The intensity and the traffic in competition is on the rise ever since the idea of globalization was adopted. One cannot deny the fact that the ever changing customers attitude, behavior, shift in needs, tastes and other variants are making life more challenging for a marketing manager. In this era of customer ruling the market and most often called The King it is very important to know the customer for every business to survive and thrive. So the line is to know and understand the customer. This is where CRM techniques and tools play an important role as they become inevitable for an organization. CRM bridges the gap between the business and customers by which the business and its marketers get close to their customers. As a result of this a series of developments are taking place in order to make the implementation of CRM tools and processes, which has changed the way of, business and marketing.
[...] By usage of CRM models and tools it becomes easier for the Marketing Department to know its customer well by which the price sensitivity of the customer is determined. By conducting a research on the acquire data in comparison to the market the marketing department gets closer in deciding the ideal price. For e.g. in E-Business companies the marketing department uses several techniques to determine the customers psychology, response and attitude toward the Price Factor. Most often when a customer comes online one can keep a track on his browsing habits which becomes a data in itself as it is one of the best sources to understand a customer better. [...]
[...] was more of a sellers market than a buyers market, but ever since the countries started opening up their markets to create a World Market with the launch of new and innovative products and services the customer started gaining unbelievable importance. The strategy of being Product-oriented shifted to Customer-oriented; there was a major shift in the axis of power from the seller to the buyer (Customer). The companies started to redefine their mission and their plans to make their business more Customer-Focused or rather Customer-oriented. [...]
[...] The Marketing Department should work with the Supply Chain Management and other distribution channels as well so that understanding the needs of the customer and building strategies to increase the quality of value delivered becomes a certain possibility. The other side of CRM and DBM Systems: We have all seen how CRM with DBM systems is so effective in the world of marketing. Everything I the world has one or the other drawback when one looks at it closely and there is no exception to this area of management. [...]
[...] With the Corporate Consumer dell knew that it had to build an effective CRM strategy to ensure a long term relationship as its Corporate Consumers bring in or rather generate close to 80% of Dell's sales and revenues. Dell makes sure that it offers feasible and customized or tailor- made services to its clients. The setup of “PremierDell.Com” has enabled Dell's clients to keep themselves updated and browse through the kinds of offer that Dell makes, which is a good example of using E-Commerce to interact and understand the customers in a much better way. [...]
[...] Such is the kind of data that enables the marketing department to create customers and prolong their relationship thus establishing the process of Customer Relationship Management. The following are a few examples of a few Database and CRM tools: Enterprise Resource Planning (ERP) which basically integrates the three levels of management that is the top management, the services department, staff and the middle-level management which includes the accounting department, the Human Resources Department, the Marketing Department, Manufacturing Department which in turn includes Inventory Management and Quality Management, thus covering and integrating all the management heads and departments in an organization. [...]
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