overall goal of customer relationship management as discussed before. Several researchers suggest in their studies that loyalty may evoke a positive profit increase The dissertation investigates collaborative and operational CRM, targeting the customer relationship side of CRM in general business. Analytical CRM is The Purpose of the Study The purpose of this study is to present the essentials of Customer Relationship Management as well as basic Airline Marketing and Managerial tools and strategies that are inevitable for conducting successful airline blogger.comted Reading Time: 24 mins
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Click here to sign up. Download Free DOC. Download Free PDF. A Dissertation On Customer Relationship Management And Importance Of Relationship Marketing In The Banking Sector. Alby Reji. Download PDF Download Full PDF Package This paper. A short summary of this paper. A Dissertation On Customer Relationship Management And Importance Of Relationship Marketing In The Banking Sector This project report is being submitted as a part of the requirements of the MBA Program of Bangalore University.
The project has been undertaken By: SHRIYA MEHROTRA Reg. The study has been done under the support and guidance of Prof. Raja Sekhar. I further declare that this project report has not been submitted earlier to any other University or Institute for the award of any Degree or Diploma.
Date: Place: Shriya Mehrotra Reg. Date: Place: Prof. After all, the success is the epitome of hard work, severance, undeterred, zeal, stead fast determination and most of all encouraging guidance. I sincerely thank Mr. Angur, Honorable president- Alliance Business Academy, for giving us an opportunity to take up this research. I thank him for being a constant source of inspiration and dissertation on customer relationship management. I would like to express my profound sense of gratitude to Mr.
Krishnamurthy, Director and executive vice president —Alliance Business Academy for providing me support to conduct this research With a deep sense of gratitude and dissertation on customer relationship management, I sincerely and whole heartedly thank Prof.
Raja Sekhar, my project guide for giving me valuable suggestions and advice through out the execution of the project. Last but not the least, I would like to thank almighty God, my parents, and my friends who helped me gather these data and have sat with me for hours discussing about the project. To retain High Net Dissertation on customer relationship management individuals, banks should focus strongly on relationship management with customers.
Innovative Customer Relationship Management CRM strategies and cutting edge software can help, to a great extent, in achieving the desired results. The entire service industry is now metamorphosed to become customer- specific. In this context, the management of customer relationship in financial services industry demands special focus.
Gone are the days when customers at a bank did not mind the long serpentine queues and waited patiently for their turn with a token in their hand. In this context, online banking is assuming a great significance.
Today, banking is dissertation on customer relationship management customer-centric, unlike the yester when it was transaction-centric. Banks are increasingly focusing on the premise that customers choose on the service provider who differentiates through quick and efficient service, dissertation on customer relationship management.
However, there is more to Customer Relationship Management CRM than just managing customers and analysing their behaviours, dissertation on customer relationship management. Banks are well aware that their success is predominantly dependent on the CRM strategies adopted by them. Service providers have recognised that good CRM bonds customers with the organisation for a longer term, resulting in increased revenues.
The challenge is for the banks to work towards ensuring that customers prefer their products and services over that of competing brands. The key to develop and nurture a close relationship with customers is by appreciating their needs and preferences and catering to their requirements.
Leveraging on Dissertation on customer relationship management, to appropriately analyse and understand the needs of existing customers better, to ensure customer satisfaction, and exploring the possibility of cross-selling products to gain a competitive advantage are the other issues drawing attention and interest.
Knowledge dissemination has been propelled by electronic and mass media campaigns. The battle of the banks, for gaining a greater slice of the market share, is taking on a new dimension.
In the current falling interest rate scenario, banks are finding it increasingly difficult to meet the high growth expectations. In order to bolster their top lines, banks are in pursuit of newer ways and means of achieving organic growth through strategies that enable acquisition of new customers and retaining the loyalty of the existing customers. Ensuring a good customer experience at every customer touch point is the cornerstone of a successful growth strategy.
A good customer experience will drive customer acquisition and promote customer retention, which translates into increased profits. This, in other words, dissertation on customer relationship management, is the hallmark of a successful CRM strategy.
Emphasis on CRM arises on account of the challenges confronting retail managers managing to sustain and achieve growth and profits. Bankers are conscious of the relative costs of acquiring new customers. Incidentally, bankers are fully aware that losing the existing customer and acquiring new customers is an expensive affair. Moreover, it acts as a drain on the existing resources of the bank, which can be better employed for growth initiatives.
With the shift from a transaction-centric to a relationship-centric business approach, leveraging CRM has become sine qua non. Banks are adopting CRM to converge people, process and products more effectively to embark on the true relationship banking with the end result of accelerating the business momentum.
