Customer Relationship Management (CRM) is a business approach which recognizes the importance of customers as the driving force behind the success of failure of any business. It enables the business organization to maintain, analyze and act upon the information which the business identifies as relevant to improve its relationships with the customer, and thus enhance its chances of success.
Customer Relationship Management (CRM) helps companies improve the profitability of their interactions with customers while at the same time making the interactions appear friendly through individualization and personalization of services. This management includes Data Mining with the help of which Customer Life Cycle can be managed well in Acquiring new customers, increasing value of the customers, retaining good customers.
The basic steps of Data Mining for effective CRM are:
1. Define Business Problem
2. Build Marketing Database
3. Explore Data
4. Prepare data for modeling
5. Build Model
6. Deploy model and results
The company can then use the information to learn about the behavior of its customers and improve the way it does a business. It can look at recurring complaints from multiple customers to solve a problem which would otherwise go unchecked with a normal formats and management system of the company.
The main objective of my project is to find effective solution for the Customer Relationship Management and accordingly increase the credibility and profitability of the company. This study is more related to consumer behavior and perception about the facilities and convenience provided by the company, Customer Satisfaction is emphasized in this management.
o Helping an enterprise to enable its marketing departments to identify and target their best customers, manage marketing campaigns with clear goals and objectives, and generate quality leads for the sales team.
o Assisting the organization to improve telesales, account, and sales management by optimizing information shared by multiple employees, and streamlining existing processes (for example, taking orders using mobile devices)
o Allowing the formation of individualized relationships with customers, with the aim of improving customer satisfaction and maximizing profits; identifying the most profitable customers and providing them the highest level of service.
o Providing employees with the information and processes necessary to know their customers, understand their needs, and effectively build relationships between the company, its customer base, and distribution partners.
Before we begin to examine the conceptual foundations of CRM, it will be useful to define, what is CRM? A narrow perspective of customer relationship management is database marketing emphasizing the promotional aspects of marketing linked to database efforts. Another narrow, yet relevant, viewpoint is to consider CRM only as customer retention in which a variety of after marketing tactics is used for customer bonding or staying in touch after the sale is made. Shani and Chalasani define relationship marketing as “an integrated effort to identify, maintain, and build up a network with individuals consumers and to continuously strengthen the network for mutual benefit of both sides, through interactive, individualized and value-added contacts over a period of time”. The core theme of all CRM and relationship marketing perspectives is its focus on co-operative and collaborative relationships between the firm and its customers, and/or other marketing actors. CRM is based on the premise that, by having a better understanding of the customers’ needs and desires we can keep them longer and sell more to them. Growth Strategies International (GSI) performed a statistical analysis of Customer satisfaction data encompassing the findings of over 7,000+ customer surveys conducted by Asian Piants Ltd. CRM (customer relationship management) is an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way. For example, an enterprise might build a 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, know what other products a customer had purchased, and so forth. The essence of the information technology revolution and, in particular, the World Wide Web is the opportunity to build better relationships with customers than has been previously possible in the offline world. By combining the abilities to respond directly to customer requests and to provide the customer with a highly interactive, customized experience, companies have a greater ability today to establish, nurture, and sustain long-term customer relationships than ever before. The ultimate goal is to transform these relationships into greater profitability by increasing repeat purchase rates and reducing customer acquisition costs. Indeed, this revolution in customer relationship management or CRM.
NEED OF THE STUDY
Today, for any organization or firm to survive in this competitive world depends on its ability to be dynamic and be different from the competition to be unique in the industry. Customer satisfaction helps every organization to keep the existing customer and to build new customer. The purpose of this study is to study whether customer relationship management policies followed by Asian Paints to cater to the needs of the clients or not. Also to check whether the clients are happy with the services provided by Asian Paints?
?This project report deals with the various kinds of strategies used by the Asian paints ltd. The main objectives of the Asian paints study are to define and to understand the various process management, production management and operation management strategies.
?The primary objective of the project is to study the customer relationship management followed in Asian Paints with special reference to its painting products and after sales services
?The project aims to compare the different techniques used by the management of Asian Paints for managing long term relationship with its customers and tried to take the feedback of different customers dealing with this company
?The project aims to give feedback and suggestions to Asian Paints with regard to managing customer relationships
OBJECTIVES OF THE STUDY
CRM, in its broadest sense, means managing all interactions and business with customers. This includes, but is not limited to, improving customer service. A good CRM program will allow a business to acquire customers, service the customer, increase the value of the customer to the company, retain good customers, and determine which customers can be retained or given a higher level of service.
The main objective of any business is to acquire larger market share, or higher percentage of sales in the industry. This could be only achieved by building a strong relationship with new and existing customers.
Any company can survive through the stiff competition of the market if it has loyal customers. Today many companies in the market have loyal customers and they adopt many strategies to maintain and improve their market share. Without creating proper customer relationship, they cannot increase their profits.
The objective of the project was to analyze “Effective Customer Relationship Management” for Asian Paints Ltd., for that we have to understand current CRM System and Services provided from the company and its effect on Customer Needs, Satisfaction Level, their response and emotions. The objective of this study to analyze existing customer satisfaction as those customers are the key sources to new customers with respect to the performance, sales efforts and sales service.
Actual and personal meeting with existing customers and employees has brought me to the reality of the effectiveness of the system and their success. For analyzing the same factor I staked my whole duration of the project and simultaneously for internal study and market watch and other group assignments.
