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RETAILMANAGEMENT
CustomerRelationshipManagement@BigBazaar&RelianceMart
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TABLEOFCONTENTS
CHAPTERNO.Chapter1
CHAPTERNAMEIntroductionMeaningofCRMGoalofCRMEvolution&growthofCRMptionsforimplementingCRMVariousaspectsofCRM
PAGENO.1
Chapter2
ResearchmethodologyObjectiveofresearch
SUBMITTEDBY:DeepakMajhiNancyAritroMukherjeeRajaRowinGunjanParmarsizeMukulKindoLalitVijayMishraAnuradhaAnuragSinghRituKumari-
80305073542
Chapter3Chapter4Chapter5
TypeofresearchDatacollectiontechniqueSamplingprocedures&sample
LimitationsoftheresearchCRM@RelianceMartCRM@BigBazaar
636977
CustomersopinionaboutCRM@RelianceMart&BigBazaarSalespersonsassistanceExpectationfulfilment2
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Discounts&failuresProductarrangementAccessibilitypreferenceChapter6Chater7ComparisonbetweenCRM@RelianceMart&BigBazaarConclusion&recommendation
CHAPTEINTRODUCTIONitisnotenoughtohavegreatqualities,weshouldalsohavetheabilitiestomanagethem.Thesameconceptcanalsobeappliedinanorganization.Fore.g.acompanymayproduceaveryhighqualityproductsbutitwontbeabletosucceedifitfailstomanageorsatisfytheircustomers.AccordingtoHarwardBusinessReviewanexceptionallysatisfiedcustomeris6timesmorelikelytobuyagainasonewhoismerelysatisfied&only5%increaseincustomerloyaltycanboostprofitfrom25%to85%.Thusallthesequotes&expertsopinionhighlightstheimportanceofCustomerRelationshipManagement.Customersareconsideredtobekingofeverybusinessenterpriseandloyalcustomersarethebackboneoftheirbusiness.SocustomersatisfactionistheprimarymotiveofeverybusinesswhichcanbeattainedthrougheffectiveCRM(CustomerRelationshipManagement)policy
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1.1MeaningofCustomerRelationshipManagement(CRM):CRMisacomprehensivestrategy&processofacquiring&retainingcustomerstocreatesuperiorvalueforthecompanyaswellasthecustomers.Itconsistsoftheprocessesacompanyusestotrackandorganizeitscontactswithitscurrentandprospectivecustomers.Tosupporttheseprocesses,variousCRMSoftwarelikeSAP,ORACLESalesforce.cometc.areused.Thesesoftwarerecordandstoreinformationaboutcustomers,variouscustomerinteractions,theirproblemsetcwhichcanbeaccessedbyemployeesindifferentdepartmentsofthecompany.Theseinformationareusedbytheorganizationtomakefutureplansthatcansatisfythecustomeronabetterwayandretainingthemforalongerperiod.
1.2GoalofCRM:ThegoalofCRMistoprovideimprovedservicestothecustomers,andtousecustomercontactinformationfortargetedmarketing.
1.3EvaluationandgrowthoftheCRM:CRMpassesthroughthreegenerationssuchas1stgenerationin1990,2ndgenerationin1996andthe3rdgenerationin2002.In1stgenerationfollowingsystemswereappliedforCRM:CallcentremanagementItisawebbasedCRMtechnology,theenablesusersbrowsingacompanyswebsitetoleaveaphonenumberwherecompanyrepresentativecancallbackwithmoreinformation.CustomerservicesupportItisapartofacompanysCRMdepartmentthatinteractswithacustomerfortheirimmediatebenefits.
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SalesforceautomationItissoftwarethatautomatesbusinesstaskslikeinventorycontrol,salesprocessing,customerinteraction,etc-.CampaignmanagementItisaplanning,executing,trackingandanalyzingofdirectmarketingcampaigns.
