MBA CRM Notes

Hello sir I want notes of MBA CRM so here can you please give me information about MBA CRM ?

[Kiran Chandar]

Hey as Customer relationship management is the overall processability and
maintaining profitable customer relationships by delivering superior customer
value and satisfaction.

Aim

The aim of customer relationship management is to produce high customer
equity, the total combined customer lifetime values of all of the company’s
customers.

Components of CRM

The main components of CRM are building and managing customer
relationships through marketing, observing relationships

When building and managing customer relationships through marketing, firms
might benefit from using a variety of tools to help organizational design,
incentive schemes, customer structures, and more to optimize the reach of its
marketing campaigns.

Through the acknowledgement of the distinct phases of CRM, businesses will
be able to benefit from seeing the interaction of multiple relationships as
connected transactions.

The final factor of CRM highlights the importance of CRM through accounting
for the profitability of customer relationships.

Through studying the particular spending habits of customers, a firm may be
able to dedicate different resources and amounts of attention to different
types of consumers.

Impact on Customer Satisfaction

Customer satisfaction has important implications for the economic
performance of firms because it has the ability to increase customer loyalty
and usage behaviour and reduce customer complaints and the likelihood of
customer defection

The implementation of a CRM approach is likely to have an effect on customer
satisfaction and customer knowledge for a variety of different reasons.