2. INTRODUCTION
Customer Relationship Management is a technology for managing all your companies relationships and
interactions with customers.
CRM helps Companies to stay connected with customers, streamline processes and improve profitability .
The goal is simple to improve Business Relationships.
No Business can survive without understanding its customers and having a positive relationship with them.
CRM refers to the art of managing good customer relationship & prospect customers, It is all about
understanding, who your customers and potential customers are, and nurturing the relationship you have with
them.
3. CONCEPT
Definition: -
"Customer Relationship Management is the Combination of practices, strategies and technologies that
company uses to manage and analyse customer interactions and data through out the customer lifecycle. The
goal is to improve customer service relationship and drive sales growth."
Implementing CRM:
CRM requires an integration of a firm's resources; people, operations and marketing capabilities to deliver added
value to the customers. CRM should provide businesses and organizations with a single view of their customers
and across irrespective of the interactive channel or medium through which the customer accesses the service or
product.
It is enabled through:
Information
Processes
Technology
Applications
4. NEED OF THE STUDY
Better service to customers.
Customization of market offerings.
Reduction in the customer defection rate.
Increase and improvement in long-term relationships.
Increase in customer equity.
Competitive advantage.
Building and maintaining corporate image.
Higher return on investment.
5. REVIEW OF LITERATURE
According to Peppers and Rogers (2011), there is global tendency in customer relationship management that relates to the
shift from transactional model towards the relationship model. In other words, Peppers and Rogers (2011) argue that
satisfying customer needs as a result of on-time transaction is not sufficient today in order to ensure the long-term growth
of the businesses.
The work of Mathur (2010) represents another significant contribution to the research area to be used in the study.
Namely, the author provides a wide range of specific customer relationship management techniques and principles that are
used by multinational businesses. The findings of Mathur (2010) can be compared to the primary data findings in the
proposed research, thus enhancing the scope of the study.
Khurana (2010), on the other hand, discusses the concept of customer relationship management in a great detail, and also
addresses advantages and disadvantages associated with a range of relevant software applications. The third edition of
Pradan's (2009) "Retailing Management" is another noteworthy source that is going to be used in the study. Specifically.
Pradan (2009) identifies customer relationship management as an emerging aspect of marketing in retail and discusses its
importance for ensuring long-term growth for retail businesses.
6. REVIEW OF LITERATURE
Bhatia's (2008) work, "Retail Management" is also going to be used in the proposed study due to the significance of the
contribution of the work to the research area. Bhatia(2008) offers in-depth discussions related to the use of loyalty cards by
retailers, and this represents a comprehensive analysis of the issue in the secondary data.
Moreover, Cox's (2011) "Retail Analytics: The Secret Weapon" deserves also to be mentioned in here thanks to the most
modern and fresh perspective the author adopts in order to approach the research issues. The most valuable part of this
specific article is that it provides highly practical recommendations to retailers of various sizes in terms of increasing the
levels of revenues through adopting a range of customer relationship management principles.
According to Greenberg (2004), CRM generally is an enterprise-focused end encompassing all departments in a business.
He further explains that, in addition to customer service, CRM would also include, manufacturing, product testing,
assembling as well as purchasing, and billing, and human resource, marketing, sales and engineering Chen and Popovich
(2003) argued that CRM is a complicated application which mines customer data, which has been retrieved from all the touch
points of the customer, which then creates and enable the organization to have complete view of the customers. The result is
that firms are able to uncover and determine the right type of customers and predicting trend of their future purchases.
7. OBJECTIVES OF THE STUDY
•To know about the relationship between the customer and the
company.
•To know about the company's approach and their attitude on
handling different types of customers.
•To know about the potential problems of the customers.
8. FINDINGS
Majority of the respondents are in the age group of 16-40 years.
Majority of the respondents are Female.
Majority of the respondent’s monthly income is 10,000 - 20,000.
Majority of the respondents are neither satisfied nor dissatisfied on the performance of Monalisa.
Majority of the respondents have 1-3 years of experience with Monalisa.
Majority of the respondents are having good relationship with Monalisa.
Majority of the respondents felt that the product efficiency of Monalisa is very good.
Majority of the respondent’s preference level is Moderate on Monalisa.
Majority of the respondents are neither satisfied nor dissatisfied with Approach of the marketing executive.
Majority of the respondents don't have idea to refer Monalisa to others.
9. LIMITATIONS OF THE STUDY
Personal bias is possible because of direct questions.
As simple random sampling has been used, probability will be more for sample
error.
Due to time constraint, the researcher couldn’t be able to cover all the areas and all
the customers.
Because of the fixed number of samples, we can't take the result for whole.
10. FUTURE RESEARCH OF THE STUDY
More outcomes can be taken into account for better understanding of concept.
The sample study can be extended to other states.
Larger sample should be taken for better understanding of the customer relationship
management.
Longitudinal Study can be concluded.
