Literature_Review - Customer Relationship Management 1...

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Customer Relationship Management 1 Customer Relationship Management (CRM) [Author’s Name] [Institution’s Name]
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Customer Relationship Management 2 Literature Review This study is based on content analysis of related but easily available studies and already published in internationally accepted business and economics research journals and books. The details of these studies is given in bibliography section of the paper clearly indicating authors’ name, name of publication, date of publication not excluding complete page numbers. These studies were accessed through both offline and online resources. Thus, in this paper the method of selection of relevant studies was directly related with availability of appropriate data not excluding detailed discussions and analysis on given issue by both local and international researchers and economists. The goals of Customer Relationship Management (CRM) are actually clear. Most definitions of Customer Relationship Management (CRM) talk about the acquisition, the retention and the profitability of customers (Menconi 2000, Nykamp 2001, Swift 2001). While these goals are clear the paths to them are not. It might be hypothesized that one does not acquire, retain, or reach profitability until customers reach some level of satisfaction with the product or service (Reichheld 1996, Bruhn and Grund 2000, Gronholdt et al. 2000), perceive an expected level of quality (Cronin and Taylor 1992, Boulding et al. 1993, Zeithaml et al. 1996) or trust the company/business (Bendapudi and Berry 1997, Lynch et al. 2001). In turn customer satisfaction, perceived quality and trust have been defined a bit more clearly. Studies show that customer satisfaction is related to the business’s level of involvement and responsiveness (Goodman et al. 1995), customer dialog (Bruhn and Grund 2000), and the business’s initiating, signalling and disclosing behaviours and frequency of interaction (Leuthesser and Kohli 1995). Perceived quality is shown to be related to the service provider
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Customer Relationship Management 3 participation level (Ennew and Binks 1999) as well as the business tangibles (physical facilities and appearance), reliability (providing dependable and accurate service), responsiveness (providing prompt and helpful service), assurance (knowledge and courtesy of employees) and empathy (caring, individualized attention) (Parasuraman et al. 1988, 1991). One study suggests that customer trust is associated with a business’s operational competence, benevolence and problem-solving orientation (Sirdeshmukh et al. 2002).
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Literature_Review - Customer Relationship Management 1...

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