Mr. SUMAN VIJ
INC FACULTY GUIDE
GAURAV KUMAR MISHRA
A THESIS ON
Comparative Analysis of Customer Relationship Management with Respect To Recurring Deposit Account of SBI and ICICI GAURAV KUMAR MISHRA
MRS. SUMAN VIJ
Completing a task is never one mans effort. It is often the result of invaluable contribution of number of individuals in direct or indirect way in shaping success and achieving it.
I extend my sincere and affectionate thanks to my Faculty Guide Mrs.Suman Vij for her co-operation that helped me in surmounting all the hurdles faced during the completion of project. I am deeply thankful to my friends for their co-operation, encouragement and help.
Aim of Customer Relationship Management is to produce Customer Equity. Three major drivers of customer equity are: 1. Value Equity: This measures the customer perception about benefits relative to its cost. The sub drivers of value equity are quality, price and convenience. 2. Brand Equity: Customer’s subjective and intangible assessment of the brand beyond the objectively perceived value. The sub drivers are customer brand awareness, customer attitude towards the brand, customer perception of brand ethics 3. Relationship Equity: Customers tendency to stick to the brand above and beyond the objective and subjective assessment of its worth .Sub drivers of relationship equity includes loyalty programs, community building programs and knowledge building program.
CRM is a set of strategies, processes, metrics, organizational culture and
technology solutions that enhance an organization's ability to see the
differences in its customers’ and prospects' behavior and needs, track new
opportunities to better serve their customers and act, instantly and profitably,
on those differences and opportunities. Recently CRM has taken a center
stage in the business world with businesses concentrating on saving money
and increasing profits by redefining internal processes and procedures. It
costs a company dramatically less to retain and grow an existing client, than
it does to court new ones. It is said that “It is seven times more expensive to
acquire a new customer than to keep an existing one”, therefore the value of
customer information and management should never be underestimated.
Customer relation management analysts says CRM is "a buzzword that's
really not so new. What's new is the technology is allowing us to do what we
could do at the turn of the century with the neighborhood grocer. He had few
enough customers and enough brainpower to keep track of everyone's
Technology has allowed us to go back to the future to this
model." The aim of CRM is optimize the use of technology and human
resources for the business to gain insight into the behavior of costumer.
Seeing the new market (CRM) emerge, the world’s leading business
software vendors have reinvented themselves to focus on CRM, and there
has been a fierce competition for the dominance in this market. Technology
is now an essential part of CRM nowadays but buying technology before
defining CRM business goals, is a recipe for disaster. It is important to
remember that technology used for CRM should be ‘tailor made´ depending
on the type of consumer base of the company and the business goals.
Companies need to understand CRM in relevance to customers and
customers only. Technology like call center services and software’s will
prove helpful only if they improve the customer services and relation
, otherwise all fancy technology is useless if it fails to benefit...
Please join StudyMode to read the full document