Literature Review-Customer Relationship's Management
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CUSTOMER RELATIONSHIP MANAGEMENT
Hyung-Sukim, Young-Gul Kim(1) in his article ACRM performance Measurement framework its development process and application discussed CRM was developed through rigorous and stepwise development process collaborated with a number of firms in a variety of industries. The study indicated measuring CRM performance has become an important topic for both academics and practitioners. The company must first understand what factors are important for performance CRM strategy and what interrelationships between those factors are the core relational mechanism in the measuring CRM performance measurement framework.
Yuping(2) (2007) analyzed the loyalty program is an important form of CRM strategy. CRM is a important tool and aim to increase customer loyalty by rewarding customers for doing business with the firm.
Stephan C. Henneberg(3) (2005) in his work study An Exploratory Analysis of CRM implementation models throws a light on Customer Relationship Management (CRM) as a concept of both customer orientation and market-orientation. Comparing need CRM follow-up projects that supplement the initially created CRM capabilities with complementary elements.
Lyle R. Wetsch(4) (2005) Trust, satisfaction and loyalty in customer relationship management: An application of justice theory in his article attempt to increase customer loyalty a mid increasingly competitive business even environments, CRM implementation may on customer loyalty.
Ch. J.S. Prasad and A.R. Aryasri(5) (2008) conducted a survey on A study of customer relationship Marketing practices in organized retailing in Food and Grocery Sector in India : An empirical analysis examined that posed a great challenge to the organized retailers for customer in this fierce competition. The authors described Five Relationship Marketing dimensions trust, commitment, communication relationship, customer satisfaction, have a direct relationship with customer loyalty. Katherime N lemon, Tiffany Barnett white, and Russel S. Winer(6) (2002) in their article highlighted understanding and managing the future-focused consideration is critical successful dynamic customer relationship management. Marketers now need to understand customer in a dynamic, changing environment and engage in dynamic Customer Relationship Management under standing that consumers take into account aspects of the past, present and future, including future expectations. If firms fail to take into account this ideas that consumer are involved planner and forecasters, as well as evaluators of their services. Particia B. Seybold(7) (2003) analysis CRM is a better strategy which brings more result for customer and company. CRM is a fight initiative that changing organizational culture and implementing the right information technology. CRM initiatives recipe for a successful CRM implementation starts with understanding what your customers want and needs and get your dealers. The secret to success in CRM is to focus on the quality of the customer experience you deliver across all of the interaction touch points and distribution channels the customer chooses.
William Boulding, Richard Staeline, Michael Ehrect and Wesley J. Johnston(8) (2005) Estimated a CRM in overall context of Marketing thought firm maximizes profits and consumer maximize utility. Today CRM is a new concept to analyse the firm performance and customer value. CRM is a truly a really big new idea and outcome of the continuing evolution and integration of marketing ideas and newly available data, technologies, and organizational firms. The paper notes the main demonstrate the creation of firm value. Firms can learn things about customers that enable it to take a big slice of the created values.
Adrian Payne and Pennie Frow(9) (2005) the authors explore definitional aspects of CRM and relationship marketing in to a single, process-based framework should provide deeper and strong thing to achieving success with CRM strategy. The studies was discussed CRM at a strategic level by identifying the key cross-functional process involved in the development of CRM strategy. The main aims of this article are analysis about the identify alternative perspectives, strategic approach CRM with in a holistic organizational context, develop and deliver in effective CRM strategy. So by this strategies models service profit chains has been important and improving shareholder results.
Satish jayachandran Subhash, Peter Kaufman & Pushkala Raman(10) (2005) conducted a survey on general manager in a Strategic Business Unit (SBU) 1105 (SBU) of top firms in the United States. They conducted their study in three steps. First, Telephone Calls, it provided key information names. Second Questionnaire post through, e-mail addresses in 542 organizations. Interviews were conducted with the 563 contact. A total of 172 key informants responded to the mail and web survey for a response rate of 15.56% and used data for 21 respondents only for measurement analysis. The survey revealed that: CRM technology indicated that the user groups played important role in planning for the implementation of CRM technology. CRM technology communicates much better with their customers and help customers manage their own needs, helped capture data more effectively when there were large members of customers.
