Fashion industry management Essay Example | Topics and Well Written Essays - 2500 words

Fashion industry management - Essay Example According to the research findings it can therefore be comprehended that the fashion industry is fast moving and extremely trendy. Working in a fashion company requires one to keep up with fashion trends and to be open about adapting with fashion services and products. An advantage in working with a fashion company is that there is no need to get tied up with a single product for a long time because it is possible to change offerings on a frequent basis. Such circumstances create the necessity to remain open about new fashions and trends. It is beneficial to establish link with fashion professionals such as models, socialites, trend setters, stylists and designers. This helps a great deal in establishing good relations with manufacturers and distributors of fashion products, but the specific relationship depends upon the kind of business that is being considered. It is important for fashion companies to organize fashion shows to attract attention to the business, in addition to hirin g publicists and event planners to make the events successful. In view of the extensive competition in the fashion industry it is better to keep finding new ways to reduce costs. Pricing policy should be adopted whereby the consumer gets value for his money. In addition to complying with these processes, one must keep a close tab on the budget as provided for in the business plans. Fashion is a wide term that includes products or markets characteristically encompassing elements of style that tend to be short lived. Fashion markets mostly exhibit certain characteristics such as short life cycles, high volatility, low predictability and high impulsive purchases. Fashion products are typically transient because they are designed for capturing the mood of people during any given period. Therefore, the period in which a fashion product is sold will mostly be ephemeral; a few months or weeks. The demand for fashion products are seldom stable and are prone to be impacted by the vagaries of weather or the actions of sports personalities or pop stars. It is extremely difficult to forecast the demand of fashion products because of the given unpredictability. Most purchase decisions for fashion products are made on impulse at the points of sale because consumers are motivated to buy the product only after seeing what varieties and items are available. The fashion industry is also known as the Rag Trade because the involvement of designer clothes and high fashion creates difficult and competitive market conditions. The business environment is characterized with constant change as fashions and trends keep coming and going. The working of a fashion company can be bifurcated into four distinct sections; retailing, wholesaling, manufacturing and designing. But all these functions complement each other, which clearly reveal that the industry is more about information than just clothing and design. In this industry, people are required to make a place for themselves in a social environment and to associate with specific social groups. It is recognized that fashion products are a means of communication and make statements about the individual wearing them, in identifying him or her with a specific group. Changing fashions demonstrate the working of a dynamic system and such changes are irregular and vary with circumstances. There are times when people in the industry experience a literal chaos in terms of the mixture of fashions that may exist at one time and then suddenly a new emergent style replaces them, thus making it imperative for the fashion company to change its strategies and goals. Under these circumstances, I realized that it is better to ignore

Ways We Change Essay Example | Topics and Well Written Essays - 500 words

Ways We Change - Essay Example Sometimes, the process of change takes place automatically and sometimes, one has to push himself to be a part of a particular change process as mostly, people are afraid of the consequences of the change and therefore are resistant to it. However, humans have to face the monster of change in every step they take. So, changing is an intrinsic feature of human nature. The foremost reason highly observed for being involved in the â€Å"change process† is, as human beings grow up, they get to understand themselves better; their likes, dislikes, feelings, values, preferences, environment and surroundings. All these things make up his mind whether to change himself or not. The living needs of the world, the circumstances around us and the prerequisites to survive in this competitive world actually pushes an individual to change himself in almost all the areas of life. The change process of anything can be divided into four steps; pre-contemplation, contemplation, action and maintenance. In pre-contemplation, one tries to resist the change process and not thinks about it. Then, in contemplation, one starts to think about changing by weighing the pros and cons of change. Afterwards, in action, one tries to take steps to adopt the change process and lastly in the maintenance stage, one tries to preserve the momentum of the change and tries not to dissuade the change. Human life is full of examples where he/she has to pass through the change process. Educational Traveling is one such example. Mostly, students have to go abroad for higher studies. They have to adapt themselves according to the culture, values, traditions and norms of that particular country and have to adapt themselves to their educational system. Further, talking about marriage, as one gets married, he has to go through an immense kind of change process; he has to mould his habits according to the likes and dislikes of his partner. He has to forgo his careless nature and has to be

Importance of teams Essay Example | Topics and Well Written Essays - 500 words

Importance of teams - Essay Example The following section will focus on importance of teamwork in other sectors like aviation, auto racing and military and the lessons that healthcare industry can learn. Teamwork is extremely important for any sector that is highly reliant on human performance. In a team two aspects are equally important – taskwork and teamwork. While the former means the skills needed by the members to execute their tasks, the latter means the approach needed by the members to complete the tasks. In aviation, both of these are required. The importance of effective task performance by crew members in the cockpit cannot be denied. At the same time, there should be strong teamwork for harmonization and communication between the crew members. Records have shown that 68 percent of air mishaps occur due to poor coordination between aircrew (Salas & Maurino, 2010, p.254). According to Salas et al. (2005) there are five requirements for a team’s efficiency. First, strong leadership since it is through a team leader’s guidance the members can perform in a coordinated manner. Second, members need to monitor the activities of each other to keep track of e rrors or lapses to ensure perfection in overall performance. Third, backup behavior like members with less work load should share the burden of those who have excessive work load. Fourth, adaptability which means members should be able to adjust their work in case of unexpected difficulties. Fifth, team orientation indicates that each person should have compatible approach to work with other individuals. All the five elements are required in aviation in order to handle any emergency situation in the cockpit. In auto racing, teamwork between pit crew and race is considered as exemplary. The process underlying auto racing itself requires high level of team work, and it is said that no other industry promotes teamwork as

