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Marketing - Term Paper Example
Pages 8 (2008 words)
Customer Relationship Management Name of the Student: Name of the University: Date: Table of Contents 1.Introduction 3 2.Method 4 3.Result 4 3.1. Customer Loyalty 5 3.2.Firm differentiation 5 3.3.Firm values 5 3.4.Firm Image 6 4.Discussion 6 5.Conclusion and Recommendation 6 References 8 1…
It is considered a revolutionary advancement that has been made in the field of customer services. The root of CRM process can be traced back in sales where CR managers study customer buying patterns and trends in order to match service levels to revenue expectations alongside satisfying the needs of the customers. The underlying rationale behind this management process is to bring down the rate of customer complaints thereby addressing their issues at the earliest and henceforth rewarding customer loyalty and maintain a high customer retention rate. In order to carry the process effectively special computer programs have also been designed. Driven by customer economics, companies have been implanting the CRM process for a long time. The CRM initiatives are directed towards formulating effective CRM strategies in order to support the overall business strategy as well as the sales and marketing department. A better coordination and synergy between these elements process proves that the CRM process has delivered its promise of increasing the customer loyalty and maximizing the shareholder value (Raihan, Hamid & Akhir, 2013). The primary objective of CRM as explained by the author is to obtain a better understanding of customer requirements and preferences which are directed towards offering the customers with high quality buying experience as well as services thereby leading to customer loyalty. ...
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