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Students are required to submit a research report/essay which analyses and presents the main findings on a topic related to Information Systems. This document provides detailed instructions on how to approach the assessment and how essays will be marked.
The literature review should have a purpose related to Information Systems and technology. For example, rather than just describe, e.g. the use of ERP in Manufacturing, this topic could be used, for example, to examine the impact of ERP on management practices, or on business strategy in manufacturing firms. It usually helps to first pose then answer a question, eg, what are the organisational impacts of ERP on small manufacturing firms? A topic might be chosen for one or more of the following reasons:
The purpose of a literature review. The purpose of the literature review is to increase your knowledge and understanding of the current research in a particular area and to provide an overview and commentary of significant literature on the topic. The review is based on the work and ideas of other authors but you need to provide your analysis and interpretation of that work. A good literature review will: • distinguish what has been done from what needs to be done; • discover important themes, variables and issues relevant to the topic; • synthesize current work to provide a new perspective; • identify relationships between ideas and practice, theory to applications; • establish the context of the topic; • justify the importance of the topic;
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Today customers in most industries are spoilt for choices. In today’s hypercompetitive market, it has become extremely important for brands to win customer trust and loyalty, which will help to retain customers(Payne, Frow, 2005). As acquiring a new customer is expensive than retaining existing customers, the focus on effective CRM is extremely important. CRM comprises of three major functional areas such as service and support, sales and marketing. The above components were considered as the customer association life cycle, which begins from marketing to sales and then sales to support and service (Dimitriadis, Stevens, 2008). Moreover, IS and IT, which serves as vital elements for maintenance and support of the three functional components such as service and support, marketing and sales is the whole process of CRM. Basically, CRM generates a competitive benefit for the business segment. CRM also has a positive influence on the performance of the business segment. CRM can be implemented in many ways (Piskar, Faganel 2009). For example, at the level of tactical; CRM might be defined as electronic marketing or marketing database. In the case of the level of strategic, CRM might be referred to as partnership and maintenance with the consumer. CRM systems lead to both marketing and financial performance, as shown in the below diagram. It also results in higher customer trust and customer satisfaction. This translates to a higher return on sales and returns on investment for the company.
Relationship between CRM systems and customer retention
The key factor that improves customer retention is customer trust. One of the effective ways to improve customer trust is to provide a better quality of services and better customer engagement. CRM system helps to manage customer relationship in a robust manner and thereby improves customer loyalty (Dimitriadis, Stevens, 2008). A good CRM system helps to implement effective customer-oriented strategy after a sale of a product or service is made. It is important as it helps to create a high quality of customer experience and quality. CRM system helps to align people, process and technology to deliver a superior level of customer experience. As a result of a robust CRM system, customer loyalty increases which increases customer retention (Park, Kim, 2003). It is a well-known fact that the cost of retaining an existing customer is less than the cost of acquiring new customers. Thus, customer retention not only leads to recurring revenues but also reduces customer acquisition costs. There are many popular CRM systems in the market, like Salesforce and HubSpot, which helps in managing customer relationship and helps to retain customers in today’s hyper-competitive market (Piskar, Faganel 2009).
One of the key inputs to improve CRM system is analytic inputs based on enterprise customer-related data. The insights derived from analytics using tools like Google Analytics help to monitor customer activities online and also help to track customer conversations online. The data from CRM systems help to design a targeted marketing strategy and also decide on the right marketing channels. CRM is a new technology and has been generated by combining marketing systems, information and information technology can help organisations to acquire their objectives and raise profitability. In the age of information, organisations have to implement information appropriately. Especially if the information that is related to their customers, they are required to implement adequate methods and technologies in order to implement them properly (Leigh, Tanner, 2004).