Understanding Property Markets. To what extent does property market Essay

Understanding Property Markets. To what extent does property market failure give a necessary and sufficient case for public intervention using planning controls - Essay Example current financial crisis clearly indicates that the nexus of the financial as well as property market can lead to the overall failure of the markets because the volatile nature of one market can readily impact another market if they are correlated with each other in any sense. In the past, it has been the practice of the financial institutions that they greatly offered easy money which allowed relatively higher volume of people to buy their own homes. This phenomenon, however, also gave rise to the speculative activity within the market which not only led to the price appreciation but also made the market more volatile and prone to economic shocks. This effect has been so much that it was estimated that more than 590 billion British Pounds were wiped out from the property market only during 2008. (Knapton, 2008). Such symptoms indicate that the property market is prone to failure and as such may require the government intervention in the market through planning controls. This essay will discuss whether the recent failure makes a case for government to intervene in the property market or not. It is argued that the free markets do not always provide the efficient allocation of resources. There are various causes of market failure and as such information imperfections, externalities as well as capital market imperfections are some of the causes which can be cited as the few major reasons behind the failure of the markets. (Keep,2006). Whether government shall intervene into markets to correct them or not is an issue of great debate which has been re-emerged again. During 1990s, it was argued that the extension of credit has a greater macroeconomic impact on the economy as credit has extensive linkages with different markets such as property markets as well as consumer durables.(Eichengreen & Mitchener, 2004). Property markets along with other markets, therefore, started to grow and reached to a level where it failed to accommodate the economic shocks and resulted

Reading Response to a Poem Essay Example for Free

Reading Response to a Poem Essay The poem â€Å"Wild Geese† by Mary Oliver was a very inspirational poem. Oliver creatively uses imaginative language, emotion, symbolism, and romanticism which led to a very positive and upbeat tone in her poem. Throughout this poem, the one thing that I focused on was the positive and upbeat tones that this poem contained. By her use of symbolic and imaginative language in â€Å"Wild Geese†, the reader is opened to Mary Oliver’s underlying meaning behind her literary prose. Furthermore, the calm romantic tone of this thought provoking poem, raises positive emotions to rise up out of the moment, and invites us to further take a look at ourselves. Mary Oliver immediately engages the reader into considering the true meaning behind her choice of words. In lines one through five, the reader can envision being in a very noble place where rules are always followed. Mary Oliver (1986) noted that, â€Å"You do not have to be good. You do not have to walk on your knees for a hundred miles through the desert, repenting. You only have to let the soft animal of your body love what it loves† I believe that she is saying that you do not have to follow the rules of society by bowing down to others or to repent for being who you are. Oliver used the symbol of an animal, you should do what you love to do and not worry about having to say you are sorry. With that being said, animals never have to apologize for being who God or the Creator made them to be. In lines six and seven, she again uses emotion and romanticism to bring out the feeling of her readers. Oliver (1986) noted that, â€Å"Tell me about despair, yours, and I will tell you mine. Meanwhile the world goes on†. She cleverly shows that we all have problems and yet the world will still go on. God or the Creator never promised us an easy life. In lines eight through eleven, Oliver uses the symbols of nature once again to show us that life is still going on no matter what problems we face. Oliver (1986) noted that, Meanwhile the sun and the clear pebbles of the rain are moving across the landscapes, over the prairies and the deep trees,   the mountains and the rivers. She uses the emotional state of the reader along with the quiet romantic tones to show that although you will go through trying times in life, it will not last forever. She uses the symbolism of the wild geese, in lines twelve and thirteen, to show that we will always be guided to our destinations. All we have to do is allow our natural instincts to guide us just as the wild geese are guided home by natural instinct. In lines fourteen through fifteen, Oliver uses emotion and imaginative language to let the reader know that no matter who you are, or how lonely you feel, the world is for you to design it. The reader needs to use his/ her imagination. If you can dream it, you can achieve it. She again uses the symbolic nature of the wild geese to illustrate this concept. Last but not least, in lines sixteen through eighteen, she again uses imaginative language to challenge the reader to not conform to the world. The reader can use their imagination to break free from their conventional life styles and to join their place in the family of nature. In nature, there are no rules, but the ones that you create, where you are free to be as the â€Å"Wild Geese†. In conclusion, I found the poem â€Å"Wild Geese† by Mary Oliver extremely inspirational. She creatively uses imaginative language, emotion, symbolism, and romanticism to convey a very positive and upbeat tone in her poem. Throughout this poem, the one thing that I continuously focused on was the positive and upbeat tones that this poem contains. This is a very inspirational and uplifting poem. It encourages us to go beyond the plan that is laid out for us by society and lends us permission to be who we were destined to be. Throughout this entire poem, we are given permission to shake off all of life’s discretions, throw caution to the wind, and be as wild and free as nature intended us to be. References Clugston, W. R. (2010). Journey into literature. San Diego, CA: Bridgepoint Education, Inc.

