CHAPTER 11 : BUILDING A CUSTOMER CENTRIC ORGANIZATION - CUSTOMER RELATIONSHIP MANAGEMENT

The definition of CRM 

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

The benefits of CRM 

- threat customers as individuals.

- gaining important insight into their buying preferences and shopping    behaviour

- using the RMF formulae to track their most valuable customers.

  which are, recency, frequency and monetary value.

The Evolution of CRM :-

Operational and Analytical CRM :-

                           

operational crm - supports traditional transactional processing for day to day front office operations                                          or systems that deal directly with the customers.

analytical crm - supports back office operation and strategic analysis including all systems that do not deal                             directly with the customers.

The Ugly Side of CRM