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EFFECTS OF CUSTOMER RELATIONSHIP MANAGEMENT ON CUSTOMER RETENTION BY AGRIBUSINESS FIRMS IN ABA METROPOLIS OF ABIA STATE, NIGERIA

CHAPTER ONE 

INTRODUCTION 
1.1 Background Information 
 Today, businesses follow different marketing strategies to survive in the highly competitive world by identifying, acquiring and retaining most important and economically viable customers as well as developing on-going and long-lasting relationship with them, (Roger, 2005). A business that wants to succeed in today’s global competitive market, where customers are empowered and brand loyalty erosion is increasing, will have to move to customer relationship management, (CRM). Customer relationship management enables organizations to provide excellent real-time customer service through the effective use of individual account information (Kotler and Keller, 2006).This requires a more complex approach. Organizations need to investigate customer needs, and build relationships with both existing and potential customers (Rootman, 2000). Winner, (2001) noted that in a competitive environment, customer relationship management is critical to a company’s profitability and long-term success. To become so customer-focused, all managers, professionals and executives of marketing as well as employees of the organization must understand how to build profitable relationship with each customer and to make managerial decisions every day designed to increase the value of both the company and the customer that will grow their value from the customer-based strategy, (Peppers and Roger, 1993). The broad application of CRM has led to a multitude of definitions. Berndt, (2009) defined CRM as “an enterprise-wide commitment to identify the individual customers of an organization, and to create a relationship between the organization and these customers as long as the relationship is mutually beneficial. Customer Relationship Management evolved from organization process such as relationship marketing (RM) and increased emphasis on improved customer retention through effective management of customer relationships. The aim of customer relationship management is to establish long-lasting relationships with the most important customers and generate increased customer satisfaction, loyalty, and retention. Roger (2005) observed that developing a better understanding of existing customers allows companies to collaborate, respond, and communicate more effectively to significantly improve retention rates of their customers. Currently, various companies begin to establish their networks to new as well as existing customers to increase ongoing long-term customer satisfaction, retention and loyalty. To be able to maintain this, some companies engage in competition by implementing the principles of relationship marketing via strategic and technology-based customer relationship management applications. Customer Relationship Management is an important element of organization which helps them assess customer satisfaction, loyalty, retention, and profitability in terms of repeat purchases, money spent, and longevity, (Chen and Popovich, 2003). The origin of CRM is from relationship marketing that is aimed at improving long run profitability by shifting from transaction-based marketing that stresses new customers to customer retention with effective management of customer relationships (Chen and Popovich, 2003). According to Chen and Popovich, (2003) CRM is a more complex and sophisticated application that mines customer data pooled from all customer touch points, a single and comprehensive view of a customer while uncovering profiles of key customers and predicting their purchasing patterns. It also involves acquiring a better understanding of existing customers, which in turn allows organizations to cooperate, respond, and communicate more effectively to improve customer satisfaction and retention as much as possible (Roger, 2005). The increase in competitive intensity is forcing marketers to be concerned with customer retention since retaining customers is less expensive, and perhaps, has a more sustainable competitive advantage than acquiring new customers. As several studies have indicated, marketers are realizing that it costs less to retain customers than to compete for new ones (Resenberg and Czepiel, 1984). For instance, it has been established that retention of five additional percent of the company’s customers can increase profits by almost one hundred percent, (Reichheld and Sasser, 1990). The goal of CRM is to create an effective customer relationship as much as possible and develop future competences within the company.

Project detailsContents
 
Number of Pages82 pages
Chapter one Introduction
Chapter two Literature review
Chapter three  methodology
Chapter  four  Data analysis
Chapter  five Summary,discussion & recommendations
ReferenceReference
QuestionnaireQuestionnaire
AppendixAppendix
Chapter summary1 to 5 chapters
Available documentPDF and MS-word format


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