Discuss about the Innovation Management and Development for CRM Software.
The investors play a major part for the company to be successful in the share markets. They purchase the shares of the company to gain a long-term benefit from the company that they have invested in because of the success that the company may have in the future. They are mainly concerned with the values of the company who may be dealing with the same products at two different prices. They evaluate the company based on the financial strengths by reviewing the profit and loss statement of the company and identify the key factors for the success of the company in the present and the future before investing in the organization (Venturini and Benito 2015). For the Nutshell Customer Relationship Management (CRM) software, I have taken up the role of the investment banker by helping the company to be public so that they can raise money from the market for which I am holding the securities of the company.
The CRM software helps in managing the customers of the company by handling the databases of the customers and increases the interaction level with them. It also helps in acquiring the information that is needed related to business, the sales of the company and the advertising of the products that the company offers in the market. The software also helps to support the customers and manages the relationships with the vendors and the staff members. The company can handle the customers more efficiently and effectively which will help the sales department to manage the customers, which will help the company to increase its sales (Trainor et al. 2014). The use of the software will help the company to maintain its data relating to its target customers, the preferences of the products that they have, the purchase history of the customers and all the personal information of the consumer that the company requires. The gap that is present between the sales team and the potential customers will be less and it will help to increase the transparency between the company and its customers. In spite of, a number of companies present in the market regarding the Customer Relations Management software, the software in mobile service is still missing and has a huge demand in the market. The software of Nutshell CRM has helped in identifying the requirements that needs to be satisfied in a business. This software has various sales tools options that help in the collective productivity of the company (Rosenbroijer 2014).
The software is very useful in the small and medium enterprises because of the automatic update feature that it has which takes away the burden from the sales team to update the feature continuously. It helps to segment the products in different categories keeping the taste and preference of the customers in mind. The datas related to the products are kept safely and updates the product catalogues if any changes take place which helps in building the customer relationship with that of the company (Balaban and Dumitrascu 2014).
The price of the software is high, as it will be used by the small-scale industries. The software to be successful in the market needs to be tested before launching it in the market is time consuming as it is not possible to get the result within a day or two. The skill that is required by the people needs to be developed with time for properly utilizing the software (Ghaffari, Delgosha and Abdolvand 2014).
The mobile services sector will be provided with this software, which will turn out to be very useful as it will help the company to have a hassle free operation. It will also save the cost of installing heavy technological goods (Balaban and Dumitrascu 2014).
The products such as Zoho CRM, Sugar CRM, BaseCRM and Salesforce dot com are available in the market providing a stiff competition for the new product to capture the market. The gradual changes that are happening in the global market poses grave threat to the software as the technology may get outdated and companies may look for an alternative (Ghaffari, Delgosha and Abdolvand 2014).
The strategies adopted for the distribution and marketing of the software is through an effective communication channel, which will be based for the target customers. It makes the customers aware of the product through phone calls and emails (Preece et al. 2015).
The projected income for the software is also given where after all the expenses are incurred, the company is left with a net income of worth $49,824. The exit strategy of the company will be to merge with big brands like Apple and Windows and Web based applications to provide the customers the apps through these broad platforms (Arman 2014).
Innovation is based on sound engineering, technology, science and management because the business in the modern world is undergoing constant changes every day. The top management of leading companies employs people who can evaluate the opportunities and run the innovation process through product marketing, marketing strategy, business development and R&D development. The innovation that takes place for a product is based on engineering as it helps the product to develop, technology through which the product is given a shape, science and management is required to make the product available to its target customers (Bullen, LeFave and Selig 2017).
Innovation is feasible in nature and the concept is practical because feasibility analysis helps in determining whether the customers will like the business idea, or not. It helps in identifying the opportunities that is there for the product before the production process takes place. This concept is necessary for any innovative idea to be physically present in the marketplace (Pedron et al. 2016).
