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Name and Address of the Student (With contact no.) : NIKHIL SHARMA MIG 8/5, JDA Colony, Near T.V Tower Katanga, JABALPUR [M.P] PIN- 440010 Mob: - 8055381780 : Retail
: ³AN ANALYTICAL STUDY ON CUSTOMER RELATIONSHIP MANAGEMENT STRATEGIES FOLLOWED BY WESTSIDE IN NAGPUR CITY´
2. Subject Area of the Project 3. Title of the Project in capital letters
4. Name and Official Address of the Research Supervisor (Bio-data should be enclosed) Signature of the student Date
: NIS Academy, Ram Nagar, Nagpur Mob. No. - 9890131595
Signature of the Research Supervisor Name: Mr. Ashish Arun Linge Academic Year: 2009-2011 Number of the candidate (Number of the candidate should not exceed Five for a Research Supervisor in an academic year)
Encl.:1. Synopsis 2. Bio-data of the Research Supervisor.
ANNAMALAI UNIVERSITY DIRECTORATE OF DISTANCE EDUCATION BIO-DATA OF THE RESEARCH SUPERVISOR Affix Photograph
NAME EDUCATIONAL QUALIFICATION DESIGNATION NAME OF THE INSTITUTION / ORGANIZATION YEARS OF EXPERIENCE IN TEACHING / INDUSTRIES OFFICIAL ADDRESS WITH PHONE NUMBER (MOBILE AND LANDLINE) RESIDENTIAL ADDRESS WITH PHONE NUMBER
: Mr. Ashish Arun Linge : MBA, M.PHIL, M.A, B.Sc. : Lecturer : C.P & BERAR, Ravi Nagar, Nagpur : TEACHING - 10 years
: 47, Hill Road, Gokulpeth, Nagpur Mob. No. - 9890131595 : Mr. Ashish Arun Linge 282, Gajanan Society, Dutta-wadi, Amravati Road, Nagpur Mob. No. - 9890131595
Signature of the Research Supervisor
Forwarded by: Head of the Department / Principal with Official seal (Educational Institution) Sr. Manager / Higher Authority With Official seal (Organization)
ON ³AN ANALYTICAL STUDY OF CUSTOMER RELATIONSHIP
MANAGEMENT STRATEGIES FOLLOWED BY WESTSIDE IN NAGPUR CITY´
Submitted To: Annamalai University, Chennai In partial fulfillment for degree of Master of Business Administration (Applied Management) Submitted By: Nikhil Sharma MBA-2nd year (Retail) NIS Academy, Nagpur Enrollment No. 4740900632 Under The Guidance of
Mr. Ashish Arun Linge MBA, M.PHIL, M.A, B.Sc
47, Ganga Building, Hill Road, Gokulpeth, Nagpur ± 440 010 NIS Academy (A Division of NIS Sparta Ltd., A Reliance ± Anil Dhirubhai Ambani Group Company)
Serial No. 1 2 3 4
TITLE OF THE PROJECT STATEMENT OF PROBLEM OBJECTIVE OF THE STUDY RESEARCH METHODOLOGY
1. TITLE OF THE PROJECT
³AN ANALYTICAL STUDY ON CUSTOMER RELATIONSHIP MANAGEMENT STRATEGIES FOLLOWED BY WESTSIDE IN NAGPUR CITY´
Westside stands out from the competition for a variety of reasons. Style, affordable prices, quality: these are the factors that have shaped Westside¶s success story in the retail fashion stores business. Launched in 1998 in Bangalore, the Westside chain has, ever since, been setting the standards for other fashion retailers to follow. One is that a majority of the brands the chain stocks and sells are its own, unlike retailers who store multiple labels. About 90 per cent of Westside¶s offerings are home-grown, and they cater to different customer segments. The other 10 per cent includes toys, cosmetics and lingerie. Westside has recently expanded its range of merchandise by offering outfits from some of India¶s best-known fashion designers, among them Wendell Rodericks, Anita Dongre, Krishna Mehta and Mona Pali. This is an interesting marketing shift, since it means moving away from the chains onlyour-own-brands concept. Trent is the retail arm of the Tata group. Started in 1998, Trent operates Westside, one of the many growing retail chains in India. In 1998 Tata sold of their 50% stake in the cosmetic products company Lakmé to HLL for Rs 200 Crore (approx. 45 million US$), and created Trent from the money it made through the sale. All shareholders of Lakmé were given different shares in Trent. Simone Tata, the chairperson of Lakmé, went on to head Trent. The reason behind the sale was that Simone Tata saw a greater growth potential in retail, and believed that it would be much more difficult for an Indian company to release new cosmetic products in a market that had opened up to global companies. The company has a turnover of Rs. 357.6 crores and currently operates 47 stores in the major metros and mini metros of India. An international shopping experience, a perception of values, and offering the latest styles, has created a loyal following for Westside's own brand of merchandise. Westside operates stores in Mumbai, Navi Mumbai, Ahmedabad, and Bangalore. Delhi, Chennai, Kolkata, Hyderabad, Pune, Surat, Vadodara, Indore, Noida, Gurgaon, Ghaziabad, Mysore, Jaipur, Lucknow, Nagpur, Kanpur.