In2ndgenerationfollowingimprovedsystemswereusedforCRM:IntegratedcustomerfacingfrontendItisfacetofaceinteractionbetweenthecustomersandsalesman.Thissystemisusedformarketing,salesandservices.ERPintegrationsERPstandsforEnterpriseResourcePlanning.Itisabusinessmanagementsystemthatintegratesallfunctionsofthebusiness.CustomersanalyticsItcomprisesalltheprogrammingthatanalyzesdataaboutanenterprisescustomersforbusinessdecision.CompletewebintegrationItallowsenduserstohaveaccessthedatafunctionofaservehostedapplicationthroughinternetbrowserwindow.In3rdgenerationthestrategicCRMwasfollowedandiscontinuingStrategicCRMupdatesandexpandstheoriginalcontentandcombinesintoone,convenientvaluethatguidesusersthroughtheentireCRMimplementationprocess,fromstrategicplanningsoftware.
Scopeandgoalsofdifferentgenerations:ThereissuccessfulincrementinthescopeofCRMfrom1stgenerationto3rdgeneration.In1stgenerationthescopeconsistsofservicefunctionandsalesfunction,in2ndgenerationitincludesanotherfunctioni.e.marketingfunctionandin3rdgenerationitincludesentirefunctionoftheorganization.
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GoalsoftheCRMhavealsochangedwithbettercustomerservicefrom1stgenerationto3rdgeneration.In1stgenerationthegoalswereimproveserviceoperationandincreasesalesefficiency,in2ndgenerationreducecostofinteraction,improvecustomerexperiences,andincreasingthecustomerinteraction;in3rdgenerationcostreduction&revenuegrowthandcompetitiveadvantages.
1.4OptionsforImplementingCRM:Increasingcustomerisnottheultimateobjectiveofanyorganizationbuttoretaincustomerandtbuildlongtermrelationshipwiththemisimportant.ItisonlythroughCRMthataprospectcanbeturnintocustomerandthenfinallyintoaclient.Buttoachievetheseanyorganizationrequireproperimplementation.ButatthesametimeCRMimplementationisachallengingtaskbecauseittiestogethermanypeople,process,technologieswithintheorganizationwhichareseparatefromeachother.
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1)INHOUSEDEVELOPMENT-Thismeansallthestrategies,processesaredevelopedandimplementedwithintheorganization.Advantage1.Itistailoredmadeaccordingtoorganizationneedsandstructurethusisflexibleascomparedtoothers.2.Avoiddependencyonothersbeitsoftwareoroutsourcing.Disadvantage1.Itisatthesametimeexpensive2.Andcomparativelytakeslongertimedependingontheorganisation.1)BUYLICENSEDCRMSOFTWARE-Thisispurchasingsoftwareandimplementinginorganization.Advantage1.Usuallythemaximumchanceofsuccess.2.Itjustneedtoinstallandtrainedtheworkforceaccordingly.Disadvantage1.Againitisexpensivebecauseofmanycostsaslicensecost,renewalcostetc.associatedwithit.2.Addingnewsoftwarewithchangeisacomplextask.
1)OUTSOURCINGAMANAGEDSERVICE-Thismeanshiringfromoutside.Advantage1.Mostofthetimeslowercost.2.Canadoptpay-as-yougoapproachwithvisibleresult.Disadvantage1.Foranynewrequirementneedstocontactthecompanyandpayforthedevelopment.2.AlsothereisariskoflosingCRMsolutioninvestmentifoutsourcingcompanygoesoutofbusiness
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ImSTAGEWISE-InthisCRMsoftwareisofferedindifferent,independentmodules,accordingtospecificdepartmentneeds.Companybuyssalesautomationsoftwareandcontactmanagementmodulefromdifferentproviders.ENTERPRISEWISECRMSOLUTION-Thisiscomposedofdifferentmodulesfromsameproviders;itisimplementedasawholebyconnectingdifferentmodulesandexistingdatabase.1.5VARIOUSASPECTSOFCRMCRMincludesmanyaspectswhichrelatedirectlytooneanother:
FrontofficeoperationsDirectinteractionwithcustomers,e.g.facetofacemeetings,phonecalls,e-mail,onlineservicesetc.BackofficeoperationsOperationsthatultimatelyaffecttheactivitiesofthefrontoffice(e.g.,billing,maintenance,planning,marketing,advertising,finance,manufacturingetc.)
