Page 352 - DMGT308_CUSTOMER_RELATIONSHIP_MANAGEMENT

Unit 13: Emerging Trends in CRM

 From the corporate implementation point of view, CRM should not be misunderstood to Notes
simply mean a software solution implementation project. Building relationships with
customers is a fundamental business of every enterprise, and it requires a holistic strategy
and process to make it successful.
 From an academic standpoint an important question is whether CRM or relationship
marketing will become a well-respected, free standing, and distinct discipline in marketing.
Our belief is that it certainly has the potential, and we wish that it would happen because
marketing will benefit enormously from it.
 The lessons learned from previous efforts, both successful and unsuccessful, of various
marketing domains that have tried to become disciplines provide a good road map of
how to develop CRM and relationship marketing into a distinct discipline.
 As an intervention strategy, it would be highly desirable for relationship marketing and
CRM scholars to organize their own association and their own scholarly journal.

13.3 Keywords

Brand Building: The goal in brand building is to carefully manage a company’s name, brands,
slogans and symbols, otherwise known as brand equity.
Call Centres (CCs), or Customer Contact Centres (CCCs): These have long played a critical role
on the customer interaction front.
CTI: It can be defined as the application of computer-based intelligence to telecommunications
devices.

Customer Equity: It is the Net Present Value of a customer from the perspective of a supplier.
Customer Knowledge: It refers to understanding your customers, their needs, wants and aims is
essential if a business is to align its processes, products and services to build real customer
relationships.
Customer Value Analysis (CVA): CVA compares price and quality (or value) of a product against
competitors.

Enterprise Data: Enterprise Data is information that is entered and used by each staff member in
performing their job, but which is also relevant to others in an organisation or group, such as the
feedback from a customer during a sales call.
Lifetime Customer Value: It is a reflection of the possible future business a company can expect
from a loyal customer.
13.4 Review Questions

1. Examine the importance of customization and the role of training in implementation of e-
CRM.
2. What do you mean by Client-Server CRM Model?

3. What is Computer Telephony Integration (CTI)?
4. What do you understand by Roll-out and System Hand-off?
5. What are advancements happening in the field of CRM?
6. How will you help a firm going from a crisis of customer’s dissatisfaction?
7. Has the invention of e-CRM given wings to the framework of CRM?

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