CRM stands for customer relationship management. It involves strategically using information, processes, technology, and people to manage customer relationships across their entire lifecycle. The key components of a successful CRM program are collecting customer information, implementing customer-centered processes, utilizing technology like software and databases, and training people through change management. An effective CRM tracks customer data and interactions, provides universal access to information, and facilitates positive customer practices. Common challenges to implementing CRM include high costs, insufficient focus on objectives, lack of resources, inappropriate metrics, and prioritizing business needs over customer needs.

1. By :- Priyanka Banerjee Amity International Business School, Noida; Batch: 2011-2013

2. Definition:- “ CRM is the strategic use of information, processes, technology and people to manage the customers relationship with your company (marketing, sales, services and support) across the whole customer Life Cycle.” By – Ms. Judhit W Kincaid, Director, CRM services, Hewlett Packard

3. Elements in CRM:- The information. The process management. The software tools. The trainning and change management elements.

4. Components of a successful CRM program:- Information : Information is the raw material of CRM. The following types of information are useful to CRM— Identification Data Marketing Data List Data Overlay Data 2. Process : Customer-centered processes are the “product” of CRM. Some examples are— Current & Future Processes Touch Points (phone, e-mail) Identifying & Eleminating process disconnects Integrating & Rationalising processes

5. 3 . Technology : Technology is the Machinery that enables CRM to work. Following are the examples-- Software products Networking Databases Security Features (encryption tools & firewalls) 4. People : People are the power supply of CRM. People are “reset” through various change management tools and support mechanisms, such as: Training & Education New Tools Measurements & Rewards

6. Principles of CRM:- Defining the present clientele Retain Key Clients 3. Maximise Referrals 4. Market to qualified Prospects

7. Features of an effective CRM:- Tracking & Reporting Universal Instrument Measurement of the Performance Facilitating & Emphasisng on the Positive practices

8. Difficulties in CRM:- Exorbitant Costs Inadequate Focus on Objectives Insufficient Resources Inappropriate Metrics Complex Systems Business Needs most important No Customer Focus Slow Returns

9. LG has given a toll free number. Online support has been mentioned in the website. Generally repair agents come to home to repair the devices. A club named ‘Life’s Good Club’ is provided for the Customers of LG.

10. A unique customer service -- interactive kiosks. Customer Cell Centers