Project Proposal on
“Customer Relation Management Practices in the Indian Fast Food Industry”
Submitted To: Prof. Ashwini Awasthi
Submitted by: Meghna Mavani (091227)
Customer relation management practices in the Indian Fast-Food Industry.
Introduction to the topic:
Relationship marketing is emerging as the core marketing activity for businesses operating in fiercely competitive environments. On average, businesses spend six times more to acquire customers than they do to keep them. Therefore, many firms are now paying more attention to their relationships with existing customers to retain them and increase their share of customer‟s purchases. Customer Relationship Management is a process or methodology used to learn more about customers' needs and behaviors in order to develop stronger relationships with them. CRM is a broadly recognized, widely-implemented strategy for managing a company‟s interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service. Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments. CRM or customer relationship management is a system of processes which businesses use to organize and streamline customer service, give sales staff the customer information they need to achieve higher closure rate, optimize marketing and sales efforts, and help to increase the customer base and revenues.
Rationale of the project:
Customer Relationship Management is a process or methodology used to learn more about customers' needs and behaviors in order to develop stronger relationships with them. CRM is a broadly recognized, widely-implemented strategy for managing a company‟s interactions with customers, clients and sales prospects. Hence a detailed 2
understanding of the various trends of CRM being followed currently would be of great importance to the going-to-be-managers. After all, good customer relationships are at the heart of business success. CRM involves all the functions of an organization.
The idea of CRM is that it helps businesses use technology and human resources to gain insight into the behavior of customers and the value of those customers. Hence a detailed study of such a widespread initiative carried out by several global organizations would create a deep managerial insight. Moreover the entire reason for taking up the Indian Fast-Food Industry as my project topic is that with the rapidly growing middle class population and changing lifestyle, India is blessed with one of the fastest growing fast food markets in the world. The Indian fast food market is growing at an annual rate of 25-30%. Almost all the world‟s big fast food brands have succeeded in making their presence felt in the country and most of them are posting appreciable growth. Also, all the popular fast food chains have chalked out massive plans for expanding their business and presence throughout the country. Foreign fast food chains are aggressively increasing their presence in the country. Another important reason that makes this industry worth studying is that, though this industry has witnessed a robust growth, there is still a huge underpenetrated market in the tier-II and III cities as mostly these fast-food chains are concentrating on the metro cities in India. 3
The innovation decision process model of Rogers (1995) was adopted in this study because CRM is considered an innovative management strategy. Rogers defines innovation as “ideas, action programs, or objects appealing as new things to...