On average, it costs an organization six times more to sell to a new customer than to

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Question:

On average, it costs an organization six times more to sell to a new customer than to sell to an existing customer. As the co-owner of a medium-sized sports equipment distributor, you have recently been notified that sales for the past three months have decreased by an average of 20%. The reason for the decline in sales are numerous, including a poor economy and some negative publicity your company received regarding a defective product line.

a. Explain how implementing a Customer Relationship Management (CRM) system can help you understand and combat the decline in sales. Be sure to justify why a CRM system is important to your business and its future growth. [2-3 paragraphs]

b. Search the Internet for at least one recent and authoritative article that compares and ranks customer relationship management systems. Select two packages from the list and compare their functions, features and cost (does not need to be exact) in the table format below. Also, find and list major points where companies that are using each package have reported their experiences, both good and bad in the table below.

CRM System Name Major Functionalities Major Features Approx Cost Major points of References (good and bad)

c. Be sure to provide your references/citations (at the end of question # b).