Personal Development Essay Example for Free

Personal Development Essay On starting this module I was quite looking forward to undertaking it. There seemed to be a number of issues that appealed and as it has a personal perspective to it the appeal was greater. During this assignment I hope to be objective in my findings and evaluate my discovery on personal development within the three perspectives. I also like to understand the impact on the different perspective and how the influence both personal an professional growth. 1. Apply the three theoretical perspectives in relation to personal development.   Psychodynamic:  Freud is the founder of psychotherapy, treatments such as free assocuation and analysis of the id, ego and superego were the way to deal with the consciousn/ uncocious psyche. Howerver current practitioners continue to use Freuds approaches albeit with more supportive techniques. It is now understood that psychotherapy is more effective when it leads to incresed self-knowledge and awareness. Other maintain object relations are more suited to change habitual practices. In terms of the three theoretical perspective on my own personal development, I have identified the following in Psychodynamic: Altruism: I have on many occassions put aside my own emotional needs by meeting to the extream the needs of others, more times than often meeting their needs FIRST.  Avoidance: I have openly spoken of how I use avoidance to distance myself from a person or situation. It prevents me getting personally involve or attached, and has been a tacktic used since childhood.  Compensation: I overcompensate my disability (dyslexia) by studying as many subject as possible usually all at the same time. At the time it seem irrational, but personaly there is a need to prove I am a person having a disabilty ..I am not disabled (or stupid) Denial: I am in denial about so many thingsI dont know what they are!  Idealization : I idealise about all the things I am going to accomplish, albeit far from the realilty of me being able to do so. I often think it is about me being a dreamer and creative, the reality is it To dream the impossible dream  Introjection: I was once told, If you walk like a General, talk like a general and dress like a General people will treat and repect you like one. I often do that and give the impression of being calm, logical, organised etc, when most of the time I am nervious irrational and disorganised (especially on the inside). The personal impact is one of acknowledging my defenses and growth towards the ideal self in order to form a theraputic alayance with the client.  The impact on the client is will be based on my appraoch having acknowledge within myself the transference and changes I am experiencing.  Cognitive Behavioural Therapy (CBT):  This theory is the type of psychotherapy that is used in treating depression, anxiety, phobias and other kinds of mental disorder. CBT can help you to change how you think and what you do. These changes can help you to feel better. Unlike some of the other talking treatments, it focuses on the here and now problems and difficulties. Instead of focussing on the causes of your distress or symptoms in the past, it looks for ways to improve your state of mind now. Because CBT concentrates on behaviour this can be best dealt with when the client understands what views are held as rational and what perceptions are irrational.  A central aspect of Rational thinking is that it is based on fact, not simply our assumptions made. Often, we upset ourselves about things when, in fact, the situation is not like we think it is. If we knew that, we would not waste our time upsetting ourselves. I am trained to use Cognitive Behavioural Therapy when working in PST (Psycho-Sexual Therapy) and find it a difficult practice in as it sometimes conflicts with my personality and approach. Here is how Ive identified CBT for my personal development.  CBT is based on the scientific fact that our thoughts cause our feelings and behaviours. I am a great thinker and within my development have taken on the positive comments a member of the group has brought to my reflection. This is considered the fastest in terms of results obtained. (Average number of sessions around 16). This is very difficult for me, as I often get bored and impatient when the client is not making process. I am also a perfectionist and very strict in my expectations of the completing a task in such a limited time scale. I am learning not to be so hard or impatient with clients. Having said that this model compels me to work in a logical and cognitive state and the group in their observation of me often identifies this. The personal impact CBT will have for me is one of being direct and functioning in Adult ego state. This will enable be to practice being logical and direct as the model requires. (Not critical parent or perfectionist)  The impact on the client will be that they will feel confident and at ease in my intervention. Being able to rationalise and undertake homework to bring about change.

