Define the term customer relationship management. What has caused this definition to change over the past twenty years? Customer relationship management is also known as CRM which is widely used in companies to reduce costs and increase profitability by increasing customer satisfaction. The overall goals are to find, attract, and win new clients, retain those the company already has and reduce the costs of marketing and client service. I came across an article and found that CRM became more popular in part because of technology advancement. Technological advances in database design, analytics, systems integration, marketing automation, e-commerce and computer-telephony integration created opportunities for early adopters of CRM to innovate in customer management. Early adopters of CRM were banks and telecommunications firms. Today, CRM has migrated in all kind of organizations. Describe why CRM is so important in managing supply chains. Use an example in your discussion
Knowing your customers means knowing who your customers are, what their needs are, and the means by which you communicate with them.
CRM plays a very vital role in supply chain management because it tells the organization what kind or customer they are dealing with in the market and what their expectations are from the product. CRM system does feed the supply chain planning. For example, Apple know what customers need when they are buying smartphones thus their focus has been on the looks and best technology to attract the customers in the market who are ready to buy phones even if they are priced higher than other smart phones.
How do you think CRM performance should be measured? Suggest several performance measures. Any business is really looking for three things from its CRM system: increased revenue reduced cost and intangible efficiency. Benefits of CRM on the sales side are relatively easy to quantify, like increased revenue. Feedback through surveys like most companies does is...
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