CRM On Customer Retention
`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
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Although a lot of work have been done by different researchers’ and scholars on CRM and customers retention but a mink work is available on the effect of CRM on customer retention. In this study we are presenting the clear picture of The Effect of CRM on customer’s retention especially in case of Pharmaceuticals Industries.
1.3 SIGNIFICANCE OF STUDY In this study we are discussing the effect of CRM on customer retention in pharmaceutical industries. Today Pharmaceuticals industries are facing Fierce generic competition and price regulations keeping in view of these tuff conditions they requires more effective and efficient sales and marketing Strategies to survive. They use different CRM strategies to retain its customers and to capture the maximum market Share. In this study we are analyzing the different CRM strategies and the different effects of CRM on customer retention.
1.4 OBJECTIVE OF THE RESEARCH
The objective of this study is to understand the Effect of CRM on customer retention in case of pharmaceutical
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We also briefly explain the CRM importance in pharmaceutical industries. Primarily customers complaints tell the organization/industries about their reputations, It directly impact on communication, decision making and introduction process. In this chapter we undertake a review and fully analyze the literature to compares and evaluate the impact of CRM is a strategy, It is not something new to the pharmaceutical industries. They use CRM strategy from last few years. Almost 60% of pharmaceutical industries use CRM strategies and system globally. In order to improve profit margins and market share pharmaceutical industries resist their CRM (Customer relationship Management) strategy to accomplishments the customer
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