Information technology has accelerated the evolutionary phase of customer relationship. Many CRM software and information systems are available today which can be used for capturing and storing potential customer data which help organizations in developing and maintaining customer relationship. This report is an attempt to provide comprehensive information on technologies used by the present day organizations for maintaining a healthy relationship with their potential customers. Supply chain has also supported organizations in improving their relationship building activities with their customers.
Customer Relationship Management (CRM) is a comprehensive approach adopted by organizations in order to create, maintain, and expand their customer base. It has become an essential part of every organization and seeks participation from all of the departments of that organization. It should be noted the process of customer base development of an organization is not dependent on any specific department. Instead it is a strategy which must be followed by all of the departments while developing their departmental plans. It is not solely related to the IT department of the organization neither it is an activity performed by the sales and marketing team (Anderson & Kerr, 2002).
Present day business situation has forced organizations to revamp their traditional approaches so as to meet their target revenue and sales volume. High level of competition has become an issue not only for international level organizations but also for the organizations operating in the national and domestic markets. Organizations are required to use smarter techniques for identifying and retaining their customers. This has also made it necessary for the present day organizations to analyze their offerings and identify their targeted customers. The latter is considered as the key to success as it increases the of the productivity and revenue generation of the ...
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After sales service 15 Core Competency of HSBC 15 Five Filter Frameworks 15 Sustainable Savings 16 Rumelt Strategy Analysis 16 Consistency 16 Consonance 16 Feasibility 16 Advantage 16 Conclusion 17 References 18 Appendix A 20 Introduction HSBC Holdings Plc or recurrently known as HSBC, is renowned multinational financial and banking service provider of United Kingdom.
Hence, a flexible business and marketing strategy is essential for every business houses (Pride and Ferrell, 2012). In the similar way, the business environment of UK is somewhat uncertain and as a result of that companies are required to formulate strategies in a manner that fits with the nature of the environment.
As they say, customer is king and all business decisions are made with customer in mind. Customer Relationship Management (CRM) was one of the most talked about field in the 20th century. However, a new concept of electronic Customer Relationship Management (e-CRM) is quickly replacing it in the contemporary business world.
Corporations battling within a specific market for the bulk of market share look for ways to gain that competitive advantage over other companies.
What is competitive advantage Competitive advantage happens when a company maintains profits that surpass the average for the industry it belongs to (Competitive Advantage).
In the same way, there are models focusing on motivating the employees to build up production and in the long run improvement in the overall performance of the firm. On the other hand, recent theories indicate
To remain competitive these organizations have resorted to build better relationships with their supply chain partners and most of all with their customers.
This paper looks at the difference between traditional management systems
stomers, and it is limited to activities taking place in the customer facing functions such as marketing customer service, and sales among others (Kincaid 2003, p.42). In most cases, CRM software is used to control lead information, marketing campaigns and market participation,