Summer Internship Project On

A Study on marketing and customer interaction towards woxen digital limited

submitted for the partial fulfillment of the requirement of the degree

of

POST GRADUATE DIPLOMA IN MANAGEMENT

(PGDM)
Approved by
All India Council of Technical Education (AICTE)
Submitted by
(Siddharth Prasanna Dhare)
Roll No:
Specialization: Finance

Submitted To

SASMIRA’S BUSINESS SCHOOL (SBS)

SARSMIRA MARG, WORLI, MUMBAI.

JULY, 2022
 DECLARATION BY THE CANDIDATE

I Siddharth Dhare (name of the student) hereby certify that the work which is being presented
in this Summer Internship Project Report entitled-
“______________________________________________________” in partial fulfillment of
the requirement for the award of the Degree of Post Graduate Diploma In Management and
submitted to the Sasmira’s Business School, Sasmira Marg, Worli, Mumbai, is an authentic
record of my own work carried out during a period from 5th
May, 2022 till 4th July, 2022 at
Accrual Intelligence Manuals India Private Limited (name of the organization) under the
guidance of Dr. Sanskruti Kadam – Dean (Name and Designation of Faculty Mentor).

The matter presented in this project report has not been submitted by me for the award of any
other degree of this or any other Institute.

Wherever references have been made to intellectual properties of any individual /

Institution / Government / Private / Public Bodies / Universities, research paper, text books,
reference books, research monographs, archives of newspapers, corporate, individuals,
business / Government and any other source of intellectual properties viz., speeches,
quotations, conference proceedings, extracts from the website, working paper, seminal work
et al, they have been clearly indicated, duly acknowledged and included in the
Bibliography.

Name of the Student:

Signature of the Student:

This is to certify that the above statement made by the candidate is correct to the best of our
knowledge.

Signature of Supervisor: ___________________________

Name of Supervisor: ___________________________

 CERTIFICATE

This is to certify that Mr. / Ms.

_________________________________________________
is a bonafide student of the two year full-time Post Graduate Diploma in Management
(PGDM), (Finance / Marketing / Human Resource ), Roll No. ___________of the
institute.

As a part of the All India Council of Technology (AICTE) guidelines, the student has carried
out the Summer Internship
Project____________________________________________________ (Title of the Project)
at _________________________________________________________
(Name of the Organization) during the period from ______________________ to
_______________ under my guidance in partial fulfillment of requirement for the
completion PGDM as prescribed by the All India Council of Technical Education (AICTE).
This Summer Internship Project Report is the record of authentic work carried out by him /
her during the period from May 2022 to July 2022.

Name & Signature of Name & Signature of Name & Signature

of
(Faculty Supervisor) (Dean) (Director)

Place:

Date:
 PGDM PROGRAMME, SEM III, AY 2022-2023

SUMMER INTERNSHIP PROJECT SUBMISSION

(FOR OFFICE USE ONLY)

Received two copies of Hard Bound Book and Softcopy in Pen drive of the Summer
Internship Project Report and two copies of Synopsis –

Mr. / Ms.
_____________________________________________________________________

Roll No. _____________________________ Specialization:

____________________________

in partial fulfillment of requirement for the completion PGDM as prescribed by the All India
Council of Technology (AICTE)-
Project
Titled:_________________________________________________________________

Name of the
Organisation:_______________________________________________________

Duration: From ___________________To __________________________

Name of Faculty Supervisor:

____________________________________________________

Place:

Date: Receiver’s Signature:

________________

Receivers Name:_ ____________________

 CONTENTS
Chapter Details Page No.
No.

Title Page i

Candidate’s Declaration ii

Certificate by the Company iii

Certificate by the Institute iv

Acknowledgement v

Abstract / Executive Summary vi

List of Abbreviations xii

List of Figures/ Illustrations xv

List of Tables xvi

List of Charts xviii

1 INTRODUCTION 1-10

1.1 Background

1.2 Need and Significance of the Study

1.3 Nature and Scope for the Study

1.4 Research Problem

1.5 Research Question

1.6 Aims and Objectives of Study

1.7 About the Company

1.8 Scheme of Chapters

2 LITERATURE REVIEW 11-30

2.1 About the Industry

2.2 Review of Opportunities and Challenges in the Industry

2.3 Literature review related to your topic

3 RESEARCH METHODOLOGY 31-35

3.1 Problem Identification

3.2 Methodology Adopted

3.3 Data Collection Methods

3.4 Data Analysis Tools and Techniques

4 DATA DESCRIPTION & ANALYSIS 36-60

4.1 (as per your topic)

4.2

OR

4 DISCUSSIONS

4.1 (as per your topic)

4.2

5 SUMMARY & CONCLUSION 61-85

5.1 Findings & Conclusions

5.2 Recommendations from the study

5.3 Learning Outcomes

5.3 Strength and Limitations of Study

5.4 Future Scope of Research

BIBLIOGRAPHY & REFERENCES

Chapter 1
1. INTRODUCTION

Although over recent years the volume of customer interactions has greatly accelerated, a
conceptual social contract still connects companies to their customers in the desire to provide
quality products and impeccable customer service that binds both together throughout the
customer’s lifetime. In reaction to the accelerated speed and frequency, and consequently the
“depersonalization” of the customer interaction, there have been numerous industry initiatives
over the past few years that have promoted concepts centering on business strategies and
approaches to maintain acceptable, if not exceptionable, levels of customer satisfaction.

