Customer Relationship, Management, Riyadh Bank
Customer Relationship Management is a tool for attracting and retaining customers that a business has identified as potentially profitable in the long term. CRM can help businesses to build sustainable competitive advantage and protect their market share from possible erosion by new entrants. It builds customer loyalty and enhances the value of the brand in the long term. This research was aimed at finding out the CRM practices at Riyadh Bank and to compare them with established best practices.
The research methodology was qualitative analysis of questionnaire responses from selected staff members of Riyadh Bank. The responses were analyzed qualitatively and the researcher established that the CRM experience at Riyadh Bank was a success, but it had some weaknesses. The research concluded that management training was necessary to equip top managers with knowledge on CRM.
[...] Asian Journal of Business Management pp.55-59. Parvatiyar, A. and Sheth, J. N. (2001). Customer Relationship Management: Emerging Practice, Process and Discipline. Journal of Social and Economic Research, pp.1-34. Singh, H. and Singh, B. P. [...]
[...] Workers were asked questions regarding the products and services offered by Riyadh Bank. They were also asked to identify the channels that customers used most regularly. Respondents were required to tick boxes next to identified communication channels used to maintain customer relations with a number denoting a scale from 1 to with 1 denoting mostly used and 7 denoting least used. They were asked: “Please rank the following communication channels according to the frequency of their use to maintain customer relations.” Respondents were also asked to state the other services that the bank offered its customers from a given list. [...]
[...] (2011). CRM: An Ultimate Tool in Marketing Management. International Journal of Business and Management Research pp.137-153. Wilson, H. N., Daniel, E. M. and McDonald, M. H. B. (2001). [...]
[...] Such product offerings can be evaluated and improved through the analysis of customer information as discussed in the Garanti Bank case study. The bank's use of twitter to engage the online community through social media is also innovative because the bank can respond to customer queries as a means of fostering lasting relationships. The bank also monitors backchannel behavior of customers by following their comments about the bank on social media. CUSTOMER RELATIONSHIP MANAGEMENT Employees marked Strongly Agree that CRM would improve the quality of services offered to customers. [...]
[...] This is the rationale behind Customer Relationship Management (CRM) as a business strategy. CRM is the practice of guaranteeing the satisfaction of customers' needs through effective product design and delivery of services. It is also the manner in which the business responds to customer needs. It is an important tool in business because studies have shown that it is cheaper to retain existing customers than to acquire new ones (Wilson, Daniel and McDonald, 2001). The aim of this research paper was to find out the effectiveness of CRM strategies in Riyadh Bank. [...]
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