Essay on Customer Relationship Management - Words - Bartleby
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Hoyer W. Krafft M. Krieger K. Journal of the Academy of Marketing Science 39 2 pp. UMI NO. Parvez M. Kowalkowski C. Stone M. Customer Relationship Management Doctoral dissertation. Assaf A. Cvelbar L. University Of Gloucestershire. Download kB. The examination of the literature is first based on the evolution of CRM notion and its definitions.
Customer Relationship Management/Marketing (CRM) - Insights Association
The literature review provided an in-depth understanding on the progress of CRM based on the selected topics and suggests dissertation christoph gehlen redesigned research agenda for scholars, graduate students and practitioners.
CRM has a key role in business performance and increased customer satisfaction and retention, specifically in the context of the service industry. To date, scholars have produced an abundant number of CRM-related studies in tourism and hospitality journals.
Furthermore, it also discusses the aims, objectives of the research questions and scope of the study. Customer Relationship Management can be the single strongest weapon we have as manage to ensure that customers become and remain loyal. CRM concern the relation between the organisations along with its consumers. Consumers are the means of support of any business in a universal business with thousands of workforce and a multi-billion earnings, or a single broker with a handful of standard consumers.
CRM is the same in principle for both examples. Globalization and technology improvements have pushed companies into hard competition. In this new era organisations are targeting on managing customer relationships, mainly customer satisfaction, in order to maximize revenues Constantinos Today, marketing is not just developing, delivering and selling; it is shifting towards developing and maintaining equally long term relationships with customers Buttle, This new business values is called relationship marketing RMwhich has involved significant interest both from marketing academics and practitioners Gronroos, The concepts of consumer satisfaction were depending on the thinking of consumer.
Research suggests that customer satisfaction, basic concept of relationship marketing, is important in achieving and retaining competitive advantage. Research studies have discovered that retaining current customers is much less expensive than attracting new customers Desatnick, ; Stone et al. The best way to retain customers is to keep them satisfied, a number of studies have shown that customer satisfaction can guide to brand loyalty, repurchases intention and repeat sales Day, ; Swan and Oliver, ; Oliver, Customer retention, in turn, seems to be related to profitability Oliver, Relationship marketing is becoming significant in financial services Zineldin, public policy essay If a bank develops and sustains a solid relationship with its customers, its competitors cannot easily replace them and so this relationship provides for a continued competitive advantage Gilbert, Moriarty et al.
Perrien et al. And banking industry purely related to financial services, which needs to create the trust among the people. This research is exploratory in nature and design. The data which is collected is going to be mostly primary data collected from the relevant persons within the bank. The data has gathered from the face to face interviews with the help of structured and semi-structured questionnaire with those persons.
The a research paper on customer relationship management describe interviews has last 40 fourty to 45 fourty five minutes approx. Sample size is around customers and of structured questionnaire. But of course this research paper has relied on reviewing the various secondary data available from various researches such as books, magazines, website, previous research and publication etc.
The collected data has been analysed by graphs, table and pi chart drawn from Microsoft excel. The aim of the research is to study why CRM is important in bank, how the CRM works in banks and also the effectiveness of Lloyds Banking Group in obtaining long term customer relationship, customer loyalty, and customer satisfaction by the use of CRM.
And also suggest feasible recommendations to Lloyds Banking Group to increase the customer satisfaction and market share by the effective use of CRM. The scope of the study and research work has limited to Lloyds Banking Group only. This chosen level of aspects has stayed at large in the study so that it can be studied well and analyzed thoroughly to get a deeper understanding. Trying to cover too much ground may lead to a very superficial and confused analysis and may involve long time duration to complete the project work or report.
This chapter provides the brief introduction of the research. Furthermore, it also discusses the aims, objectives of the research questions and scope of the learning. This chapter determines the theoretical issues relating to CRM which is relevant to the research. This chapter includes the overall conclusion of the research paper on customer relationship management in banks. This research paper on customer relationship management produce the conclusion compared and contrasted with the finding of the research and the literature review.
It summarises the aims and key findings and acknowledges the limitation of the works. This chapter is the last chapter of the research. This chapter provide the recommendation for the managerial implication in the Lloyds Banking Group. At the end, chapter provide recommendation for the future research.Therefore, maintaining customer relationships with major buyers will help the company in the long run.
Investors in the firm will need to know specific information that relates to the performance of the company.
Research paper on customer relationship management in banks
Having access to this data is necessary to make informed decisions about investing in the company. By providing these records to the investors over a common data source, such as the company website, means that every investor will get the same information at the same time.
This provides another benefit as well. It allows the investors to look at the information they need without taking up valuable employee time. Suppliers and partners can be kept informed through CRM systems by offering them product promotions, press releases and informing them of advertising campaigns.
