Customer Relationship Management (CRM) dictates how Philips and Panasonic handle their customers. In order to convey its vision, guide its marketing efforts, conduct data analysis more effectively and maintain a great customer service, companies must have an effective Customer Relationship Management in place, especially for the facilitation of e-channel development. At Philips and Panasonic, Customer Relationship Management maximizes the client-companies relationship and creates value proposition for their customers (“Panasonic” 1). Effective Customer Relationship Management strategy for Philips and Panasonic will enable the firms to spot high value customers and, hence, treat them appropriately, enhancing customer loyalty among them.
Comparison of Philips and Panasonic website with e-marketing & CRM perspective
The value of the relationship in Philips and Panasonic Inc, from the viewpoint of a customer, is not just a factor of the typical marketing four P's, including price, product, place, and promotion, but, as well, of the eminence of customer’s relations with providers, in due course. A CRM strategy will, thus, help Philips and Panasonic to communicate effectively with its customers through the most appropriate medium such as Wide Web, digital TV, telephone, e-mail and conventional, high street channels, as well as direct mail.
An effective Customer Relationship Management for Philips and Panasonic Inc will put the client at the center of the companies’ practices and actions. Philips and Panasonic have to view Customer Relationship Management strategy as a recurring process that uses client contacts for long-term interaction.
Four tasks are imperative to attain the fundamental objectives of CRM at Philips and Panasonic Inc. These include customer identification, customer differentiation, customer interaction, and customization. First, Philips and Panasonic should identify customers through tools of marketing, businesses, and contacts, so as to serve or offer enhanced value to the customer. Secondly, Philips and Panasonic should differentiate customers since every customer has what he values, and each client imposes unique requirements and demands for their office/domestic appliances and domestic products.
Philips and Panasonic Inc can distribute its scarce resources to attain superior returns by differentiation. Moreover, the most excellent customers value the enhanced customer care, while the worst clients do not. In addition, Philips and Panasonic Inc have to learn information about the clients constantly, since demands of a customer change from time to time. From the perspective of CRM, continuing profitability and connection to Philips and Panasonic Inc is essential. Furthermore, the whole CRM process demands unique treatment of every client because Philips and Panasonic Inc can boost customer loyalty. This is enhanced by the personalization procedure. Indeed, personalization builds convenience to the customer.
Consequently, Philips and Panasonic have been able to raise customer relationship by forming corporate culture that fabricates customer’s loyalty, customer service knowledge and ingenious plan to deliver quality products. Besides, Philips and Panasonic offer different activities, which ensure that customers obtain adequate information about their current products as well as any new or upcoming products.
CRM has enhanced Philips’ and Panasonic Inc’s brand loyalty. The firms have great brand loyalty. Whenever a new Philips and Panasonic Inc product is released, customers are known to queue for many hours outside the firms’ stores so as to purchase their pieces. Philips’ and Panasonic Inc’s CRM also ensures that customers are free to interact with the highly knowledgeable staff. Customers get a chance to learn, share and get pleasure from all of Philips and Panasonic innovations. Philips and Panasonic train its personnel about its products, making them knowledgeable. Therefore, Philips’ and Panasonic’s customers are always at ease when asking for service and information concerning the products, and this differentiates them from other companies that manufacture and offer electronics services (“Philips” 1).
On the other hand, Philips and Panasonic ensure their products are long lasting and in case of any problems the companies have a full-time customer-service representative, who is always ready to help. Besides, Philips and Panasonic Inc offer a warranty for every item during the time of purchase. Philips and Panasonic offer support service for all its products. Downloads and other support schemes exist on the companies’ websites for customers who have acquired their products. Besides, the websites have a segment where supportive information regarding products may be found. The websites, also, have a section where customers can get in touch with designated staff of the companies in order to to tackle any difficulties.
In addition, Philips and Panasonic use their data about customers for identification purposes. The companies collect information about customers through tools of marketing, businesses and contacts. Also, Philips and Panasonic use customers’ data to differentiate customers according to their values and unique preferences. Furthermore, Philips and Panasonic Inc conduct regular customer surveys in order to learn about any changes in tastes and preferences of their customers. I would also recommend that the companies record the names of all those who purchase their products and put them in a data base, for further contacts and enquiries about their unique needs. An effective CRM will enable Philips and Panasonic Inc to keep track of their customers and identify how to satisfy their customers better.
The incorporated management information system exploited at Philips and Panasonic can provide the companies with additional business information intelligence that impacts the interactional performance of the various levels of management of the companies. The companies will employ enterprise resource planning (ERP) information system with a strategic objective of enhancing the visibility of the key performance indicators (KPIs) on the e-channel development. The ERP model will help Philips and Panasonic to monitor the operational logistics of the companies. Philips and Panasonic will employ the ERP system applications in the management of its product planning processes and the enhancement of its customer service. Subsequently, the ERP system will be supportive of the strategic objectives of the companies which are aligned towards improving the management of strategic information. Additionally, Philips and Panasonic will find use in the incorporated management system that involves the employment of the enterprise project management information system (EPM). EPM information system will enable the companies to ensure accountability in its project management processes. Philips and Panasonic will focus on priority projects regarding e-channel distribution, in this case, the improvement of the sales processes including customer response rates. This will be in line with the strategic objective of Philips and Panasonic to efficiently develop incorporate competence building enterprise programs that will ensure sales growth as well as growth in the market share of the companies.
By employing these business intelligence techniques, the strategic management will draw necessary data from the system to evaluate the performance on, especially, e-channel development business goals and key performance indicators (KPIs). The tactical management will use the data from the management information system to analyze process efficiency, economy, and effectiveness. Operational management, on the other hand, will employ the data from the information system on individual outputs, resource use and process performance management. Lastly, the operation level management will use the data from the information system to enable them execute various tasks.
In summary, the management information system will enable Philips and Panasonic to manage business goals, especially e-channel development through KPIs, allocate resources efficiently and set performance targets. In this regard, it is imperative to enhance customer relationship via data-driven communication. Moreover, Philips and Panasonic’s website may be used to retrieve customer information, since this is automatically recorded. The firms will later use this data to contact customer regarding a sales promotion or product follow-up. The ripple effect that this has is that it boosts customer loyalty.