Customer Relationship Management
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- Date Submitted: 04/17/2011 04:28 AM
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Customer Relationship Management
Introduction
Customer Relationship Management (CRM) is a strategy designed to maintain company’s customers, clients and sales prospects. Chen and Popovich (p.3, 2003), states that,
‘‘Customer Relationship Management is a combination of people, processes and technology that seeks to understand a company’s customer. It is an integrated approach to manage relationship by focusing on customer retention and relationship development’’.
The objective of this assignment is to evaluate an organisation using appropriate data identifying opportunities and ways of increasing company’s revenues. The organisation chosen for this study is Tesco plc.
Tesco plc is one of the world’s largest food and grocery retailers, with 2482 stores in United Kingdom and 953 stores in other European countries, employing 287,699 in the United Kingdom and 86,576 in other European Countries (Tesco PLC Annual Review and Summary Financial Statement 2010).
The reason Tesco plc has been chosen is because of its ability to maintain its numero uno status since mid 1990’s and its ability to maintain its customer base. Tesco plc is considered to be the ‘‘Champions of Customer Relationship Management’’ (icmrindia.org).
Customer Relationship Management
In order to stay ahead and be competitive in the market, it is essential for the companies to offer ‘‘superior products and services’’ (Brown, 1999) to its customers, so that they keep coming back to the same company, whenever, they want to purchase. Further, Brown (1999) in his book states that, ‘‘in order to compete effectively in today's marketplace, organizations must change their strategy to become more customer focused, not product focused. Customer Relationship Management (CRM) is the best way to integrate this customer-facing approach throughout an organization. Aimed at understanding and anticipating the needs of an organization's current and potential customers, and the same time showing How Customer...
Introduction
Customer Relationship Management (CRM) is a strategy designed to maintain company’s customers, clients and sales prospects. Chen and Popovich (p.3, 2003), states that,
‘‘Customer Relationship Management is a combination of people, processes and technology that seeks to understand a company’s customer. It is an integrated approach to manage relationship by focusing on customer retention and relationship development’’.
The objective of this assignment is to evaluate an organisation using appropriate data identifying opportunities and ways of increasing company’s revenues. The organisation chosen for this study is Tesco plc.
Tesco plc is one of the world’s largest food and grocery retailers, with 2482 stores in United Kingdom and 953 stores in other European countries, employing 287,699 in the United Kingdom and 86,576 in other European Countries (Tesco PLC Annual Review and Summary Financial Statement 2010).
The reason Tesco plc has been chosen is because of its ability to maintain its numero uno status since mid 1990’s and its ability to maintain its customer base. Tesco plc is considered to be the ‘‘Champions of Customer Relationship Management’’ (icmrindia.org).
Customer Relationship Management
In order to stay ahead and be competitive in the market, it is essential for the companies to offer ‘‘superior products and services’’ (Brown, 1999) to its customers, so that they keep coming back to the same company, whenever, they want to purchase. Further, Brown (1999) in his book states that, ‘‘in order to compete effectively in today's marketplace, organizations must change their strategy to become more customer focused, not product focused. Customer Relationship Management (CRM) is the best way to integrate this customer-facing approach throughout an organization. Aimed at understanding and anticipating the needs of an organization's current and potential customers, and the same time showing How Customer...