CRM Practices Dimension Identification and Classification through EFA to Cluster Approach: A Customer Perspective
DOI:
https://doi.org/10.51983/ajms-2017.6.1.1221Keywords:
Customer Relationship Management, Crm Practices in Banks, Scale Development, EFA, Cluster Analysis, K-Means ClusteringAbstract
This study has been conducted to extract the pattern relationship among the dimensions of CRM practices. The researcher applies the Explorative Factor Analysis (EFA) and additionally the factor scores are used to segment the respondents through cluster analysis. In the present study further the researcher has to conduct pattern factor analysis technique to confirm the validated scale for CRM practices followed by banks in Virudhunagar district. While conducting the EFA the researcher uses the 192 selected sampled respondents. The set of 42 scale items used to measure the opinion of the respondents towards CRM practices. Based on the results of K-means clustering the researcher classifies the respondents into three segments namely informative and value based customer, receptive customer and gaining customer.
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