A Case Study Of Barclays Bank Ghana Marketing Essay

A Case Study Of Barclays Bank Ghana Marketing Essay Customer Relationship Management (CRM) is a broadly used and accepted strategy for nurturing a firms relationship with clients and business prospects. It involves the use of globally accepted technological tools to technically organise and synchronize work procedures, especially in the area of sales and marketing and technical support. The principal aim of CRM is to search, attract, and keep customers, grow and retain already existing ones and try to win back lost customers as well as cut down on costs of business service. For any firm to start, grow and remain in business the customer is vital and as such CRM is of key importance. Business success means that firms must see CRM as an area to invest in it is an investment and not be counted as a cost. However, if CRM is not handled properly it can be costly and detrimental to any firm. On the other hand, if well applied it will go a long way to enable any firm retain its clients base and subsequently grow its business. CRM to a very large extent affects the movements rate of customers in any industry, for the purposes of this research; the banking industry will be examined. Attrition rate is hugely dependent on CRM; customers in the banking industry have grown in terms of choice and control. A company therefore needs to strategise critically in its bid to retain customers. Of key importance in CRM is not just smiling faces but value in service delivery or superior product, leading to customer satisfaction and therefore customer loyalty and retention, which is the pivot of financial performance (Reichheld et al 2000; Hesket et al 1997, Reichheld, 1994). 1.1 GHANAS BANKING INDUSTRY ANALYSIS The Banking industry is highly competitive industry with 26 Banks currently competing for Corporate and Retail Clients. The industry is vastly capitalized with a total share holders fund of over One billion, Eight hundred thousand (GH ¢1,854,648,000), culminating to an average of over seventy one million of share holders fund per bank (GH ¢71,332,620.00). This may seem adequate per bank, regarding the upward adjustment of the Stated Capital by Bank of Ghana by 2012. The average share holders fund is however misleading as a number for banks are still struggling to even meet the twenty five million minimum capital requirement by 2010. In reality, it is only just about eight Banks whose capital is meets the Sixty million required by 2010. The Regulation to increase the minimum capital requirement of the banks comes on the back of the discovery of Oil in Commercial Quantities. This is required to position the banks strongly to take be able to take up larger transactions. While only f our (SCB, BBG, GCB and EBG) banks control almost 50% of the total assets held by the banking industry, the other twenty two banks are competing to increase their asset base to enable them compete with the larger banks. Profitability in the industry is quiet competitive as only four banks (BBG, FAMB, UTB and BSIC) made losses. The rest of the Banks made profit. With the developing new oil economy and the resulting expansion in the Ghanaian Economy, Banks are faced with a better opportunity to increase their profitability and consequently, their asset base. They are however faced with loan recovery difficulties resulting in an average of 18% of loans disbursed going bad. The Continual reduction of Inflation to 9.44% and the Policy lending rate of Bank of Ghana, has forced the base lending rate of the Bank Interest rates downwards. This however has ignited a price competition in the industry culminating into a debate on whether interest rates should reduce any further than it has, espe cially when loans default rate remains high (www.ghanaweb.com,www.bft.com) 1.2 BACKGROUND INFORMATION ON BARCLAYS GHANA Barclays Bank Ghana is one of the biggest and first foreign banks to enter the Ghanaian economy at a time in which the three major banks namely Barclays, Standard Chartered and Ghana Commercial Bank and enjoyed oligopolistic positions before other banks entered the industry. Barclays has operated in Ghana for ninety four years. It is a wholly owned subsidiary of Barclays Bank PLC. Its vision is to become the best bank for every customer, in every branch, for every product and every time. Barclays Bank of Ghana Limited has an expansive retail and commercial banking network in the country with 92 branches and over 130 ATMs in all regional capitals and major towns. Its products and services are targeted particularly at the business and corporate, as well as retail customers. Barclays offers a wide range of commercial, Retail and Treasury products and services. It also offers local business banking product and services for Small Medium Enterprises and indigenous businesses (http://www.ba rclays.com/africa/ghana/barclays_in.htm). The Bank of Ghana in February, 2010 named Barclays Bank of Ghana Limited the biggest foreign bank and also the largest bank in terms of capacity to handle transactions in Ghana. In June 2009, Barclays launched its Bancassurance proposition in partnership with Enterprise Life Assurance Company Limited (ELAC) to enhance our product range with insurance product such as Term, Family Funeral Plan and Education Plan for the convenience of its customers. The Banks Premier Banking offers tailor made solutions and one-on-one banking to its high net worth. The Premier proposition amongst others offers; dedicated banking suites, financial planning, lifestyle alliances, global access to Premier lounges (airport) etc. In addition Premier Life, a new service proposition to replace Prestige Banking has been introduced. It is targeted at customers who require convenient banking, quick and efficient service as well as a level of privacy and recognition. The Barclays Offshore Banking Unit, the first of its kind in Ghana and indeed Africa South of the Sahara, continues to offer