Although CRM systems are very advanced, can offer enormous amounts of information at a click of a button, and are currently being used by the 70 percent of the fortune countries, the systems still need to be improved. Some of the issues that have been identified by managers are: keeping track of service complaints, and customer satisfaction level.
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Free Customer Relationship Management (CRM) Essay - Free Marketing Essay - Essay UK
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I will definitely recommend your service to my friends as well. Lovely service. I got a professionally written dissertation from EssaysChief and they are so cooperative. Thanks so much. On the other hand, many the satisfied customers argued that they receive quick response from BMW about their problem and the company monitors their problem seriously and offered free service while they find appropriate.
However, one of the major problems of the company regarding efficient management of CRM is customers after buying the car want to share their problems of using the car with the company and BMW is not able to concentrate equally on all of the customers.
Here it is important to mention that the customers buy BMW cars from the dealer point and the after-sale service also provided from the sales point; therefore, the customers contact with dealer to solve their problems and BMW gives the service through the dealer point. According to a research paper on customer relationship management annual report of GM Corporationall competitors have maintained CRM program in order to retain old customers and develop new customers for the company.
The market share of BMW Group and customer satisfaction rate are lower than that of competitors in the global market, which indicates that CRM performance of this company is inferior to the industry rivals. However, Buttle 28 stated that the relation with the customers reflected the sales volume share; so, profit trends and numbers of car sales indicate the success of CRM of the organization.
According to the report of Shankar 1Toyota Corporation was able to generate highest revenue in by selling the maximum number of car in global market. In contrast, BMW was not in top ten automobiles though previous years it held sixth position in terms of car sales, which demonstrates the poor condition of CRM of the company as top ten companies produces similar cars and offers high quality products.
The relationship of Volkswagen, Ford and Toyota with the customer is stronger than BMW and this company need to fill up this gap immediately to become market leader.
Research paper on customer relationship management
According to the annual report of Research paper on customer relationship management in banks, the company experienced economic problem in due to global financial crisis but it has generated about However, most of the automobiles faced crisis in and recovered the position gradually but it is not in top ten for losing On the other hand, this company is less responsive to the market especially in the year where customer face economic problem and cannot afford high cost luxurious cars, but it did not reset its pricing strategy and showed any interest to produce low cost cars.
Buttle, Francis. Customer Relationship Management. London: Butterworth-Heinemann, As a result, a major task for firm is how to make consumer feel satisfy and continue use their products or services. To gain the success, companies need to have a positive relationship with their customers. Thus, firms have invested a lot of time and costs war short story develop their interaction with customers before, during and after purchasing because this will help businesses to maximize their profits.
In addition, due to the development of information technology, customer relationship management has assisted effectively for companies to achieve several major benefits.
Therefore, this essay will attempt to explain the importance of customer relationship management in B2B marketing that can give firms a significant competitive advantage. There are several definitions about Customer Relationship Management CRMbut some people have many mis-understanding such as database marketing, research paper on customer relationship management process, loyalty This idyllic customer relationship disappeared as the nation grew, the population moved Well talking about Customer Relationship Management CRMit can be define as a set of technology-enabled business processes that enable us to create more consistent and profitable interactions with our customers which is also known as relationship marketing.
But first we must be aware of satisfying customers. Customer satisfaction is a business philosophy which tends to the creation of value for customers, anticipating and managing their expectations, and demonstrating ability and responsibility to satisfy their needs. Qualities of service and customer satisfaction are critical factors for the success of any business.
Customer Relationship Management/Marketing (CRM)
As Valdani points out; enterprises exist because they have a customer to serve. The key to achieve sustainable advantage lies in delivering high quality service that results in satisfied customers S hem well et al, Companies are facing their toughest competition ever.
To win customers and encourage them to stay loyal or repurchase the service, most companies have resorted to meeting and satisfying customer needs by not being only reactive but proactive. They are also interested in finding new ways and means to satisfy the customer. Most companies are aiming for good customer relationship which means a research paper on customer relationship management service to the customer thereby preventing the customer from being promiscuous.
A lot of companies are not just attracting customers, but are working at building long term relationship with customers both local and foreigner, suppliers, You must select a customer relationship management systems topic in conjunction with your workshop leader.
The topic chosen will form the basis of a professionally written paper and presentation. Students can select topics based on their own understanding and investigations of the different types of CRM systems or applications across different industry settings. The scope of the CRM topic can be relatively narrow or broad. What SaaS model does is it gives the customers the option to save upfront costs without the need of installing hi-tech servers in their premises, instead all their data is stored in the external cloud space managed by the service provider.
Salesforce provides its customers with a variety of cloud based applications that can be used by them and customized by them as per their requirement.