
The Usa ◽  
National Boundaries

Purpose A key issue for B2B industrial firms is to better understand the drivers of customer value and contract renewal decisions, due to the long-term supplier-customer relationships. When the B2B firm is operating across national boundaries, there is added complexity to the renewal decision, because the drivers are also influenced by cultural considerations. The purpose of this paper is to examine the main drivers of customer value creation and contract renewal intentions, for a large B2B firm operating in both the USA and Japan and compare the two data sets. Design/methodology/approach The company, which provided the data for the study, is a US Fortune 100 firm in the facilities management industry, operating worldwide. Data were collected using a survey questionnaire from a sample of the firm’s customers in two of its largest markets, the USA and Japan. The authors used PLS to analyze the data, and compare and contrast the drivers. Findings The findings highlight both similarities and differences across the two countries for the most influential drivers of customer value and contract renewal. Although no differences were found when examining the effect of relational drivers on contract renewal, differences were observed for utilitarian drivers: product quality and price. Practical implications The authors expected the relational drivers of contract renewal to be stronger in the high-context culture of Japan, but found that there were no differences with the US market. While relational drivers are important in the decision-making process in both countries, it seems that managers should focus more on price considerations in Japan. In contrast, product quality is relatively more important in the USA, when negotiating contract renewals with customers. Originality/value Noticeably absent from the B2B services literature is its application to international markets. In particular, research is lacking on the specific drivers of customer value and contract renewal intentions in the USA and Japan, despite the importance of long-term on-going contractual relationships in these markets. This study has provided additional insights into the complex world of contract renewal between international buyers and sellers of large industrial systems.

Applications of Customer Relationship Marketing in the UK Hospitality Industry

2010 ◽  
Vol 1 (4) ◽  
pp. 1-21 ◽  
Author(s):  
Geoff Lancaster ◽  
Diana Luck
Keyword(s):  
Relationship Marketing ◽  
Customer Relationship Management ◽  
Hospitality Industry ◽  
Hotel Industry ◽  
Relationship Management ◽  
Customer Relationships ◽  
Customer Relationship ◽  
Customer Relationship Marketing ◽  
The Uk

This paper aims to research the hospitality industry to gauge dimensions of Customer Relationship Management (CRM) that resonate with guests and employees. An uncovering of perceptual differences of hotel guests and employees was sought to assess its application within the London hotel industry and to investigate CRM as an emerging concept. The global hotel market contains many brands and partnerships, and CRM is significant, because differentiation becomes easier for those with potential to develop long-term customer relationships. Despite being differentiated by star ratings, most hotels in London offer similar core products and services. In this regard, development of relationships with customers can be considered emphatic to the London hotel industry. Methodologically, triangulation of data and theories was used in this paper to investigate staff and customers. A standardised questionnaire gauged elements regarded as being part CRM with the objective to assess differential CRM perceptions and their relevancy to the hotel industry in contemporary terms. Findings suggest CRM become an integral part of a hotel’s offerings and operations.

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