Abstract:
The biggest management challenge in the new millennium of liberalization and
globalization for a business is to serve and maintain good relationship with the king -
the customer. In the past producers took their customers for granted, because at that
time the customers were not demanding nor had alternative source of supply or
suppliers. But today there is a radical transformation. The changing business
environment is characterized by economic liberalization, increasing competition,
high consumer choice, demanding customer, more emphasis on quality and value of
purchase etc.All these changes have made today’s producer shift from traditional
marketing to modem marketing. Modem marketing calls for more than developing a
product, pricing it, promoting it and making it accessible to target customer. It
demands building trust, a binding force and value added relationship with the
customers.
The process of developing a cooperative and collaborative relationship between the
buyer and seller is called customer relationship management shortly called CRM.
A CRM system gives everyone from sales, customer service, business development,
recruiting, marketing, or any other line of business a better way to manage the
external interactions and relationships that drive success. A CRM tool lets you store
customer and prospect contact information, identify sales opportunities, record
service issues, and manage marketing campaigns, all in one central location — and
make information about every customer interaction available to anyone at your
company who might need it. With visibility and easy access to data, it's easier to
collaborate and increase productivity. Everyone in your company can see how
customers have been communicated with, what they've bought, when they last
purchased, what they paid, and so much more. CRM can help companies of all sizes
drive business growth, and it can be especially beneficial to a small business, where
teams often need to find ways to do more with less
