Customer Relationship Management Research Paper

Customer Relationship Management - Research Paper Example Rule # 1: The customer is always right. Rule # 2: If the customer is wrong, go back to Rule # 1. A customer is somebody who consumes a particular product or service and in exchange would shell out an amount for the said service or thing. Thus, to be able for any business to sustain, a system called Customer Relationship Management or CRM must established. Care after sales is so important. In fact, call centers are up to heed to every customer’s demand. Research findings from Xu and Walton, (2005) entitled "Gaining customer knowledge through analytical CRM", Industrial Management & Data Systems revealed that current CRM systems are dominated by operational applications such as call centers. The application of analytical CRM has been low, and the provision of these systems is limited to a few leading software vendors. Businesses use this online service provision to continually keep in touch with the customers. The introduction of the internet as part of the communication superhi ghway has helped shorten the gap between the business and its clientele. Thompson (2010) has said that two CRM application types are generating the most interest in 2010: Those focused on supporting revenue growth, and those geared to the trend toward social CRM. Most CRM projects are departmental and channel-specific, although large-scale CRM projects are reappearing. Therefore, CRM is a company-wide business strategy designed to reduce costs and increase profitability by solidifying customer satisfaction, loyalty, and advocacy. Money sent to the Philippines can be conveniently received through participating outlets of two of the biggest pawnshop chains in the country –Cebuana and Mlhullier’s Moneygram service and Xoom. These are just a few of the many possible ways to receive money sent to the Philippines online. The moment that the receiver gets the money, the sender will be sent a text message confirming it. This is to ease his/her worry against fraud and positive feedback has resulted from this service (http://sendmoneytothephilippines.blogspot.com/2010/09/cebuana-lhuillier-m-lhullier-as.html). In addition, the implementation of a customer relationship management system will improve retention rate, say of a school like Everest Online. It has always been a goal of every implementer to have a successful project implementation. Houston (2011) has found that the different measure of project management success can be when the project must have been delivered to the Scope, Time, Cost and Quality and when the customer is happy with the way the project management was carried out which means that the communications in particular, and the various other aspects of the project management, must have been performed professionally. Moreover, Bose (2003) found that businesses dedicate considerable money and resources to research on consumer behaviors in an attempt to understand their target markets. As Drucker (1973) has argued, the purpose of business is t o create and then retain a satisfied customer. Similarly, Sheth and Mittal (2004) have pointed out that a business makes money only if it satisfies its customers by catering for their needs. Customer Relationship Management in its general sense in the part of the business is increasing efficiency while minimizing the cost. As CRM is a widely-implemented strategy for managing a company’s interactions with customers, activities also those for marketing, customer service, and technical support, its overall goals are to find, attract, and win new