Customer Relationship Management Harvard Case Solution & Analysis

Introduction

In the year, 1983 Berry introduced the concept of relationship marketing that was aimed at improving or enhancing the relationship of an organization with its customers. The concept of relationship marketing through further enhancements got popularity among various countries and industries and thus the concept of customer relationship management emerged. In the early 1960s, researchers and authors started identifying the sources of brand loyalty and in doing so the initial discussion about the concept of relationship marketing started(Kumar, 2010).

The concept of marketing has been evaluated with the passage of time and after long discussions the authors have come across the importance that exists in the relationship between the customer and the organizations. The terminologies like buyers and sellers emerged during this discussion and after through enhancements the concept of relationship marketing transformed into customer relationship management(Berry, 1983).

During all these years, the concept of customer relationship management has evolved drastically and many new theories and definitions have been presented by different authors about the concept. From various definitions, it has been understood that the process that enables an organization in building strong and profitable customer relationship and not just acquiring but retaining those customers is termed as customer relationship management. However, the concept also accounts for designing the business strategies that must cater the needs of the organization and its customers either potential or current(Robert W. Palmatier, 2006).

It has been identified through various researches that a different point of view exists about the concept of customer relationship management but with the same objective. Some authors have defined the concept as a technique or a process that is efficiently used by the management in which they leverage information technology in order to build or enhance the relationship with the customers and also maximizing the profits for the organization simultaneously(Verhoef, 2003).

On the other hand, other explanations about the concept states that the organizations utilized their customer database and after analysis, identify the customers that can be a major source of profit generation for the company. However, some authors described this process as a trust building technique with an innovative touch that encourages customers to stay loyal with the company for the long term(Kumar, Evolution of Marketing as a Discipline: What Has Happened and What to Look Out For., 2015).

Thus, according to the above stated definitions, it has been clear that the process of customer relationship management has top major areas of focus. The first area indicates or suggest for building, enhancing and sustaining relationship with the customers while the second area of focus is to create value for the organization by maximizing the profitability.

Research Title

The title of the research is “how does customer relationship management as a tool contributes to target market segments and marketing effectiveness in emerging economies.”

Aim of the Research

The aim of the research is to identify the significance of the customer relationship management in the banking sector especially in the developing economies like India. Secondly, the paper will evaluate the concept of CRM in detail in order to identify the contributions that this management process has made in strengthening the banking sector. Furthermore, the contribution that the process of customer relationship management delivers in identify the target markets and target segments of the banking sector will be analyzed and evaluated.

Besides that, the contribution of the customer relationship management will be studied with the prospective of marketing effectiveness that can be created in emerging economies in the banking sector. The major focus of the study will be directed towards the ICICI bank, the major and the leading financial institution in India. It is quite clear that the entire study will be focusing on analyzing the relationship of customer relationship management in creating marketing effectiveness and identifying target segments for the banking sector in the emerging economies.

Research Objectives

The research has multiple objectives to be achieved and will not be focusing on a single objective. However, the desired objectives of the research are listed below.

1-To determine how CRM contribute do design targeted market segment

2-To assess the impact of CRM on customer loyalty

3-To determine the impact of various dimensions of customer relationship management on marketing effectiveness

4-To analyze the impact of CRM on market segmenting in the context of the Indian banking sector

5-To evaluate the impact of the targeted market segment on marketing effectiveness.........................

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