Executive summary:

Customer relationship marketing matter a lot for any firm and if it is done in proper manner firms get better results in the business. By doing personalized marketing and developing loyalty schemes business firm can do marketing in a better way. However, it is very important to develop products according to the person’s value system. In case business failed to offer products to the people according to their value system it failed in its market efforts. Moreover, in loyalty schemes if individuals did not get attractive gifts or it is hard to achieve the target loyalty scheme failed in the market. Thus, target must be achievable and offered must be attractive. In the current research study, inductive research approach and interpretivism research philosophy is taken into account. Sample of the 40 individuals will be taken by following simple random sampling method.

Introduction:

Customer relationship marketing is the very important concept under which a business process is developed in which focus remain on the client relationship, maintaining customer loyalty and developing a brand value by developing marketing strategies. In the customer relationship marketing focus always remain on developing long term relationships with the customers instead of getting single transactions. Under the customer relationship marketing main focus remains on retaining customer by developing long term relationship with them. In this regard, many business firms follow multiple approaches in their business (Steinhoff and et.al., 2019). Customer relationship marketing proves effective for the any company depends on the number of factors. There are a number of firms that get excellent results on the customer relationship marketing efforts and there are many firms that did not get any sort of result. Hence, it can be said that customer relationship marketing, whether will prove effective for the business firm depend on the multiple factors (Gilboa, Seger-Guttmann and Mimran, 2019). Firms like Hubble heavily focus on the customer relationship marketing and under this they follow a subscription model in their business and retain customers for the long term in its business. In the present research study main focus will remain on the identifying extent to which customer relationship marketing proves effective for the firms and assist them in retaining and acquiring new customers in the business.

 

Research aim and objective:

Research aim: To identify role of the Customer Relationship Marketing in Retention and Acquisition of Customers.

The objective of the research:

• To identify the extent to which personalization of the advertisement assists firms in retaining customers in its business.
• To identify firm policy to keep customers in the center of the business assist it to retain and create customers in the business.
• To find out the role of the loyalty programs in creating and retaining customers in the business.

Rationale of research

There are a number of reasons behind conducting the present research study. One of the main reasons is that there are many companies that conduct customer relationship marketing, but many of them get success in their efforts and many of them failed. Thus, it was very important to identify that what are the ways in which marketing is done by the firm and they get better results in the business (Palmatier and Steinhoff, 2019).

 

Literature review

According to Caliskan and Esmer, (2019) individuals take into account any brand products and services at a very fast rate and often when they get a personalized experience. Means that when, according to the need individual receive product advertisement’s they find brand more relevant to them. This is because that ad is directly linked to their need. This is the reason due to which today firms are using AI to make more personalized recommendations to the people. According to Ngoma and Ntale (2019) there are varying companies that are developing their apps that are based on AI and consistently send the product advertisement to the people based on their searching and app navigation trend. Personalized advertisement assists firms to generate better return on sales in their business. This is the main reason behind the effectiveness of the customer relationship marketing in the business.

 

Methodology:

Research type: In this study, primary and secondary research will be conducted. There is necessary to carry out both these research studies. Special emphasis will be on the secondary data collection and analysis. Efforts will be made to analyze varied literatures that are published between last five years’ time period. These literatures will be collected from the library or books and internet sources (Hladík., 2020).

Research approach: In the current research study inductive research approach will be selected. It is selected because in this research study attempt is to prepare a theory. Another option is deductive research approach, but it cannot be used because in the current research there is no need to test any sort of hypothesis. Hypothesis testing is done only in the case when a researcher wants to find out whether any sort of relationship exists between the multiple variables (Snyder, 2019).

Research philosophy: Interpretivism research philosophy is the best option for the current research study. This is because theory will be developed in the current research study.

Sample:  Sample of the 40 individuals will be taken in the current research study. Sampling matter a lot for any research because if sampling is properly done, then in that case it can be ensured that the data gathered is accurate. In the current research study, as a sample those individuals will be taken that often make a purchase from the stores.

 

Ethical consideration:

Confidentiality: Focus in the current research study will be on the confidentiality of the information. In the research study, the questionnaire is distributed among the respondents and some personal information is gathered. This information remains very confidential and if goes into the wrong hands, then in that case can create a problem for the individuals. In many cases, it is seen that these sensitive info goes in the wrong hands and individuals were tracked for wrong intentions (Klöck and Nunn, 2019).

Consent: In the research study consent of the individuals will be taken. In this regard, first of all research aim and objectives will be explained in detail to the respondents. The entire work that will be done will be explained to the respondent and an outcome that is intended to achieve will also be communicated to the respondents.

Data management: In order to manage the data first of all, all questions will be copy paste in the Excel sheet from the word file. Below each question response given by the respondents will be saved (Ratnam, 2019).

 

Limitations:

Accessibility: Limitation of the current research study is that a sample of the only 40 individuals is taken. Currently, corona pandemic is going on and due to this reason it is not possible to make access to the large population. Hence, a small sample is taken in the present research study.

Time: Time allotted for this study will be one month and it is also its limitation as in less time attempt is made to carry out the research study. However, an attempt will be made to ensure that in a short time period all tasks related to literature review, data collection and analysis will be done in a proper manner (Rajasinghe, 2020).

 

 

 

Conclusion:

It is concluded from above research that customer relationship marketing is very important to the business firms. Firms need to make personalized offers and attractive loyalty schemes. However, it also needs to focus on the value system of the people and accordingly product must be developed in the market. If product will be according to the person’s value system, then only loyalty scheme and personalized offer can give the better results. Inductive research approach and interpretivism research philosophy will be taken into account in the current research study. Thematic analysis approach will be used to analyze the dataset.

 

REFERENCE

Books and Journals

Aldaihani, F. M. F..and Ali, N. A. B. 2019. Impact Of Relationship Marketing On Customers Loyalty Of Islamic Banks In The State Of Kuwait. International Journal of Scientific & Technology Research. 8(11).788-802.

Amoako, G. K. 2019. Relationship marketing, orientation, brand equity and firm value: The mediating role of customer value—an emerging market perspective. Journal of Relationship Marketing. 18(4).280-308.

Caines, R. 2020. Fragile devices: Improvisation as an interdisciplinary research methodology. The Bloomsbury Handbook of Sonic Methodologies. 325.