Assignment on Customer relationship management

The world has come full circle from selling to marketing and from sellers market to buyer’s market. During the last two decades, the emphasis has shifted from ‘Production’ to ‘Business Realization’. Today, the customer has the option to buy what he thinks he should and from whom, which he thinks is in his best interest.

Product development, technological improvement, cost optimization and excellent service facility are very important for any organization but their importance’s only there if the customer appreciates it. Diamond and coal are both carbon but their price is different due to different valuations by the customers. Thus any business begins and ends with the customer. One of my Directors often used to tell us, “One only gets business if customer intends to give it to you”. If he does not wish, he has ample maneuvering repeatedly proved true, irrespective of the situation, both in the consumer and core sectors.
The importance of CRM cannot be put in better words than these: It is common knowledge that an unsatisfied and unhappy customer will tell more people about his unfortunate experience than a satisfied customer. It is also seen that only a fraction of unhappy customers complain while others simply switch their loyalty to other suppliers. Loss of customer is a loss of business along with the opportunity for business growth and profitability. Hence getting feedback from the customer is essential for the supplier to ascertain how his products and services are rated in the market and how and in what ways they can be improved.