Academic journal article South Asian Journal of Management

Customer Relationship Management in Electronic Markets

Academic journal article South Asian Journal of Management

Customer Relationship Management in Electronic Markets

Article excerpt

Customer Relationship Management in Electronic Markets By GopalaKrishnan R Iyer, David Bejou (Editors) Best Business Books (2004); Pages: 124; Price: $24; ISBN 0-7890-1945-0

In the emerging era of consumerism, where customer satisfaction and customer delight are becoming the primary factors for determining the success and survival of an organization, it is needless to say that Customer Relationship Management (CRM) is gaining significance. This book talks about CRM in electronic markets and explains how Internet can be used to develop competent strategies for implementing cost-effective CRM programs. The book examines the field beginning with an overview of how CRM works. It discusses a new approach to business-one that has the potential to radically transform the company that adopts the principles and practices it advocates. The book is comprehensive in scope and liberally illustrated with examples of companies that are pursuing this direction. It consists of six chapters. Each chapter analyzes and discusses various aspects of CRM and its importance in the present global markets.

The book discusses in detail the growing importance of CRM and its role in developing efficient systems in gaining and retaining loyal customers, who are the central focus of every business, be it a traditional one or an electronic one. It also emphasizes the importance of the role of CRM in educational and managerial world of marketing.

Chapter 1, "Customer Relationship Management in Electronic Markets", is written by the Editors. It talks about growing significance of CRM in Business-to-Business (B2B) and Business-to-Customer (B2C) markets. It discusses how CRM helps B2B markets to build long-term commitment amongst partner corporations and B2C markets to build long-term loyal customer base. After reading this chapter, one can easily understand and appreciate how building satisfaction contributes to loyalty and how building loyalty leads to an overall efficiency and profitability of a company.

Though, in this chapter, the authors appear to be advocating effective CRM strategies to increase the overall performance of the companies by increasing the loyal customer base, they do it with a caution about what setbacks it can bring if not implemented in a sound manner. Chapter 1 provides the readers an insight that the conceptualization, development, deployment and implementation of CRM strategies are more challenging than simply installing and maintaining a technology infrastructure. The chapter further asserts that until the CRM strategies become easy to implement and execute, the CRM programs will either remain ineffective or lack cost inefficiency.

Chapter 2, "Building Consumer Relationships Electronically", by Shelby H Mclntyre, primarily talks about eCRM (Electronic CRM). It explains how companies can turn themselves as great success symbols in the e-market by implementing effective and full-proof eCRM strategies. has been used as an example throughout this chapter to demonstrate various issues. After reading this chapter, one can easily understand how Amazon's success in building eCRM strategies is remarkable. The chapter discusses the various mindsets of the customer while shopping on Internet-their expectations and fears. Furthermore, the chapter explains how has successfully overcome these and become successful in gaining and retaining loyal customers whereas many of its competitors have miserably failed in doing so. …

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