Namrata
Namrata
Namrata
ON
CUSTOMER RELATIONSHIP MANAGEMENT
Submitted to-
DECLARATION
I, Namrata Maurya hereby declare that this project titled “Customer
for the MBA in Marketing is my original work and it has not formed the basis for
Namrata Maurya
Date:
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ACKNOWLEDGEMENT
My acknowledgement would be incomplete without expressing our gratitude to
Wonder point creative solution PVT and all those who have contributed towards the
successful completion of this project.
I would like to thank peoples of Miss. Parul Kumari for giving an opportunity to
get exposure in CRM. Special thanks to Miss. Monika Gupta (Guide). This project
would have been incomplete without his guidance and timely assistance.
I am also thankful to all my friends who were very helpful throughout the project. I
stand apologetic for the error if any.
TABLE OF CONTENT
Declaration 1
Acknowledgement 2
Company profile 3
Need of the study 4
Introduction 5-6
Aims of CRM 7-8
Benefit of CRM 9-17
Objective 18
Research methodology 19-20
Factor Analysis 21-
Limitation 22
Reference and Conclusion 23
Questionnaire 24-25
COMPANY PROFILE
Wonder Point Creative Solution Pvt. Ltd. was established in 2012, with an
idea to provide creative IT and ITES service.
We felt that there was a desperate need of best in class and creative service
provide which would help client to be future ready.
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Need of the study
In today’s intensely competitive, rapidly changing & highly complex business environment
characterized by diminishing customer loyalty, the need to be market focused & customer centric
is more critical than any other time in past. Firms use technology as a key tool to enhance the
information flow within their business units, helping their employees better understand the ever
It is certain that the internet will continue to change the ways customers and organizations interact
with one another in terms of speed and ease. This fact requires that the integration of internet
technology into CRM activities occur at all levels throughout the organization. Thus, it would be
wrong to say that keeping its customer satisfied is in the best interests of the organizations.
The purpose of this study is to bring insight and deeper understanding into the objectives,
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Customer Relationship Management
Introduction:-
The biggest management challenge in the new millennium of liberalization and globalization for a
business is to serve and maintain good relationship with the king – the customer. In the past
producers took their customers for granted, because at that time the customers were not demanding
nor had alternative source of supply or suppliers. But today there is a radical transformation. The
competition, high consumer choice, demanding customer, more emphasis on quality and value of
purchase etc.
All these changes have made today’s producer shift from traditional marketing to modern
marketing. Modern marketing calls for more than developing a product, pricing it, promoting it
and making it accessible to target customer. It demands building trust, a binding force and value
The process of developing a cooperative and collaborative relationship between the buyer and
software, and usually Internet capabilities that help an enterprise manage customer relationships in
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database about its customers that described relationships in sufficient detail so that management,
salespeople, people providing service, and perhaps the customer directly could access information,
match customer needs with product plans and offerings, remind customers of service requirements,
Helping an enterprise to enable its marketing departments to identify and target their best
customers, manage marketing campaigns and generate quality leads for the sales team.
Allowing the formation of individualized relationships with customers, with the aim of
improving customer satisfaction and maximizing profits; identifying the most profitable
Providing employees with the information and processes necessary to know their
customers understand and identify customer needs and effectively build relationships
Aims of CRM:-
The CRM is a new technique in marketing where the marketer tries to develop long term
relationship with the customers to develop them as life time customers. CRM aims to make the
The company first tries to determine who are likely prospects i.e. the people who have a strong
potential interest in the product and ability to pay for it. The company hopes to convert many of its
qualified prospect into first time customers and then to convert those first time customers into
repeat customers. Then the company tries to convert these repeat customers into clients – they are
those people who buy only from the company in the relevant product categories. The next
challenge for the company is to convert these clients into advocates. Advocates are those clients
who praise the company and encourage others to buy from it.
The ultimate challenge is to convert these advocates into partners where the customers and the
Thus in CRM the key performance figure is not just current market share but share of life time
In CRM the company tries to identify that small percentage (20%) of key account holders whose
contribution to the company revenues is high (80%). So from this point of view, CRM is also
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Why — Customer Relationship Management:-
Ø A satisfied customer in 10 years will bring 100 more customers to the company. Ø It
costs 7 times more to attract a new customer than to serve an old one.