On an average all the customers are happy with the company and look forward to the growth of it.
This study is under taken to analyze the customer relationship management with respect to Asian Paints Ltd.
?An attempt has been made to study the customer relationship management practices with special reference to Asian Paints Ltd.
?To study the effect of customer relationship management practices while making purchase and repurchase decisions on painting products
?To judge how they are managing customer relationships with new and existing clients
?To know how to maintain and improve relationships with its customers so as to build strong name in the market
?To know customers perception about company’s products and services
?To understand the customer feedback of Asian Paints’ products and services
?To know the grievances among the customers about products and services of Asian Paints Ltd.
?To know the satisfaction level of Asian Paints Ltd. customers in Hyderabad region
?To suggest feedback to Asian Paints Ltd. for improve its customer relationships
Meeting and satisfying each customer’s need uniquely and individually. In the mass markets individualized information on customers is now possible at low costs due to the rapid development in the information technology and due to availability of scalable data warehouses and data mining products. By using online information and databases on individual customer interactions, marketers aim to fulfill the unique needs of each mass-market customer. Information on individual customers is utilized to develop frequency marketing, interactive marketing, and after marketing programs in order to develop relationship with high-yielding customers. In the context of business-to-business markets, individual marketing has been in place of quite sometime. Known as Key Account Management Program, here marketers appoint customer teams to husband the company resources according to individual customer needs.
For the purpose of study, both primary and secondary data has been collected. The observational method and survey research method is used to collect the primary data. The survey research method is used to gain insight into the relationship management of the customers by Asian Paints Ltd. The main research instruments used the required data is a well-structured questionnaire. A detailed questionnaire has been prepared to reflect the opinions of the customers towards the Asian Paints Ltd. services and administered to the same.
The necessary data has also been collected from official records and other published sources. The collected data is classified, tabulated, analyzed and interpreted. Finally conclusion is draw based on the study and suggestions are offered for improving Asian Paints’ customer relationship management.
For ascertaining the customer relationship management towards the Asian Paints’ products and services, 50 customers have been randomly selected from the Hyderabad city only.
There are two types of data collection
?Primary data is personally developed data and it gives latest information and offers much greater accuracy and reliability.
?There are various sources for obtaining primary data i.e., Mail survey, personal interview,
?Field survey, panel research and observation approach etc.
?The study is dependent on primary data to a maximum extent, which is collected by way of structures personal interview with customers.
Secondary data is the published data. It is already available for using and its saves time. The mail source of secondary data are published market surveys, government publications advertising research report and internal source such as sales, sales records orders, customers complaints and other business record etc. the study has also depended on secondary data to little extent, which is collected through internal source.
For this survey personal interview method was used for collecting primary data. This survey was conducted by face to face interview customers and found to be best suited to collect the primary data for this project.
SCOPE OF THE STUDY
Scope of the this study is it will assist Asian Paints to get its own Customer Relationship Management system mirror well and it will get all the important things before eyes to apply all the possible ways to provide a superb service to the customers and accordingly make them loyal and retain them long lasting and also to get new customers to be served. Scopes can be stated in few points as follows.
1.Maintain current / existing customers.
2.Achieve new potential customers.
3.Retain all the customers.
5.Reputation and credibility Increment, etc.
The heart of CRM is not being customer centric but rather to use customer profitability as a driver for decision making and action. Before exploring this assertion, it is useful to review the process of resource allocation as it is practiced in most organizations. The budget process largely consists of an extrapolation of the past. Resource constraints pit function against function with back room deals that are based on internal politics versus the marketplace. This decision process has little insight as to what is working and what is not working (as it applies to the marketplace) or for that matter why? Without insight relative to cause and effect, the organization has no choice but to follow intuition and anecdote. It is analogous to the story about the marketing VP who admitted that half the advertising budget was wasted; the problem was he did not know which half.
The study is an analysis of customer relationship management in Asian Paints with special regard to products offered by Asian Paints.
The study is carried out by interviewing 50 customers who were in the age group above 28 years and are mostly into infrastructure business. It has been deliberately decoded to conduct the survey among this age group because they are the people who generally look for such kind of products for building residential and commercial complexes.
?The study has only made a humble attempt of the evaluation of customer relationship management based on different criteria in Asian Paints.
?The customer relationship management practices towards Asian Paints is carried out in Hyderabad region
?The survey conducted will provide the details about the customer relationship management levels responding to the products and services provided by Asian Paints
In undertaking the study, the researcher encountered certain problems. Firstly, the respondents were not available readily and the data collected as per the convenience of the respondents. Secondly, the organizational policies had its influence on the respondent’s opinions at the time of collection of data. Thirdly, the limitations of sampling had an effect on the study as it was concentrating on a particular segment of organizations.
The study based on survey through pre-designed questionnaires suffers from the basic limitations of the possibility of difference between what is recorded and what is the truth, no matter how carefully the questionnaire has been designed and field investigation has been conducted.
?The objective of the study is to understand the customer relationship management practices followed in Asian Paints and customers perception towards it.
?The study covers the Hyderabad only and due to the limited sample size, the facts relabeled in the study may not generalize.
?While calculating the percentages, approximations are made to the nearest figures, for convenience in understanding.
?The analysis is based on customer’s opinion at the time of survey. Suggestions and conclusions are based on the limited data.
?Due to time constraint the detailed information cannot be collected, but many efforts are taken to collect the actual information.
?There was a constraint with regard to time allocation for the research study i.e. for a period of 45 days.