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Customer Relationship Management (CRM)
In this essay, I will begin by presenting the concept of Customer Relationship Management (CRM). Within this, I will discuss in detail the work of Reinartz and Kumar, as well as other influential writers, in order to provide broad theoretical underpinning to my analysis. Following on from this, I will critically assess the extent to which the implementation of an eCRM system can provide an organisation with a source of unique competitive advantage. I will use real life examples to demonstrate my points where appropriate and I will be using academic literature to provide the theoretical foundations to my arguments. [1] Turban defines CRM as “the entire process of maximising the value proposition to the customer through every interaction – online and traditional – the customer has with a company” (2002: 879). Similarly, according to Vowler (1999) CRM is concerned with “using data about customers to ensure a company offers an optimal product proposition, prices the product to meet specific customer expectations, and tailors all aspect of service quality such that every point of contact from initial enquiry to post-purchase service is perceived by the customer as a ‘seamless’ service” (Chaston, 2001: 101). Both of these definitions are customer-oriented, in the sense that they imply that CRM should be beneficial to the customer. But within a business world (both online and traditional) where profitability is the bottom-line, the following explanation of CRM is more fitting. Handen defines CRM as “the process of acquiring, retaining and growing profitable customers”. He goes on to incorporate the need for customer-fulfilment also by stating that CRM “requires a clear focus on the service attributes that represent value to the customer and that create loyalty” (2000: 8). There are four types of CRM, according to Handen (2000). “Win Back or Save” is the process of convincing a customer to stay with the or... Please login to view comments from other users.
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