...Relationship Management (CRM) Best Practices and Customer Loyalty A Study of Indian Retail Banking Sector Kallol Das School of Management, International Institute of Information Technology, P-14 Rajiv Gandhi Infotech Park, Hinjawadi, Pune, Maharashtra, India E-mail: getkdas@gmail.com Jitesh Parmar Shrimad Rajchandra Institute of Management & Computer Application Gopal Vidyanagar, Bardoli Mahuva Road, Dist. Surat, Gujarat, India E-mail: jiteshsp@gmail.com Vijay Kumar Sadanand Bhoj Reddy Engineering College for Women Hyderabad Vinay Nagar Saidabad, Hyderabad - 500059 Andhra Pradesh, India E-mail: nenuvijay@gmail.com Abstract The current study explores the association between deployment of customer relationship management (CRM) best practices and loyalty of profitable customers in Indian retail banking sector. The study comprises two parts. The first part called the CRM best practices survey involves the use of descriptive research design. The second part viz. case study research involves the use of embedded customer loyalty survey. The hypothesis testing based on literal and theoretical replication is done using the concept of pattern matching. The findings reveal that there is no perfect bank, as yet, across the three bank types, which has deployed all the 29 CRM best practices to the fullest extent. The results of literal and theoretical replication done by using pattern matching technique indicates no strong association between deployment of CRM best practices...
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...story | | | Getting closer to the customerOrganised retailers are employing IT to know their customers better. This was the case when CRM was implemented at Raymond. By Kushal ShahOne of India’s oldest textile manufacturers and retailers, Raymond India operates across cities and deals with different cultures and people. Knowing all these customers and doing business accordingly is not a cakewalk. To deal with this scenario Raymond India decided to implement CRM (customer relationship management) across most of its retail outlets. Know thy customer Anil Arora | Retail is all about knowing your customers thoroughly in order to serve them better. It is an age old philosophy of Indian businessmen that if you know your customers better, you can enjoy a better competitive position in the market. Before making extensive use of IT at its outlets, Raymond’s business used to run on a manual basis. In order to know its customers better, a team was formed to survey prospective buyers as well as existing customers. After surveying them they would know the pattern of their purchases, their likes and dislikes etc. This process was cumbersome for the surveying team and at times people were apprehensive about replying to questions related to their personal choices. With the growing use of IT in the retail segment, Raymond decided to implement CRM to know its customers better and in a more sophisticated way. “The need was to understand the customers and provide services suitable to them...
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...this era says that for a successful venture customer relationship management (CRM) is to recognized as a widely acceptable concept. In simple words to understand CRM we can consider it another name for the banker customer relationship. Macro-economic factors like globalization, liberalization and modernization has given it a new form. Today’s CRM requires real time interaction than that of the earlier times. Focus of various banks has changed from attracting customers to retaining as well as attracting new customers. Ensuring safety and at the same time efficiently utilizing resources is need of hour.The report presented is an initiative to address the issues and status of CRM with focus on evolution and background of this concept. How the technology has helped CRM in new age banking is also discussed here. | CRM IN NEW AGE BANKING | VIVEK SHARMA 10BSPHH011019 SECTION: C CONTENTS 1. Abstract 2 2. Introduction 3 3. Evolution of CRM 4 4. Customer relationship management 5 5. Overview of Indian banking sector 7 6. CRM in new age 12 7. Role of IT in CRM implementation 14 8. Present scenario 18 9. Conclusion 20 Abstract The pulse of this era says that for a successful venture customer relationship management (CRM) is to recognized as a widely acceptable concept. In simple words to understand CRM we can consider it another name for the banker customer relationship. Macro-economic...
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...Executing A Customer Relationship Management (CRM) System for Improved Sales and Customer Relations Managerial Applications of Information Technology – MIS-535-18378 Keller Graduate School of Management February 22, 2015 Abstract Review of Albright, Inc. customer service sales systems indicated that the company’s sales are down due to the lack of efficient databases to understand the customer life cycle. Albright, Inc. sales religious interdenominational Christian publications through customer service telephone centers and retail outlets. Customer interactions and data sales are recorded through several systems that are not integrated and are difficult for the sales force to access. The company is in need of a solution to increase sales revenue with declining sales and expand it market presence. A database system is needed that will help to analyze relevant customer data quickly for increased sales opportunities. This will also provide a competitive position in the market place for a larger share of the market. After careful review of stated requirements three Customer Relationship Management (CRM) vendor systems are being suggested based on analysis of the cost and benefits to be achieved with automating the customer sales processes for both the customer service center and retail outlets. The key strategic factors that will impact Albright, Inc. future sales growth and market presence is a robust system that will streamline...