Towards this end, experts propose various ideas and approaches to understand the fundamental marketing motivations driving the CRM trend in banks. To meet the challenging preferences of the customers and to stay ahead of competitors, bankers are bound to attract customers by providing a spectrum of services. Online banking, ATM banking and telebanking are just a few of them.
Banks can enhance customer service by leveraging on technology, maintenance of efficient service delivery standards and business process reengineering. On their part, employees need to demonstrate certain service traits such as, putting on pleasing attire. At the end of the day, bankers should display a flair for cultivating a good relationship with customers through the mechanism of better customer service. Having understood the significance, it is prudent to plan for CRM in retail banks.
To a large extent, the success of a CRM plan is dependent on the choice of the software. Towards this end, bankers should identify domain enterprise, credibility in the market, cost implementation and relationship with the vendor as factors on which vendor selection is based.
The domains of software systems, multiply product database and tracking require specific CRM focus. As a part of the planning process, frontline executives in banks should thoroughly understand their organisational structure, infrastructure, as well as the product environment. In this context, the management initiatives for CRM assume importance. A top-down CRM focused approach that starts with the top management, percolating and permeating to all levels of the CRM is a necessity in the present business scenario.
Initiatives, such as, introducing CRM audit by independent teams to identify the existing lacunae, and plugging the loopholes in the CRM strategy as per the recommendations of the audit report, are required to be adopted by the banks for reaping benefits. It is observed that banks lose their best clients to competitors due to a variety of reasons. The rationale behind losing their best clients to other service providers such as non-brokerage houses and mutual fund houses needs to be analysed by banks.
Experts opine that inefficient and improper service is one major reason. The remedies suggested by them are that banks should adopt customer relationship building approaches such as responding to complaints instantaneously, analyzing the attrition of the clients in a particular product, and rating of services across the network of branches, and the creation of a suggestion box to elicit the views and suggestion of their employees.
Another dimension of the relationship building exercise is to obtain an electronic feedback from customers to understand the level of acceptance of existing products, which will facilitates in developing better products. Banks can gain a competitive advantage from CRM by becoming low-cost players in the market, achieving operational efficiency and maintaining customer loyalty. The ability to dissertation on customer relationship management the products that customers are likely to purchase over a period of time, increased productivity of managerial executives, sales and customer service staff, and streamlining of business processes are some of the benefits retail banks obtain by taking to successful management of their customer relationships.
Implementing the right CRM tools can enhance customer satisfaction leading to business growth, dissertation on customer relationship management. CRM enables organisations to motivate customers to initiate revenue-generating contacts. Several CRM issues such as, its effectiveness, application and challenges draw attention of the banking industry. Having witnessed the manner in which several global banks have benefited through CRM, the Indian retail banks too need to focus on and dissertation on customer relationship management invest in the customer relationship activities.
The focus of relationship marketing is on developing long-term relationships and improving corporate performance through customer loyalty and customer retention.
The key objective is to increase customer value over time by increasing customer loyalty. If a company develops better customer relationships, it also improves business processes as well as its profits. In general, CRM is a more efficient automated method used to connect and improve all areas of business to focus on creating strong customer relationships.
All forces are coupled together to save, improve, and acquire greater business to customer relationships. The most common areas of business that are positively affected include marketing, sales, and customer service strategies, dissertation on customer relationship management.
CRM helps create time efficiency and savings on both sides of the business spectrum. Through correct implementation and use of CRM solutions, dissertation on customer relationship management, companies gain a better understanding of their strongest and weakest areas and how they can improve upon these.
Therefore, customers gain better products and services from their businesses of choice. In order to achieve better insight on CRM, it is essential to consider all of its components. CRM- meaning Customer relationship management CRM is a business strategy that spans your entire organization from front office to back-office.
It is a commitment you make to put customers at the heart of your enterprise. The right CRM strategy and solutions can help you securely, reliably and consistently: Delight your customers every time they interact with your business by empowering them with anytime, anywhere, and any channel access to accurate information and more personalized service.
They base their choices on their perception of quality, value, and service. Each consumer has a specific behavior. But buying habits dissertation on customer relationship management sometimes difficult to understand. Therefore companies always want to gain some insight about consumer behavior and habits in order to better control this behavior. The Reserve Bank of India acts a centralized body monitoring any discrepancies and shortcoming in the system.
Introduction to Customer Relationship Management
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This study aims to investigate the effect of applying the concept of customer relationship management (CRM) on customer’s acquisition, satisfaction, retention and decreasing customer’s loss in the coastal municipalities water utility (CMWU) from customer’s perspectives. The city of Rafah was selected from 14 municipalities that CMWUFile Size: 1MB overall goal of customer relationship management as discussed before. Several researchers suggest in their studies that loyalty may evoke a positive profit increase The dissertation investigates collaborative and operational CRM, targeting the customer relationship side of CRM in general business. Analytical CRM is
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