SOCIAL MEDIA AND CRM

Social Media and CRM

Abstract

This paper highlights the impact of social media tools on CRM strategy for large business organisations. The first chapter introduces the topic, followed by the literature review. The third chapter covers the methodology and the findings are presented in the fourth chapter. The paper concludes with the fifth chapter.

Table of Contents

ABSTRACT1

TABLE OF CONTENTS2

CHAPTER 1: INTRODUCTION3

Background3

Objective of the Study4

Problem Statement5

Research Question5

Significance of the Study6

CHAPTER 2: LITERATURE REVIEW9

What is customer relationship management (CRM)?9

Trends Contributing To CRM10

The Relationship Between Crm And Marketing26

Services As An Area Of Study: A Multidisciplinary Evolution44

Marketing45

Service Quality, Customer Satisfaction, and Customer Loyalty46

Organizational Behavior and Industrial/Organizational Psychology48

Operations Management51

Looking Ahead53

CHAPTER 3: METHODOLOGY66

CHAPTER 4: FINDINGS AND ANALYSIS73

CHAPTER 5: CONCLUSION83

REFERENCES89

APPENDIX94

Chapter 1: Introduction

Background

Many businesses have a solid understanding of their performance in customer connections, but only a couple of businesses organise customers well. Relationships are more tough today because the so-called usual customer no longer exists. This is a message that businesses have been discovering the hard way. More and more, they recognize that long-run customers are precious assets. Companies realise that enterprise achievement and future development count on money-making customer relationships.

The functions that businesses play when considering with customers have been changed by customer connection management (CRM). Yet, with unchanging change in the enterprise natural environment, numerous businesses have stayed “behind the curve” in identifying that it is the customer who is now “setting the pace”. Increasingly, external components are leveraging the way the customer is managing enterprise or likes to manage business. Rather than easily being reactive, businesses, despite of dimensions or commerce, should proceed after the benchmark CRM methods or risk mislaying to a competitor who is better at gathering customer desires (Parvatiyar and Sheth, 2001).

The CRM scheme aim is about conceiving worth between a business and its external (and internal) customers. The basic values stay significant as productive customer administration techniques:

acquire the right customers (those with an agreeable present and snare value);

retain them longer;

sell more to them;

do this as effectively as possible; and

satisfy and keep the interior customers (employees).

 

Objective of the Study

The long-run target of connecting CRM and communal trading is to maximize customer retention: CRM locations customer satisfaction and communal trading assists to customer loyalty. In supplement, both business and customer assist to humanity through the support they give to a non-profit origin or charity. The outcome is that CRM connected with communal trading sets up a communally to blame synergy between business and customer that presents possibilities for reinforcing the worth equation.

 

Problem Statement

The connection trading paradigm calls for enterprise organisations to glimpse their customers and other stakeholders as partners, to pattern long-run connections with them and to reap the ensuing advantages of believe, commitment and expanded profitability (Hunt and Morgan, 1994). Many authors have supported the relational set about to trading (Gronroos, 2004; Gummesson, 2004), but couple of have directed connection trading values to the small- and medium-sized enterprise (SME). SMEs function with a powerful aim on individual connections with customers, suppliers, workers, and other stakeholders (Carson et ...