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...supporting Business Processes Unit Code: CIS 13 Assignment 1 – Part B Executive Summary The ANZ Bank has an organisational structure which is divided into geographic location. The focus of this report is on the Australian Division and The Retail Distribution Functional Area. All functional areas within any business are support by a number of business processes. One business process which supports ANZ’s Retail Distribution functional area is Retail Lending. This particular business process plays a big part in creating revenue and ensuring that any risks in lending are kept to a minimum. Management and sales staff within Retail Lending use two types of Information Systems (IS), Hogan and Seibel Customer Relationship Management (CRM). It is these IS which allow ANZ to create their revenue and ensure the appropriate risk assessment is being use. Information Systems are used in all types on businesses globally; they add value to the organisation and also to the customers. Table of Contents Executive Summary 2 1. Introduction 4 2. Retail Distribution – Functional Area 4 2.1. Business Process 4 3. Customer Information System – CSC HOGAN Systems 5 3.1. Supporting Business Process 5 3.2. Value Add 5 3.3. Inputs, Outputs and Feedback 5 3.4. Requirements 5 4. Customer Relationship Management System - SEIBEL 5 4.1. Supporting Business...
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... FairPrice Table of Contents Executive Summary ............................................................................................................................. 3 Acknowledgments ............................................................................................................................... 4 1. Introduction ...................................................................................................................................... 5 2. Business Intelligence in Retail Industry: ................................................................................. 6 3. Combining BI in CRM ...................................................................................................................... 7 3.1 Analytical CRM ............................................................................................................................... 7 4. Case Study .......................................................................................................................................... 9 4.1 Customer Relationship background of NTUC Fairprice...
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...impact of Customer Relationship Marketing (CRM) on the consumer behavior in the luxury retail market of UK. Abstract Customer relation marketing (CRM) is a strategic process of business in which the relationship of client, the loyalty of customers and brand value are built through the marketing activities and strategies. Customer relation marketing has allowed luxury retail market in the United Kingdom to develop long-term relationships with new and established customers while helping in the streamline corporate performance. Customer relationship marketing is a new completive weapon for the luxury market products in the United Kingdom. The battle is among corporates and business in the luxury market products a consequence mainly attributed to internet and rise globalization. Organizations that are offering the luxury products to their customers is focusing on conquering the minds of their customers. In this, they make them be loyal brand followers and satisfy their customer needs with the help of customer relation marketing systems. Luxury products and brand have become the new modern cults. Each brand is seeking to attract the largest customer base. The main purpose of writing the dissertation is to carry out a qualitative thematic research and analyses on the impact customer relation marketing in the luxury retail sector in the United Kingdom. The research and analysis will be based on the consumer buying behavior and the luxury retail market success. The paper also evaluates...
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...ABSTRACT. Relationship Management is the most strongest and most efficient approach in maintaining relationship with customers. Businesses base on the customers as the famous saying, “Customers are always right” The impact of CRM in the commercial world cannot be undervalued. CRM is first and foremost business strategy that can be effectively executed through the appropriate business process and technology management capabilities the best match to an organization’s customer facing goals. Says Francis Buttle, pg 6, yr 2009. Table of Contents Pages 1. Introduction to Customer Realationship Management (CRM) 1 - 2 2. Business Models of Companies # Alibaba.com 3 # Illyria Geotechnologies 4 # iTunes 4 # Apple.Inc 5 # E-Bay 11 5 # Avon 6 # Inland Revenue Board of Malaysia 6 # Syabas 6 # The Northeast Gang Information System 7 # Proton Sdn Bhd 7 # E-Citizen portal of Singapore 8 # Immigration Department of Malaysia 8 3.Social Media Applications 9 4. CRM Software applications 10 5. CRM Strategies and associated business process 11- 12 6. CRM Best Practices 13 - 14 7. Conclusion 15 8. References 16 – 17 Introduction. According to Judith (2003, pg 41) CRM defines as is the strategic use of information, processes, technology and people to manage the customer’s relationship with your company which includes marketing, sales, services and support across the whole customer life cycle....