According to Darshan Desai, Subrat Sashu and Piyush Kumar Sinha (11) (2007) CRM is a strategic initiative and surprisingly which motives an organizations ability to continuously improve, innovate and reconfigure resources to match the evolving environmental needs. CRM performance can measure two items customer satisfaction and customer retention. In this study observed the right strategy to measure the CRM technology to balance the up and down approaches is to take decisions about the CRM process.
Peter C. Verhoef(12) (2003) has examined the customer relationship perceptions are considered evaluations of relationship strength and a suppliers, offerings, and customer share development is the change in customers shoe between two periods. The study opines that the customer retention and customer share are important practices in CRM system. Firms use relationship with customers to identified needs, want.
Yong Cao & Thormar S. Gruca(13) (2005) in his article Reducing Adverse Selection through Customer Relationship Management advocated the successful Customer Relationship Management (CRM) begins with acquisition of the right customer. CRM technology can fulfill its promise to improve firm performance. In this article, authors develop a model framework to identify the customers who are more likely to respond to an offer and to become more profitable customer.
Choi Sang long, Raha Khalafinezhad, Wan Khairuzzaman Wanishmail and Sitizaleha Abad Rasid(14) (2013) in their study on Impact of CRM factors on Customer satisfaction and Loyalty explain the CRM is the most efficient approach in maintaining and creating relationships with customers. The authors examines CRM is not only pure business but also ideate strong personal bonding with the people. The research findings suggest that the organization to identify the actual needs of customers and to serve them in a better way. Implementing CRM in a organization is more fruitful is the business.
Grahame Dowling(15) (2002)in his article entitled a Customer Relationship Management: in B2C Markets, often less is more which investigated CRM systems such as call centers, websites, customer services and support terms and loyalty programs are used to manage the relationship with customer. In this article, we validate the CRM by seems to be a logical extension of the current customer-focus logic of selecting. The study finds often a direct competitor has a CRM program-hence, a similar scheme is needed as a counter measure.
Kuan C Chen(16) (2008) discussed CRM (Customer Relationship Management) is a systematic way business approach collecting information and ongoing dialogues to build long term lasting and mutually beneficial Customer Relationship. He examined the CRM integrates data, technology, analysis and marketing and communications process across all customer touch-points. He concluded that CRM can be effective business strategy tool when used appropriately, especially now in our customer center business.
Peter C. Verhoef and Fred langerak(17) (2002) study focused on 11 of these misconception about CRM and customer behaviour to help manager make well-considered CRM-related decisions and rouse the success rate of CRM projects.
(1) CRM Software alone will enhance business performance.
(2) Firms should only focus on customer relationship development.
(3) Customer acquisition and CRM are too unrelated activities.
(4) Customers want to have relationships with companies.
(5) Long-lasting relationship with customer are always more profitable.
(6) Satisfied customers are always more loyal.
(7) Firms should focus their marketing efforts on their most profitable customers.
(8) The customer pyramid is a good segmentation scheme.
(9) Loyalty programmes always improve customer loyalty
(10) The lifetime value of individual customer is predictable
(11) The internet is the most suitable tool to enhance customer loyalty.
The authors developed CRM is a managerial process that focuses on a development and maintenance of relationships with individual customers in such a way that value is created for both the customer and the firms using databases. Statistical decision-support tools and interactive communication techniques.
Michael Levy(18) (2008) Barton A Weitz & Ajay Pandit in their book Retailing Management discussed Customer Relationship Management is a business philosophy and set of strategies, programs and systems that focuses on identifying and building loyalty with a retailers most valued customers. They advocated that CRM Programs are designed to increase the share of wallet from the from the retailers best customer.
Tapan K Panda(19) (2007) in their text book a Marketing Management Texts cases have stated that CRM is a process involves all the activities in building deeper under standing of customer interactions, building relationships and designing offerings to suit individual customer. He stated that Customer Relationship Management (CRM) program integrates customers with the firms value delivery process for better customer retention strategy and higher customer loyalty creation.
Joan L. Anderson, Laura P. Joily, Anne Fairherst(20) (2007) has highlighted the CRM will identified and developed a cost-effective methods for reducing adverse customer selection through CRM. An emerging strategy was using the result of CRM to identify and implement special customer services, increasing customer acquisition and retention was also linked to increased customer loyalty.
Darrell K. Rigby & Dianne Leding Ham (21) (2004) in their article best practice CRM Done Right Identified a CRM program involves complicated business and technology issues and requires significant investments of time & Money. CRM system is the creation of a real-time enterprise. Understanding that highly accurate and timely data are not required everywhere in their business. Authors estimated CRM is becoming a basic building block of corporate success and becoming to resemble any other valuable management tool, and the keys to successful implementation are also becoming families strong executive and business-unit leadership careful strategic planning, clear performance measures, and a coordinated program that combines organization of new technology.
REFERENCES:1. Hyung-Su-Kim, Young-Gul Kim A CRM performance measurement Framework: its development process and Application journal of Industrial Marketing Management, Vol.38, 2009, pp.477-489.
2. Yuping Liu The Long-term impact of Loyalty Programs on Customer purchase behaviour and Loyalty Journal of Marketing, Vol.71, Oct.2007, pp.19-35.
3. Stephan C. Henneberg An Exploratory Analysis of CRM Implementation Models Journal of Relationship Marketing, Vol.4, No.3/4, 2005, pp.85-104.
4. Lyle. Wetsch Trust, Satisfaction and loyalty in Customer Relationship Management: An Application of Justice Theory, Journal of Relationship Management, Vol.4, No.3/4, 2005, pp.29-42.
5. Ch. J.S. Prasad and A.R. Aryasri A Study of Customer Relationship Marketing practices in organized Retailing in Food and Grocery Sector in India: An empirical analysis Journal of Business Perspective, Vol.2, No.4, 2008, pp.33-43.
6. Katherine N. Lemon, Tiffany Barnett Whites and Russell S. Winer Dynamic Customer Relationship Mangement: Incorporating Future Considerations into the Services Retention Decision Journal of Marketing, Vo.66, pp.2002, pp.1-14.
7. Patricla B. Seybold Crafting Customer-Managed Relationships Business Lines Journal Management, Praxis, Vol.4, Issue 1, 2003, pp.28-33.
8. William Boulding, Richard Staelin, Michael Ehret, Swesley J. Johnston, American Marketing Association, Journal of Marketing, Vol.69, 2005, pp.155-165.
9. Adrian Paynes Pennie Frow A Strategic Framework for Customer Relationship Management, American Marketing Association, Journal of Marketing, Vol.69, 2005, pp.167-176.
10. Satish Jayachandran, Subhash Sharma, Peter Kaufman, Pushkala Raman, The Role of Relational Information Processes and Technology use in Customer Relationship Management American Marketing Association, Journal of Marketing, Vol.69, 2005, pp.177-192.
11. Darshan Desai, Subrat Sahu and Piyush Kumar Sinha, Role of Dynamic Capability and Information Technology in Customer Relationship Management: A Study of Indian Companies, Valkalpa, Vol.32, No.4, 2007, pp.45-61.
12. Peter C. Verhoef, Understanding the effect of Customer Relationship Management Efforts on Customer Retention and Customer Share Development Journal of Marketing, Vol.67, 2003, pp.30-45.
13. Yong Cao & Thomas S. Gruca, Reducing Adverse Selection through Customer Relationship Management Journal of Marketing, Vol.69, 2005, pp.219-229.
14. Choi Sang Long, Rahakhalafinezhad, Wankhairuzzaman Wanismails Siti, Saleha Abd Rasid, Impact of Customer Relationship Management (CRM) factors on Customer Satisfaction and Loyalty Journal of Asian Social Science, Vol.9, No.10, 2013, pp.247-253.
15. Grahame Dowling Customer Relationship Management: In B2C Markets often Less in more California Management Review, Vol.44, No.3, 2002, pp.87-104.
16. Kuan C Chen The Dynamic Structure of Customer Relationship Management with Implications for Business Implementation Journal of Business & Economic Research, Vol.6, No.6, 2008, pp.129-138.
17. Pter C verhof and Fred Langerak Eleven Misconceptions about Customer Relationship Management, Business Strategy Review, Vol.13, Issue 4, 2002, pp.70-76....