3- Research literature Customer relation management The term CRM came up with its current concept since the 1990s and was developed in the form of a business strategy to select and manage the most valuable communications with customers. CRM requires a customer-oriented philosophy and supporting culture of the effective marketing, sales and after-sales processes in the organization. Customer-oriented culture is based on a simple concept of one-to-one communication between customers and salers. This attitude looks to each customer in the eyes of a person with his wants, purchases, and needs. By utilizing CRM, customer relationship with the company and its needs are analyzed and analyzed.
The cornerstone of a well-conceived marketing orientation is strong customer relationships. Relationship marketing has attracted the attention of both researchers and marketing managers (Brito, 2008). The goal of customer relationship marketing is to provide increased value to the customer and results in a lifetime value for an organization. Customer value will raise customer satisfaction, thereby customer loyalty will be instilled; which, in turn creates higher profit due to increased volume resulting from positive word-of mouth and repeat purchases (Liu et al., 2000). Scholars have focused their attention on the scope of relationship marketing and developed a conceptual frameworks aimed at understanding the nature and value of the relationships not only with customers but also with a number of other stakeholders (Brito, 2008).
The CRM approach analyzes data about customers ' experience with the organization, in order to improve business relationships, specifically focusing on retaining customers, in order to drive sales growth. CRM (Customer Relationship Management) is software that is used to record, track, and report on all prospect, customer, and vendor activities and transactions. CRM allows the travel agency to have information that is immediately available, complete and up-to-date, enabling them to respond appropriately to any request, to increase effectiveness and success. Importance of Customer Relationship Management (CRM) in a Travel Agency Customer Relationship management is the strongest and the most efficient approach in maintaining and creating relationships with travel customers. Customer relationship management is not only pure business but also ideate strong personal bonding within people.
Tamosiuniene and Jasillionene (2007)1 explained vision in terms of CRM as the creation of picture of what the customer- centric enterprise will look like to ensure that a competitive position can be created in the market place. Evengelia and Michalis (2006)2 In his journal customer relationship management CRM is a strategy than can help them to build long lasting relationship with their customers and increase their profits through the right management system and the application of customer focused strategies CRM in the banking sector is of strategic importance. Lindgreen et al (2006)3 have explained that CRM strategy consist of customer strategy, brand strategy and customer interaction strategy. CRM is a business approach that integrates people,
The author is of the opinion that if the Customer Relationship Management scheme is overly used and misused, it may result in depleting customer trust. The above literature review signifies the importance of customer relationship management in modern generation. Customer Relationship Management has gained importance globally and much needed for any business to survive. Thus companies give importance to customer and try to build long term relationship so that every customer will add revenue to the organization. The Customer Relationship Management concepts are all about gaining trust of the customer, so that the transection can be converted into relationship.
`Chapter 1 INTRODUCTION In recent years a lot of works have been done on the efficiency of customers Relationship management and customers Retention which makes this topic highly prominent in different academics and attracts attentions of scholars, researches to work on it. In any organization customers have different economic value to the company and companies design their communication strategies according to the customer desires and demands. Past studies have forces on components of CRM strategy like the link between customers satisfaction and business performance (Kamakura.al 2002); (Reinartz and Kunav 2000), Customers profitability heterogeneity (Niroy,Gopta and Narasimhan 2001),customers loyalty programs (Verhoef 2003), Many organizations
Literature review Introduction Within this chapter I will discuss customer service and its benefits. What Customer Loyalty is and factors that influence customer loyalty and rewards. What is Customer Service The concept of Customer service can be multifactorial, but I feel that ultimately it involves customer’s satisfaction and how companies strive to retain their customer base by implementing certain customer service procedures to keep the customer happy, in the hope that they can retain their custom and that the customer will then spread the news about the excellent service that was provided by the company. (Twomey, 2012, p. 2), defined it as, The provision of a product or service of a sufficient quality and in a sufficient manner that reaches or exceeds the customer’s expectations However, (Leland & Bailey, 2006, p. 12) expands on this definition by discussing the concept of being “customer focused” and that by appeasing the needs of your customers by any means possible your company will meet the requirements of being customer focused this in turn will improve “customer Loyalty” and “word of mouth”. This would suggest that being customer focused in terms of their needs and expectations can have a major impact on how and why customers use or continue to use your company or
1. Explain to Mrs. Wen what CRM is and how CRM is different from traditional marketing. Customer Relationship Management (CRM) is a term that refers to practices, technologies, and strategies that organizations use to oversee and analyze customer interaction and information. This is done through use of the consumers’ lifecycles, with the objectives of enhancing business relationships with customers, helping with customer retention, and increasing profitability. It is basically a system created by the company to interact with its customers effectively and efficiently.
Internal relationships are also important besides of external relationships. A mandatory program of training should be carried out for all employees to train them about the way of building good relationship with customers such as learn how to behave politely, how to communicate with customers, how to understand customers’ needs, and how to observe the attitude of customers. To prevent customers go toward other competitors, employees must always ready to help and provide the best service for customers in maintaining the good relationship with customers and improving the customer loyalty. To achieve competitive advantage, the component of relationship-based interfaces is used in implementing CRM strategy. Organization would observe the gap between what ﬁrms do, what they want to do, and what they should do and then grasp the opportunity to fill the gap by offering the exclusive products or service that are needed by customers but haven’t discovered by other competitors.
Abstract Purpose of the study was to study the factors affecting customer satisfaction in banking sector of Pakistan and to find the connection between service quality, customer satisfaction and customer loyalty. Research of the study is quantitative and surveys research method has been used in it. Data was collected from different such as: Khairpur and Sukkur. Results of his study show that there is important correlation between service quality and attributes and customer satisfaction. It also exposed that link exist between customer satisfaction and customer loyalty.