Aspects Of Customer Relationship Management Research Articles

Customer segmentation application based on K-Means

Customer segmentation(CS) is a crucial aspect of customer relationship management, widely utilized by industries, banks, and consulting companies. However, the intricate data relationship between individuals presents significant challenges in customer segmentation research. Fortunately, machine learning has made remarkable progress in processing big data, and its exceptional performance has captivated the attention of business analytics researchers. Based on this, numerous customer segmentation methods based on machine learning have been proposed. This paper aims to review the papers published after 2010 on customer segmentation, and summarize the current status and importance of customer segmentation in implementing marketing strategies. Additionally, it introduces two primary types of customer segmentation scenarios, and summarizes the common combination of analysis models and machine learning algorithms in customer segmentation. Finally, the paper introduces a customer segmentation method based on k-means and provides a perspective on the future development of customer segmentation.

A Study to Know Impact of AI on CRM

This research paper delves into the dynamic intersection of Artificial Intelligence (AI) and Customer Relationship Management (CRM), exploring the profound effects of AI technologies on modern business practices. As AI continues to evolve, it reshapes how organizations manage and nurture their relationships with customers, presenting new opportunities and challenges. The study investigates the role of AI in personalizing customer experiences, emphasizing the utilization of advanced algorithms to analyze vast datasets and derive actionable insights. AI's influence on data management, analysis, and the subsequent enhancement of customer insights are scrutinized, providing a comprehensive understanding of its impact on informed decision-making. Furthermore, the paper examines the integration of AI-powered chatbots and virtual assistants in CRM systems, evaluating their effectiveness in providing real-time support, streamlining interactions, and improving overall customer satisfaction. The automation of repetitive CRM tasks through AI technologies is also explored, highlighting the resulting efficiencies and the potential for human resources to engage in more strategic aspects of customer relationship management. Sales forecasting, customer segmentation, and sentiment analysis emerge as key focal points, illustrating how AI contributes to more accurate predictions, targeted marketing strategies, and proactive reputation management. The impact of AI on cross-selling, upselling, and customer retention strategies is scrutinized, offering insights into how businesses can leverage AI to optimize revenue and foster enduring customer loyalty. As businesses navigate the rapidly evolving landscape of AI in CRM, this research paper aims to provide a comprehensive overview of the transformative dynamics at play. By understanding the nuanced influence of AI on customer relationships, organizations can adapt their strategies to align with the evolving expectations and demands of the contemporary market.

Customer Profiling System with Residual Network-Based Face Recognition

Customer profiling is an essential aspect of customer relationship management. Knowing who your customers are, what they need, and how to reach them is crucial in creating an effective marketing strategy. However, it can be challenging for some sellers to identify and track their loyal customers. This is where a customer profiling system can be invaluable. Such a system uses data analysis and deep learning techniques to track customer behaviour and identify preferences. One approach to customer profiling is through face recognition technology. Facial recognition is an effective method for identifying people, and it can be used to track customer attendance and identify regular customers. Therefore, this work presented the development of a customer profiling system using a deep learning technique to detect customer faces in real time. Experimental results showed that the system obtained 90% accuracy in detecting customers' faces. This work conducted a user acceptance test (UAT) to evaluate the system's effectiveness. The results indicated that the system provides many benefits and advantages to customers and sellers, including improved customer loyalty and satisfaction.

Etičke dileme kao posledica uticaj primene upravljanja prihodima na ponašanje hotelskih gostiju

Hotel revenue management brings significant financial benefits, but on the other hand, it can lead to a deterioration in guest perceived fairness. Certain pricing manipulations, dynamic price optimization, and changes in reservation terms aim to maximize a hotel's financial performance. However, such practices can negatively impact the non-financial aspects of customer relationship management, such as perceived value, customer satisfaction, and loyalty. Price discrimination as one of the revenue management techniques is often closely linked to a hotel guest's perceived fairness. Additionally, inventory management techniques like capacity constraints and overbooking can have adverse effects on guest satisfaction. Hotel managers are aware of the risks associated with guest dissatisfaction and, therefore, seek to identify and define strategies to prevent and mitigate their negative consequences. The goal of this paper is to gain insight into the potential consequences of implementing revenue management techniques and emphasize the need for defining preventive measures and plans to reduce and eliminate guest dissatisfaction.