Customer Relationship Management (CRM):-
It consists of the processes a company uses to track and organize its contacts with its current and prospective customers. CRM software is used to support these processes; information about customers and customer interactions can be entered, stored and accessed by employees in different company departments. Typical CRM goals are to improve services provided to customers, and to use customer contact information for targeted marketing. While the term CRM generally refers to a software-based approach to handling customer relationships, most CRM software vendor¶s stress that a successful CRM effort requires a holistic approach. CRM initiatives often fail because implementation was limited to software installation, without providing the context, support and understanding for employees to learn, and take full advantage of the information systems. CRM can be implemented without major investments in software, but software is often necessary to explore the full benefits of a CRM strategy. Other problems occur when failing to think of sales as the output of a process that itself needs to be studied and taken into account when planning automation Overview From the outside, customers interacting with a company perceive the business as a single entity, despite often interacting with a number of employees in different roles and departments. CRM is a combination of policies, processes, and strategies implemented by an organization to unify its customer interactions and provide a means to track customer information.
Westside provides four levels of service:Self service- self service is the corner stone of all discount operations. Many customer are willing to carry out their own locate compare select process to save money Self selection- customer find own goods, although they can ask for assistance Limited Service- Westside also offers services like credit, merchandizing etc. Full Service- Sales people are ready to assist to any phase of the locate compare select process. Customers who like to be waited own prefer these type of stores.
Marketing Strategies adopted by Westside
Attract shoppers & keep them in stores- the amount of time shoppers spend in a store is perhaps the single most important factor in determining how much they will buy. Don¶t make them hunt- put the most popular products up front to reward busy customer & encourage them to look more. Women¶s need more space- A customer specially a woman is far less likely to buy an item if her derriere is brushed by any other customer.
2. STATEMENT OF PROBLEM
In retailing the biggest challenge is to Know and understand their customers on an individual basis and to Communicate with them in a relevant way; And how to Manage offerings so that the customer¶s experience is enhanced through effective customer relationship management practices compared to what they have ever had before with the client or with anyone else.
3. Objectives of the Study
To study the nature of CRM program of Westside.
To study the contribution of CRM program of Westside in total revenues. To analyze the customer response to Westside¶s CRM Initiatives.
4. Research Methodology
Research methodology is considered as the nerve of the project. Without a proper well-organized research plan, it is impossible to complete the project and reach to any conclusion. The project was based on the survey plan. The main objective of survey was to collect appropriate data, which work as a base for drawing conclusion and getting result.
Therefore, research methodology is the way to systematically solve the research problem. Research methodology not only talks of the methods but also logic behind the methods used in the context of a research study and it explains why a particular method has been used in the preference of the other methods.
This report was prepared after collecting data from the retailers and customers and past data was arranged from the various studies conducted in last few years and various other records of company and also from customer¶s survey.
These data were collected by personal interview with retailers and customers. For this purpose questionnaires were prepared in such that all necessary data would be collected.
Information regarding the project, secondary data was also required. These data were collected from various past studies and other sources of the company and some information will be collected from internet.
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