The final phases of CRM reimplementation in business comprise of project implementation and CRM evaluation performance. After the completion of CRM strategy formation, project foundation and choosing the right partners, businesses should focus on its final implementation and evaluation. It is the most crucial parts of the CRM implementation steps (Buttle, 2013). As the efforts and plans put so far in planning, the CRM is tested for its feasibility. During project implementation, tasks are carried out and the progress information is reported. It is only after the implementation phase that a CRM project becomes ready for closure.Read more »
Customer value creation has various meanings, some may consider it as the price of a commodity, whereas, others may consider value as a benefit or utility that is achieved after consumption (Buttle, 2013). In order to attract customers and acquire a large market size, industrialists focus more on the needs of the customers. Customer value is the perception of what a product or service is worth to a Customer versus the possible alternatives.Read more »
Customer portfolio is a list segmented into the various groups of customer that a business should build relationships with. It is basically a tool that helps to keep track of customer activities and generate relationships with them (Homburg et.al., 2009). A customer portfolio or customer profile contains a collection of mutually exclusive customer groups that comprise a business’s entire customer base.Read more »
The previous article introduced the concept of supply chain management (SCM) and its vital elements such as inventory management and reverse logistics. Understanding SCM involves consideration of a wide range of dimensions. Wolf’s (2011) definition of SCM is the most relevant in this regard. According to Wolf;
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“it is the design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally” (Wolf, 2011, pp. 222).
Universally, drug availability is divided into 3 categories based on the novelty and level of risk as per the USFDA (Pacifici and Bain, 2018). Drug availability is a rising issue in the Indian pharmaceutical market. These drugs comprise of:
- New drugs (drugs that were never been approved before).
- Generics (copy of a branded drug).
- Over the counter (OTC) drugs (can be purchased without a prescription).
Customer relationship management (CRM) is an approach to manage a business’s relations with both its current and potential customers. In the previous study, it has been discussed that companies go through five different phases to improve their customer relations. Having built the CRM project foundations, the next phase involves the specification of needs for the CRM and selecting the right suitable partner in conduction of CRM (Buttle, 2013). The importance of this phase lies in the fact that it involves activities such as process data review and gap analysis, initial technology specification and request for proposals.Read more »
Supply chain functions comprise of activities that include the flow of products and services starting from the origin of the products and end with consumption and purchase (Heckmann et al., 2015). The primary objective of the supply chain functions is to supervise the production, distribution and shipment of the products and services (Touboulic and Walker, 2015). The supply chain functions also include effective management of internal inventories, production, distribution, domestic production and sales. Businesses use different strategies and models for managing supply chain functions.Read more »
In the global pharmaceutical marketplace, the Indian pharmaceutical industry is at 13th position, in terms of value and has the 3rd largest volume (Department of Commerce, 2017). Currently, pharmaceutical sales in India stand at USD 20 billion. It is envisaged to extend to 55 billion by 2020 with a compound annual growth rate (CAGR) of 15.92%. Indian pharmaceutical sector holds a key position in the global export market of pharmaceuticals. The US branded generic drugs are the major pharmaceutical drugs exported outside India. It comprises approximately 20% of the global generic drugs (Chandra, 2016).Read more »