The CRM Approach
CRM has become very popular today and is considered a necessity of modern business (Stone et al., 2007). CRM business philosophy is that re-lationships are more valuable for the company than individual transactions,therefore a company should invest on building relationships with its most profitable customers.
The definition of CRM given by Knox et al. (2003) is ‘a strategic approach designed to improve shareholder value through developing appropriate rela-tionship with key customers and customer segments’. CRM responds to then end of adopting a segmented approach to customers due to their multiple 2.3 The CRM Approach 33 and different requirements in terms of value propositions service, experienceand relationship. The company allocate resources and models relationships according to customers’ preference and customers’ forecasted future value.
CEM projects frequently have been paired with CRM strategy to attain abetter result in the design and consistency of a company’s touch points tak-ing into consideration customer rational as well as emotional and irrational processes. Some researchers argued that CRM and CEM are fundamentally the http://www.ukassignment.org/scyxgl/ same tool (Stone et al., 2007). On the other side a “new wave” of re-search (Shaw, 2007; Schmitt, 2003) believes CEM is a new approach in itself and can be implemented separately from CRM projects. CEM is different to CRM for the following reason: CRM is a management tool to manage the relationship with the customer CEM is about the management of the customer experience two entirely different objectives and processes.
Based on the literature and research conducted it is the researcher opinion that CEM actually falls in two parts, one the management of the experience by the company (the framework the structure) and two the actual customer experience journey. For example it is a collection of experiences of the student on the journey through the university that makes up the “total experience”.To create memorable and unique student experiences it is necessary to explore students’ emotions and feelings. |