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...Situation 3 IT situation 3 Problem Statement 4 Proposed solutions and alternatives 4 Overview 4 ERP 6 Supply Chain Management Software 7 CRM 7 Data Warehouse 8 Localized upgrades 8 Comparative study 9 Ideal Infrastructure 10 Recommendations 11 References …………………………………………………………………………………………………………………………….. 13 Executive Summary Vermont Teddy Bears is a private company that specializes in the manufacture of novelty items based on an e-commerce business model. Company management aims to generate new revenue streams through modifications to the retail system and the underlying IT infrastructure. The current IT infrastructure is robust enough and can handle peak times, but is constituted of an amalgamation of off-the-shelf software and home developed middleware with no comprehensive documentation available. The company CIO is studying four plans to upgrade the existing infrastructure, replacing legacy systems with an ERP, implementing a CRM system, implementing an SCM system, and creating a data warehouse for business analytics purposed. Also proposed is a mix and match alternative whereas only the necessary upgrades are done. An ideal model for the VTB IT infrastructure is built and compared against the proposed alternatives. A final recommendation combining 2 alternatives with the objective of upgrading the retail system and providing data warehouse based business analytics is issued. Current Situation Business Situation Vermont Teddy Bear, known henceforth...
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...on the conceptual and theoretical foundations of RM. A number of theoretical perspectives developed in economics, law and social psychology are being applied in RM. These include transactions cost analysis, agency theory, relational contracting, social exchange theory, network theory, and inter-organizational exchange behavior. Resource allocation and resource dependency perspectives and classical psychological and consumer behavior theories have also been used to explain why organizations and consumers engage in relational behavior. An overview of these theories will help develop insights on RM from multiple perspectives. Session 1 : CRM : The Strategic Imperatives Reading – Chapter 1 Session 2: Conceptual Foundations of CRM Reading – Chapter 2 Session 3: Building Customer Relationships Reading – Chapter 3 Session 4: Economics of CRM Reading – Chapter 4 Additional Recommended Readings Module 1 Brodie, R. J., Hollebeek, L. D., Jurić, B., & Ilić, A. (2011). Customer Engagement: Conceptual Domain, Fundamental Propositions, and Implications for Research. Journal of Service Research, 14(3), 252271. Egol, M., Hyde, P., Ribeiro, F. and Tipping, A. (2004) The Customer-Centric Organization: From Pushing Products to Winning Customers’ http://www.booz.com/media/file/The_Customer_Centric_Organization.pdf Roland Rust, Valarie A. Zeithaml ,and Katherine N. Lemon (2004), “Customer-Centered Brand Management,” Harvard Business Review, September, pp. 110-118. Parvatiyar, A and...
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...A PROJECT REPORT ON A CASE STUDY OF CUSTOMER RELATIONSHIP MANAGEMENT IN RETAIL BOOK STORE CROSSWORD BOOKSTORE LTD. Submitted in partial Fulfillment of the requirement for the Award of Degree Bachelor of Business Administration Under of Tilak Maharashtra University, Pune -: Submitted By:- RAUSHAN KUMAR MISHRA P.R.N: 07110502048 BATCH: 2012-2013 Under the guidance of IRFAN AJMERI Vikas college of Arts, Science, & Commerce VIKHROLI, MUMBA TILAK MAHARASHTRA UNIVERSITY, PUNE-411037 (Declared as ‘Deemed to be University’ Under Section 3 of UGC Act, 1956 vide Notification No. F.9-19/85-U-3 dated 24th April 1987 by the Govt. of India) (Faculty of Distance Education) CERTIFICATE This is to certify that the project titled “A case study of customer relationship management in retail bookstore with reference to CROSSWORD BOOKSTORE LTD” is a bona-fide work carried out by Mr. RAUSHAN KUMAR MISHRA, A student of BACHELOR OF BUSINESS ADMINISTRATION semester 6th specialization in MARKETING MANAGEMENT PRN Number: 07110502048 Under Tilak Maharashtra Vidyapeeth, in the Year 2013. Head of the department Examiner Examiner Internal External Date: Place: University Seal COMPANY CERTIFICATE CERTIFICATE This is to certify that Mr. Raushan Kumar Mishra, PRN Number: 07110502048...
