Crm Customer Relationship Management - 2183 Words

CRM – CUSTOMER RELATIONSHIP MANAGEMENT ARPITA JADAV MORGAN DERNER QUINTEAZ MONTFORD For DSIM – 518 COMPETING THROUGH INNOVATION INFORMATION DAVIS SCHOOL OF BUSINESS JACKSONVILLE UNIVERSITY SPRING-II 2015 Abstract Customer Relationship Management, also known as CRM, is a technology system that enhances communication between the user and the potential or existing customer. The system is most commonly used in a company to support sales, information technology, and customer service. CRM assists a company by providing and recording information to better help the company align with their customer service goals. According to B. O’Connell in â€Å"CRM: The New Know-Your-Customer Tool: Customer Relationship Management Software Is Coming,† CRM†¦show more content†¦It is a powerful set of tools, applications, and platforms that in combination drive optimization of business intelligence, social insights, campaign management, and many other key customer relationship matters. Authors, H. Kimiloglu and H. Zarali explain in their book ‘What Signifies Success in E-CRM?’ that, â€Å"CRM is an integrated approach of managing customer relationship through the combination of three important components: people, process, and technology† (Kimiloglu, Zarali, 2009). CRM involves all the aspects of interaction that a company has with its customers, whether they be sales or service-related. While the term customer relationship management is most commonly used to describe a business-to-customer (B2C) relationship, CRM systems are also used to manage business to business (B2B) relationships. One good example of a common CRM strategy is the rewards card program offered by various supermarkets such as Winn-Dixie. The store gives its customers a free card that gives them access to special promotions at checkout. However, this card also tracks everything the customer buys, allowing Winn-Dixie to create an extremely detailed customer profile based on purchasing habits. By using this information, Winn-Dixie can then offer customers targeted promotions that will increase customer retention and loyalty. A Discussion of the CRM and Its