Importance of Customer Relationship Management
33 Pages7218 Words103 Views
Added on 2020-07-23
Importance of Customer Relationship Management
Added on 2020-07-23
ShareRelated Documents
RESEARCH PROJECT
Table of ContentsChapter 1: Introduction....................................................................................................................11.1 Research project description.................................................................................................11.2 Research Aims and Objectives .............................................................................................11.3 Literature Review..................................................................................................................21.4 Research Methodology .........................................................................................................31.5 Research Structure................................................................................................................4Chapter 2: Literature Review...........................................................................................................42.1 Introduction...........................................................................................................................42.2 Literature Review..................................................................................................................5CHAPTER 3....................................................................................................................................63.1 Methodology, methods and techniques.................................................................................63.2 Sampling...............................................................................................................................73.3 Data collection......................................................................................................................83.4 Ethical consideration ............................................................................................................8CHAPTER 4..................................................................................................................................104.1 Data Collection....................................................................................................................104.2 Data analysis and Discussion..............................................................................................17CHAPTER 5..................................................................................................................................265.1 Conclusion ..........................................................................................................................265.2 Recommendation ................................................................................................................265.3 Areas for further study........................................................................................................27REFERENCES..............................................................................................................................29
Chapter 1: IntroductionResearch Title : Importance of customer relationship management in improving organisationalperformance of Lloyd Bank.1.1 Research project descriptionIn order to ensure effective functioning of an organisation, antithetic areas are required tobe paid attention. These sectors are human resource, employees, finances, accounts, etc. Thepresent research work is based on the major problem that is being faced by the Lloyd's Bank. Thefindings that will be generated from this project can assist the selected organisation in solving theissue. Based on the challenged experienced by the Lloyd's bank, the aim of present research issettled to explore the significance of customer relationship management for the selectedcompany so that organisational performance can be improved. It has been observed that the selected organisation is effective in the other sectors such asfinances, accounting, human resources, internal business environment, compliance with laws,etc. however it should be noted that it is found ineffective in managing impelling relations withits customers. This failure can harm the overall business value of Lloyd's bank and thus, suitabletactics are entailed to avoid this mishap. The present undertaking will assist in analysing thesignificance of customer relationship management for Lloyd's bank so that this requirement canbe studied in-depth. In addition to this, factors that creates issues in managing effectiverelationship with customers will be analysed in the present report. The present research will alsoshed lights on the link between the management of customer relations and performance oforganisation. 1.2 Research Aims and Objectives Research Aim: To explore significance of customer relationship management in order to improveorganisational performance: A study on Lloyd's Bank.Research Objectives: In order to accomplish the mentioned research aim successfully, followingobjectives are settled:1
