Customer Relationship Management Essay

Document Type:Case Study

Subject Area:Business

Document 1

There are different types of CRM, which include analytical, strategic, collaborative, and operational (Ahsan et al. The success of Harrah’s Entertainment Inc. was due to the acknowledgment of the significance of the Customer Relationship Management. Therefore, implementation of CRM in any company is necessary as it enables the understanding and preferences of customers, and thus succeeding. One of the main pillars of Customer Relationship Management is the assessment of the customer satisfaction. The result was that the firm was the third-largest casino in the New York Stock Exchange after the Park Place and MGM Mirage. From this scenario, we learn that keeping your customer close helps in noting the behavioral patterns, likes, and dislikes that are mostly for improvement and development of a company.

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Furthermore, maintaining a good relationship with customers helps in creating confidence in them, and thus they become loyal hence increase in revenue. I would encourage the company to adopt the method, and ensure that they evolve simultaneously with time, for example, change the platform of assessment as per the time. Rewarding is another original cornerstone of Customer Relationship Management. From the Harrah’s examples, the customers need to feel appreciated so that they can be loyal. I would suggest the company to design unique ways of rewarding its esteemed customers, for instance, giving them company t-shirts and caps. In conclusion, for a company to progress the managers and employees should be keen on the customer assessment, through which they will know their customers well, and therefore change their goods and services to fit them.

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