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Customer Relationship Management

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Customer Relationship Management (CRM) is a social and managerial process that emphasizes creating and exchanging products and value to fulfill individual and group needs. This concept has evolved significantly, with key definitions highlighting the automated integration of front-office processes in marketing, sales, and service. Effective CRM strategies focus on acquiring, developing, and retaining customer relationships, optimizing profitability and satisfaction through a customer-centric approach. This overview explores the foundational concepts of marketing, transforming the traditional 4Ps into the customer-centric 4Cs.

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Customer Relationship Management

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  1. Customer Relationship Management By, Dr. Madhurima Deb

  2. Marketing Defined • A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

  3. Exercise 1.1 • Identify and discuss five most important founding concepts of marketing.

  4. Core Marketing Concepts

  5. Transform the 4Ps into a 4Cs. Four Ps Four Cs Product Customization Price Clear value to the customer Place Convenience Promotion Communication

  6. WHAT IS CUSTOMER RELATIONSHIP MANAGEMENT ?

  7. Definition • Automation of horizontally integrated business processes involving front office customer contact points (marketing, sales, service and support) via multiple interconnected delivery channels’, Metagroup (2000). • Gronroos and Berry (1963), “CRM is the process of acquiring, developing and retaining relationship with customers”. • Gartner (2004), “CRM is an IT enabled business strategy the outcomes of which optimizes profitability, revenue and customer satisfaction by organizing around customer segments, fostering customer-satisfying behaviors and implementing customer-centric process”. • Eg. Flipkart, Amazon, Banks etc

  8. CRM as Business Strategy Utilization of the scarce resources in a profitable way. Production/ Operation HR IT Finance Sales & Marketing

  9. Elements of CRM • In order to serve the customers profitably core elements that are needed are, • Customer Knowledge • Relationship Strategy • Individual value proposition • Communication (multi-channel integration)

  10. Process and System of CRM • It begins from ‘moment of truth’ • Integration of both front and back end operation.

  11. Success of CRM requires • Retain profitable customers in the business portfolio. • Due to Industrial revolution relationship dissipated between customer & suppliers. • Gaps increased. • From 1980’s onwards the concept of relationship marketing slowly started gaining momentum.

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