CUSTOMER RELATIONSHIP MANAGEMENT 2
Customer Relationship Management
Customer relationship management refers to strategies, terminologies, and practices that
organizations embrace to analyze and manage data and customer relations all through the
consumer lifestyle with the aim of strengthening business interactions with consumers driving and
retaining customers(Propa, Banwet & Goswami, 2015).
Balanced Score Card
According to Ibrahim (2015), Balanced Scorecard refers to a strategy performance
supervision tool or semi-standard designed report that is supported by automation tools as well as
design methods that managers embrace to maintain track of the implementation of activities by the
personnel within their reach to monitor and control the arising consequences of the activities.
Basically, the term balanced scorecard means a performance management report that the
management team uses. The tool enables the management team to focus on handling the
implementation of operational activities or a strategy. The balanced scorecard can also be used by
individuals in tracking their personal performance even though this is not commonly applicable.
The balanced scorecard has the following characteristics that define it. The characteristics include:
The balanced scorecard lays focus on the strategic agenda of the concerned firm. The balanced
scorecard also has the choice of data items that should be monitored. It also has a combination of
non-financial and fiscal data items (Propa, Banwet & Goswami, 2015). The balanced scorecard is
a very good example of cybernetic control that is applied to the administration of strategy
implementation or closed-loop controller. Cybernetic control or closed-loop controller refers to
where the real performance is measured and the value that was measure is then compared with a