Ø 20% of the company’s loyal customer’s account for 80% of its revenues. (Pareto’s principle).
Ø The chances of selling to an existing customer are 1 in 2; the chances of selling to a new
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Benefits of Customer Relationship Management:-
A Customer Relationship Management system may be chosen because it is thought to provide the
following advantages:
Decision support
Enterprise ability
Customer Attentions
Increase profitability
Improved planning
Customer service:
CRM software provides a business with the ability to create, assign and manage requests made by
customers. An example would be Call Center software which helps to direct a customer to the
agent who can best help them with their current problem. Recognizing that this type of service is
an important factor in attracting and retaining customers, organizations are increasingly turning to
technology to help them improve their clients’ experience while aiming to increase efficiency and
minimize costs. CRM software can also be used to identify and reward loyal customers which in
turn will help customer retention. Even so, a 2009 study revealed that only 39% of corporate
executives believe their employees have the right tools and authority to solve client problems.
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Increase in customer retention Customer
Marketing:
CRM systems for marketing help the enterprise identify and target potential clients and generate
leads for the sales team. A key marketing capability is tracking and measuring multichannel
campaigns, including email, search, social media, telephone and direct mail. Metrics monitored
include clicks, responses, leads, deals, and revenue. Alternatively, Prospect Relationship
Management (PRM) solutions offer to track customer behavior and nurture them from first contact
In a web-focused marketing CRM solution, organizations create and track specific web activities
that help develop the client relationship. These activities may include such activities as free
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Sales:-
Sales Force Automation (SFA): involves using software to streamline all phases of the sales
process, minimizing the time that sales representatives need to spend on each phase. This allows a
business to use fewer sales representatives to manage their clients. At the core of SFA is a contact
management system for tracking and recording every stage in the sales process for each
prospective client, from initial contact to final disposition. Many SFA applications also include
Increase in referrals
Key social influencers identified and engaged (invited to write a blog, for
instance, or otherwise participate in a company’s online community)
High response rate to coupon or promotion offered on Facebook or other social channel
Increased purchasing from social channel visitors vs. regular online visitors
Product development:-
New ideas for future products or services generated via contests or “crowd
sourcing,” in which online groups brainstorm and then vote on best ideas
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Horizontal vs. Vertical:-
Major CRM vendors offer horizontal CRM solutions. In order to tailor a horizontal CRM solution,
companies may use industry templates to overlay some generic best practices by industry on top
of the horizontal CRM solution. Horizontal CRM vendors may also rely on value added reseller
networks of systems integrators to build vertical solutions and sell them as 3rd party add-ons or to
Vertical CRM vendors focus on a particular industry. As a general rule of thumb in CRM, it is ten
times more costly to build a vertical solution from a horizontal software program than it is to find
a particular vertical solution that is already tailored to your business model and industry.
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How to introduce CRM in the company:-
Four key steps for putting one to one marketing program to work –
To launch a one to one initiative the company must be able to locate and contact a fair number of
customers or at least a substantial portion of its valuable customers. It is crucial to know the
customer details as much as possible, not just their names or address, but their habits, preferences
and so forth.
Customers are different in two principal ways; they represent different levels of value and have
different needs. Once the company identifies its customers differentiating them will help the
company to focus its efforts to gain the most advantage with the most valuable customers.
that interaction just not occur through marketing and sales channels, customer interact in many
different ways with many different areas of the organization so to foster relationship all the areas
Ultimately to lock a customer into a relationship a company must adapt some aspect of its behavior
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customizing a manufactured product or it might involve tailoring some aspect of the service
Challenges:-
systems can provide a significant advantage to the user, but often there are obstacles that obstruct
the user from using the system to its full potential. Instances of a CRM attempting to contain a
large, complex group of data can become cumbersome and difficult to understand for ill-trained
users. The lack of senior management sponsorship can also hinder the success of a new CRM
system. Stakeholders must be identified early in the process and a full commitment is needed from
all executives before beginning the conversion. But the challenges faced by the company will last
Additionally, an interface that is difficult to navigate or understand can hinder the CRM’s
effectiveness, causing users to pick and choose which areas of the system to be used, while others
may be pushed aside. This fragmented implementation can cause inherent challenges, as only
certain parts are used and the system is not fully functional. The increased use of customer
relationship management software has also led to an industry- wide shift in evaluating the role of
the developer in designing and maintaining its software. Companies are urged to consider the
overall impact of a viable CRM software suite and the potential for good or bad in its use.
