ITM 100 Lecture Notes - Lecture 7: Data Integrity, Strategic Management, Upselling
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Involves managing all aspects of a customers relationship with an organization to increase customer loyalty and retention and an organizations profitability. * customers information goes through 4 systems (accounting system, order fulfillement system, inventory system, customer service system) * crm enables an organization to identify customers and design specific marketing campaigns tailord to each customer, thereby increase customer spending. * crm is a business philosophy based on the premise that organizations that understand the need of individual customer are best positioned to achieve sustainable competitive advantage in the future. * a customer strategy starts with understanding who the company"s customers are and how the company can meet strategic goals. * the monetary value of each customer purchase. * three phases in the evolution of crm include. * operational crm - supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers.