NATIONAL ECONOMICS UNIVERSITY FACULTY OF FOREIGN LANGAUGES ENGLISH FOR BUSINESS DEPARTMENT ------------ THÁI THỊ HẠNH A Study on Customer Relationship Management in Mathnasium Times City and Suggestions to Futher Improve the System Supervisor: Phạm Thị Thanh Thùy Hanoi, May, 2020 NATIONAL ECONOMICS UNIVERSITY FACULTY OF FOREIGN LANGAUGES ENGLISH FOR BUSINESS DEPARTMENT ------------ THÁI THỊ HẠNH A Study on Customer Relationship Management in Mathnasium Times City and Suggestions to Futher Improve the System Supervisor: Phạm Thị Thanh Thùy Hanoi, May, 2020 ACKNOWLEDGEMENT Foremost, I would like to express my sincere gratitude to my teacher, Mrs. Pham Thi Thanh Thuy, lecturer of Faculty of Foreign Language for her support and guidance. Furthermore, I would like to thank to all lecturers and assistants of the Business Department of the National Economics University for their encouragement, insightful comments, and advices. My sincere thanks also goes to Mrs.
Nguyen Thi Tra My for giving me this opportunity in her company. Lastly, my family always supports me spiritually throughout my life. i TABLE OF CONTENTS ACKNOWLEDGEMENT.i TABLE OF CONTENTS.ii LIST OF TABLE.v LIST OF FIGURES.vi EXECUTIVE SUMMARY.1 CHAPTER I: COMPANY INTRODUCTION.1 Overview of Mathnasium Company.1 History of foundation and development of Mathnasium in general. History of foundation and development of Mathnasium Times City.4 Mission and Vision.5 Some competitors of Mathnasium Times City.8 CHAPTER 2: THEORETICAL FRAMEWORK.
General understanding of Customer Relationship Management.1 The definition of Customer Relationship and Customer Relationship Management.2 A Customer Relationship Management model (IDIC). The important of the Customer Relationship Management. The important of the Customer Relationship Management to new customers. The important of the Customer Relationship Management to existing customers.
The factors that affect to the Customer Relationship Management.1 The processes of customer relationship management.3 Information technology system. A study related to Customer relationship management (The model of SERVQUAL (Parasurama, Zeithaml & Berry, 1988)).15 CHAPTER 3: FINDINGS AND ANALYSIS.1 Customers in Mathnasium Times City.1 Overview of customer in Mathnasium Times City.19 Figure 4: Mathnasium Times City students' School.19 Figure 5: Students’ source in Mathnasium Times City.2 Customer expectation in Mathnasium Times City.21 Figure 6: Customer expectation in Mathnasium Times City. The structure and process of the customer relationship management system in Mathnasium Times City. How the customer relationship management system in Mathnasium Times City satisfied its customers?.27 Therefore, customers at Mathnasium are very satisfied and trust in teacher quality.
The following results of the survey also make it clear.1 The structure and process of the customer relationship management system in Mathnasium Times City.36 iii iv LIST OF TABLE Figure 1: The organizational Structure of Mathnasium Times City (March, 2020 ).7 Table 1: Some competitors of Mathnasium Times City.8 Table 2: Summary of Gaps with Diagnostic Indications (Parasurama, Zeithaml & Berry, 1988).17 Table 3: Customer relationship management Timeline.24 Table 4: Customer survey results.26 v LIST OF FIGURES Figure 1: The organizational Structure of Mathnasium Times City (March, 2020 ). The IDIC model of customer relationship management (Peppers and Rogers, 1995).12 Figure 3: The model of SERVQUAL (Parasurama, Zeithaml & Berry, 1988).16 Figure 4: Mathnasium Times City students' School.19 Figure 5: Students’ source in Mathnasium Times City.20 Figure 6: Customer expectation in Mathnasium Times City.21 Figure 7: Customer relationship management process.23 Figure 8: Method communication to customers in Mathnasium Times City.25 Figure 9: Customer satisfaction of teacher.28 Figure 10: Customer satisfaction of service.29 Figure 11: Customer complaint process.29 Figure 10: Customer satisfaction of facility.30 Figure 13: Customer satisfaction of pocicy.31 vi EXECUTIVE SUMMARY Vietnam now is participating in World Trade Organization so the competition is open to all enterprises. In order to build up strength in the market, the organization needs to be aware of the importance of managing customer relationship. Therefore, how to motivate employee to work effectively is the top question of any managers.
That concern results in the author choosing the topic: “A study on customer relationship management in Mathnasium Times City”. The writer details the structure and process of customer relationship management system in Mathnasium Times City, lists all collected statistics and monthly customer care report to evaluate its customer satisfaction in this research. Moreover, according to these findings, some suggestions are given to develop the quality of customer relationship management system in Mathnasium Times City. The report is divided into four key chapters.
The first shows an introduction of Mathnasium Times City. The second chapter is about to illustrate theoretical frameworks including the definition of key terms and the well-known theories involving customer realtionship management. In the third chapter, the statistical analysis will be provided. In the final chapter, the author suggests some recommendation to futher improve the customer relationship management system.
Introduction of the research topic In theory, Customer relationship managerment is defined as an approach to manage a company's interaction with current and potential customers. Undoubtedly, customer relationship management has gained its importance through the statement that acquiring a new customer is several times more costly than retaining and selling additional products to existing customers. It helps businesses to create loyalty and customer retention. Since customer loyalty and retension are both qualities that affect a revenue and profits for a business.