world class banking service to non-resident private clients and corporate. Industries financed by Barclays include cocoa, the backbone of the countrys economy; timber; gold and other minerals as well as business in the manufacturing sector and commerce. The banks sustainability programme focuses on three pillars. Banking for brighter futures; Looking after local communiti es and Charity begins at work. Barclays uses these key pillars to support developmental projects across Ghana. More than 80% of staff are involved in voluntary community programmes annually. Dubbed Make a Difference Day, it is the biggest corporate voluntary activity in Ghana. Barclays Bank of Ghana Limited is part of the Barclays Africa Group comprising ten (10) African markets under Barclays PLC(http://www.barclays.com/africa/ghana/barclays_in.htm) 1.3 RATIONALE OF THE STUDY In recent years, there has been a paradigm shift from transaction focused policies to customer relationship focused policies. This is because the fundamental task of business is to create and keep a customer in a sustainable way and at an acceptable return to a shareholder. Levitt, Marketing Myopia. Majority of industries all over the business world have made varying efforts to go along with this shift in order to be able to retain the largest customer base possible. Some have managed it successfully whiles others are still woefully behind, and as such unable to break even. This dissertation is therefore aimed at examining the impact of CRM on customer attrition and also uncovers most appropriate methods of application. As a matter of fact it has become necessary to pursue this field as research to boost efforts of industries in their bid to uphold CRM in their business operations in order to retain and grow their customer base. An in depth knowledge of CRM and its appropriate use re veals that it reduces attrition. Thus the aim of this research work is to critically investigate the strategies of CRM and how it can be used to boost customer retention. The outcome of this research will establish CRM as the lifeline to any industry and hopefully get firms to adopt to it and grow their business. 1.4 STATEMENT OF THE PROBLEM Based on previous study, it has been established that bad CRM practise can be very damaging for any business. A recently released Harris Interactive study confirms that a bad customer service experience with your company is enough to make a majority of consumers run for the hills. The study reported that 80% of 2,049 US adults surveyed decided never to go back to a business/organization after a bad customer service experience. The study clearly indicates that an organizations customer service level is a defining factor that will make or break a company (www.crm2day.com/library/50483.php). Thus it is no doubt CRM is one of the main factors contributing to the rise or fall of an industry. CHAPTER TWO 2.0 AIMS AND OBJECTIVES OF THE STUDY The purpose of this research work is to; Understand clearly the concept of CRM Provide reasons why industries need to invest in CRM Explore the extent to which industries focus on CRM Establish the merits and de-merits of CRM Suggest the methods of application of CRM 2.1 RESEARCH QUESTION As a follow up to the aims and objectives of this research, certain questions will be examined using the findings and suggestions of some experts in this field as background. Jankowicz (2000) advocates strongly that knowledge does not exist in a vacuum, thus the present research only has value in relation to the work already done by other people. With the above as a basis, this research work will aim at finding answers to the questions below; A definite description of Customer Relationship Management( CRM) How does CRM boost business success? What are the various ways of CRM application? Is CRM a field to invest in at all? How important are customers to any industry? Why do banks need CRM? 2.2 SIGNIFICANCE OF THE STUDY With recent developments in the concept of CRM and its impact on business industries Huber et al.(2001) state that many marketing strategists and industrial-organization (IO) economists emphasize that creation of superior customer value is a key element for ensuring companies success ; it has become crucial to re-examine by research work the whole area of CRM establishing its importance and highlighting reasons why industries need to give more focus to this area. The results of the research will significantly achieve the following: Contribute to the knowledge providing good understanding of the key factors in CRM Establish CRM as a field to be invested in Assist industries that want to adapt CRM strategically Constitute a useful addition to work already done in the field Provide a basis for further research 2.3 SCOPE AND LIMITATIONS OF THE STUDY This research will be limited to the banking industry with specific focus on Barclays Bank. It would have been profitable to include other service industries but this will not be possible considering the broad nature of CRM and the costs and time constraints which relates to the time frame within which this results needs to be submitted. CHAPTER THREE 3.0 LITERATURE REVIEW 3.1 INTRODUCTION Customer relationship management (CRM) is bringing together of people, processes, and technology seeking to provide understanding of customer needs, to support a business strategy, and to build long-term relationships with customers. Successful usage of the integrated technology requires appropriate business processes and organizational culture to adequately address human behavioural elements. Because it is not simply a technology solution, success in CRM business is largely dependent on people. Customer relationship management (CRM) is a combination of people, processes, and technology (Chen and Popovich, 2003) that seeks to provide understanding of customer needs (Stringfellow et al., 2004), to support a business strategy (Ling and Yen, 2001; Bull,2003), and to build long-term relationships with customers (Wayland and Cole, 1997). Although enabled by information systems, CRM is not a technology solution (Rigby et al., 2002; Chen and Popovich, 2003). The core processes are handled b y people and requires clear understanding of the goals of key decisions and system-people interactions. To appreciate the concept of CRM an evolution of it needs to be highlighted. 