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Building a Sustainable Customer Relationship in an Organization

Building a Sustainable Customer Relationship in an Organization

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DEDICATION

This research material, titled “Building a Sustainable Customer Relationship in an Organization” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Business Administration and Management (BAM) for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on Building a Sustainable Customer Relationship in an Organization provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

INTRODUCTION

    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • ⋮
    • 2.4 Empirical Studies
    • 2.5 Research Gaps
    • 2.6 Summary of Literature Review

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    Building a Sustainable Customer Relationship in an Organization

    CHAPTER ONE

    Introduction

    1.1 Background To The Study

    Companies are increasingly focused on managing customer relationships because it explicitly recognizes the long-run value of potential and current customers, and seeks to increase revenues, profits, and shareholder value through targeted marketing activities directed toward developing, maintaining, and enhancing successful company-customer relationships (Berry, 1983; Morgan and Hunt, 1994; Gronroos, 1990). The activities involved in customer relationship building require an in-depth understanding of the underlying sources of value the firm both derives from customers and delivers to them.

    While retaining customer loyalty has been a sales and marketing principle for quiet a long time, Customer Relationship is actually a tremendous step forward in creating a system that can provide a means for retaining individual loyalty in a world of about 6 billion population (Croteau & Li, 2001). Greenberg (2001) stated that in order to understand how to build a sustainable customer relationship, you must also understand the changing nature of the customer because customers are not what they used to be. Khalifa and Liu (2001) noted that, a survey of more than 1,600 businesses and IT professionals conducted by the Data Warehouse Institute, found that, some of the respondents have various methods of managing customer relationship. This finding indicates that customer management is very important for organizations. The Cap Gemini further added that, the average total investment in customer management by 300 U.S and European companies was $3.1 million. More than 69% of the companies surveyed spent less than $ 5 million and more than 13% of the companies spent over $10 million (Sterne, 2000). This finding also indicates that a great number of companies spend great amount of their budget on customer management and therefore in the researcher’s opinion, it is believed that it is important for various business organization to know the objectives of their customer management initiatives and the type of benefits these organizations intend to derive from them. A survey of 300 companies conducted at a customer management conference concluded that customer management is not a cheap, easy, or fast solution. Mooney (2000) further added that, more than two-thirds of customer management projects end up in failure.

    However, he went further to say that, the successful third could obtain up to 75% return on investment.

    Thompson (2004) found four broad factors that were driving 72% of the return on investment (ROI) of customer relationship. They were: Customer-centric strategy, frontline training and support, organization change, and appropriate use of metrics. These findings again support the fact that the actual objectives of customer relationship initiatives and the benefits should be ascertained. This further support the statement by Balaji and Alexander (2003) that the purpose of customer relationship is to identify, acquire, serve and retain profitable customers by interacting with them in an integrated way across a range of communication channels. Swift (2001) also describes analytical electronic customer management as a four-step interactive process consisting of collecting and integrating online customer data, analyzing this data, building interactions with customers based on this data are optimized, and measuring the effectiveness of these interactions in terms of these performance. According to Thompson (2004) customer relationship is a business strategy to acquire, grow and retain profitable customer relationships, with the goal of creating a profitable organization.

    1.2 Statement Of The Problem

    Evaluations of customer relationship and business behavior often qualify these initiatives as both the greatest force and the greatest weakness of companies. Skeptic people usually say that customer relationships initiatives of companies has no real meaning; moreover, it is a marketing trick. Optimistic people trust in improvement of companies’ behaviour in relation to good customer relationships and environment requirements. Consumers are increasingly ready to buy products of companies, which adopt better customer relationships program, and to work for these companies. However, the researcher is providing an overview on ways to build sustainable customer relationship in an organization.

    1.3 Objectives Of The Study

    The following are the objectives of this study:

    1. To examine ways to build sustainable customer relationship in an organization.
    2. To identify the effects of sustainable customer relationship in an organization.
    3. To determine the factors influencing sustainable customer relationship in an organization

    1.4 Research Questions

    1. What are the ways to build sustainable customer relationship in an organization?
    2. What are the effects of sustainable customer relationship in an organization?
    3. What are the factors influencing sustainable customer relationship in an organization?

    1.6 Significance Of The Study

    The following are the significance of this study:

    1. The outcome of this study will be a useful guide to various business organization has it will educate on ways and approaches to sustainable customer relationship with a view of increasing the organization customer base through better customer-organization interaction
    2. This research will also serve as a resource base to other scholars and researchers interested in carrying out further research in this field subsequently, if applied will go to an extent to provide new explanation to the topic.

    1.7 Scope/Limitations Of The Study

    This study on building a sustainable customer relationship in an organization will cover the methods adopted by different business organizations in Nigeria. The study will also cover the effect of sustainable customer relationships on the performance of the organization.

    Limitation Of Study
    1. Financial constraint

    Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

    2. Time constraint

    The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

    …

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

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    Defense Procedure for Business Administration and Management Researchers

    In preparation for defending a project or seminar on Building a Sustainable Customer Relationship in an Organization, it is imperative that as a nursing student, you demonstrate comprehensive knowledge of your research. The defense process is structured to include presenting your work, answering questions, and illustrating its pertinence. Initially, provide a succinct yet thorough introduction to your research topic, emphasizing its importance and the objectives, ensuring that both the audience and the External Examiner can understand the scope of your study.

    Prior to your defense, be thoroughly acquainted with your research abstract and the critical elements of Chapter One, including motivation for embarking on this research, problem statement, objectives, and significance. In Chapter Two, be ready to cite at least two references from the literature review. For Chapter Three, you should be equipped to discuss the methodologies, tools, and techniques utilized. In Chapter Four, defend your research by justifying the findings and linking them to your research objectives.

    Conclude your defense by succinctly summarizing the study and offering insightful, evidence-based recommendations. A professional dress code, such as wearing a suit and tie, is vital to create a favorable impression and elevate your presentation.

    During the question and answer segment, the External Examiner may pose questions pertaining to your research. If confronted with a challenging or irrelevant question, respond diplomatically with, “Sorry, Sir/Madam, the question asked is beyond the scope of my study.” Whenever possible, direct your answers back to your research findings to reinforce your expertise.

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