Customer Relationship Management Practices in Service Sector– a Comparative Study of L.I.C & Banking in Warangal
SYNOPSIS
ON
CUSTOMER RELATIONSHIP MANAGEMENT PRACTICES
IN SERVICE SECTOR– A COMPARATIVE STUDY OF L.I.C & BANKING IN WARANGAL
SUBMITTED TO
THE DEPARTMENT OF COMMERCE AND BUSINESS MANAGEMENT Dr. B. R. AMBEDKAR OPEN UNIVERSITY
FOR ADMISSION INTO
Doctor of Philosophy
By
SHRAVAN KUMAR KURAM
DEPARTMENT OF COMMERCE AND BUSINESS MANAGEMENT
Dr. B. R. AMBEDKAR OPEN UNIVERSITY
HYDERABAD ( A. P )
CUSTOMER RELATIONSHIP MANAGEMENT PRACTICES IN SERVICE SECTOR - A COMPARATIVE STUDY OF LIC & BANKING IN WARANGAL
INTRODUCTION Today many businesses such as insurance companies, banks and other service providers realize the importance of CRM and its potential to help them acquire new customers, retain existing ones and maximize their lifetime value. At this point, close relationship with customers will require a strong coordination between IT and marketing departments to provide a long-term retention of selected customers.
CRM is a modern approach to marketing. It focuses on the individual consumer. Customer is the king; therefore, the products and services have to be offered in such a way that they suit the needs and preferences of the customer.
CRM is a sound business strategy to identify the insurance company’s and banks most profitable customers and prospects and devotes time and attention to expanding policy relationships and account relationships with those customers through individualized marketing, repricing, discretionary decision making and customized service-all delivered through the various sales channels that the bank & insurance sector uses.
Customer Relationship Management (CRM):
“Your most unhappy customers are your great source of learning”
- Bill Gates CRM is a process by which a company maximizes customer information in an effort to increase loyalty and retain customers business over their lifetimes. In literature, many definitions were given to describe CRM. The main difference
ON
CUSTOMER RELATIONSHIP MANAGEMENT PRACTICES
IN SERVICE SECTOR– A COMPARATIVE STUDY OF L.I.C & BANKING IN WARANGAL
SUBMITTED TO
THE DEPARTMENT OF COMMERCE AND BUSINESS MANAGEMENT Dr. B. R. AMBEDKAR OPEN UNIVERSITY
FOR ADMISSION INTO
Doctor of Philosophy
By
SHRAVAN KUMAR KURAM
DEPARTMENT OF COMMERCE AND BUSINESS MANAGEMENT
Dr. B. R. AMBEDKAR OPEN UNIVERSITY
HYDERABAD ( A. P )
CUSTOMER RELATIONSHIP MANAGEMENT PRACTICES IN SERVICE SECTOR - A COMPARATIVE STUDY OF LIC & BANKING IN WARANGAL
INTRODUCTION Today many businesses such as insurance companies, banks and other service providers realize the importance of CRM and its potential to help them acquire new customers, retain existing ones and maximize their lifetime value. At this point, close relationship with customers will require a strong coordination between IT and marketing departments to provide a long-term retention of selected customers.
CRM is a modern approach to marketing. It focuses on the individual consumer. Customer is the king; therefore, the products and services have to be offered in such a way that they suit the needs and preferences of the customer.
CRM is a sound business strategy to identify the insurance company’s and banks most profitable customers and prospects and devotes time and attention to expanding policy relationships and account relationships with those customers through individualized marketing, repricing, discretionary decision making and customized service-all delivered through the various sales channels that the bank & insurance sector uses.
Customer Relationship Management (CRM):
“Your most unhappy customers are your great source of learning”
- Bill Gates CRM is a process by which a company maximizes customer information in an effort to increase loyalty and retain customers business over their lifetimes. In literature, many definitions were given to describe CRM. The main difference
Bibliography: 2. CRM in Insurance Sector – by Elien Joyner in SAS, North Carolina, 2005.