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Importance of Customer Relationship Management : Case Study on Tesco Plc

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Added on  2020-06-06

Importance of Customer Relationship Management : Case Study on Tesco Plc

   Added on 2020-06-06

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RESEARCHPROJECT
Importance of Customer Relationship Management : Case Study on Tesco Plc_1
Table of ContentsTITLE: ............................................................................................................................................1CHAPTER 1: INTRODUCTION ...................................................................................................11.1 Overview of the research .................................................................................................11.2 Back Ground of the Research...........................................................................................11.3 Significance of the Research............................................................................................11.4 Research Aim ..................................................................................................................21.5 Research Objective...........................................................................................................21.6 Research Questions .........................................................................................................2CHAPTER 2: LITERATURE REVIEW ........................................................................................32.1 The importance of customer relationship within Organization.......................................32.2 The impact of customer relationship on developing organizational performance andProductivity............................................................................................................................32.3 The Relationship between customer relationship management and Profitability if the firm42.4 Various ways through which Tesco plc can attain effective customer relationship in themarket.....................................................................................................................................5CHAPTER 3: RESEARCH METHODOLOGY ............................................................................53.1 Types of investigation......................................................................................................53.2 Research Design...............................................................................................................63.3 Research approach............................................................................................................63.4 Data sampling...................................................................................................................63.5 Ethical Consideration.......................................................................................................6CHAPTER 4: DATA ANALYSIS .................................................................................................6CHAPTER 5: RECOMMENDATION AND CONCLUSION ....................................................165.1 Conclusion......................................................................................................................165.2 Recommendations..........................................................................................................16REFERENCES .............................................................................................................................17APPENDIX ...................................................................................................................................18
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TITLE: To analyse the importance of customers relationship management and its influence onenhancing organisational sales or performance. A case study on Tesco Plc.CHAPTER 1: INTRODUCTION 1.1 Overview of the research In this modern scenario each individual is concern on satisfying their needs and wantsthrough various products and services which are offered by organisation. The basic purpose ofeach small as well as large business firm is to gaining attention of large number of customerstowards their offered products and services in terms of attaining high productivity andprofitability (Barrow and Mosley, 2011). In this competitive market organisations are focused onestablishing effective relationship with customers as to attaining higher competitive edge atmarket place. Effective customers relationship plays a vast role in developing organisationalperformance at market area. Tesco Plc is a most popular British multinational retailer companyand they deals in variety of products and services. The major motive of firm is to establish aneffective and healthy relationship with their customers as to implement its business operations atwide scale. 1.2 Back Ground of the ResearchCustomers relations management is an essential concept of an organisation as it is animportant element in which firms are concern on implementing good and healthy relationshipcustomers who are helpful in developing organisational performance and productivity at marketplace. Tesco Plc is a famous grocery and general merchandise multinational retailer company.The headquarter of company is in Welwyn Garden City, Hertfordshire, England, UnitedKingdom. The company has various stores and outlets all over the world and deals in highquality products and services (Styles, Schoenberger and Galvez-Martos, 2012). Tesco Plc is apublic limited company which is widely concern on satisfying the needs and wants of customersthrough offering them variety of goods and services.1.3 Significance of the ResearchThe present research is based on the importance of customers relationship and its impacton developing organisational performance and sales. Customer relationship has a huge influenceon improving firms performance, productivity, sales and operations (Bruce and Daly, 2011).1