Customer Relationship Management Practices and Employee Sensitivities of Private Sector Banks: An Analysis in Indian Context

This paper aims to scrutinize bank employees' perspectives on customer relationship management (CRM) practices in the banking sector, particularly private sector commercial banks operating in Goalpara District of Assam, India. The research plan consists of experimental in nature whereby different aspects of CRM in the banking sector have been extracted from the previous literature and tested on a sample size 24 number of employees working in the banks selected taking 3 each from 8 branches. Based on Bank Service Quality (BSQ) scale, variables were selected and analysed with the help of descriptive statistics and ranking analysis of identified parameters was utilized with the help of the Garret ranking technique. The study found that the loan facility and ATM facility along with service variety are found as the major product-related factors; timely services with trustworthy behaviour of the employees and the quality of services along with procedural simplicity and convenience is the most important service-related factors for evolving an effective CRM practice. The employee perceptions on the personal relationship of the bank officials with their customers’ staples in selecting the banks and retaining the customers.

Integrating the Commitment-Trust Theory to Gauge Customers Loyalty in Riding Services

This study aims to integrate a research scholarship of customer relationship management (CRM) practices and CRM technology as an interplay with CRM Quality and investigate the overall effect on CRM loyalty through the literary lens of commitment-trust theory. The study employed cross-sectional paradigm in collecting the data using purposive sampling technique from 211 potential-riding-app users. The data was analyzed using SMART-PLS. Findings reveal a significant role of technology alignment in enhancing CRM practices. Effective CRM practices increase CRM quality by building a strong level of trust and commitment in customers. Strategic orientation of CRM practices with efficient technology usage, riding-service firms can capitalize on all novel aspects of CRM, as part of an integrated marketing process, for enhancing customer loyalty.

Pengaruh Customer Relationship Management (CRM) Terhadap Loyalitas Pelanggan Pada Apotek Mega Mulia

In order to increase consumers, the pharmacy strategy is to provide services that match their needs and protect good ties with customers so that customer loyalty will be formed. To analyze the influence of aspects of customer identification, customer differentiation, budget interaction, and customization on customer loyalty at Apotek Mega Mulia is the aim of this research. Quantitative description with survey approach is the type of research in this research. The non-random method with accidental sampling was chosen by the researcher as a method of collecting information. Multiple liner is the analysis used. Based on the results of the information analysis, the data obtained by the value of Fcount 17.084 > Ftable 2.45. This shows that customer loyalty is significantly influenced by all factors. Of these four aspects, the calculated value for the customer differentiation aspect is 3,213 which is very large compared to the calculated value for the customer identification aspect of 2,283, customer interaction is 2,765, and customization is 2,226. The conclusion is that the aspects of Customer Relationship Management (CRM) are customer identification, customer differentiation, customer interaction, customization which together have a significant impact on customer loyalty at Mega Mulia pharmacies

Impact of CRM strategy on relationship commitment and new product development: mediating effects of learning from failure

ABSTRACT Despite all the benefits that customer relationship management (CRM) offers to companies, various studies show high rates of failure when implementing CRM schemes. This study aims to explain how CRM can capitalize on the notion of learning behavior from failures in order to improve the relationship building and innovation performance in high technology ventures.Questionnaire survey data were collected from 234 CEOs and General Managers from ICT firms based in Beijing, Shanghai and Hangzhou, China. Subsequently, both hierarchical linear regression and SEM was conducted to test the hypothesized relationships.Findings show that CRM positively affects both NPD and commitment to long-term relationships and confirm that learning behaviour from failure mediates the main effects of CRM, which consists of strategic and market orientation foci, in combination with internal marketing and knowledge management. Specifically, although all four aspects of CRM are important to NPD, knowledge management is of particular importance.

Finding Customer Loyalty Based on Weighted RFMD Clustering Model

Customer loyalty is an important aspect of customer relationship management. An organization needs to analyze customer loyalty in order to understand and retain their valuable customers. Earlier methods to calculate customer loyalty based on RFM model resulted in poor accuracy. Therefore, a new procedure has been proposed in this work to find customer loyalty by including an important attribute called 'duration'. Work presented in this paper is focused at retail business. Retail Data Transaction dataset has been taken from Kaggle repository. The RFMD attributes of buyers have been extracted from this dataset. To find the most loyal customers, the dataset is subjected to clustering based on weighted attributes. Relative weights are assigned to the RFMD attributes, calculated using the AHP method. A RFMD comparison matrix has been formed from evaluators response and relative weights of attributes are calculated by using Eigen Vector method. Clustering is applied on RFMD attributes of buyers using k-means algorithm and then Customer Value of each cluster is calculated. The cluster having the highest Customer Value represents the highest degree of loyalty. Results are evaluated by calculating classification accuracy using Decision tree and KNN. The proposed method has been found more accurate in determining loyalty of customers compared to earlier methods.

