ect one of the CRMI modals found on pags 2022 Reerh the moda

ect one of the CRMI modals found on pags 20-22. Reerh the modal and provide s summaty of model and its significanon. Do not just copy and paste from a wabsitel Paraphase and provide wondro ti summasy? Provide at least two websites as references

Solution

the model was given by Payne and Frow in 2006. It consists of 5 stages which are as follows -

1. Strategy Development: At this stage, the long-term vision of the company and the factors influencing the business are being decided. The assets of the business and the prospective customers are also observed. It is also seen what do the end users expect from the business and how far can it satiate those expectations.

2. Value Creation Process: This phase determines what value the organization can create for its customers and vice versa.

3. Multi Channel Integration Process: there are many marketing and sales channels through which an organization interacts with its customers. All the virtual and non-virtual (physical) channels are taken into consideration.

4. Performance Assesment Process: It deals with strategic monitoring of the entire process. The main aim is to check the customer satisfaction and standards

5. Data Repository (\"the corporate memory\"): It consists of the entire database of many back and front office information which is basically needed to analyze the visibility of the system. it involves the use of information technology systems and the analytical tools.

The model is of high significance as it helps to acquire and retain the most valuable customers by proper analysis and interaction with them.