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CHAPTERESEARCHMETHODOLOGYResearchisasystematicandobjectiveinvestigationofasubjectoraprobleminordertodiscoverrelevantinformationorprinciples.Researchmethodologyisbasicallythemethodofhowtocollectdata.Theinformationregardingourresearchareasfollows:2.1Objectiveofourresearch:WewantedtounderstandaswellascomparethecustomerrelationshipmanagementfollowedbytheRelianceMartandBigBazaar.
2.2Typeofresearch:Ourresearchwasempiricalkindofresearchsinceweweredealingwiththebehavioralorqualitativeaspectofcustomersandnotthequantitativedatas.herewewerenotsupportedwithanyexterenaldatanorwereadoptinganysecndorydatatodoourreaserch.
2.3Datacollectionandanalysis:collection,andanalysisoftheinformationgatheredbyInteractionwithemployeesandcustomersandalsobyobservingactivitiesoftheemployees.ForbetterunderstandingofCRMinBigBazaarandRelianceMartwealsohadpreparedaquestionnaireforbothcustomersandmanagers.
2.4Samplingprocedureandsamplesize:personsselectedbyuswererandomelyselected.andwerefromdifferentagegroup,sexandeducationalbackgroun.thisdiversificationwasdonetomeasurethedifferentchoiceandpreferencesprevailingincustomersdemographycallydifferent.
2.5Limitationsofourresearch:1.Oursamplesizewascomposedofonly20customerswhichisextremelysmallsampletorepresententirepopulationofcustomerswhovisitinthesetworetailstores.2.Nodemographicalorpsychographicdifferenceswasconsideredbeforechoosingthecustomersforinterviewpurpose.9
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3.manyofthepolicieswhichwerenotinforceduetosmallermarketpotentialtheirdescriptionisalsobeenprovidedbymanagers.
CHAPTERCRMPOLICYOFRELIANCEMARTCRMpolicyofreliancemartcanbedividedintofourmajorparts,namely;1)Customerloyalty2)Customerretention3)Customercommunication10
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4)CustomergratificationThereexistsablanketcustomerrelationshipprogrammecalledtherelianceonemembershipprogrammeforthepurposeofmaintainingcustomerloyalty.Themembershipprogrammeisaverysimpleonewhereawillingcustomerisrequiredtofillaformgivingpersonalinformationandhegetsatemporarycardwhichwillbemadepermanentaftersixmonths.Oneachpurchaseofrs.100thecustomergetsoneredeemablepointontheproductionofcardatbillingcounter.Thecollectedpointscanberedeemedinformofdiscountsonfuturepurchasesondemandofthecustomer.Thecustomersalsogettheopportunityofavailingfourdifferentkindsofinsuranceonthepaymentofanominalfee.Forexampleacustomercangetanaccidentaldeathinsuranceofrssixlakhsonthepaymentofrs.400only.Otherformsofinsurancesaredisability,hospitalizationandhomeinsurances.Themembersofrelianceonegettheopportunityoftakingpartandwinningprizesbythewayofluckydrawsonregularintervals.Customerretentionpolicyimplementationisatthezonallevel.Generallyeachstateisregardedasazoneandtheoffersanddiscountsinazonearenotavailableinotherzones.Suchpolicyhelpsrelianceretailtounderstandandcapturethelocalmarketsbetter.Theproductswhichshowimprovementduetooffersanddiscountsonthemarerepeatedwiththeseoffersagainsoastoretainthesalesofthecustomerswhoboughtitthelasttime.Alsosuchthedaysbestoffersareconstantlyannouncedinthestoremakingtheregularcustomersawareaboutthem.Maintainingagoodstoreambianceisalsoapartofcustomerretentionpolicyofrelianceretail.Cleanandhygienicenvironmentwithproperlyandwellspacedproductsalongwithauniformcolorthemeattractstheexistingcustomerstothestoreagainandagain.Afastbillingsystemandgoodandeasygrievancehandlingsyste
