The Impact of Customer Relationship Management on Retailing of Pharmaceutical Products: a Case Study of Far East Mercantile Limited
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Date
2008-08-19
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Abstract
This master thesis, prompted mainly by the much publicized questioning of most Customer Relationship Management (CRM) initiatives, was to gain a better understanding of the impact of CRM on the retailing of pharmaceutical products, Far East Mercantile Limited (F.E.M Ltd.) as a case study. Scholars have questioned the effectiveness of several customer relationship management strategies.
Delivering superior customer value has become a matter of ongoing concern in building and sustaining competitive advantage by driving customer-relationship-management (CRM) performance
The objective then is to examine the CRM practices, effects and identify strategies on the
Pharmaceutical division of F.E.M Ltd.
To achieve the purpose of this thesis, a case involving F.E. M. Ltd. was studied. With the methodology, questionnaires and interviews were the main source of data collection. Qualitative and quantitative methods were used in analyzing the data. The population was made up of the whole customers of the Pharmaceutical division. The available sample size was 854. The Statistical Package for Social Scientist (SPSS) software was used in coming out with frequency, percentages, tables and charts for each of the items. The output generated by the software was then printed out and used for further analysis.
Findings from the study show that F.E.M Ltd has a good customer relationship with majority of customers but does not put weight on training customers on product knowledge and also majority of the customers were satisfied with the services of the company in terms of efficiency by the staff, but they were also not satisfied with the services of the company in terms of advertisement.
Key recommendations were Far East Mercantile Ltd. should engage in advertising its range of haematinics and some analgesics in the print and electronic media, it should also compliment building strong customer relationships with having quality products, since customers keep coming back if they know for certain that their needs are always met and finally it should encourage long-term and lasting relationships with their customers, by providing more incentives such as discounts, credits and continuous supply of pharmaceutical products.
Description
A Thesis submitted to the School of Business, Kwame Nkrumah University Of Science And Technology in partial fulfillment of the requirements for the degree of Master of Business Administration, 2008