Implementations of Customer Relations Management System by Royal Mint Essay

Implementations of Customer relations Management System by empurpled Mint - Essay ExampleThe gallant Mint Company requires a CRM organisation to assist the management of marketing information. The social club will effectively acquire client information and process it inside the CRM systems database to make marketing ends and plans in addition to the evaluation of the impact of the companys marketing endeavours. In implementing a Customer Relations Management system, Royal Mint stands to gain several benefits including better quality services and increased efficiency. CRM also helps to ensure reduced operational costs, increased profitability, and decision making support. The system leads to customer intimacy and thereby ensures the retention of existing customers. However, in the intent of data stored in CRM, Royal Mint has to ensure the security department of such data. This is because the use of such data could lead to ethical and legal issues. Access of such data has to be restricted as well as the transfer controlled. Introduction Romano and Fjermestad (2003, p. 233) define Customer Relationship Management (CRM) as the process of managing the interactive relationship of a business organization or a company with its customers. CRM is usually automated and applies technology to foster communication between a company and its clients. CRM therefore uses information systems which include computer application packet which facilitate communication and interaction between a company and customers who are the major stakeholders of business functions and thus determine the success of the business. The composition of a CRM system is basically made of the hardware and software elements, the people who are involves, processes, procedures and policies which govern the application of the system to realize the goals of the business (Schierholz, Kolbe and Brenner 2007, p. 830). The benefits of CRM include increased profitability, better customer relations and higher quality products. The paper discusses the elements of a CRM system, its benefits and the ethical issues involved in the use of the CRM system with a special relation on the Royal Mint Marketing strategy. Elements of CRM System According to Mandic (2011, p. 347), information technology is the major element of a CRM system because it is through these computer systems that companies are enabled to effectively pass with their customer. The Royal Mint which is Englands legal entity which is authorized to mint or manufacture coins and medals has invested in information technology as the most appropriate route of facilitating interaction with its customers as described by Boulton (2011, p. 48). The marketing strategies of the company apply information systems to manage its customer base and enhance communication between the company and these clients. However the company has not utilized CRM system in making marketing decisions. Information technology in making marketing decisions is use d to facilitate the management of customer information for marketing reasons. In a CRM system analytical tools and computer systems are used to gather client information and use it to make marketing decisions. Therefore the Royal Mint should apply information technology to maintain a database of its customers and also facilitate the interaction with its market. The use of CRM in marketing includes displaying the companys products on the internet which can be accessed by the clients through creation of user accounts through the company