To understand the significance of customer relationship management for Lloyd's bank. To analyse the factors that affect customer relationship management of Lloyd's bank To study link between customer relationship management and organisationalperformance. To recommend ways in which Lloyd's Bank can improve management of customerrelationship. 1.3 Literature ReviewAccording to the views of Real, Roldán and Leal (2014), customer relationshipmanagement plays the most important role in achieving the business goals and objectives.Consumers are regarded as the backbone of any business and thus entailed to be treatedeffectively. It has been further added that this factor brings varied range of benefits to anorganisation that plays a major role in increasing its business value. There are antithetic otherfactors which are concerned with this relationship of customers and organisation. It should befurther recognised that banking is the sector which is highly dependent on the consumers. All thebusiness activities in banks are somewhere associated with the consumers. Henceforth, Lloyd's isentailed to pay attention on the development of effective tactics that can improve relations withthe customers.Bryman and Bell (2015) stated that there are different factors that accounts in thegeneration of issues in effective functioning of an organisation. Consumers being the mostsensitive part of the business, the major obstacles are observed in this sector. These challengesfurther harm the relationship with the consumers that makes the entity to suffer loss insatisfaction, loyalty and trust of customers, harm to brand image, decrement in profits, etc. Someof the major factors that are responsible for these issues are the poor attention rendered to thecustomers, ineffective staff members, poor communication skills of front line operators withconsumers, internal business environment, etc.In context to the business performance, Bryman and Bell (2015) said that customerrelationship plays a major role. There are various direct and indirect benefits that are brought toan organisation by managing its customers. These advantages further assists in the improvementof the overall organisational performance. It should be recognised that there are various factors2
which are associated with it such as brand image, company recognition, improved profit,effective operational activities, etc.1.4 Research Methodology In order to achieve the aim of present research work, a guideline is entailed to set up togather the needed information effectively. In this way, research method are required to decide.This methodology acts as a base map following which the undertaken work can be accomplishedappropriately. This information is explained below in brief: Research Approach: There are two approaches that can be selected for completing aresearch and they are inductive and deductive. The present work will require data fromsecondary sources and hence, inductive approach will be chosen for the research. Research Design: Design of a research can be of antithetic types depending on the aimto be achieved. In order to attain the present aim, the research design that will befollowed is descriptive. It is because of the fact that both positive and negative aspects ofthe study will be discussed in it. Research Philosophy: There exist two types of research philosophies that can be usedfor accomplishing the work effectively. These are positivism and interprevitism. Incontext to the present research different perspective may have to be dealt and hence,interprevitism will be used. Data Collection: In order to gain the aims and objectives of the research, reliable datawill be required. There are mainly two sources from which data can be collected and theyare primary and secondary. For the present research work, both primary and secondarysources will be used for collecting data.Data Sampling: In order gain the information from the primary source so that specificdata can be gathered, the tool is chosen to be questionnaire. A sample size of 50employees working in the firm will be taken with the help of random probabilitysampling method. Data Analysis: In order to plot the findings effectively, it is essential to analyse theinformation in an impelling manner. For the same, the information collected from theemployees through questionnaire will be analysed by making use of thematic analysis.3
1.5 Research StructureIn order to accomplish the research in an effective manner, a structure is necessary to befollowed. This will assist in completing the work in an organised form by concentrating all theareas appropriately. Firstly, all the basics that will be utilised in undertaking the research workwill be introduced so that work can be moved in right direction. This sections acts as road map inaccomplishing the tasks. Following this, theoretical frameworks are established so that researchcan be formulated effectively. This is the most important section of the research as it rendersassistance in carrying out the empirical work. For the present research, viewpoints of differentauthors will be collected and regarded as theoretical base. Later, research methodology is described so that the practical notation can be performedeffectively. All the elements that will be sued either for data collection, analysation,interpretation, etc. are discussed in this section of the report. Further, based on the theories andparadigms mentioned before, the actual aim of the research is attained by making use of theempirical practices. The present research work will includes questionnaire as the tool for gettingthe practical data. After performing the practical operations, the findings are gathered to frameappropriate conclusive statement. Meanwhile, the collected information is analysed by makinguse of the appropriate analysis. The respondents of employees collected with the help ofquestionnaire will be analysed with the help of thematic analysis. The outcomes that will beobtained through the thematic analysis will be studied and conclusion will be achieved. Based onthese results, suitable suggestions will be given to selected organisation Lloyd's Bank so that itcan improve its performance.Chapter 2: Literature Review2.1 IntroductionCustomers are regarded as the backbone of any business and hence, they are entailed totreat effectively. It is foremost duty of an organisation to pay attention on this segment.Literature review is the most important section of a research work. It is because it assist in settinga theoretical framework that is used in further empirical operations. In this section of the report,perceptions and statements of different authors on the research topic are presented. Also, adetailed theoretical framework is setted for the further proceedings. 4
