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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 F[.]
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 .vii INTRODUCTION .1 CHAPTER I: COMPANY INTRODUCTION .6 1.1 Overview of Mathnasium Company 1.1.1 History of foundation and development of Mathnasium in general .6 1.1.2 History of foundation and development of Mathnasium Times City 1.2 Business Activities .6 1.3 Organizational Structure 1.4 Mission and Vision 1.5 Some competitors of Mathnasium Times City CHAPTER 2: THEORETICAL FRAMEWORK 11 2.1 General understanding of Customer Relationship Management .11 2.1.1 The definition of Customer Relationship and Customer Relationship Management .11 2.1.2 A Customer Relationship Management model (IDIC) .11 2.1.3 The important of the Customer Relationship Management .13 2.1.3.1 The important of the Customer Relationship Management to new customers 13 2.1.3.2 The important of the Customer Relationship Management to existing customers 14 2.1.4 The factors that affect to the Customer Relationship Management 14 2.1.4.1 The processes of customer relationship management 14 2.1.4.2 Human Resources 15 2.1.4.3 Information technology system 15 2.2 A study related to Customer relationship management (The model of SERVQUAL (Parasurama, Zeithaml & Berry, 1988)) 15 CHAPTER 3: FINDINGS AND ANALYSIS 19 3.1 Customers in Mathnasium Times City .19 3.1.1 Overview of customer in Mathnasium Times City 19 Figure 4: Mathnasium Times City students' School 19 Figure 5: Students’ source in Mathnasium Times City 20 ii 3.1.2 Customer expectation in Mathnasium Times City .21 Figure 6: Customer expectation in Mathnasium Times City 21 3.2 The structure and process of the customer relationship management system in Mathnasium Times City .23 3.2.1 Structure 23 3.2.2 Process 24 3.3 How the customer relationship management system in Mathnasium Times City satisfied its customers? 25 3.3.1 Teacher 27 Therefore, customers at Mathnasium are very satisfied and trust in teacher quality The following results of the survey also make it clear 28 3.3.2 Service 28 3.3.3 Facility 30 3.3.4 Policy 31 CHAPTER 4: RECOMMENDATIONS 32 4.1 The structure and process of the customer relationship management system in Mathnasium Times City .32 4.1.1 Structure 32 4.1.2 Process .32 4.2 Teachers 32 4.3 Services 33 4.4 Facility .33 4.5 Policy .33 CONCLUSION 34 REFERENCES 35 APPENDIXES 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 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 ) .7 Figure 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 vii INTRODUCTION 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 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