DEFINITION OF CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
Customer Relationship Management (CRM) is the core business strategy that integrates internal processes and function and external network, to create and deliver value to targeted customer. It is grounded by high quality customer-related data and enabled by information technology. CRM is information industry that helps company to manage the relationship between customer and the organization. A company builds a customer database to know their customer better. This customer database describes relationship in sufficient details so that the organization, management and other related people can access the information easily. The company will understand more about customer’s needs for the product and service so the organization can provide the right product or service to the right customers. Besides, it is also designed to coordinate multiple channels of support for the customer in managing problems, questions and feedback. It’s a mixture of business processes and technologies with various consumers touch points like sales, marketing, customer support and feedback etc. A best business practice is to know about the customers’ profiles, history, and preferences to confirm for customers that the supplier cares about them. It considers customers needs and behavior, examines profitability and continuous automation process. CRM software is a system that connects different parts of a company through the thread of customer relationships. Sales, Marketing, Accounting and Customer Service can all be tied together with powerful, centralized CRM software made to retain customer loyalty, increase revenue, deliver consistent and efficient customer service, and finally, evaluate which customers to focus on. CRM is composed of four types of CRM, which are strategic, operational, analytical, and collaborative CRM.
BACKGROUND OF WAL-MART
Wal-Mart is a retail and discount store organization which originated in the United States, in the early year of 1950. The purpose of Wal-Mart is to save people money to help them live better. Wal-Mart enhances the purchasing power of consumers by offering the best possible prices on the products which our consumers need. The concept of Wal-Mart stores grew extremely popular in the United States. Sam Walton was convinced that the American consumers wanted something more than retail shops. He opened his own discount and retail shop in Roger, Arkansas. Walton had gained a lot of experiences related to discount shops after travelled across the United States. In1962, he started the Wal-Mart by opening first store. In the next five years, Walton was succeeding to open 24 more stores in Arkansas due to his hard work. The 24 stores played a highly instrumental role in helping Wal-Mart achieve landmark turnover of RM12.6 million. In 1968, Wal-Mart hired its first commercial pilot for speedy logistics. Wal-Mart started a huge expansion by opening a gigantic and a home office in Bentonville, Arkansas. In 1977, Wal-Mart introduced a branch for pharmaceutical with the name of Wal-Mart pharmacy. Wal-Mart became a giant in American retail industry with turnover of more than 1.248 billion dollars in sales and 276 stores which managed by 21,000 staffs. In year between 1980 and 1990, beginning of Wal-Mart’s journey was trended to global retail phenomenon. As the company grew in size and also in term of monetary earnings, the operational area of Wal-Mart also kept on increasing. In 1983, the first Sam’s club was opened by Wal-Mart. The year 1983 was very eventful year for Wal-Mart due to the fact, that it was ranked first among the retail shop chains by Forbes Magazine. Besides, Wal-Mart’s supercenters were developed in 1988 to meet the growing demand for convenient. It purposed to save consumer’s time and money by combining a full grocery and our general merchandise under one roof. There are 2772 supercenters nationwide and most are open 24hours....