partnering with selective customers to create superior value for the company and the customer. Importance of CRM • • • • Growing de-intermediation process Growth of the services economy Emergence of TQM/ JIT/ MRP/ ERP Advent of digital technology/ complex products/ solution selling • Hyper competition • Changing customer expectation • Globalisation – global account management CRM Process CRM Formation • Purpose – Improve marketing effectiveness – Improve marketing efficiency • Programs – Continuity
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The author here cites this case as a support to influence the importance of customer relationship management’s study in the present market scenario. Due to the facts of big bucks investment in this field while implementing CRM the case shows that it is becoming a rather de-motivating strategy for the companies to invest huge amounts of money in things that doesn’t seem successful‚ analyzing the past records. Customer relationship management is an approach to managing a company’s interactions with
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and Administration of TVE CONCEPTS vs. PRINCIPLES vs. THEORY PM Dr WILFREDO H. LIBUNAO IMPORTANCE OF IMPORTANCE THEORIES Theories are constructed to give an explanation of phenomena (Stam‚ 2000). According to Denzin (1970)‚ there are three functions of a theory: 1. Permitting organization of descriptions‚ 2. leading to explanation‚ and 3. furnishing the basis for prediction of future events. Importance of Theories…cont’d: In a nutshell‚ theories: - Tell us what we are doing
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Theories & Concepts of Motivation Motivation is defined as communicating to an internal force that actuates a behavioral pattern‚ thought process‚ action or reaction. Negative forces can act as actuators. Many theories of motivation focus on inborn biological processes that control behavior. Among these biologically oriented theories are instinct‚ drive‚ and arousal theories. You were born with instincts that are there to help you survive. Instincts are behavioral patterns that are unlearned
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Evolution of leadership theories 1) The Great man Theory (Trait Theories) These were basis of leadership research until 1940’s. The great man theory from Aristoteham philosophy asserts that some people are born to lead whereas others are born to be led. Trait theory(ies) assume that some people have certain characteristics or personality trait that make them better leaders than others. (refer to traits as stipulated by Bass (notes) Behavioral Theories During human relations era‚ many behavioural
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the business and not due to his contribution to the business. Any increase in owner’s equity is called revenue and any reduction in it termed as a loan. In fact‚ it is the direct outcome of Realization Concept (already discussed) and the Accounting Period concept. In a way‚ realization concept has been split up into two parts‚ namely‚ production of economic goods or rendering of economic services‚ and realization of due revenue. Any uncertainty about any of the two elements beyond
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Customer relationship management (CRM) is a strategy that can help them to build long-lasting relationships with their customers and increase their revenues and profits. CRM in the banking sector is of greater importance. The aim of this study is to explore and analyze the strategic implementation of CRM in selected banks of Pakistan‚ identify the benefits‚ the problems‚ as well as the success and failure factors of the implementation and develop a better understanding of CRM impact on banking competitiveness
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April 2011 Abstrac t —Cus tomer re lationship management (CRM) has the potential for achieving succe ss and growth for organizations in the nowadays environment of extensive competition and rapid technological developmen t. CRM enables organizations to know their customers better and to build sustainable relationships with them. However‚ CRM is considered as buzzword and it is not understood well. The main components of CRM are people‚ technology‚ and processes. This paper provides
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conclude‚ the scope and the limitations to the dissertation will be articulated. 1.1 BACKGROUND The dawn of the 21st century has seen the growing implementation of customer relationship management (CRM) by organizations. Regardless of their size‚ organizations have been optimistic to employ CRM to generate and maintain the relationship with customers in a more effective manner‚ in turn to develop a comparative advantage with competitors. According to Ndubisi and Wah (2011)‚ customer loyalty and
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CRM and SCM are both different management concepts: one focusing on concepts used by companies to manage relationship with their customers while the other focuses on planning‚ implementing and controlling the operations of supply chain. Both the concepts are similar in the way that they can be used to improve organizations functionality in the respective departments. Both management tools can be integrated with the ERP software. Both CRM and SCM can offer benefits in terms of lower costs‚ higher
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