MGT 300 CHAPTER 11 : CUSTOMER RELATIONSHIP MANAGEMENT

LEARNING OUTCOMES :

  1. Compare operational and analytical customer relationship management
  2. Identify the primary forces driving the explosive growth of the customers relationship management
  3. Define the relationship between decision making and analytical customers relationship management
  4. Summarize the best practice for implementing a successful customer relationship management system
  • CUSTOMER RELATIONSHIP MANAGEMENT (SCM)
-CRM enables a organization to :
 *provide better customer service
 *make call centers more efficient
 *cross sell products more effectively
 *simply marketing and sales processes
 *discover new customers


  • RECENCY, FREQUENCY, and, MONETARY VALUE
-Organization can find their most valuable customers through 'RFM' stand for Recency, Frequency, and Monetary value.
   *How recently a customers purchased items (Recency)
   *How frequently a customers purchased items (Frequency)
   *How much a customer spends on each purchase (Monetary)

  • THE EVOLUATION OF CRM
CRM reporting technologies help organizations identify their customers across other applications. CRM analysis technologies help organizations segment their customers into categories such as best and worst customers. CRM predicting technologies help organizations predict customer behavior, such as which customers are at risk of leaving. 

  • THE UGLY SIDE OF CRM

  • CUSTOMER RELATIONSHIP MANAGEMENT'S EXPLOSIVE GROWTH



Image result for forecasts for crm spending

-Forecasts for CRM spending (in billions)

  • USING ANALYTICAL CRM to ENHANCE DECISIONS
-Operational CRM : to supports traditional transactional processing for day to day front office operations or system that deal directly with the customers.

-Analytical CRM : to support back-office operations and strategic analysis and  includes all systems that do not deal directly with the customers.

-Operational CRM and analytical CRM
Image result for operational crm and analytical crm

  • CUSTOMER RELATIONSHIP MANAGEMENT SUCCESS FACTORS
-CRM success factors include : 
  1. Clearly communicate the CRM strategy
  2. Define information needs and flows
  3. Build an integrated view of the customers
  4. Implemented in iterations
  5. Scalability for organizational growth

                                                            Image result for thank you emoticon


Comments

  1. Ramya Balan5 March 2020 at 05:20

    I have experience when I first started my blog.I’m happy that I came across with your site this article is on point,thanks again and have a great day.Keep update more information.
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