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AN EXAMINATION OF THE RELATIONSHIP BETWEEN CUSTOMER RELATIONSHIP MANAGEMENT (CRM) AND ORGANIZATIONAL GROWTH IN ACCESS BANK CAMEROON
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Delivery: Within 24 hoursAN EXAMINATION OF THE RELATIONSHIP BETWEEN CUSTOMER RELATIONSHIP MANAGEMENT (CRM) AND ORGANIZATIONAL GROWTH IN ACCESS BANK CAMEROON
CHAPTER ONE
INTRODUCTION
Background of the study
Customer relationship management is the comprehensive management of the interactions between a business and its customers. It encompasses all aspects of engagement, including sales and service-related activities. This approach is a practical implementation of a long-term relationship that is built through effective relationship management. The primary objectives of Customer Relationship Management (CRM) are to cultivate enduring, mutually beneficial connections with both existing and prospective customers. By implementing this strategy, it aids in retaining existing customers by leveraging insights gained from previous interactions, acquiring new customers and contacts, boosting profitability, and minimising customer management expenses (Nyoyoko, 2020).
Customer Relationship Management (CRM) is the strategic undertaking of establishing and sustaining enduring connections between an organisation and its clientele with the intention of achieving mutual benefits. CRM guarantees advantages for both the organisation and its clients. A company's CRM constitutes a strategic charter or protocol. The overarching principle of this approach is to establish and sustain a durable partnership between an organisation and its profitable clientele, with the knowledge that such a relationship will benefit both entities. To ensure enduring and mutually beneficial relationships, the organisation, for starters, strives not only to ensure customer contentment, but consistently exceeds their expectations. Consistently, the organisation effectively persuades its clientele that its actions are undertaken "with, for, and by the customers." Positively disposed of customers, conversely, exhibit lifelong loyalty and generate new business via word-of-mouth recommendations. Consequently, a prolonged partnership benefits both entities (Nyoyoko, 2020).
Customers of a product are consistently motivated when their needs and desires are sufficiently fulfilled. Those who are content with the product will inherently continue to purchase and utilise it. As a result, this has had a substantial impact on the growth of the organization's performance and in fostering customer relationships; furthermore, the organisation would generate more profit through the continued consumption of the product. Maintaining consumers is of utmost importance to the company as it ensures ongoing transactions that contribute to the organization's performance and ultimately lead to profitability (Adelina et al., 2020).
Customer relationship management (CRM) is an all-encompassing approach and methodology that aims to acquire, retain, and establish alliances with specific clientele in order to generate increased value for both the organisation and the customer. Its core is the collection of data in advance of decision-making and its objective is to improve, sustain, and cultivate enduring connections with clients (Bello, 2019).
In addition, CRM is defined as "a comprehensive approach and methodology for acquiring, retaining, and collaborating with a specific subset of clients in order to generate increased value for both the establishment and the client" (Timoshenko & Hauser, 2021). Additionally, it serves as a comprehensive approach to acquiring all pertinent knowledge regarding client behaviour. This has prompted a critical examination of the characteristics, implementation, benefits, and operational procedures of cooperative and collaborative buyer-seller relationships, as well as CRM itself. Numerous specialised organisations seek to increase their overall performance by selling out of their products through various channels, including advertising, business-to-business marketing, services marketing, and others. An alternative approach to evaluating and overseeing client relationships has emerged as a result of the recognition by financial institutions of the criticality of customer relationships to their own success (Nyoyoko, 2020).
Notwithstanding its indisputable significance, a considerable number of organisations in Cameroon have yet to implement any CRM strategy. "CRM Myopia" affects these organisations, which justifies the need for this study..
Statement of the problem
A fundamental obstacle encountered when attempting to establish a strong customer relationship in order to propel an organisation to exceptional performance is inadequate customer orientation. Customer orientation is considered a fundamental principle in both the theory and implementation of marketing management, according to the marketing literature (Nyoyoko, 2020). According to Nyoyoko (2020), this orientation is the extent to which an organisation acquires and applies customer information, formulates a strategy to fulfil customer requirements, and executes that strategy through responsiveness to customers' desires and needs. Customer orientation is associated with various processes, including after-sales services, customer satisfaction, personalised services for key customers, and a dedication to providing exceptional value to customers (Ngounou, 2020). Scholars contend that customer orientation transcends being a collection of procedures and instead constitutes a corporate culture that prioritises the customer at the core of strategic deliberation and implementation. This is critical for an organisation to generate exceptional value. More customer-centric organisations are more adept at meeting the demands of their clientele through the provision of products and services. Additionally, these businesses demonstrate an ongoing and proactive approach to recognising and satisfying customer needs. An increase in customer orientation within an organisation leads to enhanced business performance, according to a study (Ngounou, 2020).