There is a market for the product because the economy of the place also plays a vital role in launching of the product. The people can purchase the product as the rich economic places will have more purchasing power in the hands of the consumers and they can afford to spend their incomes on the luxury items as well after purchasing the necessary items. Thus, the purchasing capacities of the people play a huge role for a product to be successful in the market of a given place. The political issues needs to be seen as the rules and regulations of the regulatory bodies need to be followed so that the company does not fall in to some major trouble in the market of that region (Beggs Jr. et al. 2014).
The distribution strategy followed by the CRM software is to make the customers aware through the phone calls and the emails, which are backdated in the modern world. The company needs to use the social media platform so that the customers are more aware of the product and constant updates can be received about the product. The estimated financial statement shows that the net income of the company will be around the $50,000 mark, which is good for a start-up company and shows a positive outcome in the future. The exit strategy of the software that is to merge with big brands may provide the edge to the company to have a competitive advantage over the other products that are present in the market. One of the main brand is Apple who selects its applications very carefully because it is one of the leading brands when it comes to mobile technologies in the world (Bullen, LeFave and Selig 2017).
The product has a growth in the market as the profit statement that has been estimated is good enough for the start-up company and it will be sustainable in the market for quite a few years, as it will help the companies to automatically handle their business operations by using this software.
The sales team plays an important part for the overall development of the company. They handle the relationships with the customers and sees that the company meets all the grievances and the demands. The objectives and the target of the company is to maximize its profit by selling the maximum number of products at a lower price as it is a start-up company. The sales team looks after the needs and the preferences of the customers and explains the product to its target customers. They are fully equipped with all the resources that are required to carry the business forward in the future (Pedron et al. 2016).
Conclusion
The decision that has been taken is that I have agreed to invest in the project because on reviewing the presentation I have found that there is the factor of profit in the future for the company. The software will be of huge demand for the companies as with the advancements in the technology, the manual labor force is decreasing in the company in the current times. It will be seen that the future will see more technology advances, which will reduce the manual work pressure by a large margin. This software will help in segmenting and segregating the products and the target customers according to the preference of the company and since it is automatic, there is no need to hire extra labor in maintaining the software.
Reference List
Arman, S.M., 2014. Integrated model of social media and customer relationship management: a literature review. International Journal of Information, Business and Management, 6(3), p.118.
Balaban, M.I. and Dumitra?cu, D.D., 2014. The Advantages Of The Crm–Type Systems For Resources Planning And Management In Companies. In Proceedings of the International Management Conference (Vol. 8, No. 1, pp. 117-127). Faculty of Management, Academy of Economic Studies, Bucharest, Romania.
Beggs Jr, B.R., Chen, F.W., Gavagni, B., George, D.G. and Silva, L., International Business Machines Corporation, 2014. Matching resources to an opportunity in a customer relationship management (crm) system. U.S. Patent Application 14/444,490.
Bullen, C.V., LeFave, R. and Selig, G.J., 2017. Entry and Exit Strategies in Sourcing Engagement. In Global Sourcing Of Services: Strategies, Issues and Challenges (pp. 521-558).
Ghaffari, K., Delgosha, M.S. and Abdolvand, N., 2014. Towards cloud computing: a SWOT analysis on its adoption in SMEs. arXiv preprint arXiv:1405.1932.
Pedron, C.D., Picoto, W.N., Dhillon, G. and Caldeira, M., 2016. Value-focused objectives for CRM system adoption. Industrial Management & Data Systems, 116(3), pp.526-545.
Preece, C., Chong, H.Y., Golizadeh, H. and Rogers, J., 2015. A review of customer relationship (CRM) implications: benefits and challenges in construction organizations. International Journal of Civil Engineering, 13(3), pp.362-371.
Rosenbröijer, C.J., 2014. Customer Relationship Management and business analytics: a lead nurturing approach. Proceedings of DYNAA, 5(1).
Trainor, K.J., Andzulis, J.M., Rapp, A. and Agnihotri, R., 2014. Social media technology usage and customer relationship performance: A capabilities-based examination of social CRM. Journal of Business Research, 67(6), pp.1201-1208.
Venturini, W.T. and Benito, Ó.G., 2015. CRM software success: a proposed performance measurement scale. Journal of Knowledge Management, 19(4), pp.856-875.
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