This document defines customer relationship management (CRM) and explains its importance. CRM refers to how an organization interacts with and manages relationships with its customers. It aims to enhance the customer experience through direct interactions, analysis of customer trends, and forecasting. CRM is important because it is more cost effective for companies to retain existing customers rather than acquire new ones. It allows companies to increase sales, identify customer needs, cross-sell products, and develop more targeted marketing strategies. Building customer value and satisfaction are key aspects of developing customer relationships.

1. Topic :CRM
 Customer Relationship Management
By: AMAN
NARA
IBS GURGAON

2. Definition
 The overall process of building and mentioning
profitable customer relationship by delivering
superior value and satisfaction

3. Explaining CRM
 Customer relationship management (CRM)
refers to the principles, practices and guidelines
that an organization follows when interacting
with its customers. From the organization's point
of view, this entire relationship encompasses
direct interactions with customers, such as sales
and service-related processes,
and forecasting and analysis of customer trends
and behaviors. Ultimately, CRM serves to
enhance the customer's overall experience.

4. WHY CRM?
 In the commercial world the importance of
retaining existing customers and expanding
business is paramount. The costs associated
with finding new customers mean that every
existing customer could be important.
 It is cost effective to retain existing customer
then making new one.

5.  increased sales through better timing due to
anticipating needs based on historic trends
 identifying needs more effectively by
understanding specific customer requirements
 cross-selling of other products by highlighting
and suggesting alternatives or enhancements
 identifying which of your customers are
profitable and which are not

6.  Effective targeted marketing communications
aimed specifically at customer needs
 A more personal approach and the development
of new or improved products and services in
order to win more business in the future

7. How to build relationship
 Relationship building blocks:
 CUSTOMER VALUE and SATISIFICATION

8. CUSTOMER VALUE
 Customer value or say customer perceived
value is the customer’s evaluation of the
difference between all the benefits and all the
costs of a marketing offer relative to those of
competing offers.

9. Customer satisfaction
 The extend to which a product’s perceived
performance matches a buyer expectations

10. Jet Blue example
Year after year , jet blue
rank at or near the top
airline industries in
terms of customer
satisfaction
The slogan company
used –” jet blue
; You above all “ – tells
customers that they are
the heart of the
companies strategies
and culture

11. Customer relationship levels and
tools
 CRM can be build at several levels by single
firm only for example :
 Nike : develops “ basis relationship” with low
margin customers that’s normal customers .
With tools like advertising , public relations etc.
 Where as it “ full partnership with “ high margin
customer with tools like personal call , personal
representative of Nike to customers like famous
sportsperson , sports authorities

12. REFERENCES
 Definitions: book “Principles Of Marketing By
Kotler
 Jet blue logo from jet blue advertising on
Google