2.2 Literature ReviewEach and every organisation need effective practices that can maintain relations withcustomers. In order to maintain good relationship between company and customers, they hire themanagement of customers relationship. It is the element who provide their products and servicesto their customers and fulfil the entire expatiations of the customers. () stated that customerrelationship management is increasingly important to company as they seek to improve theirprofits thorough long term relationship with customers. Customers relationship management hasbecome one of the important tools essential for organisational success. It is important in the firstinstance to confirm that the main purpose behind customers oriented behaviours is to increasecustomer's long lasting satisfaction and create customer satisfaction. Organisational performanceis depend on the customers relationship management, because their entire selling processaccomplish by the customers relationship management. If they will increase their sales, thencompany get the target and goals which is set by the managers. Through it, organisationperformance can increase on daily basis. However, their customers relationship management isvery important department for increasing their effective performance. Customer relationshipmanagement is the strongest and the most efficient approach in maintaining and creatingrelationship with customers. It is not only pure business but also ideate strong personal bondingwithin people. () further added that the entire performance of the company is based on the customersrelationship management, because they are the reason behind their customers' faith and loyalty.They are working with the people, and get the faith and loyalty of their customers. If they willget it, they customers will not but their product and services from any another company. So,organisation get the goals and target from that types of customers. Customers relationshipmanagement make a planning for their customers and provide them effective services. They arethe representative of the company. They present the product and service behalf of company.Once this personal and emotional linkage built, it is very easy for any organisation to know theactual needs of customers and help them to serve in a better way. It is a belief that more thesophisticated planing involved I implementing the customers relationship management. Whenthey accomplish their target from the people, it will also beneficial for the company. Theirperformance will be increase and they are able to get more profit from the customers relationshipmanagement.5
CHAPTER 33.1 Methodology, methods and techniquesMethodology consists very important role that make creative functioning at workplace. Inthis way, positive outcomes ascertain at workplace which assists to conduct proper researchprogram (Sekaran and Bougie, 2016). Therefore, different tools and techniques implemented thathelps to meet with aims and objectives of the organisation. Furthermore, effective tools has beencarried which develop systematic review of activities at workplace. It helps to demonstrateresearch methodology to meet with targets as well. There are several approaches ascertain thatmake creative results to accomplish the objectives of Lloyd Bank. For the present business unit,following are different methods will be determines to accomplish aims and objectives:Research philosophy: Research philosophy is the most important fundamental aspectthat assists to create effective functioning at workplace. In this way, the company need tofocus on the subjective part that assists to include theories and models at workplace(Bryman and Bell, 2015). With the help of different elements, data has been interprets insystematic manner. Furthermore, it includes interpretivism and positivism researchphilosophy. In order to conduct the present research program, interpretivism researchphilosophy has been selected that helps to find useful and relevant information towardsthe project. On the other hand, positivism philosophy is not useful to carry effectiveresearch because it is not find useful information at workplace. Research design: Research design for the present research program helps to meet withaims and objectives in systematic way. There are some research design exists that helpsto find useful information to enhance performance of Lloyd Bank. In front of researcher,experimental, exploratory, descriptive, etc. research design has been placed. From theabove, they took descriptive research design to find useful information at workplace(Cheng, Yang and Sheu, 2014). It is also useful to make implied theoretical results in theproject. Research approach: In addition to this, it is the crucial element that used to makeeffective results in the business. In this regard, proper functioning will be ascertain tomake data interpretation in systematic manner (Zikmund, Babin and Griffin, 2013). Thereare different kinds of research approaches has been placed such as inductive and6
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Research Project TASK 11 1.1 Formulate and record of research project (Impact of customer relationship management in banking industry)lg...
|31
|7026
|412
Relationship between E-Banking and Cybercrime in UK Banking Industrylg...
|62
|18788
|486
The Role of Line Managers and Leaders in Employee Development and Well-beinglg...
|26
|5225
|475
TASK 11 1.1 Research Project Outline Specificationlg...
|34
|8515
|380
Research Project INTRODUCTION 1 TASK 11lg...
|61
|18336
|64
Effect of Recoverable and Non-Recoverable Loans on Banks' Lending Behaviorlg...
|103
|24117
|89