mwhichcanbeaccessedthrucustomerservicedeskandcompanywebsite,ensuresthatcustomersfeelsatisfiedwiththestoremanagement.Lessharassmenttocustomersmeansbettercustomerretention.Communicationtoexistingcustomerstakestheformofsmsande-mails,generallysenttorelianceonemembers.Theygetinformationaboutongoingoffersandalsoinformationandlatestnewsabouttheirneareststoresandthecompanyingeneral.Anothersourceofcustomerdatabaseistheinformationcollectedduringtheorganizingofspecialeventsinthestores.Customersparticipatinginsucheventsprovidetheircontactinformationwhicharealsousedinformofdatabaseforcommunicationpurposes.Thankyouandfestivecardsonspecialoccasionsareaninnovativewayofcommunicatingwiththecustomers.Trainedsalespersonsmakecustomergratificationveryeasy.Asimplethankyouwithasmilegoesalongwayforthestoretokeepthecustomershappy.Thespecialeventsorganizedbythestoresacrossindiaarealsoawaytogr
atifythecustomersbyallowingthemtoplayandwinprizes.Giftvouchersanddiscountcouponsareanattractionforthecustomersandgivethemthefeelthatthestorecaresaboutthemandtheirmoney.Localcustomersmanyatimesmakelimitedpersonalcontactswiththestorestaffjustlikethatmadeatakiranastoreandhelpthestoretosomeextenttomaintainarelationshipwiththecustomers.11
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Theimplementationofthepoliciesbringsoutcertainlimitationsinthem.FewmajoronesareasfollowsThepersonalcontactnumbersofrelianceonemembersareopentotelemarketingcallsfromvariousmarketersastheyleakoutoftherelianceretailsdatabase,causingunnecessaryharassmenttocustomers.Thecustomercommunicationpolicyislessfollowedinsmalltownsandcitiesandismoreconcentratedtowardsthemetrocities.Thereisacommoncrmpolicyforbothreliancefreshandmart.Thisshouldnotbethecaseasboththestoresofferdifferentkindsofmerchandizeandgenerallyattractdifferentkindsofcustomers.Relianceretailgenerallydelaystheprocessingofpermanentmembershipcardstothosecustomerswhohavenotpaidforsuchacard.Customershavebeenwaitingforoverthreemonthsfortheircard.Thosewhohavepaidthenominalfeeofrs.50gettheirpermanentcardwithin15daysbuttherestwhohaveoptionednottopaythefeesdonotreceivethecarduntiltoolate.Unmannedbillingcounterscreatelongqueuesattheopencounters.Thiscreatesimpatiensinthecustomersastheyexpectfasterbillingatthestoresanddonotwanttostandwithtoomuchofgoodsheldintheirhandswhilebilling.
CHAPTER4CRM@BIGBAZAAR
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Databaseisformedthroughtheissueoffuturecardandcardisofthreetypessilvercard,goldcardandsakthicard.Sakthicardisissuedtoladiesandthiscardprovides,freesugar(1kg)permonth.Customerprofitabilityanalysis(CPA)isdoneonthebasisoftransactionsmadethroughthefuturecards.Platinumcustomers(mostprofitable).Goldcustomers(profitable).Ironcustomers(lowprofitabilitybutdesirable).Leadcustomers(unprofitableandundesirable).Differentiatecustomersintermsof:(1)theirneedsand(2)theirvaluetocompany.Interactwithindividualcustomerstoimprovetheknowledgeaboutindividualneedsandtobuildstrongerrelationships.TherearefourtypeofanalysisdoneforanalysisofCRMPeriodicSurveys:Itsdoneonquarterly,itsanoverallsurveydonebythefuturegroupauthoritiesandCRMisapartofit.CustomerLossRate:MysteryShoppers:Theyposeasnormalcustomersperformspecifictaskssuchaspurchasingaproduct,askingquestions,registeringcomplaintsorbehavinginacertainwayandthenprovidedetailedreportsorfeedbackabouttheirexperiencesMonitorCompetitivePerformanceComplaintHandlingProcedures:
Screening
And
Logging
--
The
type
of
product
or
service;
manufacturer/brandname;modelname/number;dateofpurchase/contract;warrantyexpirationdate;salesperson;costofproduct/service;dateproblemoccurred;andadescriptionoftheproblemislisted.Thisallowsorganizationtoexercisecontrol,andassureproperfollow-through.