Moreover, the majority of banks encounter challenges related to inadequately trained personnel who lack the necessary expertise to utilise customer-oriented technology for efficient banking operations. Consequently, customers are unable to obtain timely and effective services due to the inadequate organisational structure of these institutions, which does not incorporate customer-oriented technology (Fan, 2018). Technology advancement enables sales-oriented organisations to efficiently manage customer information, thereby facilitating a deeper comprehension of their distinct requirements and enabling the provision of solutions that precisely address those requirements. It is against this backdrop, that this study will be examining the relationship between customer relationship management (CRM) and organizational growth in Access Bank Cameroon.
1.3 Objectives of the Study
The primary objective of this study is to examine the relationship between customer relationship management (CRM) and organizational growth in Access Bank Cameroon. Specifically the study seeks:
To find out whether there is a relationship between customer relationship management (CRM) and organizational growth in Access Bank Cameroon.
To assess the extent to which Access Bank Cameroon has implemented CRM practices.
To explore the effects of customer relationship management (CRM) on organizational growth in Access Bank Cameroon.
To identify the challenges of customer relationship management (CRM) on organizational growth in Access Bank Cameroon.
1.4 Research Questions
The following research questions will be answered in this study:
Is there a relationship between customer relationship management (CRM) and organizational growth in Access Bank Cameroon?
What is the extent to which Access Bank Cameroon has implemented CRM practices?
What are the effects of customer relationship management (CRM) on organizational growth in Access Bank Cameroon?
What are the challenges of customer relationship management (CRM) on organizational growth in Access Bank Cameroon?
1.5 Research Hypothesis
The following null hypothesis will validate this study:
Ho1: There is no relationship between customer relationship management (CRM) and organizational growth in Access Bank Cameroon.
1.6 Significance of the study
The findings of this study are anticipated to make a valuable contribution to the current body of knowledge on Customer Relationship Management (CRM) and organizational growth, specifically within the African business environment, with a focus on the banks.
Furthermore, the research holds practical significance for Access Bank Cameroon and other corporations functioning in Cameroon, providing valuable insights into the utilisation of CRM to improve customer relationships, stimulate business expansion, and achieve a competitive advantage in the marketplace.
1.7 Scope of the study
The study aims to carry out carry out an investigation on the the relationship between customer relationship management (CRM) and organizational growth in Access Bank Cameroon. Empirically, this study will assess whether there is a relationship between customer relationship management (CRM) and organizational growth, the extent to which business organizations in Cameroon has implemented CRM practices, the effects of customer relationship management (CRM) on organizational growth and the challenges of customer relationship management (CRM) on organizational growth.
This study will be carried out in Cameroon.
1.8 Limitation of the study
The researchers encountered slight constraints while carrying out the study. The significant constraint was the scanty literature on the subject owing that the the relationship between customer relationship management (CRM) and organizational growth in Cameroon discourse is vast thus the researcher incurred more financial expenses and much time was required in sourcing for the relevant materials, literature, or information and in the process of data collection, which is why the researcher resorted to a limited choice of sample size covering only residents of Cameroon. Thus findings of this study cannot be used for generalization for other regions within Cameroon. Additionally, the researcher will simultaneously engage in this study with other academic work will impede maximum devotion to the research. Howbeit, despite the constraint encountered during the research, all factors were downplayed in other to give the best and make the research successful.
1.9 Definition of terms
Customer: A customer is any entity, organisation, or individual that, in exchange for payment or another consideration, acquires products or services from a third party, typically a business. Customers are vital to businesses because their consumption of the products or services offered by the company generates revenue and maintains operations. Customer retention and contentment are critical for organisations seeking to sustain a devoted clientele and attain enduring prosperity.
Customer Relationship Management (CRM): Customer Relationship Management (CRM) is a strategy and technology utilised by businesses to effectively manage and analyse interactions with their existing and prospective customers. The goal of CRM, is to enhance relationships with customers, ultimately driving sales growth and improving customer satisfaction and loyalty.
Organizational growth: Organizational growth refers to the process by which a company or organization expands its capacity to achieve its goals and increase its overall size, influence, and market presence. This growth can manifest in various ways, including increased revenues, expanded customer base, higher market share, broader product or service offerings, more employees, and enhanced infrastructure.
This material content is developed to serve as a GUIDE for students to conduct academic research
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