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With the helps of effective customers relationship people are very much attracted towards theoffered products and services as to satisfying their own needs and wants. The major reason forconducting the research is to enhancing the skills an ability of learner about the importance ofcustomers relationship management and its impact on firms performance. 1.4 Research Aim This is the primary component of any research project as it helps in defining the variablethat are include in the research project. The research aim for this particular research is to analysethe importance of customers relationship management and its influence on enhancingorganisational sales or performance. A case study on Tesco Plc.1.5 Research ObjectiveTo identify the importance of customers relationship within organisation.To determine the impact of customers relationship on developing organisationalperformance and productivity. To ascertain the relationship between customers relationship management andprofitability of firm. To recommend various ways by which Tesco Plc can attain effective customerrelationship at market place. 1.6 Research Questions What is the importance of customers relationship within firm? What is the impact of customers relationship on developing organisational performanceand productivity? How to ascertain the relationship between customers relationship management andprofitability of firm? What are the essential ways by which Tesco Plc can attain effective customerrelationship at market place? CHAPTER 2: LITERATURE REVIEW2.1 The importance of customer relationship within OrganizationAs views expressed by Emma Newbury, 2016, Customer relationship Management playsa vital role in success of an organization operating in any sector. The better a business2
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organization can manage its relationship with customer more likely it is that it will succeed in thebusiness. Its about understanding customer needs and behaviours so that a stronger relationshipwith them can be developed. Extensive application of information technology is taking place tobuild a strong relationship with customers (Chung, Du, and Choi, 2014). In this world ofcommercialization the importance of retaining and expanding customer base to fuel businessgrowth by way of an increase in revenue and profitability. The concept behind customerrelationship management is that each and every customer is important for the business andtherefore proper planning should be done to serve them better. An effective customerrelationship management policy would make changes in the business operations to mouldaccording to customers needs and desires (Varley, 2014). Every customer would want that heshould be given special treatment from the company and to maintain this expectations ofcustomers, companies should come up with policies and procedure which would full fill theirexpectations. Customer relationship can be achieved by analysing customer's habits ofpurchasing, opinions and preferences etc. The various benefits of customer relationshipmanagement for the organizations are increased sales, brand reputation and customer loyalty.2.2 The impact of customer relationship on developing organizational performance andProductivity.An organization's performance is directly related with management of customer and theirneeds and wants. According to Devendre Shetye, 2015, There are various benefits of customerrelationship management on company's performance these benefits can be enumerated as follows:-An increment in sales can be achieved via better timing because customer needs can beanticipated which are based on historic trends.Customer needs are identified and are served more effectively by understanding theirrequirements and wants.Other products of the company can also be sold to customers also called cross selling,who are loyal with brand and have a effective relationship with the company.Through this it can be identified which of the customer is a profit generated source for thecompany and which one is a loss generating source (Keller, Parameswaran and Jacob,2011).3
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Enhanced customer satisfaction can be achieved by effective customer relationshipmanagement. It ensures good reputation in the market place and growth of company andits brand.It increases overall efficiency and reduces cost of sales which in turn impact profitabilityof the firm in the long run.The other benefits of Customer relationship management is that Customers can besegmented based on their needs and wants and different policies can be framed for eachsegment differently to enhance efficiency and to serve customers.2.3 The Relationship between customer relationship management and Profitability if the firmAs per the views expressed by Jason Nash, 2018, Relationship of customer with companycan directly impact a company's profitability. According to him a happy customers is a profitablecustomers. It is not a rocket science to understands what is going on inside the brain of customersto serve them well and better. Understanding customer needs through analysis of historicaltrends of purchases and payment history and based on that adding value in goods and serviceswhich are being offered to the company. The impact on profitability can be seen in the followingway :-Customers becomes loyal to the brand and company and are ready to pay even higher forgoods and services which impact revenue and enhances profits.Another benefit is reduced cost, The company would require less marketing andadvertising cost as customer is ready to retain with the company as the services offeredhere and relationship managed by the company can not be easily found with any otherbrand. This also leads to increase in profits of the company (Lirn, Lin and Shang, 2014).Better relationship management with customers increases customer base of the companybecause of mouth publicity of existing customers which increases overall revenue for thefirm and hence, profits of the company.2.4 Various ways through which Tesco plc can attain effective customer relationship in themarket.Tesco plc is a giant multinational supermarket chain company it has to deal with retailcustomers on a huge scale and on a daily basis therefore the company should come up with somenew ideas and policies to manage relationships with its customers that will enhance growth andprofitability of the company. According to the views of Jennifer Lonoff Schiff, 2014, These are4
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