Customer relationship management. Strategy and system perspectives

Market dynamics, growing consumer awareness, new needs, and the changing lifestyle of society forces the search for new business solutions. One of them is the strategy known as Customer Relationship Management, CRM, i.e. customer relationship management interpreted as a bridge between the organization and its customers. Its goal is to establish lasting and long-term ties between the organization and buyers, which translate into benefits for both parties. The term CRM is interpreted in two ways: as a customer relationship management strategy and as an IT system. The aim of this article is to discuss the most important aspects of customer relationship management, both from the perspective of management philosophy and a technical support instrument. The article shows the sources of strategies and technical solutions, definitions, benefits resulting from the implementation of CRM in organizations, functions of CRM systems, application possibilities, and individual stages of implementation

Some functionality aspects of Customer Relationship Management: A review of studies

Some functionality aspects of Customer Relationship Management: A review of studies

The Assessment of Customer Relationship Management (The Case of Land Mark International Hotel, Gondar Town, Ethiopia)

CRM is a sound business strategy to identify the hotel more profitable by devoting time and attention to expand account relationships with customers through individualized marketing, re-pricing, discretionary decision making and customized service. It is more applicable in service industries for its importance is well established with the activities. In the present hotel management scenario, the CRM applications have been tremendously increased and found by many researchers that certain practices attract customers. The objective of the study is to assess customer relationship management practices of land mark hotel. The study examines the aspect of customer relationship management like trust, commitment, conflict handling, value empathy and customer loyalty. For the achievement of the objective of study the researcher used 101 respondents. The study uses both explanatory and descriptive study designs from primary and secondary sources collected by interview and questionnaires distributed to manager, customers and employees. Secondary source of data is used from organization documents. The data that is gathered from customers, employees, and managers of the organization through convenience sampling technique has been presented and analyzed through tabular form. Finally, the findings show that there is customer relationship management practice but yet to be applied completely. The researchers recommend that the hotel must improve the quality of services in association with the latest information technology and connect the services to customer satisfaction.

Study the Effect of Different Aspects of Customer Relationship Management (CRM) on Innovation Capabilities with Mediator Role of Knowledge Management (Case Study: Mahram Company)

Research purpose: the purpose of this research is to study the effects of different aspects of customer relationship management (CRM) on innovation capabilities with mediator role of knowledge management variable. Five aspects of customer relationship management are sharing the information, participation with customer, long time cooperation, solving the problems jointly, technology-based customer relationship management and five aspects of innovation capabilities are product innovation, process innovation, administrative and marketing innovation and services, and also with regard to knowledge management role in collecting, keeping and dissemination of knowledge for managers as moderator or mediator variable has been included in the model and developed. Research methodology: for validation of suggested model, 140 questionnaires including 68 items were distributed among the personnel and staff of Mahram factory and also the managers and supervisors and all the retailers of Mahram products in all Iran branches and to investigate the research hypotheses, multiple Regression analysis was applied with using of spss software that direct and indirect effects of independent and mediator variables on dependent ones were measured and also model fitness was assessed by Lizerl software. Findings: with regard to rout analysis and total beta measurement for research variables, it was turned out all aspects of customer relationship management and knowledge management has a positive and meaningful effect on innovation kinds in Mahram Company. Practical implication: with regard to research findings, customers management knowledge which has been collected by customer relationship management tools is one of the most important sources of the company to achieve innovation capabilities and consequently competitive advantage over competitors that this important issue demands special regard of managers to develop the substructures of customer relationship management and knowledge management in the field of technologies so that through it information and knowledge of customers could be used in the best manner and relevant information could be given to them and through holding meetings and seminars and inviting the important and old customers and proposing common problems and cooperation with them, the customers ideas, opinions and designs about organizational innovation improvement, designing and developing new processes and better services and their opinions in products pricing could be used. DOI: 10.5901/mjss.2015.v6n6s6p343

Importance of Customer Relationship Management in Customer Loyalty (Brangkal Offset of East Java, Indonesia)

This study examines the importance of customer relationship management to increase customer loyalty. The study uses two years’ data on 71 customers (respondents)of Brangkal Offset chosen on the basis of a random sampling technique. Results of this investigation indicate that important aspects of customer relationship management are people, process, and technology both partially and simultaneously have an impact on the increase of customer loyalty.

