Free Marketing Dissertations - Customer Relationship Marketing And Its Effect On Customer Retention-
Customer Relationship Marketing and its effect on customer retention- Application of UK Banking Industry
Introduction:
The times in which people live today are quick-paced, and several activities are close-knit and organized. There are several bodies and structures that interact with each other that appear to be quite systematic. Organizations within industries and industries themselves have been closely associated together in this globalized world. Globalization has many countries, organizations and institutions operating together. Each of the components in the globalization process exists for its self and is self-driven, yet the system functions. In this regard, one might assert that markets of different types and sizes function in a similar manner. The UK Banking industry is an example with its visible effects. Though there is a long way to go regarding the globalized effects of UK banking because of expanding horizons on the online frontier, there is perhaps significant reason to believe that Customer Relationship Marketing has a positive effect on customer retention. Quite naturally, as a result of effective means of Customer Relationship marketing, consumers will actively participate in the UK Banking industry. This is why the industry is believed to have scope for people to invest. Also, the reason for this is that the services and products offered are believed to be quite reliable. With better services offered, customer retention is possible through Customer Relationship marketing; the Customer Relationship marketing can only really be successful and valued by customers if the services and products back up the marketing process sufficiently. On reviewing and analyzing products and services of any industry, one can analyze to what extent customer retention in a particular industry.
Literature Review:
In a competitive environment, it must be asserted that marketing and promotional strategies are important. Proper management is another important aspect that comes into play, and it is known that activities such as in the UK banking industry cannot be ameliorated without it. In a highly competitive environment, marketing is a must and Customer Relationship Marketing is believed to be even more important, as it helps form a link between customers and the services supplied (Canals, 1993). Within this link, there are a number of details that are also notable, such as the concern of the industry as far as the quality of services and obstacles that customers face. These are small but important points that need to be seen to immediately. If not, people will be disinterested and not rely on banking facilities that let them down. In the first place, services should not let them down. However, if through unavoidable technical breakdowns or disruptions, obstacles do arise, customer services should be able to manage and rectify them immediately.
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