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Customer Relationship Management

Customer Relationship Management

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Customer Relationship Management
Customer Relationship Management

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Published by: Khawaja Naveed Haider on Dec 22, 2009
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12/22/2009

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Chapter 15Customer Relationship Management (CRM)
Learning Objectives
Define CRM;Understand the importance of CRM;Explain the determinants of CRM and the key stages in its development;Discuss the main functions and various models of CRM;Explain the role of salespeople as relationship developersDiscuss the management of customer relationships.
 
Chapter 15: Customer Relationship Management (CRM)
What is Customer Relationship Management (CRM)?
CRM is “the development and maintenance of 
mutually beneficial
 
long-term
relationships with
strategically significant customers
(Buttle, 2000)
CRM is “an
IT enhanced value process
, which identifies, develops,integrates and focuses the various competencies of the firm to the
‘voice’ of the customer
in order to deliver 
long-term superiorcustomer value
, at a profit to
well identified existing and potentialcustomers
”.
(Plakoyiannaki and Tzokas, 2001)
 
Chapter 15: Customer Relationship Management (CRM)
Understanding Customer Relationship Management (CRM)?
CRM is a
business philosophy
based on upon individual customersand customised products and services supported by
open linesof communication and feedback 
from the participating firms that
mutually benefit both buying and selling organisations
.The buying and selling firms enter into a
“learning relationship
”,with the customer being willing to collaborate with the seller andgrow as a
loyal customer
. In return,, the seller works to
maximizethe value of the relationship for the customer’s benefit
.In short, CRM provides selling organisations with the platformto obtain a
competitive advantage
by embracing customer needsand building
value-driven long-term relationships
.

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