Výzkum CRM systémů v České republice

Customer Relationship Management (CRM) is seen as a holistic framework for interaction of organizations with their customers. It is focused on gaining customers’ loyalty through providing the value positively perceived by the customers and usually incorporates information and communication technologies in the form of CRM systems. The paper discusses various aspects of CRM phi­lo­so­phy and utilization of information and communication technologies in relation to CRM. A survey that was conducted among three hundred organizations in the Czech Republic (among them some major companies, such as ČEZ, T-Mobile, Česká spořitelna and others). The objective of the survey was to discover the scope and level of using CRM systems, factors influencing decisions about CRM, understanding the CRM concept, evaluating CRM benefits, issues related to implementation and ot­hers. Organizations mostly perceive CRM as a profitable approach although they do not see it as a global philosophy but rather as a set of separated tools. The most relevant argument for CRM implementation include better contact management, better understanding the customers, higher number of retained customers, longer relationships with customers and higher customer satisfaction.

Customer relationship management in business operations of trading companies in Bosnia and Herzegovina

The article analyses the presence of certain elements of customer relationship management (CRM) in trading companies in Bosnia and Herzegovina (BiH) and their influence on the realisation of the set marketing goals of business operations. The analysis of the influence of certain aspects of CRM on the level of realisation of marketing goals of business activities is made by the multivariate analysis of variance (MANOVA). It has been established that there is a significant effect of the analysed elements of CRM on the level of realisation of certain marketing goals.

Outsourcing of customer relationship management: implications for customer satisfaction

If knowledge about customers is a central driver of strategic marketing success and customer relationships lie at the heart of a firm's competitive advantage, why do many firms outsource aspects of customer relationship management (CRM)? This paper addresses this question by developing a conceptual model based on transaction costs economics (TCE), tests it with a cross-industry sample of managers, and draws out the implications for theory and practice. TCE-based antecedents explain most, but not all, CRM outsourcing decisions, with the resource-based value of the firm (RBV) and real options theory offering potential explanations for relationship between CRM outsourcing and technical uncertainty.

Mobile technology and communications: exploring aspects of Customer Relationship Management

Cultural and individual factors must be taken into account when mobile technology options are offered and managing Customer Relationship Management initiatives that are created as value-added activities increase from m-commerce transactions. Principal components and factor analyses techniques were the dominant multivariate statistical procedures to be used in this research effort. A survey was conducted over a 4-month period with 21 companies that granted access to their professional employees, resulting in 261 successfully interviewed respondents for the purposes of this study. The hypotheses-testing section revealed that all independent factor-score constructs of Financial Features, Mobile Applications, and Education were statistically significant in differentiation awareness and familiarity of engaged users for mobile technology. As seen in the analysis portion, the opportunities are endless, but mistrust still is a major issue. As more individuals and corporations come on board with mobile technology and mobile networks, the current problems of dead zones will become replaced with higher speeds as data packages continue to approach Digital Subscriber Line (DSL) speed and air cards are made more efficient.

A Study on Service Demand in Customer Relationship Management for Taiwan’s Small and Medium‐sized Enterprise

Due to the global economic effect, Taiwan’s small and medium‐sized enterprise (SME) is much threatened by China. Since remarkable advances have being made in information technology, taking competition advantage for an enterprise has become a very important issue when facing rigorous global competition. However, the business of the enterprise starts with finding the customers’ demands, and ends with fufilling customers’ demands. Therefore, in order to increase competition advantage for SME, the customer management must be effectively strengthened, especially by increasing customer satisfaction and maintaining good relationship with the customer. This is the key for an enterprise leading to success. The purpose of this study is aiming to discussing the relationship analysis between customer and SME by viewing the four aspects of customer relationship management (CRM), which are relation marketing, customer service, customer value, and customer satisfaction. Moreover, this research will perform an empirical analysis on CRM for a typical small and medium‐sized company so as to grasp its real definition and enterprises’ demands. The conclusions will be drawn from our literature survey and practical experience as well as site investigation. Recommendations are evolved from discussing the interaction between customers and enterprises in improving their constructing factors and increasing benefits and values.

A dynamic segmentation approach for targeting and customizing direct marketing campaigns

An important aspect of customer relationship management is the targeting of customer segments with tailored promotional activities. While most contributions focus on the selection of promising customers for targeting, only few authors address the question of which specific differential offers to direct to the selected target groups. We focus on both issues and propose a flexible, two-stage approach for dynamically deriving behaviorally persistent segments and subsequent target marketing selection using retail-purchase histories from loyalty-program members. The underlying concept of behavioral persistence entails an in-depth analysis of complementary cross-category purchase interdependencies at a segment level. The effectiveness and efficiency of the proposed procedure are demonstrated in a controlled field experiment involving the targeting of several thousands of customers enrolled in the loyalty program of a “do-it-yourself” retailer. Our empirical findings provide evidence of significant positive impacts on both profitability and sales for segment-specific tailored direct marketing campaigns.