Role of CRM in Retail
CRM has been defined as a process; as a strategy, a philosophy, a capability, or as a technological tool .However, CRM is definitely more than just technology. While technology is a key enabler, it is only a means to the end and most authors view CRM as a combination of strategy and information systems focusing company’s attention on customers in order to serve them better (Chan, 2005). CRM is considered to unite the potential of relationship marketing strategies and IT to create profitable, long-term relationships with customers and other key stakeholders. CRM provides enhanced opportunities to use data and information to understand customers and co create value with them. This requires a cross-functional integration of processes, people, operations, and marketing capabilities that is enabled through information, technology, and applications CRM as the outcome of the continuing evolution and integration of marketing ideas and newly available data, technologies, and organizational forms: Not only does CRM build relationships and use systems to collect and analyze data, but it also includes the integration of all these activities across the firm, linking these activities to both firm and customer value, extending this integration along the value chain, and developing the capability of integrating these activities across the network of firms that collaborate to generate customer value, while creating shareholder value for the firm CRM is an integration of technologies and business processes used to satisfy the needs of a customer during any given interaction. More specially, CRM involves acquisition, analysis and use of knowledge about customers in order to sell more goods and services and to do it more efficiently Thus Customer Relationship Management is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the company and the customer. Expectation of...
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