Investigating--customer
sexplanationofaproblemprovidesmuch
information.Nevertheless,toassuretheyhavealltheinformationneededforathoroughreviewofthefactsinvolved,by:Researchingin-houserecordsonthecustomer;Requestingreceipts,orotherrecords;Inspectingtheproduct,orserviceperformed;andFollowing-upwiththecustomerforanynecessaryadditionalinformation.
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Acknowledging--WhenBigBazaarcannotresolveanissueimmediately,it
isimportanttoletcustomerknowthatthematterisreceivingattention.Customerisgiveninformationabouthowlongitwilltaketocompleteactiononthecomplaint.Ifthereisfurtherdelay,itsmadesuretoadvisecustomerwhyandwhenBigBazaarexpectstohaveananswer.
FormulatingASolution--solutionismadetobeconsistentwithestablished
customerrelationspolicyandimportantcriteriaaretakenintoaccount:Contractualand/orwarrantyobligations;Thecustomer
sexpectations;expectationsofthecustomer;Thecost/benefitofalternativesolutions;Theprobabilityandcostofcustomerseekingredressinsomeotherway;Thecomprehensivenessandfairnessofsolution;abilitytoperformthesolution;andWhattodoifthecustomerrejectssolution.
Responding--Theresponseismadeclearandappropriate.Thecustomer
mustunderstandtheresponse,andtheresponsemustaddresstheissuesraisedinthecustomer soriginalcomplaint.Anexplanationofdecisionpreservesthegoo
dwillofcustomer,evenifthedecisionitselfisadverse.
Following-UpCustomeriscontactedfollowingresponsetoverifywhether
ornotthematterhasbeenresolvedsatisfactorily.Ifcustomerisunhappywithresponse,organizationrefersthemattertoathirdpartydisputeresolutionmechanismforassistance.StepsInvolvedincustomerSatisfactionthroughService:SeeingproblemsfromthecustomersperspectiveManagingcustomers
"momentsoftruth"CommunicatingeffectivelythroughbetterlisteningAnalyzinghowcustomerperceptionsareformedManagingangerandotherservicebehaviors14
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Dealingwithlong-termconsequencesofservicebreakdownsNegotiatingsolutionsGeneratinganactionplanforimprovedon-the-jobeffectiveness
CUSTOMERCOMMUNICATION:Futuregroupmaintainsitsrecordsofcustomersbyobservingtheirpurchasinghabits&categoriesthemintovariousgroupslikehighrevenue,moderaterevenue&lowrevenuecustomers.TheycommunicatetothecustomersthroughvariousmediumlikeSMS,E-mail,Mobilevans,Printmediaetc.Thisisthewaytobuiltastrongpresenceintheexistingcustomers&prospectivecustomers.Presentlytheyareusingoraclesoftwaretomaintaindatabase.RecentlytheyhavetiedupwithCaliforniabasedfirmGREENPLUMtoprovidenewsoftwarefordatawarehousing.Thecompanyboastsstrongshareofitsprofitsfromtoplinecustomerswhoprovidethemaround70%oftheirrevenuesintotal.Thecompanycansaidtobegoingonthefamousmanagementprinciplei.e.80/20PRINCIPLEwhichsaysthat20percentofvariablescause80%effect.Inbigbazaaritcanberelatedtothefactthat20%ofitstoplinecustomersprovide80%ofitsrevenuesinayear.Thisisthereasonwhytheretailgiantisfocusingstronglyoncustomerretentioninordertoboastsitssalesnumberssubstantially.
CUSTOMERGRATIFICATIONisanimportantelementofasalesprocess.Everycompanyshouldsurveytheircustomersinordertofindoutthesatisfactionlevelamongtheconsumers.Bigbazaaralsoconductsperiodicsurveysinordertoascertainthesatisfactionlevelintheirconsumers.Variousactivitiesaredoneinordertoenhancetheshoppingexperienceamongbuyers&variousoffers,discountcoupons;exchangeoffersareinitiatedbythefirminordertodevelopagoodsatisfa
ctionlevelintheirexistingcustomers.Specialcouponsaregiventocustomerswhocanberedeemedbythecostumersintheirfuturepurchasesfromthestore.
