The Use of CRM as a Strategic Tool on B2C Customer Relationships

By

ACKNOWLEDGEMENT

I would like to thank my supervisor for supporting me throughout my project and giving his valuable suggestions. Finally thanks to all my friends and family for their utmost support and inspiration.

DECLARATION

I, (Your name), would like to declare that all contents included in this dissertation stand for my individual work without any aid, & this dissertation has not been submitted for any examination at academic as well as professional level previously. It also represents my own views & not essentially the ones associated with university.

Signed __________________ Date _________________

ABSTRACT

This study is about the use of CRM as a strategic tool for B2C relationships. The study will provide the overview of customer relationship management strategies. The study helps to understand that how CRM strategies will help in increasing the profitability of the company while reducing its costs. The use of relationship marketing in order to provide attention to customer will leads towards the loyal customer. It is used to build a strong and long term relationship with the customer. The CRM will help Consulco in improving the productivity of the employee and this can lead towards the increased return on investment. The use of the updated CRM concentrated over the management, marketing and sales. The CRM is not only a tool but also suggest that customer information should be shared throughout the organization but on the same time the information should be kept confidential from outside. It helps to answer the questions and doubts of the customer regarding any product or service that company provides. The mix methodology is followed in this study. Data was gathered with the help of the interview and survey questionnaire.

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

LIST OF TABLESVII

LIST OF FIGURESVIII

CHAPTER 1: INTRODUCTION1

1.1 Introduction1

1.2 Background1

1.3 Theoretical framework2

1.4 Introduction2

1.5 Aims and Objectives4

1.6 Scope4

1.7 Research questions5

1.8 Outline of the thesis5

1.9 Summary6

CHAPTER 2: LITERATURE REVIEW7

2.1 Introduction7

2.2 Background of CRM7

2.3 The Resource Allocation Process10

2.4 Customer relationship marketing10

2.5 Customer Profitability12

2.6 Customer Lifetime Analysis14

2.7 Customer retention15

2.8 Key Components of CRM Framework15

2.9 Customer Types Description19

2.10 Retention phase20

2.11 Customer Lifecycle21

2.12 CRM Technology22

2.13 Cost of CRM System24

2.14 Summary27

CHAPTER 3: METHODOLOGY28

3.1 Introduction28

3.2 Introduction28

3.3 Online Interviews28

3.4 Survey questionnaire29

3.5 Investigation and Literature Review29

3.6 Informed Consent30

3.7 Data collection30

3.8 Validity31

3.9 Confidentiality31

3.10 Research Limitations32

3.11Justification for Methodology32

3.12 Summary33

CHAPTER 4: FINDINGS & DISCUSSION34

4.1 Introduction34

4.2 CRM sales system34

4.3 Business efficiency and sales35

4.4 CRM Service Channels and sales36

4.5 Variety of Service Channels38

4.6 Convenience40

4.7 Sales channel in CRM41

4.8 Demographics42

4.9 Interview discussion44

4.10 Sales and CRM from respondents perspective45

4.11 Questionnaire survey findings45

4.12 Summary46

CHAPTER 5: CONCLUSION47

5.1 Introduction47

5.2 Conclusion and recommendations47

5.3 Answering research objectives47

5.4 Maximising profits48

5.5 Reaching the conclusion49

5.6 Limitations of the Study50

5.7 Summary51

CHAPTER 6: REFERENCES52

CHAPTER 7: APPENDICES55

7.1 Interview Questionnaire55

Demographics55

Customer relation management55

Customer retention and loyalty questionnaire56

7.2 Survey questionnaire56

7.3 Descriptive statistics57

7.4 Survey questionnaire findings58

LIST OF TABLES

Table 1- Cost of CRM26

Table 2- Performance criteria for CRM37

Table 3- Gender57

Table 4- Age57

Table 5- Professional experience57

Table 6 - Correlation58

Table 758

Table 858

Table 959

Table 1059

Table 1159

Table 1260

LIST OF FIGURES

Figure 1- Working of CRM9

Figure 2- CRM framework16

Figure 3- Customer lifecycle22

Figure 4- CRM technology23

CHAPTER 1: INTRODUCTION

1.1 Introduction

This chapter will provide the knowledge ...