THE INFLUENCE OF RELATIONSHIP MARKETING AND CRM SYSTEM ON STAKEHOLDERS’ TRUST : A Qualitative Study on Multiple Stakeholder Groups in a Cosmetic and Beauty Industry

Abstract: CRMsystem and relationship marketing are needed for a company in order to gain its stakeholders’ trust. In a company, there are two different stakeholders. Theinternal and external stakeholders. This thesis will consider both of the different types of stakeholders. The purpose of this study is to explore the current marketing strategy and CRM system of a company and how they can impact stakeholders’ trust. The authors have conducted the study in a Swedish CosmeticsCompany, choosing the Greek department.Toanswer the research question, the authors highlight what is important to the relevant aspects of the concepts in CRM, relationship marketing, and stakeholders’ trust. Thus, various literature review has been conducted in the early stage which aids to define the existing research gap based on previous studies. The current study has examined further about the CRM in a cosmetics company, especially in developing a deeper understanding of multiple stakeholders’ perceptions. Furthermore, the authors have conducted this study using a qualitative method. In this qualitative study, the authors conducted eight semi-structured interviews with the sales managers, marketers, consultants, and the customers of the company.The empirical findings that the authors collected, were analyzed using a thematic analysis in order to interpret the results. Thishelped the authors to develop a deeper insight about the relationship marketing, the antecedents of CR;as well as of the emerged topics that influence stakeholders’ trust which are communication, relationship orientation, personalized approach,the training program as a part of the development both CRM and the relationship marketing, the brand image, and brand awareness, and reputation as the elements of stakeholders’ trust.The authors found that the CRM system is used in the marketing strategy of the company in order to create a better performance and also increase the perceived trust towards the company, its employees and products. Additionally, the training program was identified as an influencing factor to trust from the discussion with the interviewees. The training program is the result of the relationship marketing and CRM system to have a greater performance. Furthermore, the external stakeholders believe that the products of the company and its quality of service enhance their reliability and loyalty towards the company. The CRM system of the company was found that plays a significant role and acts as a bridge for internal and external stakeholders.All in all, theresults and the analysis have some theoretical contributions considering the previous research, practical implications to the company of how an effective CRM system can be designed to influence positively stakeholders’ trust. To the society also,as the study can be conducted with different ways considering different methods and aspects in different industries, countries, and considering other stakeholder groups as well. The findings suggest that in order to build an effective and efficient CRM system companies should pay attention to five different elements which are e-service quality, usability, ease of use, enjoyment, and satisfaction, and also consider the impact of relationship marketing focusing on creating a personalized approach with the stakeholders based on communication.