CUSTOMERPERCIEVEDVALUE(CPV)iscalculatedbytheretailstoreinordertoassesthecostsandbenefitsreceived&giventothebuyers.ThefollowingaresomekeyfeaturesofCPV1.CPVisthedifferencebetweentheprospectivecustomersevaluationofallthebenefitsandallthecostsofanofferingandtheperceivedalternative.2.Totalcustomervalueistheperceivedmonetaryvalueofthebundleofeconomic,functional&psychologicalbenefitscustomersexpectfromagivenmarketoffering.15
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3.Totalcustomercostisthebundleofcostscustomersexpecttoincurinevaluating,obtaining,using,disposingofthegivenmarketoffering,includingmonetary,time,energy&psychiccosts.LOOPHOLES:Theretailstorehasalsovariousloopholesespeciallyhereatranchi.Themajordrawbackwhichwasfoundoutinitiallywaslackofproperparkingplacebutnowithasbeencorrectedtosomeextent.SecondlythestoreisveryslowinexecutionofonlineorderswhichisgiventhroughcompanywebportalFUTUREBAZAAR.ToquoteafewexamplesoflatedeliveryMr.DavidKerketta,aresidentoflalpur-peaceroadpurchasedafurnitureforRs37000,thedateofscheduleddeliverywas15thofNovember,2008buthereceivedhisorder37dayslate.OnemoreincidentofsuchlatedeliveryisMRPradeepKumar,aresidentofUpperBazaarwhopurchasedadiningtableforRs.15000,butasusualhegothisfinaldeliveryawhopping65dayslatethanthescheduleddateofdelivery.Sotheseincidentsspeakalotofinefficientdelivery.Theotherdrawbacksareinefficientbilli.ngcountersastheyarenotupdatedwiththecurrentoffersandschemes.Alsothebillingcountersremainsunmannedthataddtotheproblemofcustomerswhoneedstostandinlongqueueinordertogettheirpurchasesbilled.TheotherproblemisrelatedtotheslowprocessingofapplicationsofmembershipcardslikeShakticard,futurecardsetc.Ittakesaround30daysminimumtobecomeamemberoffuturecardschemes.Thisisveryslowlyconsideringtheindustryaverageof15-20daystoprocessacard.Finallythecontactnumbersofcustomersareopentothetelemarketingpersonnelastheygetthedatabasefromthefuturegroupthroughsomesourcesortheother.
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CHAPTECUSTOMERSPOINTOFVIEW1)SalesPersonsAssistance:Thisreferstotheextentofhelpanindividualgetsfromthesalespersonpresentinthestoreinchoosingaparticularproductorincaseofanyquery.Therecanbetwoinstancesi.e.inadequatehelporexcesshelp.Inadequatehelpisaverycasebecausemostofthetimesalespersonistheretosolveourqueries.Instancesofexcesshelpcanarisewhichmakesthecustomerfeelthatthepersonisinterferinginhisdecisionorpushingtheproducttohim.
50%peoplepreferredthesalespersonassistanceofreliancemartandonly35%preferredBigBazaarinthisrespect.15%peoplewereneutralthatmeanstheythoughtittobethesameinboththestoresortheydidntneedanysuchhelpfromthesalesperson.2)ExpectationFulfilment:everycustomerhascertainexpectationswhenhevisitsastore.Thisexpectationwillvaryfrompersontoperson.Itcanbegettingaparticularbrandofproductorparticularquantityorvariantoftheproduct.
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55%peoplefeltthattheirexpectationsaremorefulfilledatBigBazaarwhile45%preferredRelianceMart.ThismaybebecauseofgreaterproductdepthatBigBazaarthaninRelianceMart.3)Discounts&Offers:theseareannouncedfromtimetotimetolurecustomerstobuymore.
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60%peoplepreferredtheDiscounts&OffersofBigBazaarwhileonly40%preferredthatofRelianceMart.ThismaybebecausemorepeopleareawareofthediscountsofferedbyBigBazaarduetotheirhugeadvertisements.4)ProductArrangement:thisbasicallymeansthesequenceororderinwhichdifferentvarieties,brandsorsegmentsofproductsarearrangedsothatcustomersfeelateaseinselectingtheproductofhis/herchoice.
