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Customer Relationship Management And Key Account Management

1549 words - 7 pages

Customer Relationship Management and Key Account Management
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Table of Contents

Introduction 1
Customer Relationship Management 1
Customer Relationship Management in Business to Business 1
Customer Relationship Management in Business to Customer 2
Issues related to CRM in B2B and B2C 2
Customer Privacy 3
Technical Immaturity 4
Ownership and Accountability 4
Importance of Customer Loyalty 5
Conclusion 5
References 7

Customer Relationship Management and Key Account Management

Introduction

This paper intends to focus on the importance and need of customer relationship management for business organizations. The paper ...view middle of the document...

CRM is being used in B2B marketplace as it is the technology, procedure and tool which are used for managing, improving and facilitating sales (Ramaseshan & Mattsson, 2009). In addition, CRM in B2B is supporting the interaction of businesses with its customers, business partners as well as prospects all through the organization (Ontario, 2013). Hence, CRM has been integrated into every business transaction in order to effectively and efficiently deal with the customers whether they are individuals or entire business organization (Lee & Chen, 2006). Customer management conditions are being improved through the deployment of customer relationship management. Customer relationship management also helps in managing opportunities through managing unanticipated demand and growth of the company.

Customer Relationship Management in Business to Customer

CRM helps in strengthening the relationship of business with its customers. The deployment of CRM ensures increased sales with the help of ensuring customer satisfaction. In addition to this, CRM is cost effective and efficient solution for business organizations (Torkzadeh & Chang, 2005). Inclusion of CRM ensures effective relations between customers and business. In addition to this, with the help of CRM, customers become capable of gaining required and adequate information regarding the services and products of the business organization.

Issues related to CRM in B2B and B2C

Although business organizations are integrating CRM solution into their businesses in order to enhance their relationships with its customers. However, business organizations are facing certain serious challenges which are associated with CRM. In B2B CRM, the major issue for the companies is that it has less customers and small target market (Lee & Chen, 2006). In addition to this, the frequency of purchasing in B2B is less as compared to B2C. These issues must be dealt properly and efficiently by business organizations. Hence, the services and solution of CRM is working in effective and efficient way in Business to Customer marketplace (Ontario, 2013). Business organizations are required to maintain their data up to date in order to keep its customers informative related to their services and products. Besides a number of benefits, there are some other issues which are associated with CRM in both B2C and B2B marketplace (Ontario, 2013). These are the issues which are related to customer privacy and technical immaturity.

Customer Privacy

Disclosure of privacy has been the major and significant issue for both B2C as well as B2B marketplace in the usage of CRM (Ramaseshan & Mattsson, 2009). Disclosure of confidential data of businesses has been the major issue for almost all of the businesses and customers due to the inclusion of CRM. Thus, customer privacy is considered as the major and significant issue in the implementation of CRM (Lee & Chen, 2006). Customer relationship management deals...

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