CUSTOMER RELATIONSHIP MANAGEMENT IMPLEMENTATION IN RETAIL BANKING IN NIGERIA

CUSTOMER RELATIONSHIP MANAGEMENT IMPLEMENTATION IN RETAIL BANKING IN NIGERIA

ABSTRACT

This research paper examines the “Customer Relationship Management or (CRM) Implementation in retail banking in Nigeria”, the business strategy designed to change fundamentally the ways a company approaches, manages and profits from its key relationship is regarded as a source or competitive advantage for the

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After payment, text the name of the project, email address and your names to 08064502337 company. The study is aimed at investigating into what the enabler and inhibitors are in the implementation of customer relationship management in the retail banking industry in Nigeria. Given the importance of successful implementation in improving business performance.

CHAPTER ONE

1.0   BACKGROUND OF THE STUDY

1.1   INTRODUCTION

Customer relationship management (CRM) is based on principles of relation market in charges in market demand and competitive intensity have led to a shift from basic transaction marketing to relationship marketing. Customer relationship management emerged in the 1950S but became a relevant term amongst business practitioners and consultants in the 1990S (Grabner-kraeuter et al, 2007). CRM has developed into an area of major significance in less than a decade with the worldwide global market for CRM systems and consultancy estimated to grow to $ us 47 billion by 2006 (Gartner 2003). In the next three to four years. Annual sales expectations of CRM technology is estimated to go beyond $ 17 billion and exceed $ 100 billion if relevant CRM-related service. Like change management customer care outsourcing and implemented-relevant consulting, are included to broaden the marketing of CRM (zablah, et al. 2004).

In the 1950s, framework such as “the marketing mix” where developed to make the most of market demand. The 4Ps, product price, place and promotion were used to describe the levers that it used appropriately could lead to an increase in company’s profitability. In latter years, the market had developed in the sense that growth was comparatively low or particularly non existent, resulting in pressure on corporate organizations to increase profitability. This led to further extension of the 4Ps to the 7Ps. Perception of service people and process were added to the existing 4Ps. Customers were becoming more sophisticated and less responsive to the traditional method of marking, most especially in the area of advertising.

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In many large organization, marketing is still viewed as a set of related but compartmentalized activities that are separate from the rest of the company. Relationship marketing seeks to change this perspective by managing staff, shareholder and other stakeholder it redefines the concept of ‘a market’ as one in which the competing interests are made visible and therefore more likely to be managed effectively.

1.2   STATEMENT OF THE PROBLEM

CRM implementation projects are generally faced with the difficulties in area or technology not delivering benefits that the organization aims to achieve. According to Hertz and Vilgon, (2002) there is an indication that CRM implementation project do not produce the expected and anticipated results therefore not living up to expectation. Also Mac Sweeney, (2000), states that 60per cent of in-house CRM system fail. An important factor to be considered is timing, as developing CRM software in-house can be a lengthy process and there are rewards for those that can respond rapidly and appropriately (How, 200).

The Gartner group research some of the main reasons for CRM failure. Primarily, they argue that CRM is falling because suitable capabilities are not being co-ordinate and built at enterprise level.

1.3   SIGNIFICANT OF THE STUDY

CRM is a concept that has its roots in the technology of sales force automation and call centre operations and has been around since the mid-1990s. at that time, it was thought that merging customer data from the sales field with call centre interactions would result in more informed transaction with the adopting organizations and so on mergers and acquisitions gave rise to a host of software vendors, all claming to have an integrated set of capabilities that became known as CRM.

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1.4   OBJECTIVE OF THE STUDY

Companies implement CRM system for various reasons. According to the mercer marketing place survey, (2000) the benefits of an affective CRM programme are improved, customer satisfaction, greater revenue growth and increased competitive advantage as a result of long-term customer retention. CRM often refocuses a company from investing major efforts in winning new customer loyalty resulting in higher cash flow, increased profitability and reduced operation costs.

1.5   RESEARCH QUESTIONS

  1. To understand the inter-play between the enablers and inhibitors in the implementation of CRM.
  2. To assess the level of preparedness for CRM in retail banks in Nigeria.
  • To develop a synthesized program for management implementation of CRM.

1.6   DEFINATION OF TERMS

CRM has been defined as “a management approach that enables organization to identify, attract and increase retention of profitable customers through improved relationship management (Hobby 199, p.28). whilst Pyals and Payne (2001) suggested that relationship marketing is concerned with managing relationship with multiple stake holders, the focus of customer relationship management should be primarily on the customer complement the relationship marketing perspective (Gummesson, 2002, p. 310) more recently, Zablah Bellenger and Johnston (2004) propose that “Customer relationship management refers to the implementation of a relationship marketing philosophy that is limited in scope to partnerships with ultimate customers”

1.7   HYPOTHESIS

H = many investors have lost hope in the customer relationship management.

H1 = many people still believe in the customer relationship management.

H = the global financial crisis does not have implication on the customer relationship management.

H1 = the global financial crisis has a great impact on the customer relationship management.

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1.8   LIMITATION OF THE STUDY

In carrying out this research, the researcher encountered unavoidable constraints in an effort to make the study reality.

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