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...PRACHI ARORA TANYA RAO YADUNANDANI GUPTA INTRODUCTION Shopper’s Stop Ltd is a professionally managed and system driven organization promoted by K Raheja Corp Group, one of the leading players in the country in the business of real estate development and hotels. Pioneer of organized retail in India, Shopper’s Stop Ltd has been instrumental in bringing about revolution in India. Since it opened its doors, the chain has become the highest benchmark for the Indian retail industry. Since its inception in 1991, Shopper’s Stop Ltd has introduced various retail formats in India. “The tapestry of history has no point at which you can cut it and leave the design intelligible.” The foundation of Shoppers' Stop was laid on October 27, 1991 by the K. Raheja group of companies, one of India's biggest hospitality and real estate players. The Group crossed yet another milestone with its lifestyle venture-Shoppers' Stop. With its immense expertise in the service industry and creditability, Shoppers' Stop today boasts of 61 retail outlets across the country and is planning to spread its wings with futuristic expansion plans to meet the challenges of the retail industry. A benchmark for the Indian retail industry to follow, Shoppers' Stop has progressed from a single brand shop to a Fashion & Lifestyle store for the families. Shoppers' Stop is a household name, known for its superior quality products, services and above all, a complete shopping experience. Shoppers' Stop was the first...
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...Introduction Canada Post Corp. (CPC), a Canadian Crown enterprise, is Canada’s national postal service provider. It has be a world leader in providing innovative physical and electronic delivery solutions, creating value for their customers, employees and all Canadians. It not only 66000 employees, it is also the country’s fourth largest employer. It serves 30 million residential customers and more than 1 million commercial customers, delivers more than 10 billion pieces of mail annually, and maintains good relations with more than 24000 retail sales points for CPC products and services. Building and maintaining trusted relationships with employees, customers, suppliers and our shareholder is the fundamental for their business, reputation and their success. Canada Post Corp. managing in an ethical way, guided by a sense of social responsibility. Core customer issues: * With customer expectations rising and the ongoing emergence of the Internet. * Customers’ experience with CPC were often complicated and frustrating. A customer could call three or four times about the same issue and receive different responses from call center agents. * The former systems were standalone and didn’t integrate customer and call information. 1. Why is the process redesign so important for CPC’s success? CPC recognized that its future depends on having customer processes and support systems. It’s customer expectations rising and the ongoing emergence of Internet. To demonstrate...
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...Zalando – A CRM Success Story « Business Development Strategies http://wearedevelopment.net/2012/03/11/zalando-a-crm-success-story/ BUSINESS DEVELOPMENT STRATEGIES Emerging Markets Zalando – A CRM Success Story MAR 11 Posted by Sebastian S. Vlasich 1 von 4 05.08.12 16:45 Zalando – A CRM Success Story « Business Development Strategies http://wearedevelopment.net/2012/03/11/zalando-a-crm-success-story/ Zalando GmbH, was founded by David Schneider, and Robert Gentz, in 2008. The company engages in the online retail of apparel and shoes and is based in Berlin, Germany. It is one of the most conspicuous and likewise mysterious start-ups in Germany. Founded only three years ago, Zalando has become the market leader, mainly due to operational excellence; and partly thanks to fancy television advertising in the online shoe retail market. Revenues in 2010 were 160 Million Euros and are expected to increase at least threefold in 2011. Recently, Yuri Milner’s DST Digital Sky Technologies (DST) joined the Samwer brothers as an investor in Zalando, due to the fact that the company has a professional management team an impressive growth record and great potential to capitalise on the fast-growing European e-commerce market. As a matter of fact, the Samwers and Mr. Milner were both early investors in the social media giant Facebook. Zalando builds relationships with its final consumers whom are the actual people who goes on the webpage and order products. The end consumer...
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...on their own understanding and investigations of the different types of CRM systems or applications across different industry settings. The scope of the CRM topic can be relatively narrow or broad. Some suggested, but not definitive topics might include the following: |Business case for CRM systems adoption |Strategic value of CRM systems | |How CRM creates value for customers |Cloud computing and CRM systems | |Managing networks for CRM performance |Using CRM to managing supplier relationships | |Data mining CRM |Web Services and CRM | |IT requirements for CRM |The CRM Interaction centre | |CRM outsourcing |CRM Marketing automation | |CRM applications for small business |CRM and Service delivery | |CRM systems in banking |CRM systems implementation | |Mobile CRM...
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