“Park & Kim (2003) identified the following three types of information that are required for managing the phases of the customer relations lifecycle. ‘Of-the-Customer’ information that includes customers personal and transactional data for understanding and measuring their profile, i.e. sales, profitability purchasing patterns, preferences . ‘for-the-customer’, information refers to products, service and firm information perceived as useful by clients making more informed decisions. By the customer information reflects customer feedback (i.e. customer complaints, suggestions, and reviews) that can be used for new product development and/or business improvement” (Sigala, 2010)
“In developing successful relationships with profitable clients, firms need to understand and manage all the different phases through which relations are evolved, as each phase is characterized by differences in behaviors and orientations and so, it requires different CRM approaches (Dwyer, Schurr, & Oh, 1987)” (Sigala, 2010)
“Theory and practical evidence has shown that custom relations evolve over three major distinct phases related to the customer life cycle (Dwyer, et al. 1987; Greve & Albers, 2006; Reinartz, Krafft & Hoyer, 2004): Initiation, maintenance and retention or termination. Hence, all CRM implementation models were based on identifying CRM practices for managing each relational phase. These models were enriched by Park and Kims (2003) dynamic CRM implementation model that identify the required and appropriate customer information management (CIM) strategies for managing each phase of the customer relations lifecycle.” (Sigala, 2010)
“To conclude, as it was previously debated, CRM implementation requires the management of customer relationships during all three stages of the customer life cycle phases, while web 2.0 can affect all business operations from new product development, to marketing functions and business improvement. Thus, in order to synthesize the previous literature regarding the impact of web 2.0 on eCRM practices, the study developed Table 3 which summarizes how firms’ can exploit the three types of customer intelligence collected by using web 2.0 for enhancing the effectiveness of various firms functions that are required for managing and building customer relations through every phase of the customer life cycle. ” (Sigala, 2010)
