Mathematical Model for Determining Costs of Unsatisfied Customers of HoReCa Industry
Customer relationship management (CRM) plays an important role in ensuring the success of companies. Attracting and retaining valuable, satisfied, and loyal customers are important goals of CRM. The aim of the paper is to highlight the crucial role of the relati...
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| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
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Editura ASE
2022-02-01
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| Series: | Amfiteatru Economic |
| Subjects: | |
| Online Access: | https://www.amfiteatrueconomic.ro/temp/Article_3078.pdf |
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| author | Zaman, G. Florea, N.V. Ionescu, C.A. Coman, D.M. Mihai , D.C. Gudanescu Nicolau, N.L. |
| author_facet | Zaman, G. Florea, N.V. Ionescu, C.A. Coman, D.M. Mihai , D.C. Gudanescu Nicolau, N.L. |
| author_sort | Zaman, G. |
| collection | DOAJ |
| description | Customer relationship management (CRM) plays an important role in ensuring the success of companies. Attracting and retaining valuable, satisfied, and loyal customers are important goals of CRM. The aim of the paper is to highlight the crucial role of the relationship between companies and their satisfied customers in achieving long-term performance. Using mathematical, relational, and accounting models, companies could answer the question posed by the research: “How do we reduce the costs of unsatisfied customers and how do we improve the relationship with customers?”. The research results show that by implementing these models, only 2 out of 10 restaurants have positive Net Promoter Score (NPS) and Customer Satisfaction Index (CSI), the costs related to unsatisfied customers being high for all other restaurants. The research results show the number of dissatisfied customers and a plan to turn them into satisfied customers and achieve superior performance. By knowing these issues in advance, companies can improve these relationships, increasing customer satisfaction and loyalty and thus improving their economic performance |
| format | Article |
| id | doaj-art-8b4680a69a284958ac67c806cae4fed4 |
| institution | DOAJ |
| issn | 1582-9146 2247-9104 |
| language | English |
| publishDate | 2022-02-01 |
| publisher | Editura ASE |
| record_format | Article |
| series | Amfiteatru Economic |
| spelling | doaj-art-8b4680a69a284958ac67c806cae4fed42025-08-20T03:06:48ZengEditura ASEAmfiteatru Economic1582-91462247-91042022-02-01245926828810.24818/EA/2022/59/268Mathematical Model for Determining Costs of Unsatisfied Customers of HoReCa IndustryZaman, G.0https://orcid.org/0000-0002-4200-1058Florea, N.V.1https://orcid.org/0000-0002-1154-7744Ionescu, C.A.2https://orcid.org/0000-0001-6063-2921Coman, D.M.3https://orcid.org/0000-0003-4937-6327Mihai , D.C.4https://orcid.org/0000-0001-6494-8405Gudanescu Nicolau, N.L.5https://orcid.org/0000-0002-7950-6682Romanian Academy, Bucharest, Romania Valahia University of Târgoviște, Targoviste, Romania Hyperion University of Bucharest, Bucharest, Romania Valahia University of Târgoviște, Targoviste, Romania Valahia University of Târgoviște, Targoviste, Romania Romanian Academy, Institute of National Economy, Bucharest, Romania Customer relationship management (CRM) plays an important role in ensuring the success of companies. Attracting and retaining valuable, satisfied, and loyal customers are important goals of CRM. The aim of the paper is to highlight the crucial role of the relationship between companies and their satisfied customers in achieving long-term performance. Using mathematical, relational, and accounting models, companies could answer the question posed by the research: “How do we reduce the costs of unsatisfied customers and how do we improve the relationship with customers?”. The research results show that by implementing these models, only 2 out of 10 restaurants have positive Net Promoter Score (NPS) and Customer Satisfaction Index (CSI), the costs related to unsatisfied customers being high for all other restaurants. The research results show the number of dissatisfied customers and a plan to turn them into satisfied customers and achieve superior performance. By knowing these issues in advance, companies can improve these relationships, increasing customer satisfaction and loyalty and thus improving their economic performancehttps://www.amfiteatrueconomic.ro/temp/Article_3078.pdfcustomer relationship management (crm)net promoter score (nps)customer satisfaction index (csi)satisfied and loyal customerscosts related to dissatisfied customershoreca (hotelrestaurantand cafe industry) |
| spellingShingle | Zaman, G. Florea, N.V. Ionescu, C.A. Coman, D.M. Mihai , D.C. Gudanescu Nicolau, N.L. Mathematical Model for Determining Costs of Unsatisfied Customers of HoReCa Industry Amfiteatru Economic customer relationship management (crm) net promoter score (nps) customer satisfaction index (csi) satisfied and loyal customers costs related to dissatisfied customers horeca (hotel restaurant and cafe industry) |
| title | Mathematical Model for Determining Costs of Unsatisfied Customers of HoReCa Industry |
| title_full | Mathematical Model for Determining Costs of Unsatisfied Customers of HoReCa Industry |
| title_fullStr | Mathematical Model for Determining Costs of Unsatisfied Customers of HoReCa Industry |
| title_full_unstemmed | Mathematical Model for Determining Costs of Unsatisfied Customers of HoReCa Industry |
| title_short | Mathematical Model for Determining Costs of Unsatisfied Customers of HoReCa Industry |
| title_sort | mathematical model for determining costs of unsatisfied customers of horeca industry |
| topic | customer relationship management (crm) net promoter score (nps) customer satisfaction index (csi) satisfied and loyal customers costs related to dissatisfied customers horeca (hotel restaurant and cafe industry) |
| url | https://www.amfiteatrueconomic.ro/temp/Article_3078.pdf |
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