MEANING OF CRM

Customer Relationship Management is the establishment,

development, maintenance and optimization of long-ter m mutually
valuable relationships between consumers and the organizations. Successful
customer relationship management focuses on understanding the needs and
desires of the customers and is achieved by placing these needs at the heart of the
business by integrating them with the organization's strategy, people, technology
and business processes.
At the heart of a perfect CRM strategy is the creation of mutual value for all the
parties involved in the business process. It is about creating a sustainable
competitive advantage by being the best at understanding, uncaring, and
delivering, and developing existing customer relationships in addition to
creating and keeping new customers.

DEFINITION OF CRM
Customer Relationship Management (CRM) is a co-ordinate approach to the selling
process allowing the various operational, customer contact and sales
promotional functions of an organization to function as a whole.










OBJECTIVES OF CRM IN HOTEL INDUSTRY
CRM, the technology, along with human resources of the employees ,
enables the banks to analyze the behavior of customers and their value. The
main areas of focus are as the name suggests: customer, relationship,
and the management of relationship and the main objectives to implement CRM
in the
business strategy are:
To simplify marketing and sales process
To make call centers more efficient
To provide better customer service
To discover new customers and increase customer
Revenue
To cross sell products more effectively
Attracting present and new customers
Acquiring new customers
Serving the customers
Finally, retaining the customers
Customer satisfaction and loyalty
Customer insight/ 360 view of customer
Speed to market for products and service
Increase products-to-customer ratio
Improve up sales and cross sales
Capitalizing on New market opportunities


In today's increasingly competitive environment, maximizing organic growth
through sales momentum has become a priority for hotel industry . To build this
momentum industry are focusing on Customer relationship management
initiatives to improve
The idea of CRM is that it helps businesses use technology and human
resources gain insight into the behavior of customers and the value of those
customers. If it works as hoped, a business can: provide better customer
service, make call centers more efficient , cross sell products more effectively,
help sales staff close deals faster, simplify marketing and sales processes,
discover new customers, and increase customer revenues .It doesn't happen
by simply buying software and installing it. For CRM to be truly effective, an
organization must first decide what kind of customer information it is looking for and
it must decide what it intends to do with that information.















OBJECTIVE OF STUDY

The primary objective of the study remains to identify the impact of CRM activities on
customers in banking sector. The study will, in an overall perspective, aim to cover
following objectives.
1. The objective of this study is to bring insight and deeper understanding into the
objectives, strategies and the expected benefits of CRM initiatives by organizations
particularly service companies like banks.
2. To find out that how the expected benefits of CRM can initiatives by organizations
be described?
3. To find out positive impact on the overall performance of the organization in the
long run.
4. To get more knowledge about CRM in banking sector
5. To understand consumer psyche about CRM in banking area.
6. To analyze that how CRM works as a link between banks and customers.

TYPE OF RESEARCH:

Research Design - It was an exploratory research.
The data for study was collected by using both, primary as well as secondary
sources. The data was collected by using various techniques and sources which are
briefly described below. Data was collected from customer and marketer of banks.
Like HDFC, ICICI bank etc.
Apart from the data collected for aforesaid companies, data will be collected from
regulatory sources, Journals, Books and Internet etc.

Primary data collection:
Primary data will be collected from following sources:
1. Customer and marketer of banking service
2. Bank officials
Data will be collected through interviews and filling of questionnaire.

Secondary data collection:
Secondary data will constitute an integral part of the study and it will be assimilated in
following areas:
1. Published data regarding financial performance of banking companies by internet
channels
2. Data regarding customer behavior towards new channels
3. Data regarding opportunities for marketer in banking sector

Secondary data will be collected through extensive literature survey and sources will
include newspapers, internet, journals, magazines books reports and other
publications


SAMPLE SIZE & METHOD OF SELECTING SAMPLE:

Sample size: 50 respondents

Sampling method: Convenience Sampling






SCOPE OF STUDY:
1. The objective of this study is to bring insight and deeper understanding into the
objectives, strategies and the expected benefits of CRM initiatives by organizations
particularly service companies like banks.
2. To find out that how the expected benefits of CRM can initiatives by organizations
be described?
3. To find out positive impact on the overall performance of the organization in the
long run.
4. To get more knowledge about CRM in banking sector
5. To understand consumer psyche about CRM in banking area.
6. To analyze that how CRM works as a link between banks and customers.

LIMITATION OF THE STUDY:
The study might be limited by following factors:
1. CRM in banking is a very recent phenomenon.
2. The primary data, collected in form of questionnaires and interviews, might have
inherent limitations of biasness and casual response.
3. Time Period of the project was not sufficient to study all the factors in deep.
4. The area of study was Jaipur so it cannot be generalized to other cities.
5. A different composition of sample skew the





RECOMMENDATIONS AND SUGGESTIONS

Customer Relationship Management (CRM), the most exciting strategies that
emerged from networking technology revolution of the nineties, is today fast
emerging one of the most important cooperates strategies. A well-executed
Customer Relationship Strategies can result in number of quantitative benefits,
including greater ability to sell and cross sell, improved retention besides cost of
services.
Customer Relationship Management is do-able. However the following must
take into consideration before embarking upon its implementation. All aspects of
customer relationship management, including technology solution, must be
fully explored effectively deliver the competencies required to realize the business
benefits.

1. Tackling any one competence alone will lead to a dysfunctional
business. One competence does not customer relationship management make.
2. Take pragmatic steps with a clear view on delivery of all the components in the
Medium term, rather than piecemeal in the short term.
3. Successful mass customization is crucial to reducing customer acquisition cost
and
Improving the cross selling capacity.
4. Channels are a delivery mechanism. The effectiveness of the mechanism is
achieved when it is faultless!
5. 75% of all Customer Relationship Management projects have failed due to lapses
in implementation. Technology is not enough, implementation is the key and this is
where the people aspect comes into the forefront.
6. Customer Relationship Management implementation is effective when companies
are able to identify the internal and external customer and integrate them with its
core business process.
No-one can guarantee success. You cannot foresee the future. However,
you can develop the possibilities and capabilities today, which will put you in a
position tomorrow to deal with future risks and opportunities to your advantage. And
that is a whole lot better than waiting to see what "fate" has in store.