These concepts are often broadly bundled using the term “customer centricity.” Customer
centricity incorporates ideas, approaches, strategies, and tactics which have evolved over time
in alignment with different industries’ customer-oriented initiatives. All of these initiatives
share one key notion: focusing operations around the company’s customers as a way to
increase customer loyalty, reduce churn and attrition, and increase revenues, resulting in the
delivery of superior product and service to the customer community.

While customer centricity is an evolving set of practices, this introduction will set the stage
for understanding how customer-facing initiatives center on improved treatment of the
customer. This provides a perspective that highlights how, despite certain differences in
approach, most of the concepts are directed at improving the customer experience. In turn,
this book will look at the relationship between improved customer experience and the
creation and maintenance of corporate value.

Next, we examine the fundamental concept of the customer—who is a customer and how
many ways that customer can be engaged. Forming a relationship with the customer goes
beyond the simple sales transaction, and in some cases that relationship not only occupies a
significant time period but may also survive across different parts of an individual’s life or
even span multiple generations within a family or a community. We look at how customer-
centric strategies and processes are to be leveraged at the different touch points to maximize
value and consider how customer data can be organized and then used for customer profiling
and customer analytics. We then discuss the critical dependence on pervasive
institutionalization of customer centricity directly into company processes and procedures. To
optimize for the creation of corporate value, you can assess your business in relation to the
strategies presented, determine how customer relationships are intertwined with the success
of your business, and then consider the approaches that are best suited for your business.

A customer interaction is a communication between a business and a customer. This includes

customers calling you when they need help or sending you messages on social media when
they have a question. Customer interactions can also take the form of self-service articles
your support team writes for customers, the proactive emails you send to customers, and even
customers interacting with your chatbot. Every customer service interaction and engagement
matters. In fact, roughly half of customers say they’d switch to a competitor after just one bad
experience, according to Zendesk’s Trend Report.

High performing customer experience teams interact with customers across the channels of
their choice. Beyond email and the phone, today's customers expect organizations to interact
with them where they are, including text, chat, and social engagement. In fact, leading
customer service teams provide their customers with an average of two more channels of
 engagement than underperforming teams, according to research by Zendesk’s and ESG. The
report found that while the use of phone and email are nearly ubiquitous, high performing
teams are more likely to interact with customers on emerging channels, such as:

 Self-service resources
 Messaging apps
 Social engagement
 Live chat
 Chatbots
 SMS

The key to every relationship is showing appreciation. Especially in business, you have to
make your customers feel special. Many businesses train their security guards and staff. For
instance; to greet the customers nicely when they enter their stores and thank them when they
leave. Not necessarily every customer will buy something from you. However, greeting them
will make them remember the experience. A useful trick for memorable experiences is to
create a brand association. By using clever slogans.

By using this tactic, you’re using situational advantage. Not only will the customers be
pleased with the gesture, but they are also more likely to remember your brand. The customer
experience will definitely last longer.

Show your customers that they are valuable to you. Then watch the magic happen! Most
companies adopt this strategy when addressing customer complaints and issues. The best way
to address these concerns is by being apologetic and reiterating. Basically, to show that their
complaints are being taken seriously. Another way to do this is to request a customer
satisfaction review. Therefore, after each interaction with your customers, the customer is
able to leave a review. This option makes them feel heard and satisfied with the fact that their
concerns are being taken into consideration.

Customers these days have countless options of where to spend their money. The quality of
interactions can set a business apart from its competitors. Even with similar products or
services, it’s possible to differentiate by positively connecting with customers. It’s often been
said that keeping a customer is much more cost effective than acquiring a new customer:
loyalty is extremely impactful to the bottom line.

A channel is where an interaction takes place. It might be via mail (if you send out a flyer or
letter), it might be in the media (advertising), online (on your site or indeed on someone else’s
site), physically (at a bricks and mortar location), etc.

Well, though there are other definitions of touchpoint (whilst the definition of channel is
generally agreed upon now) most of these definitions are narrower in scope. They fail to
acknowledge that, as with an online review, some touchpoints with our products, services,
etc. are outside of our direct control.
A product is a bundle of attributes (features, functions, benefits, and uses) that a person
receives in an exchange. In essence, the term “product” refers to anything offered by a firm to
provide customer satisfaction, tangible or intangible. Thus, a product may be an idea
(recycling), a physical good (a pair of sneakers), a service (banking), or any combination of
the three.

