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Essay / Research Paper Abstract
This 5 page paper is an overview of CRM, defining what it is, how it can be of use and the variety of components that can be found within a CRM system. The bibliography cites 11 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TECRelman.rtf
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Unformatted sample text from the term paper:
sales or target customer needs more efficiently can be very valuable. One tool that is increasing in terms of popularity is that of Customer Relations Management, also referred to as
customer relationship management (CRM). The ability to understand what is meant by CRM is key to the paper before looking at how
the undertlhing range of systems. Customer relationship management is a wide ranging set of tool, to define it an holistic approach is required, CRM Guru defines it as
"a business strategy to select and manage customers to optimize long-term value. CRM requires a customer-centric business philosophy and culture to support effective marketing, sales, and service processes. CRM applications
can enable effective Customer Relationship Management, provided that an enterprise has the right leadership, strategy, and culture." (CRM Guru, 2007). This outlines the
ideas behind CRM, however, to gain this type of system there also needs to be the use of technology to underlie and support this idealistic operational paradigm. The use is
seen as increasing, yet when we look at the actual implementation of CRM in a market where the greater the information about the client the greater the value then we
can see that CRM is still limited. Financial institutions are one of these markets, yet in a recent report entitled " Financial Services in the New Millennium" where a survey
was conducted with a sample of two hundred and ten institution across Europe, only 42% had implemented any form of CRM (West, 2000). Even more interesting was that of those
which did not have any form of CRM only a third (35%) stated that they were planning to put a CRM strategy into use in the following year (West, 2000).
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