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ITM 100 (122)
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Chapter 6

Chapter 6 - CRM.docx

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School
Ryerson University
Department
Information Technology Management
Course
ITM 100
Professor
Ron Babin
Semester
Fall

Description
Chapter 6Customer Relationship Management CRMCustomer Relationship Management CRM involves managing all aspects of a customers relationship with an organization to increase customer loyalty and retention and an organizations profitability o Product differentiation is low in this age and CRM can make a leading difference and a valuable asset Most competitors are only a mouse click away o CRM provides insight into customers shopping and buying behaviors o Understanding the fundamentals of CRM means understand the followingCRM as a business strategyBusiness benefits or CRMThe evolution of CRMOperational and analytical CRM CRM as a Business StrategyMust be embraced not only as a type of IS but also a strategy on an enterprise levelCRM is actually a process and business goal enhanced by using ISImplementing a CRM system helps an organization identify customers and design specific marketing campaigns tailored to each customer increasing customer spending o Allows an organization to treat customers individually and gain insights into their buying preferences and behaviors o This results in an increase in sales greater profitability and higher customer loyalty ratesExample A casino that tracks all of your moves you ever made at any of its casinos In the event you are losing a lot the system will offer you free coupons or dinner that makes evening losing customers feel a little bit luckier Business Benefits of CRMCRM is a business philosophy based on the premise that organizations that understand the needs of individual customers are best positioned to achieve sustainable competitive advantage in the futureCRM is not new to businesses it is simply performing current business betterA customer strategy starts with understanding who the customers are and how the company can meet their strategic goals
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