3.2 EVOLUTION OF CRM From the 1980s to the 2000s the research of CRM have progressed tremendously (Ling and Yen, 2001; Goldenberg, 2006). The evolution of CRM started from target marketing (Prabhaker, 2001) and sales force automation (West, 2001) to relationship marketing (Gronroos, 1994) and has increased the demand for customer information management. However, as the scope of CRM grew, comprehensive emphasis on technology has become the focus. At the same time, the increased interest in CRM technology management has downplayed the importance of people issues, which are intimately responsible for successful CRM implementations (Goldenberg, 2006). New forms of competition and structural modifications of exchange processes have led to the emergence of the relationship paradigm for creating long-term relationships among customers and suppliers. This is partly due to the globalisation of business, internationalisation, deregulation, information technology advances, shorter product life cycles, and the evolv ing recognition of the relationship between customer retention and profitability (Morgan and Hunt, 1994; Zineldin and Jonsson, 2000; Chandra and Kumar, 2000; Sahay, 2003; Stefanou et al., 2003). Relationship paradigm refers to all activities directed towards establishing, developing and maintaining successful relational exchanges (Gro ¨nroos, 1990, 1995, 1996, 1997; Gummesson, 1994; Morgan and Hunt, 1994, cited in Donaldson and OToole, 2002; Sahay, 2003). Through out the 1990s, in many organisations strategies, there was a shift from the need to manage transactions toward relationship management (Light, 2003). While enterprise resource planning (ERP) packages dominated the transaction management era, customer relationship management (CRM) packages lead with respect to relationships. The relationship between marketing strategies and performance has been studied from numerous theoretical perspectives, for example, transaction cost economics (Williamson, 1985, 1993; Park and Kim, 200 3), market orientation (Jaworski and Kohli, 1993; Harris and Piercy, 1999; Martin and Bush, 2003; Nielsen et al., 2003; Stefanou et al., 2003; Shapiro et al., 2003; Bigne ´ et al., 2004), and profit impact of marketing strategy (Kumar et al., 2000). The focus on the content of marketing strategies has been valuable in identifying performance-enhancing strategies (Goodhue et al., 2002; Plakoyiannaki and Tzokas, 2002; Chen and Popovich, 2003). While the concepts presented and discussed in the above perspectives are clearly valuable and have clear meaning, they also reflect a lack of accurate operating elements. Efforts made in this direction have failed to provide the concepts with sufficiently accurate and indicative operating elements (Grisi and Ribeiro, 2004). It is our view that past attempts of extant literature on implementation of customer relationship strategies have been insufficient and not gone far enough in the transition from the old to the new. According to Narayandas and Rangan (2004), empirical research in relationship management has tended to take a snapshot of a relationship at a given time and then attempted to project its trajectory (Croteau and Li, 2003). This gap has prompted researchers such as Anderson (1995), Jap and Ganesan (2000) and Lambe et al. (2001) to call for more field-based research based on case studies that draw on material from the multiple exchange episodes that constitute relationships and that offer insights into the processes of relationship initiation and maintenance (Narayandas and Rangan, 2004). Work on implementation of CRM strategy has focused on database management, direct marketing techniques, e-commerce and customer relationship mechanisms (Ling and Yen, 2001; Winer, 2001; Shoemaker, 2001; Gefen and Ridings, 2002; Fjermestad and Romano, 2003; Apostolou and Mentas, 2003; Croteau and Li, 2003; Bull, 2003; Park and Kim, 2003; Chen and Popovich, 2003; Kotorov, 2003; Scullin et al., 2004). This has been most noticea ble in business to consumer markets, and in services and financial services in particular. Donaldson and OToole (2002), indicated that though not all, many schemes are little more than sophisticated selling. According to Hertz and Vilgon (2002), many CRM implementation projects are fraught with difficulties in terms of technically not delivering the anticipated business benefits. Hertz and Vilgon (2002) indicate that up to 60 per cent of CRM implementation projects fail to live up to expectations. The study reported in this paper aims to contribute to the existing literature on the relationship marketing paradigm and the implementation of customer relationship strategy by examining both of these issues. This is accomplished by providing a better understanding of the components of CRM on the one hand, and the implementation of CRM strategy on the other. CRM systems have been used for a long time to automate processes (Ngai, 2005). However, the system process cannot manage customer re lations (Rigby et al., 2002; Chen and Popovich, 2003) because customer knowledge needs to be comprehended by business managers (Bueren et al., 2005), the face-to-face communication needs to be performed by front-line operators (Stringfellow et al., 2004), and a customer-centric culture needs to be formed by organization architects (Oldroyd, 2005). Although critical to the firm and dynamic in nature, the human side of CRM processes has gained little attention in CRM studies. Indeed, superior value of products/services delivered to customers leads to customer loyalty, the real driver of financial