CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 SUMMARY
This study was set out to investigate the perceived influence of customer relations activities of Guaranty Trust Bank on customer’s patronage. This research tried to find out if customer relations activities influence customer’s patronage, satisfaction and loyalty. The customer relations department of an organization is undeniably a very important department in an organization because the focus is on the customers of such organization.
Relevant literature was reviewed in the area of customer patronage, satisfaction, management and loyalty and system theory formed a strong theoretical basis for the study. The various literatures revealed that organizations are faced with competition
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A satisfied customer tends to be loyal customer. Organizations should learn how to manage the relationship between them and their customers. Customer relationship management is very important because it helps in retaining the existing customers.
5.3 RECOMMENDATIONS
Every organization whether large or small, needs to employ customer relations in their business activities. After the study I came up with the following recommendations and they goes thus:
1. Every organization should have customer relations department. This department will ensure that the needs of customers are met and it will also ensure that customers are satisfied with the services rendered. They will also ensure that there is a regular interaction with the customers.
2. Customer should be the center of every business organization, that is, the customer should be put in to consideration in every decision making and policy. This is because customers are the life wire of every organization, no organization exist without customers.
3. Organizations should render quality services to the customer because customers want to get value for their hard earned money. Service quality leads to satisfaction and thereby leading to repeat purchase or
Question 1 answer: Customer relationship management is mainly about building relationships with a company’s targeted profitable customers and maintaining that relationship through delivering customer value, as in how a consumer perceives a certain product and values it enough to buy it rather than buying the competitor’s product, and delivering customer satisfaction where the product meets the exact expectations the consumer had actually expected from the product or more, but not less. Companies can build customer relationships at many levels, depending on the nature of the target market (Kotler and Armstrong, 1988). Companies with many low-margin customers can develop basic relationships by which a company doesn’t get to know it’s consumers
The sector is witnessing a radical change as traditional retail markets are replacing with new formats such as discounts stores, departmental stores, hypermarkets, supermarkets etc. In this competitive environment the retailers are more forced to concentrate towards Customer service & their satisfaction. In retail stores, the customer service is includes like counter service, billing the products, offer explanation to customers, providing them coupons, explain the product
Porter’s article has strong analysis and provides persuasive examples to support his argument. He carefully explains the five forces and demonstrates how they affect the competition in business. For example, when discussing about rivalry among existing competitors, Porter briefly mentions about different forms of rivalries and its intensity. After that, he analyzes the situations that lead to different level of intensity in rivalry carefully. Porter illustrates that “ The intensity of rivalry is greatest if: Competitors are numerous or are roughly equal in size and power…Industry growth is slow…
2.4 What could this research shed light on? This research will explain the impacts of internet banking on customer retention within the banking industry. Besides, the researcher will find out the changing factors of customer satisfaction, which will shed light on the current market trends towards the industry and demand activator factors of Barclays bank. Through this research, overall customer relationship management of Barclays bank will be evaluated, which will be conducted by assessing positive changing behaviour of consumer towards the bank.
Specify organisational standards of customer service So the customer segment of the Ritz-Carlton is a wealthy clientele who has very high expectations since they use to get upscale products because they are ready to pay more to have more. Therefore, the differentiation of the Ritz-Carlton is made on an efficient and effective customer service. As we know the needs are general but the wants are specific, so the companies have to make the difference so as to become the customer’s wants. For example, customers will need to book an hotel room but some customers will want to book an Ritz-Carlton hotel room.
Now, like any other company out there in the corporate world, they all come across a point in business where they face a competitive situation, due to either their product line, pricing, or their financial system. According to our
Stakeholder analysis Stakeholder are entity that will affect the organization actions, objectives and policies. There are two types of stakeholder which is internal stakeholder and external stakeholder. The McDonald’s stakeholders are customers, suppliers, employees, managers, government, local communities and pressure groups. Customers Customers are the external stakeholders of the company, no customer mean zero profit.
The model of the Five Competitive Forces, developed by Michael E. Porter, is based on corporate strategy, industry structure and the way they change. Porter has identified five competitive forces that shape every industry and every market and they determine the intensity of competition and hence the profitability and attractiveness of an industry. We further look into how the strategy and industry structure is placed in the field of healthcare and hospitals and analyze the attractiveness of the overall industry. 2.2 Rivalry among competitors Industry Rivalry is one of the 5 forces used to determine the intensity of competition in the industry. Competition in health care is the potential to provide with a mechanism to reduce cost and hence accessible
Brand loyalty is a focal point of interest for marketing researchers. From past research stated that loyal customers spend more than non-loyal customers in purchasing. Much of the research over the past three decades looks into consumer loyalty from two perspectives which are behavioral loyalty and attitudinal loyalty (Bandyopadhyay & Martell, 2007; Dick & Basu, 1994). Behavioral loyalty means the frequency of repeating the purchases. Which attitudinal loyalty refers to the psychological commitment that a consumer makes in the purchase, example like intentions to purchase and intentions to recommends.
This model is considered as the most potent and useful tool and is widely used by organisations. This model deals with external factors that influence the nature of completion and internal factors how firms compete effectively to be more profitable. Porter’s 5 forces is used. Industry Rivalry : Porter (1980) reiterated that intensity of rivalry is dependent on number and size of direct competitors as numerous and/or equally balanced competitors may lead to intense competition. The rivalry for market share becomes intense when product differentiation and switching costs are
Customers will be a loyal customer if their opinions and needs are met by a company. I believe this is the most important building block. I have worked as a manager of a retail card and gift store in Wantagh for the past five years. Throughout my five years, I take great pride in the customers that shop with us. If there is something that I can do to help my customers or order them a certain product, I don’t hesitate.
The last element that helps these small businesses to continue in the market is the local rivals. Local rivals push each other to lower costs, improve quality and service, and generate new products and processes. Porter claims that domestic rivalry and the search for competitive advantage within a nation can help offer organizations with bases for accomplishing such advantage on a more global scale. For example Juhayna has strategy which is dedicated to providing high-quality, healthy, and safe products to its consumers. Juhayna has structure.
The increasing level of competition decrease the profitability. Moreover, this tool provides a foundation to formulate strategy and recognize the competitive landscape in the same industry of the company ("Industry Analysis | Porter’s Five Forces | Competition,"
Competition is when two companies sell similar or identical products or services and adjust their prices to gain customers business. This can be in local competition or global. Competition can affect a company positively by forcing them to think outside the box in order for their products to stand out. They have to make their products better to get the consumers attention. Competition can also affect a company negatively when one company has a competitive edge.
First of all customer means A person who buys goods or services from a shop or business, loyalty means the state or quality of being loyal, faithfulness to commitments or obligations. So Customer loyalty is the key objective of customer relationship management and describes the loyalty, which is established between a customer and companies, persons, products or brands. “Customer loyalty is an essential aspect in any organization whether it is offering a good or providing a service. “Many organizations are looking for various ways to increase their customer loyalty as it has a positive effect on the profitability of the organization.” (Gremler 1996: 171, Abdullah et al. 2000: 826).The individual market segments should be targeted in terms of developing customer loyalty.