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Customer Relationship Management

YOU ARE REQUIRED TO INVESTIGATE AND EVALUATE ANY OF THE FOLLOWING.

1} Customer relationship management.

2} E-Business payment systems.

THIS ASSIGNMENT SHOULD BE BETWEEN 3,000 AND 5,000 WORDS. {APPROXIMATELY}.

ASSESSMENT CRITERIA

 Evidence of research techniques carried.
 Analysis and evaluation of material
 E-Business concepts applied
 Considered conclusions drawn
 Layout and presentations

SUGGESTED APPROACH

This assignment should include the following:

Plenty of references to real life case studies
Lots of example from the real world.

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Customer Relationship Management

Abstract
This research paper is related to the Customer Relationship Management. Customer relationship management is an important tool of the management to get success in the business and maintain the long-term and strong relationship with the customers. The main purpose of this research paper is to analyze the importance of 'Customer Relationship Management' in the perspective of information technology. Due to the globalization, CRM with the help of the internet has become an essential part of the business.
With the help of this paper, the reader would be able to understand the model of Customer Relationship Management. The most important purpose of this paper is to explain a managerial, functional and helpful view as well as an end-to end solution for CRM process. The basic and primary important aspect of the CRM technology is the customer; and the company comes afterwards. By means of the following paper, I am going to analyze the various parameters that are associated with the concept of CRM, from the marketing perspective, with the help of various real world examples.

Table of Contents
Abstract.........................................................................................................2
1. Introduction............................................................................................4
2. Building the Database of a Customer..............................................................6
3. Data Analysis of Customer's Database............................................................7
4. Selection of the Customer according to their Database..........................................8
5. Target Customer according to Data Analysis.....................................................9
6. Programs to Maintain Strong Relationship with Customers...................................10
7. Various Privacy Issues Regarding Customer Database........................................13
8. Metrics................................................................................................14
9. The future of CRM..................................................................................15
References.....................................................................................................17
Appendices....................................................................................................19

Introduction
The Consumer Relationship Management can be defined as practice, which is used by the management of the company to sort out the various kinds of problems of the customers and effectively handle all the issues related with them (Wikström & Isomäki, 2008, April). The revolution of information technology, mainly World Wide Web has become a successful tool to maintain strong relationship with the customers in the world of the business. The main essence of this IT revolution is to make better relations with the customers. Customer is the most significant visitor in the premises of a business firm.
The customer is the king of business and it is essential to satisfy the needs and fulfill the demands of the customers. In order to establish a long-term relationship, IT technology helps the business organizations to serve the customers with extremely interactive knowledge. According to the research conducted by Adrian Payne & Penni Frow in October 2005, the main aim of information technology and World Wide Web is to convert the relationship with customer into the productivity and profitability (Payne & Frow, 2005, pg. 167). It is the customer, whose order set the wheel of production rolling and gives dividend to the shareholders of the business. Customer therefore, must be kept satisfied because only satisfied customers give new order of the products and services to the business firms.
The Customer Relationship Management helps the business firms to understand the behavior of particular customers and its needs according to the changes in the environment. According to the marketing report of ICONOCAST (January 2001), due to all these importance of CRM without any doubt it has been known as marketing mantra in various firms such as Siebel, Epiphany, Oracle, Broad vision, Net Perceptions, etc. In order to understand the behavior of customers, these firms use the concept of IT technology and CRM as key strategies of the company.
Different people have a different perspective on the concept of CRM. Some people think that the meaning of CRM is to directly mail the customers about the new schemes, products and services of the company. On the other hand, for some it is only a process of mass customization and product development according to the needs and satisfaction level of customers (Kotler, 2002, pg. 77). There are various researches being accomplished by the various authors to understand the actual view of CRM.
A research was conducted by Carl-Erik Wikström & Hannakaisa Isomäki in April 2008. In this research, the importance of information methodology to improve the relationship with customers and to develop a strong customer relationship management in the organization was discussed. According to the author, the implementation of CRM requires a large investment of efforts and time which is a key concern for the management and requires proper analysis and review of the problem (Wikström, & Isomäki, 2008).
In terms of IT technology, CRM is not just a technology, but it is an approach, which is highly oriented with the customers and used by the organization to effectively deal and solve the issues of the customers (Payne & Frow, 2005). It consists of marketing management and information system which assists the researcher, to effectively analyze the issues related with the customers in context of these departments (Camelo, Martin, Romer, & Valle, 2004).
The basic model of customer relationship management includes seven steps. This model is very helpful to understand the importance of customer relationship management and role of information technology and internet in the organization's CRM process (Appendix 1) (Glazer, 1999).
Building a Database of Customers
The first and essential step of a complete Customer Relationship Management is the development of an information file that contains customer database (Glazer, 1999). This file or customer database serves as a base for any of the activities concerned with customer relation management. In web-based businesses, the task of collecting customer information is performed automatically in the process of customer interaction. For other companies, which have not collected enough customer information have to search it from other internal sources.
The points on which the information should be collected to maintain customer database are transactions (purchase history such as price paid for product, delivery date, etc.), customer contacts (when the customer or company initiated the contact), detailed information (can be used for customer segmentation and data analysis purpose), customer responses (sales call or other direct calls), etc. (Camelo, Martin, Romer, & Valle, 2004)
There are a number of methods used by companies in the process of building a customer database file. For example, the durable ...

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