MGT301 ASSIGNMENT NO 1 SOLUTION

a) Define Customer Relationship Management (CRM) & its purpose?

Defination:-

Customer Relationship Management is acquiring customers by understanding and fulfilling their requirements more than expectations and attracting customers through specific strategic marketing approach. It is a process of total commitment on the part of organization. It includes the Methodologies and Strategies and Capabilities that help an enterprise organize and manage Customer Relationships. It is the collection and distribution of all data to all areas of the business. From above definition, it is clear that CRM is one step ahead of traditional marketing approach. CRM infect, focuses all direction to retention of the customer once the customer has been acquired

Purpose of CRM:-

Organizations to better manage their customers through the introduction of reliable systems and
methods. This enables organizations to service their existing customers more emphatically and more forcefully Develop processes and procedures for interacting with those customers. So that the customer is provided services under the framework of systems and regulations.
We will study all these systems to ensure a continuous system to keep our customers well serviced.


b) Elaborate your answer with the help of example?

U should write you own exampla .

b) Why CRM is different from traditional marketing?

The focus of Traditional Marketing approach is on individual transaction and does not concern
continuous relationship with customers. The thrust of traditional marketing is on gaining new and more customers and not on retaining existing ones. Whereas CRM focuses on continuous multiple transactions, rather than individuals ones. CRM focuses more widely on customers and entire functions connected with value creation and delivery of chain of organization.
CRM attracts, maintains and enhances relationship as viewed by various thinkers. CRM is selling by using psychology rather than economic inducements to attract and retaining customers.