BENGAL SCHOOL OF TECHNOLOGY &MANAGEMENT

CA:1

NAME : SUBHRADEB MISTRY

DEPERMENT: BBA 2nd YEAR
SUBJECT: CUSTOMER RELATIONSHIP MANAGEMENT
SUB CODE : BBA 403
ROLL: 26605021031
INTRODUCTION CRM

CRM is about acquiring ,devloping and retaining satisfied loyal customer ,achieving profitable growth, and creating
economic value in a company’s brand crm is not a new concept but an age–old practice, which is on the rise because of the
benefit it offer especially in the present market scenario.
 FEATURES OF CRM

• Customer Relationship Management is a strategy which is customized by an organization to manage and administrate its customers and vendors in an
efficient manner for achieving excellence in business. It is primarily entangled with following features:
1.CUSTOMERS NEEDS- An organization can never assume what actually a customer needs. Hence it is extremely important to interview a customer about all
the likes and dislikes so that the actual needs can be ascertained and prioritized.

2.CUSTOMERS RESPONSE- Customer response is the reaction by the organization to the queries and activities of the customer. Dealing with these queries
intelligently is very important as small misunderstandings could convey unalike perceptions.

3.CUSTOMER SATISFACTION- Customer satisfaction is the measure of how the needs and responses are collaborated and delivered to excel customer
expectation. In today’s competitive business marketplace, customer satisfaction is an important performance exponent and basic differentiator of business
strategies.

4.CUSTOMER LOYALTY- Customer loyalty is the tendency of the customer to remain in business with a particular supplier and buy the products regularly.
This is usually seen when a customer is very much satisfied by the supplier and re-visits the organization for business .

5.CUSTOMER SERVICE- In an organization Customer Service is the process of delivering information and services regarding all the products and brands.
Customer satisfaction depends on quality of service provided to him by the supplier. If the quality and trend of service go beyond customer’s expectation, the
organization is supposed to have a good business with customers.
 MODEL OF CRM

1. IDIC MODEL:

The IDIC model was developed by the Peppers and Rogers Group as a generic blueprint for implementing CRM in a variety of situations. IDIC stands for the four stages of CRM
implementation: identify, differentiate, interact, and customize.
2. QCI MODEL:

Described as a customer management model rather than a customer relationship model, the Quality Competitive Index model focuses on three
main activities: acquisition, retention, and penetration.

3. PAYNE’S FIVE PROCESS MODEL:

The Five Process CRM model was developed by Adrian Payne and Pennie Frow. This model emphasizes a cross-functional approach for effective CRM processes.
1.Strategy development. 2.Value creation .3Multichannel integration. 4.Information management. 5.Performance assessment.
4.CRM VALUE CHAIN:

A value chain is a high-level model developed by Michael Porter that identifies the processes a business uses to develop an end product or service for the customer. The goal of the
value chain model is to identify and prioritize the most valuable activities to the company and improve processes to gain a competitive advantage.
PROCESS OF CRM
PROCESS OF CRM

Reach:
This very first step in a CRM process is about attracting your prospect’s attention through specific marketing efforts and channels like social
media or online advertisements. That is, creating a fictional profile of an ideal customer who characterizes with, among others, their
individual background (age, gender, socio-economic status), geographical location, purchasing behavior, and interests.
Acquire leads:
Introducing your company to potential customers is only the beginning. To start turning awareness into engagement, encourage users to take
the next step. When customers interact with your brand, each interaction becomes a source of data that can be stored in a CRM and used to
improve touchpoints later. When you build an understanding of customers, you’ll be better equipped to meet their expectations and provide
superior experiences.
Convert:
The third stage of the customer relationship management process, you reap the rewards of the hard work you put into the previous stages. it’s
time to convert your newly acquired leads into buyers.
Retention:
The previous stage, you have hard-earned new buyers. Now, you don’t want your new relationships to end and bid farewell to your
customers. Quite the opposite you want to retain them and keep the relationships going. whether it is via social media, email, or phone.
Loyalty:
Retaining customers and converting them into repeat buyers is one thing. The final stage of the customer relationship management process
is about introducing your more expensive products/services to drive upsell and cross-sells.
 CRM STRATEGY FOR BUILD RELATION WITH CUSTOMER

• customer relationship management is all of the activities, strategies and technologies that companies use to manage their interactions with their current and potential
customers. A saying frequently heard and said in many businesses is customer is king.CRM helps businesses build a relationship with their customers that, in turn,
creates loyalty and customer retention. Since customer loyalty and revenue are both qualities that affect a company's revenue, CRM is a management strategy that
results in increased profits for a business. At its core, a CRM tool creates a simple user interface for a collection of data that helps businesses recognize and
communicate with customers in a scalable way.
 Conclusion

• Customer Relationship management is a business strategy that enables a business organization to maximize revenue,
customer satisfaction, profitability through strategic mobilization and management of customer’s interests and desires.