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Customer Relationship Management

Customer Relationship Management

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Published by Fakhar Imran

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Published by: Fakhar Imran on Feb 20, 2011
Copyright:Attribution Non-commercial

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06/12/2013

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CONTACT: Paul Gray at paul.gray@cgu.edu
CUSTOMER RELATIONSHIPMANAGEMENT
AUTHORS:Paul GrayProfessor, Information ScienceClaremont Graduate SchoolandJongbok ByunClaremont Graduate SchoolMarch 2001
CENTER FOR RESEARCHON INFORMATIONTECHNOLOGY ANDORGANIZATIONS
University ofCalifornia, Irvine3200 Berkeley PlaceIrvine, CA, 92697-4650
www.crito.uci.edu 
 
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TABLE OF CONTENTS
I. INTRODUCTION 1II. HISTORY OF CRM MARKET 3Major Vendors 5Current Offerings 6III. DEFINITIONS OF CRM 6IV. DRIVERS FOR CRM APPLICATIONS 9Reasons for Adopting CRM: The Business Drivers 9Cost Goals 10V. THE CRM INDUSTRY 11Size of the CRM Industry 12Vendors 13Technology and Service 15VI. INFORMATION TECHNOLOGIES FOR CRM 20Key CRM Tasks 20IT Factors of CRM Tasks 22VII. CONSULTANTS 23VIII. RETURN ON INVESTMENT OF IMPLEMENTATION 24Cost and time 24Benefits 25ROI of CRM Projects 27IX. PRINCIPLES OF CRM 27X. CRM ISSUES 28Customer Privacy 28Technical Immaturity 30XI. CASE STUDIES 31Amazon.Com 31Dell 32Volkswagen 33Wells Fargo 34XII. CONCLUSIONS 36REFERENCES 37APPENDIX A BASIC ASSUMPTIONS OF CRM 40APPENDIX B COMMON MYTHS OF CRM 41APPENDIX C LIFETIME VALUE OF A CUSTOMER 44C1. Simple Approach 45C2. More Sophisticated Calculation 46C3. Effect of Loyalty Programs 47C4. Additional Factors to Consider 49C5. The Arithmetic of Lifetime Value 49C6. Example: Applying Lifetime Value Concepts in Banking 51C7. Summary and Conclusions on Lifetime Value 53APPENDIX D VENDOR’S WEB SITE ADDRESSES 55
 
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Version 3-6
March 23, 2001
CUSTOMER RELATIONSHIP MANAGEMENT
Paul GrayJongbok Byun
I. INTRODUCTION
Over a century ago, in small-town America, before the advent of thesupermarket, the mall, and the automobile, people went to their neighborhoodgeneral store to purchase goods. The proprietor and the small staff recognizedthe customer by name and knew the customer's preferences and wants. Thecustomer, in turn, remained loyal to the store and made repeated purchases.This idyllic customer relationship disappeared as the nation grew, the populationmoved from the farm communities to large urban areas, the consumer becamemobile, and supermarkets and department stores were established to achieveeconomies of scale through mass marketing.Although prices were lower and goods more uniform in quality, the relationshipbetween the customer and the merchant became nameless and faceless. Thepersonal relationship between merchant and customer became a thing of thepast. As a result, customers became fickle, moving to the supplier who providedthe desired object at lowest cost or with the most features.

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