ADMS 2511 Chapter Notes - Chapter 9: Fax, Ecrm, In Essence

• School: York University
• Department: Administrative Studies
• Course: ADMS 2511
• Professor: Cristobal Sanchez- Rodriguez

Document Summary

Crm: a customer-focused and customer-driven organizational strategy that concentrates on satisfying customers by addressing their requirements for products and services, and then by providing high-quality responsive service. Builds sustainable long-term customer relationships that create value for the company as well as for the customer. Helps companies acquire new customers, retain existing customers and grow the relationships with existing customers. Starts with marketing efforts that solicit prospects become customers become repeat customers get segmented into low-value and high-value repeat customers. Customer churn: certain % of lost customers. Optimal result of crm is to max the number of high-value repeat customers while min customer churn. In essence, treat different customers differently, because their needs differ and their value to the company also may differ. 1%increase in customer satisfaction can lead to as much as a 300% increase in a company"s market cap.