performance (see Reichheld et al., 2000; Heskett et al., 1997; Reichheld, 1994). Reichheld and Sasser (1990) show that, on average, a five percentage points increase in customer retention leads to between 40-50 percent increases in net present value profits. A few years later, Reichheld (1994) reports that a decrease in defection rate (or an increase in retention rate) of five percentage poin ts can increase profits by 25-100 percent and that this result is consistent across a wide array of industries. Satisfaction is a state of mind and it is only important as an indication of the intention of the most important behavior of repeat purchase, favorable word-of-mouth, and referrals. Reichheld (1994) states that customers who describe themselves as satisfied are not necessarily loyal. A cost benefit analysis reveals that huge resource allocation to CRM by businesses world-wide (estimated at $100 billion to date at the time of writing, see www.CRM-forum.com) has been primarily IT driven, not marketing driven. While CRM is meant to be about enabling a customer orientation, often it is not marketers pulling the strings: The serious question for the marketing profession is whether to respond to the challenges raised by new technology. The authors are not suggesting that one size fits all. The assertion by OMalley and Mitussis (2002), that where the ethos of relationship marketi ng does not exist in an organisation, it may be prudent for marketers to limit their CRM ambitions to advanced database marketing, is very sensible. But the disruption of new technology gives marketers, at the very least, opportunities to improve their internal influence. Many respondents in this research doubted whether CRM can control attrition rate in the business industry. My hypothesis suggests that CRM powered by technology and human involvement can control attrition rate in the business industry specifically banking where fierce competition is fuelling switching from bank to bank by customer. Are switching costs too low to dissuade clients from staying loyal to a particular bank? CHAPTER FOUR 4.0 METHODOLOGY The research seeks to explore the topic through the use of qualitative data. The choice of methodology will give the researcher an in-depth view, Easterby-Smith et al (2002), (Deshpande ´, 1983) on the extent to which CRM could go to control the attrition rate in the banking industry. This section extensively considers the research methods, tools and techniques available to achieve the aims and objectives and also to justify the use of the research method that will be employed in this study. Jankowicz (1995) describes methodology as the analysis of and justification for the part method(s) used in undertaking research. Furthermore, methodology seeks to explain the research procedure adopted by a researcher and should consist of the following: research design, data collection methods, sampling, field work, analysis and interpretation of data (Boyd, 1981). As asserted by Oppenhein (1992) for every social research there is the need to examine appropriate methodologies necessary for con ducting a particular study. As further stated by Oppenhein (1992) it is often seen that as research takes shape the aims of the research undergoes a number of subtle changes as a consequence of greater clarity in thinking, such changes may require a new or better design, which in turn will lead to a better specification for the instruments of measurement. Sources of data are the carriers of information and basically there are two sources of data- primary and secondary (Ghauri et al., 1995). Saunders et al, (2003) identified a third source as tertiary. However, it must be emphasised that while tertiary and secondary sources of data form the basis of the literature review, primary data sources are linked to the empirical research. As suggested by Kinnear and Taylor (1996), when research objectives include identifying problems or spotting potential opportunities, the use of exploratory research is the most suitable method. Easterby-Smith et al. (2002) argue that the knowledge of differ ent research traditions enables one to adapt a research design to cater for constraints. A qualitative research approach is used because it is a valuable means of finding out what happened; to seek new insights; to ask questions and assess phenomena in a new light (Robson, 2002). It great advantage is that it is flexible and adaptable to change, as in conducting exploratory research the researcher must be willing to change direction as a result of new data that appears and new insights that occur to the researcher (Saunders et al., 2003). As further reinforced by Adam and Schvaneveldt (1991) flexibility is inherent in exploratory research which does not mean there is no sense of direction to the enquiry but rather that the focus is initially broad and becomes progressively narrower as the research progresses. However, qualitative biases can also occur and result in inaccurate measurement and findings. 4.1 METHOD OF DATA COLLECTION/ SOURCE Both primary and secondary data will be used in this research. The primary data will be obtained from the semi-structured telephone interviews with some Barclays customers in Ghana. A semi-structured interview is suggested so as to obtain relevant information through the use of open-ended questions thus encouraging the interviewee to emphasize his/her point of interest (Easterby-Smith et al., 2002; Healey, 1991; Jankowicz, 2000). Individual in-depth interviews are deployed to provide the anonymity essential in allowing sensitive internal material to be revealed. It is also the most practical way of getting participation from busy Barclays customers. The interviews were semi-structured with a topic guide to provide some structure and consistency to the interviews, as advocated by a number of researchers (Miles and Huberman, 1989). The secondary data will be obtained from the companys website, published materials such as, academic journals, newspaper articles, search engines and books. Ghauri et al, (1995) says it all that the purpose of secondary data is to frame the problem under scrutiny, identify relevant concepts, methods and techniques and facts to position the research. 