Assignment No. 02
Dated: Apr 25, 11
Dear Students!
Please note that Assignment No. 02 of Information Systems( CS507 )has been uploaded. The due date to submit solution is 02-05-2011 (May 02, 2011).
All the instructions for solving assignment are there in assignment file. Please make sure, you read the instructions before attempting assignment and upload solutions before due date.
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Solution:
CRM stands for Customer Relationship management
Reasons for adopting CRM
• Customers now prefer to execute transaction in an electronic environment through online-trading.
Also the establishment of customer services centers has also removed the inconvenience to access vendor’s physical locations.
• Due to absence of physical contact, companies are curious to keep a soft touch in an efficient manner.
This requires keeping a customer-wise online track of past correspondence and transactions.
• CRM reduces cost of sales and distribution by
• Targeting advertising to customers to increase the probability that an offer is accepted.
• Using web applications to decrease the number of direct sales people and distribution channels needed
• Managing customer relationships rather than manage products (a change in marketing)
• CRM minimize customer support costs by
• Making information available to customer service representatives so they can answer any
Key CRM Tasks
• Customer Identification -- Identifying customer through
• Marketing channels,
• Transactions,
• Interactions overtime,
• Customer Differentiation – Segregating customers, with respect to.
• Their lifestyles
• Attitudes
• Perception about Co.’s products
• Customer Interaction – Efforts made to retain customers for long-term profitability and relationship.
• Customization / Personalization
“Treat each customer uniquely” is the motto of the entire CRM process. Through the personalization
process, the company can increase customer loyalty.
Reasons for adopting CRM
• Customers now prefer to execute transaction in an electronic environment through online-trading.
Also the establishment of customer services centers has also removed the inconvenience to access vendor’s physical locations.
• Due to absence of physical contact, companies are curious to keep a soft touch in an efficient manner.
This requires keeping a customer-wise online track of past correspondence and transactions.
• CRM reduces cost of sales and distribution by
• Targeting advertising to customers to increase the probability that an offer is accepted.
• Using web applications to decrease the number of direct sales people and distribution channels needed
• Managing customer relationships rather than manage products (a change in marketing)
• CRM minimize customer support costs by
• Making information available to customer service representatives so they can answer any
Key CRM Tasks
• Customer Identification -- Identifying customer through
• Marketing channels,
• Transactions,
• Interactions overtime,
• Customer Differentiation – Segregating customers, with respect to.
• Their lifestyles
• Attitudes
• Perception about Co.’s products
• Customer Interaction – Efforts made to retain customers for long-term profitability and relationship.
• Customization / Personalization
“Treat each customer uniquely” is the motto of the entire CRM process. Through the personalization
process, the company can increase customer loyalty.
CRM Issues
• Customer Privacy
Customer privacy is an important issue in CRM. CRM deals with large amounts of customer data through various touch points and communication channels. The individual firm is thus caught in an ethical dilemma – collecting as much information as possible but still respecting limits for personal privacy.
• Software issues
There is little standardized technologies and protocols for CRM implementation in the market.
Vendors publish new versions of CRM software as frequently as they can thus adding to client’s expenses. CRM software requires highly integrated environment for high productivity, which is rarely available.
Sales Force Automation
It automates some of the company's critical sales and sales force management functions, for example,
• Customer account management,
• Forecasting sales,
• Sales administration,
• Keeping track of customer preferences,
• Sales staff performance.
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