NATIONAL ECONOMICS UNIVERSITY FACULTY OF FOREIGN LANGUAGES ENGLISH FOR BUSINESS DEPARTMENT THAI THI HANH A Study on the Customer Relationship Management in Supervisor: Ass. Pham Thị Thanh Thùy Hanoi, May, 2020 NATIONAL ECONOMICS UNIVERSITY FACULTY OF FOREIGN LANGUAGES ENGLISH FOR BUSINESS DEPARTMENT THAI THI HANH A Study on the Customer Relationship Management in Supervisor: Ass. Pham Thị Thanh Thùy Hanoi, May, 2020 Thái Thị Hạnh - 11141363 - Business English 56C ACKNOWLEDGEMENT Foremost, I would like to express my sincere gratitude to my Ass.Pham Thi Thanh Thuy, Dean of Faculty of Foreign Languages for her supports 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 go to Mrs. Nguyen Thi Tra My for giving me this opportunity in her company. Lastly, my family always supports me spiritually throughout my life. Thái Thị Hạnh - 11141363 - Business English 56C TABLE OF CONTENTS ACKNOWLEDGEMENT .ssccsssscssscecssscecsccccssscsessscessscsessscsesssccessssessscssens i TABLE OF CONTENTS.
HT 0000000 084 ii LIST OF TA B. 009 6804 086 iv LIST OF EIGUREES.-- << G5 << 4 TS 0009008800086 M EXECUTIVE SUMMARY. c H TH 0 90000vỉ INTRODUCTTION. 0000004009 00000006 1 CHAPTER I: COMPANY INTRODUCTION .1 Overview of Mathnasium Company .1 History of foundation and development of Mathnasium in general.
Background information of Mathnasium in Times CIfy.-- + 11119121111 11911 ng vn ve rưy 7 1.4 Missions and Vision of the COMPANY .-‹-- ccs sn*s ssveresee 8 1.5 Some competitors of Mathnasium Times City .-- «5s +S<<sse+ss+ 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. Factors that affect to the customer relationship management\.
A study related to Customer relationship management (The model of SERVQUAL (Parasurama, Zeithaml & Berry, 1988)).--«<<s++<<+ 17 CHAPTER 3: CUSTOMER RELATIONSHIP MANAGEMENT IN MATHNASIUM TIMES CITY. Customers in Mathnasium Times CI(y. Overview of customers in Mathnasium Times City .2 Customers’ expectation toMathnasium Times City. The structure and process of the customer relationship management system 1n Mathnasium Times City .----- Q2 TH TT nen 26 4.
CC L L0 HS HT ng TT kg cv 27 il Thái Thị Hạnh - 11141363 - Business English 56C 3. How the customer relationship management system in Mathnasium Times Citysatisfied its CUStOMETS?. 31 Therefore, customers at Mathnasium are very satisfied and trust the teacher’s quality. The following results of the survey also make it clear.
Satisfaction in facilities of Mathnasium Times City. HH TH ng ng cự 36 CHAPTER 4: RECOMMENDATIONS .1 The structure and process of the customer relationship management system 1n Mathnasium Times City .- << 1E vn tk ky 37 ALD Structure. LH ng nọ re 38 x”»» an. HH HH KH Họ HT nà kh 39 4.
ng TH nọ KH Họ HT 39 CONCLUSIONN. 000006004008 44 11 Thái Thị Hạnh - 11141363 - Business English 56C LIST OF TABLE Table 1.1: Some competitors of Mathnasium Times City (2019).1: Factors that affect to the customer relationship management.1: Summary of Gaps with Diagnostic Indications (Parasurama, Zeithaml & Berry, IO88). SH TH HH HH tt 21 Table 3.1: Customer relationship management Timeline .2: Customer survey T€SUÏẨS. (chen vn 30 1V Thái Thị Hạnh - 11141363 - Business English 56C LIST OF FIGURES Figure 1.1: The organizationalStructure of Mathnasium Times City (March, "00 .1: The IDICmodel of customer relationship management (Peppers and Rogers, 1995) eee 8A.2: The model of SERVQUAL (Parasurama, Zeithaml & Berry, 1988).1: Mathnasium Times City students’ School .2: Students’ information in Mathnasium Times CIty.3: Customer expectation in Mathnasium Times CIfy.4: Customer relationship management prOC€SS .5: Channels to collect customers’ information to customers in Mathnasium Times City .-- - G1 vn Hy 28 Figure 3.6: Customer satisfaction of feaCh€T.7: Customer satisfaction Of S€TVIC€ .8: Customer complaint DFOC€SS.9: Customer satisfaction of ÍaC1ÏIfY.- si trey 34 Figure 3.10: Customer satisfaction Of POCICY .:::cccesssccceeseneeceeeeeneeeeeeeeteeeees 35 Thái Thị Hạnh - 11141363 - Business English 56C EXECUTIVE SUMMARY Vietnam now is an official member of the World Trade Organization so the competition is open to all enterprises.
In order to build up strength in the market, any organization should be aware of the importance of managing customer relationship. Therefore, how to run the customer relationship management system 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 chapter 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. vi Thái Thị Hạnh - 11141363 - Business English 56C INTRODUCTION 1. Introduction of the research topic In theory, Customer relatlonship managermentis defined as an approach “to manage a company's interaction with current and potential customers” (Margaret Rouse, 2019).
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 expectations.
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 an American Mathematics Professor Larry Martinek. According to final report in 2019 of 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, this report also shows that the retension rate decreased continuously by 62% in the fourth quater of 2019, down 8% year on year, and the number ofnewsales dropped slightly during the last three months of 2019, estimated at 15 newsale per month, down roughly 30% compared to the same period last year.
Consequently, the customer satisfaction tends to go down. 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 this system.
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. Thái Thị Hạnh - 11141363 - Business English 56C 3. Research questions This study is conducted and figured out to answer two following questions: Questionl: 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 The research achieves the following objectives: (1) Identifying the real situation of the customer relationship management system of Mathnasium Times City in the recent period.
(2) Analysing factors affecting to customer relationship management in Mathnasium Times City. (3) 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: The research focuses on customer relationship management in Mathnasium Times City (3) Contents: Customer relationship management and measures to futher improve the customer relationship management of the company (4) Time: data will be collected within 2 years (from 2018 to 2020) 6. Research methodology Customer relationship management 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 customer relationship management strategies. 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 Thái Thị Hạnh - 11141363 - Business English 56C 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 lists the most important sources of information to do the research Source Information That Can Be Obtained From The Source Internal data with in 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 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.
Thái Thị Hạnh - 11141363 - Business English 56C 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.