4.2 SAMPLE FRAME AND STRATEGY There will be sample size determination on the data collected. A total of 100 Barclays Bank customers will be interviewed. Also, due to time and budget constraints involved with the research, the sample would be a convenient size. Indeed. The interviews will be transcribed and analyzed with the use of a simple median. Thus the software Microsoft Excel will be used to calculate the percentage and numbers to clarify the data. It is worth emphasizing that due to the small size of the study, a deviance may appear in the result. CHAPTER FIVE 5.0 DATA ANALYSIS AND SAMPLING PROBLEMS As said above, there are limitations associated with the data collection through the means of semi-structured interviews. It is necessary to consider data quality issues such as reliability, bias, validity and generalizability which are seen as important to any qualitative research. According to Easterby-Smith et al. (2002) reliability in qualitative research is concerned with the probability of whether another researcher who has the same research will come up with similar information and findings. According to the authors (pp 53) reliable research tries to find answers to three questions. The first is will the measure yield the same results on other occasions? Secondly will similar observations be reached by other observers? Thirdly is there transparency in how the raw data will be analyzed? Thus for this study the researcher believes that reliability will be dealt with as previous research has been carried out on the small business sector which the researcher will be making use of including some materials through secondary data. Also, with the use of qualitative, non-standardised research, the result of the study implies that findings are not intended to be repeatable, as they reflect the reality at the time of collecting the data, which might be subject to change (Marshall and Rossman, 1999). In addition, bias on the side of the interviewee or interviewer can also affect the quality of the research; hence it should be noted that being aware of this, the researcher will ensure in the design of the interview questionnaire and also in terms of asking the right questions to get the required answers in line with the aims and objectives of the research. The researcher at all times Endeavour not to use any verbal or non-verbal behaviour that could affect the quality of the interview. Also a lot of readings will be undertaken in terms of text books, as well as obtaining guidelines from a professional interviewer and through practice. According to Saunders et al. (2003) validity is concerned with whether the results are what they appear to be. Oppenheim (1992) also notes that sample accuracy is more important than its size, in that there is a compromise between the theoretical sampling size and practical limitations such as time and costs. In terms of validity the researcher deems this to be high as the method used, that is, the in-depth interview will give the researcher a hands-on experience and the ability to see the reactions of the respondents through their interactions. The last issue will be the generalizability which according to Saunders et al., (2003) is the situation whereby findings of a research are applicable to other research settings. 5.1 ETHICAL ISSUES / CONSIDERATION Ethical issues occur when undertaking any kind of research and these have to be taken into consideration. Research ethics refer to the acceptability of a researchers behaviour towards the rights of subjects of research. To ensure this, researchers behaviour is guided by the code of ethics appropriate to academics and the profession or association of the researcher (Saunders et. at, 2003). The goal of ethics in research is to ensure that no one is harmed or suffers adverse consequences from research activities (Cooper and Schindler, 2003). According to Easterby-Smith et al. (2002) the ability to explore data or to seek explanation through qualitative methods will require a greater scope for ethical issues. This is particularly important when the data collected during interviews for example concerns sensible subjects or private stories, etc (Denzin and Lincoln, 1998). This issue is relevant in this research, as Barclays Bank customers will be asked about their finances and other privat e issues regarding possible attrition. The researcher however, is aware that when it comes to issues about finance, people are reluctant to give information. Hence the researcher will take the necessary action to avoid any such issues. Thus this research will consider the anonymity and privacy of respondents and accordingly would be based on the consent of respondents who will be provided with a cover letter, informing them of the purpose of the research and also providing assurance of the confidentiality of information given. Also, the name of the researcher as well as the University will be given in order to avoid any ambiguity. As a result, the researcher will be conversant with ethical considerations and both the researcher and respondents will be protected. 5.2 RESEARCH TIME TABLE 2010-2011 SEPT OCT NOV DEC JAN FEB MAR APR MAY Identification of research area 1ST    4th Formulation of research questions 6th Formulation of research strategy, 9th research design and selection 15th   methods Writing of the research proposal 20rd Negotiation of access 26th Literature review 29th 5th 27th Data collection 8th 24th Data analysis 28th 19th Writing the first draft 2nd 15th Writing the second draft 20th 2nd Writing the final draft 15th Dissertation due date 30th BIBLIOGRAPHY Rafaeli, A. and Sutton, R., (1987) Expression of Emotion as Part of the Work Role, Academy of Management Review, pp. 23-37