Business Issues

Research Proposal: Strengthening Customer Relationships, the biggest Business Issue

[Name of the Instructor]

Research Proposal: Strengthening Customer Relationships, the biggest Business Issue

Abstract

Businesses all across the globe are facing issues, no matter how stable or strengthen their foundations are. Businesses, which are striving to survive, have different issues, whereas, businesses, which are leading the industry also have various issues. In short, every venture has its own set of issues from financial and management to human resource and customer satisfaction (Schmitt, B.H. & Kiska, J. 2003). However, the business issue, which I have chosen is considerably the top business issues in the world. 'Strengthening Customer Relationships' is the biggest challenge and issue in business to customer ventures. We can also interpret 'strengthening customer relationship' as retaining customer. Because the core purpose of making strong customer relation is to retain and adapt them into loyal customers. Retaining customers is principally the biggest issue in this contemporary age of increasing technological advancement and competition.

This research paper is formulated to study the grounds on which a company can build better relationship with its customers, which will help the business in retain more customers and generate more revenue (Katsioloudes, et al. 2007). With the advent of 21st century, the competition has drastically increased in every industry. Thus, it is essential for every business to derive proper strategies to build better relationship with its customers. Since customers have too many options available in the market, therefore, they are also not bothered about associating themselves with any particular brand. Several factors distracted their attention from one brand, and they easily switch toward other brand (Katsioloudes, et al. 2007).

Introduction

This research paper is formulated considering a generic problem that is the biggest business issue for most of the ventures. However, this paper is not restricted to any particular business problem. It is considered to conduct a research, which will contribute for the betterment of various ventures, rather than cater to one particular business. But, to execute it in a proper direction, a business is selected, upon which the study has got conducted.

As highlighted in the abstract, the biggest issue in business industry in to Strengthen Customer Relationship. There is no such justification required to verify that it is the most considerable issue of concern for businesses in 21st Century (Schmitt, B.H. & Kiska, J. 2003). It is considerably the biggest issue in FMCG, durable goods, telecoms and also in luxury goods. There are several reasons, which prompt a customer to switch from one brad to another. Out of those several issue, the biggest issue of this contemporary era in the drastic financial and economic crisis all across the globe (Katsioloudes, et al. 2007). This financial crisis has created various issues for business industries, but this also has developed for various new ventures to emerge in the market and penetrate. The business expansion of China is considerably the biggest example of all. In this economic restrain, China has brought in its brands with low price tags, and in the time frame of just ...