Customer Relationship Management

             Recently, the world has seen a major shift in business practices and
             attitudes. Experts agree that companies have much to gain by moving away
             from inward-looking, product-focused organizations to becoming an outward-
             looking, customer-focused business (McKeown, 2001). Customers today have
             more powering the current marketplace and businesses must compete based on
             relationships, rather than simply relying on the basic products and
             services customers have come to expect.
             In addition to traditional direct channels, companies are moving to the
             Internet and also working with channel and alliance partners to meet
             customer needs. E-commerce has become a necessity for competition, and
             businesses must carefully manage networks of relationships to build loyal
             and profitable end customer relationships. However, the term "customer
             centric" goes beyond simply being nice to customers - it is more concerned
             with really understanding how to deliver an outstanding customer
             experience, which, in turn, results in tangible, bottom-line results.
             Customer Relationship Management (CRM) is "a business strategy to get,
             grow, and retain the right customers, leading to long-term profitability
             (Thompson, 2003). Thanks to the Web-accelerated power shift to customers,
             CRM is essential to create a sustainable competitive advantage based on
             Customers' expectations are high. In today's business environment,
             interaction with customers must be more sophisticated, intelligent and
             personalized (McKeown, 2001). For an ecommerce business environment to
             succeed, it must exceed expectations at every interaction. Therefore,
             businesses are using CRM measures to build and maintain their online
             CRM involves reaching out to prospects, customers and business associates
             with an invaluable proposition and building ongoing interactions, which
             deliver value to all involved. CRM extends this principle by maximizin
             ...

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Customer Relationship Management. (1969, December 31). In MegaEssays.com. Retrieved 20:31, April 23, 2024, from https://www.megaessays.com/viewpaper/201150.html