However, customers in different kind of sectors, with different psychological characteristics will surely have different expectation. Thus, the manager should have take appropriate measures to futher improve the relationship with their own customers and compete their rivals as well. Mathnasium Group, headquartered in Los Angeles - United States, is a system of Mathematical Thinking Center for children at the aged of 4 to 15 years old by American Mathematics Professor Larry Martinek. In Mathnasium Times City of Viet Nam, the tuition fee increased 15% in March, 2019 and 30% in November, 2019 while the customer service did not meet its customer expectation.
Besides, the retension rate decreased continuously and the number of newsales dropped slightly. Consequently, the customer satisfaction went down sharply. These factors directly affected to revenue and profits of the company. As the result, finding methods to build a close- knit customer relationship to overcome this difficult period is always the concern of the company.
Because of the theoretical issues and practical requirements, our research would focus on analysing the real situation of customer relationship Management in Mathnasium Times City and then suggestting some solutions to futher improve the systerm of customer relationship management. Aims of the study The study aims at analysing the customer relationship management in Mathnasium Times City to know whether this system is effective enough or not in a difficult situation when customer expectation is quite low, and then providing some recommendations to futher improve this system. Research questions Question 1: How much does the customer relationship management system satisfy customers in Mathnasium Times City? Question 2: What are some suggestions to futher improve the customer relationship management in Mathnasium Times City? 4. Research objectives (1) Classifying theories of customer relationship management (2) Identifying the real situation of the customer relationship management system of Mathnasium Times City in the recent period.
(3) Analysing factors affecting customer relationship management in Mathnasium Times City. (4) Proposing solutions to improve the customer relationship management of Mathnasium Times City. SCOPE OF THE STUDY (1) Customer relationship management in Mathnasium Times City (2) Research scope: Only focuses on customers in Mathnasium Times City (3) Contents: Customer relationship management and measures to futher improve customer relationship management (4) Time: data will be collected within 2 years 6. RESEARCH METHODOLOGY CRM is a complex concept requiring appropriate business process and integrated systems.
in addition, the study demonstrates the relevance of the need for effective leadership, sourcing, communication and evaluation within CRM strategies. CRM is a complex concept requiring appropriate business process and integrated systems. in addition, the study demonstrates the relevance of the need for effective leadership, sourcing, communication and evaluation within CRM strategies. CRM is a complex concept requiring appropriate business process and integrated systems.
in addition, the study demonstrates the relevance of the need for effective leadership, sourcing, communication and evaluation within CRM strategies. 2 Classifying by ways of collecting information, there are 5 main research methods including document research method, non-experimental method, experimental method, multiple choice/experiment and expert interviews. In this research, because of the difficulties in time, cost and effort, the author would conduct the research with two following methods. Document research method The method of document research is used first when the researcher begins to approach the research topic.
The purpose of the method is to collect information related to the theoretical basis of the topic, research results related to the published topic, policy guidelines related to the topic and statistics. The steps of document research method often go through three steps: (1) Collecting documents (2) analyzing documents (3) Concluding the problem The following table list the most important sources of information to do the research Source Information That Can Be Obtained From The Source Internal data within organization Customer lists; sales figures; trends of sales organizations over time; enquiries; sources of enquiries; complaints; sales representatives’ reports; market reports on the company’s shelves; information in people’s heads, brochures and catalogues Libraries Report and resesearch papers of other students in National Economics University, books, newspapers. Internet Company websites for product and company information, knowledge related to resesearch methodology customer relationship management,. This data source will then be classified, analyzed and aggregated to help the author answer these above research questions.
Non- experimental method 3 Non- experimental method is a method of collecting information directly from the survey subjects but not affecting the subjects. It is classifyed into observation method, interview method and surveying the questionnaire Observation method: Researchers are in direct contact with real objects to collect data, through direct observation means such as listening, watching or using audio recording devices. This method has the advantage of helping to record what is happening directly, less costly and less responsive from the survey object. However, the disadvantage is that it is difficult to quantify data and difficult to implement on a large scale.
As a program consultant at Mathnasium Times City, the author has the opportunity to observe the attitude of the clients daily and directly work with the relevant departments such as: how customers interact with the staff at the center, the attitude of the customer during the time their child studys in the center, the frequency of the incident with the customer at the center, the way the relevant departments exchanging information with each other, etc. These practical experiences will be the useful knowledge for the author in this research. Interview method: A method of asking questions to interlocutors for information gathering. Interview formats include discovery interviews, in-depth interviews, pre-prepared interviews, unprepared interviews, direct interviews and indirect interviews.
This method has the advantage of being flexible, the author can observe non-verbal behaviors and can control the interview context. But the disadvantage is that it takes time and effort, is difficult to implement in large-scale. In this study, the author will meet person in person to interview the Center Manager, the Senior Program Consultant and the Head Teacher to have more materials to support this research. Surveying the questionnaire: This is essentially a form of interview but adhere to the fixed questions in the questionnaire.
The person in person can ask in person, by phone or by mail. Each form of investigation has a different advantage and disadvantage. In this study, the author will do two surveys: - Survey 1: Content: Avaluting the effectiveness of customer relationship management at Mathnasium Times City Participants: 12 staffs in Mathnasium Times City Research techniques: Sending question survey in person 4 - Survey 2: Content: Avaluting customer satisfaction and expectations at Mathnasium Participants: 100 existing customers in Mathnasium Times City Research techniques: The author will send to 100 customers an question survey while they are waiting to pick up their children in Mathnasium Times City. RESEARCH STRUCTURE The study is divided into five main chapters: Chapter 1: Introduction Chapter 2: Theoretical framework Chapter 3: Data analysis and major findings Chapter 4: Recommendation and conclusion 5 CHAPTER I: COMPANY INTRODUCTION 1.1 Overview of Mathnasium Company 1.
