Customer Relationship Management (CRM) is focused on identifying profitable customers, retaining those customers, and growing their lifetime value. The aim is to identify and differentiate individual customers and customer groups, use data to determine customer interactions, and determine how to provide customization within a mass customization environment.
Based on the readings for this week, respond fully to the following questions:
- Based on your understanding of the principles of CRM, why has CRM heavily rely on structured data about customers? For instance, direct feedback and analysis about their habits, etc. How do companies begin to adjust for unstructured data from sources such as social media?
- Effective CMR requires consumers and organizations to establish and develop relationships with each other. What are the characteristics of good relationships? Why is it difficult to sustain relationships? What are some of the barriers to effective relationships?
- What is the difference between operational, analytical and collaborative CRM?
Prepare as a word processed document (such as Microsoft Word). Use a simple 12-point font such as Times New Roman. Use black ink for majority of your work and only use colors if it enhances your ability to communicate your thoughts.
- Your assignment should be a minimum of five pages of double-spaced text, but not exceeding eight pages. The cover page and References page are not part of the written analysis.
- Include a References page, which includes references that you have used in the paper. You should use a minimum of four (4) references.
- Use APA 7th edition style to format the paper. Refer to “Learn to Use APA” or at umgc.edu/library.