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Significance of the study:-
The CRM (customer relationship management) is an integrated effort to strengthen the network of
relationship for the mutual benefit of both the parties. The biggest management challenge in the
new millennium of liberalization and globalization for a business is to maintain good relationship
with the king – the customer. This study is of great significance because
costs seven times more to attract a new customer than to serve an old one. Ø 20% of the
Ø To study on customer relationship management would enable the researcher to know about the
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Review of the existing literature:-
With the available literature we can summarize CRM in the words of various authors as follows-
effort to identify, maintain and build up a network with the individual customers
and to continuously strengthen the network for the mutual benefit of both parties,
through interactive, individualized and value added contracts over a long period of
time.
Conceptualization:-
A firm in paint industry has to maintain good relations with its customers. They have to retain the
customers for a long time to avail the benefit of their relations. The customer relationship
management is one of the effective tools to identify, establish and maintain relationship with the
customers.
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Objectives of Customer Relationship Management:-
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Research Methodology
A research design is simply a plan for study in collecting and analyzing the data. It helps the
researcher to conduct the study in an economical method and relevant to the problem.
Research methodology is a systematic way to solve a research problem. The methodology should
Research design
Primary data – primary data is that data which is collected for the first time. These data are
basically observed and collected by the researcher for the first time. I have used primary data for
my project work.
Secondary data – secondary data are those data which are primarily collected by the other person
for his own purpose and now we use these for our purpose secondly.
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Findings:-
The needs of the customers are clearly defined and the products are customized
Customer’s comments and complaints are welcomed and resolved quickly and positively.
The company provides credit facility to its customers up to 90 days. If the customers pay
Sales persons of the company maintain frequent and informative communication with the
customers.
The average sale per customer has increased by 10% and customer’s response to the
The factors which have an impact on the CRM are – organization culture, support from
top management, interpersonal skill of the sales personals and working environment of
the company.
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Analysis:-
The customers of the COMPANY are the direct industries & wholesalers. It is because for the
decorative segment the number of retailers is very large as compared to the wholesalers. So it is
not possible for the company to approach to the retailers. Therefore the company sells to the
Customers are encouraged to give suggestions and complaints so that the company can improve
its working and services. If the customer’s complaints are not resolved the customers will be
Different customers have different requirements. So the company customizes its product
accordingly to satisfy the customers. It also gives more choice to the customers.
To get the information about the customers and to measure the satisfaction the company conducts
The company gives credit facility to its customers to increase the sales volume. If the company do
not sell on credit the customers may switch over to other companies.
The company maintains frequent communication with the customers. As soon as the product is
ready or a new product is launched the information is provided to the customers. Communication
The company gives concession to its regular customers so as to retain it’s most valuable and
profitable customers.
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The company regularly reviews the business process in order to eliminate non value- adding
activities, to reduce the cost and to make the whole work efficient and effective. If the internal
customers are not satisfied and there is lack of coordination among the departments then it will
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Recommendations:-
There should be more and more emphasis given by the company for satisfying the
customer up to an apex limit and by providing the utility of every penny of his money.
The company should be flexible to bend its rules and procedures in the clients favor.
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Conclusion:-
From this study it can be concluded that the customer relationship management in Company is
satisfactory. The company is using various CRM practices like customization of the product,
maintaining interaction with the customers regularly and providing good quality product etc.
Customer relationship management has a certain impact on the profitability of the company.
Average sale per customer has increased 15% over the last two years. Customer response rate
towards marketing activities is also improving. There are various factors affecting the customer
relationship management like working environment of the company, support from top management
and coordination among the departments of the company. Information technology is not used as
much as it should be. The company is using traditional tools of CRM like quantitative research,
personal interviews. The company should modern tools like data mining, contact center, e-CRM
and web based survey tools.
References:-
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Questionnaires
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c) Any other means.
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