55%peoplepreferredtheproductarrangementofRelianceMartwhile45%preferredthatofBigBazaar.ThisisbecauseBigBazaarhaslargespaceduetowhichproductsaremorefragmentedorscatteredonthecontraryRelianceMarthassmallerspaceinwhichproductsaremorelogicallyarranged.Alsoithasmorespacebetweentheshelveswhichprovideeaseofwalkingtocustomersandtheythinklessspacemeanslessenergywastage.5)Accessibility:itreferstothereachofthestoretothecustomers.
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50%peoplepreferredBigBazaar,39%RelianceMart&11%wereneutralthatmeansaccessibilitydoesntmattertothem.MajoritylikesBigBazaarbecauseitissituatedinthemaincitywhileRelianceMartislocatedataveryposhareawhichisveryfarfromthemaincity.6)Preference:itreferstothepreferenceofthecustomerregardingmakingachoicebetweenthetwostoresi.e.BigBazaar&RelianceMart.
Onthewhole65%peopleprefershoppingatBigBazaarand35%peoplepreferredtodoshoppingatRelianceMart.Thismaybebecauseofanyoftheabovementionedreasons.
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CHAPTE
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CHAPTECONCLUSIONTransformationbyintegratingcustomerfacingfront-endwithback-endsystemsandpartnersandsuppliers.Thiswilleffectivelyhelpingeneratingbetterfiltereddatasourcefromfeedbacksreceived.Alsothefeedbackswillbedealtwithinamuchmorecarefulandprofessionalway.GrowthofCRMfacilitatedbygrowthofIT.InthisageofInformationTechnologyaneffectiveITplanningontheCRMcanhelptheorganizationearnalotofrepute.Newdatabasesolutions.Thiswillhelptofilterandcleantherawdatareceivedfromfeedbacksmoreefficiently.22
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MutualbenefitthroughCRM.ThestoresandtheircustomerscanmutuallybenefitthroughtheapplicationofCRM.Soatthiseraofcustomers,thecompaniesshouldprojectthemselvesascustomerorientedaspossibletohelpthembenefitinalongtermsurvivalplan.
Effectivesegmentationofcustomers.Withmoreandbetterqualityofdata,thiscanbedoneveryeasily.
Enhancingtheshoppingsolutions.Thisistheageofinnovation.EspeciallyinIndianmarkets,lowcostinnovationistheultimatetooltowinthebattleforthecompanies.Thus,thecompaniesneedtobeinnovativewiththeirideasandalwaystrytodeliverthecustomerwithsomeaddedvaluefortheirpurchase.
RECOMMENDATIONS
ManyCRMproject"failures"arealsorelatedtodataqualityandavailability.Datacleaningisamajorissue.Ifacompany
sCRMstrategyistotracklife-cyclerevenues,costs,margins,andinteractionsbetweenindividualcustomers,this
mustbereflectedinallbusinessprocesses.Datamustbeextractedfrommultiplesources(e.g.,departmental/divisionaldatabasessuchassales,manufacturing,supplychain,logistics,finance,serviceetc.),whichrequiresanintegrated,comprehensivesysteminplacewithwell-definedstructuresandhighdataquality.DatafromothersystemscanbetransferredtoCRMsystemsusingappropriateinterfaces.Becauseofthecompany-widesizeandscopeofmanyCRMimplementations,significantpre-planningisessentialforsmoothroll-out.Thispre-planninginvolvesatechnicalevaluationofthedataavailableandthetechnologyemployedinexistingsystems.Thisevaluationiscriticaltodeterminethelevelofeffortneededtointegratethisdata.
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Equallycriticalisthehumanaspectoftheimplementation.Asuccessfulimplementationrequiresanunderstandingoftheexpectationsandneedsofthestakeholdersinvolved.Anexecutivesponsorshouldalsobeobtainedtoprovidehigh-levelmanagementrepresentationoftheCRMproject.AneffectivetoolforidentifyingtechnicalandhumanfactorsbeforebeginningaCRMprojectisapre-implementationchecklist.Achecklistcanhelpensureanypotentialproblemsareidentifiedearlyintheprocess.
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