Customers often interact and communicate with businesses for various reasons related to
marketing, sales, and service support issues. Such interactions happen throughout the
customer journey and give brands an opportunity to connect with customers, understand the
needs, and enhance the experience. Managing customer interactions efficiently is always also
the key to increase retention and advocacy. 60% of consumers say that a good customer
experience is important to feel loyalty toward a brand. But good customer experience is not
possible unless your company knows how to interact with customers. There will be different
types of interactions across customer journey and channels, so having the right strategy is

Essential to run a successful business, consider the “4 P’s”. The product, price, placement,
and promotion. Focus on customer interactions. Train your staff to utilize their capabilities to
the maximum. And make sure you understand the demands of your customers. Once, you
have built a strong connection with your customer, their lifetime value will increase
significantly for customer interaction management.
Another outcome of positive interactions is that customers will recommend the business to
others. Recommendations mean growth of the customer base without the use of traditional
marketing tactics. Time and again, referrals have been proven to be a very efficient way to
acquire new customers. When a customer is impressed by their interaction with a business,
it’s easy and natural for them to tell everyone about it.

Interactions are also an invaluable way for learning about your customers and what they want.
Companies often pay for market research, but it’s available for free when interacting with
customers on a day-to-day basis.

It can be difficult, but sometimes it’s possible to bring customers back to your business after
they’ve left. If an interaction is handled with care, what went wrong has been fixed, and the
customer is left feeling heard, then they may just change their minds about buying from the
business again. This opportunity to turn a customer around wouldn’t be possible without an
interaction.

Customer interactions are also a great way to find out how to make your business better. Each
interaction is a learning opportunity. In aggregate, many interactions can illuminate trends,
showing what needs to be fixed to optimize a company’s product and service for all its
customers.
When a team is dedicated to providing positive interactions, then they’ll have a happier
workforce than one that only deals with complaints all day or doesn’t feel like they’re adding
value in their roles. And happier employees mean happier customers. It’s a positive cycle that
only gets stronger once it’s set in motion.
Based on the evolution of the multiple definitions of customer relationship marketing and its
conceptual overlap with several marketing concepts over time, we propose the following
working definition of customer relationship marketing in the context of B2C marketing:
Relationship marketing is the process of identifying, developing, maintaining, and if
necessary terminating relational exchanges, including purchase and non-purchase-related
exchanges, with customers as resource integrators in a networked environment, with
the purpose of mutual value cocreation and enhancing firm performance.
 1.1 BACKGROUND

The world of business has altered a great deal in the last few decades or so, globalization and
information technology has produced a young breed of well-informed customers. And so the
marketing theory has also undergone changes. Service based industry is now at the forefront
in the economic evolution. Therefore, to sustain a loyal customer base relationship marketing
along with other marketing mix forms base of the new marketing world. Today’s companies
want to use relationship marketing to improve customer loyalty, and generate profits.

1.2 Need and Significance of the Study

Customer interaction software enables businesses to manage customer interactions across

multiple channels, at scale by:
1. Arming teams with customer context
Customer interaction software connects every customer interaction under a single layer of
tissue. That way, customers don't have to be transferred between departments or repeat
basic context like their contact information, previous interaction, or account type each
time they interact with the business on a new channel.

2. Providing customer interaction data

Customer interactions are a valuable source of data. They can help teams discover
customer pain points, how to increase customer satisfaction, and what steps they need to
take to create an overall better customer experience. Customer interaction software
should provide real-time and historical data and analytics to enable teams to learn from
interactions.

3. Enhancing the customer experience with AI and automations

Chatbots enable support teams to scale customer interactions and respond to customers
faster. AI enables agents to predict customer satisfaction during an interaction.
Automations enable support teams to automatically route every customer interaction to
the right agent for the task, such as by skills, language, or product type.

1.3 Nature and Scope for the Study

A) Nature Of Marketing
• Managerial Function: Marketing is all about successfully managing the product, place,
price and promotion of business to generate revenue.
• Human Activity: It satisfies the never-ending needs and desires of human beings.
• Economic Function: The crucial second marketing objective is to earn a profit.
•Both Art and Science: Creating demand of the product among consumers is an art and
understanding human behaviour, and psychology is a science.
• Customer Centric: Marketing strategies are framed with the motive of customer
acquisition.
• Consumer Oriented: It practices market research and surveys to know about consumer's
taste and expectations.
Goal Oriented: It aims at accomplishing the seller's profitability goals and buyer's
purchasing goals.
• Interactive Activity: Marketing is all about exchanging ideas and information among
buyers and sellers.
• Dynamic Process: Marketing practice keeps on changing from time to time to improve
its effectiveness.
 • Creates Utility: It establishes utility to the consumer through four different means; form
(kind of product or service), time (whenever needed), place (availability) and possession
(ownership).

B) Scope Of Marketing

1. Study of Consumer Wants and Needs

Goods are produced to satisfy consumer wants. Therefore study is done to identify consumer
needs and wants. These needs and wants motivates consumer to purchase.

2. Study of Consumer behaviour

Marketers performs study of consumer behaviour. Analysis of buyer behaviour helps
marketer in market segmentation and targeting.

3. Production planning and development

Product planning and development starts with the generation of product idea and ends with
the product development and commercialization. Product planning includes everything from
branding and packaging to product line expansion and contraction.

4. Pricing Policies
Marketer has to determine pricing policies for their products. Pricing policies differs form of
product to product. It depends on the level of competition, product life cycle, marketing goals
and objectives, etc.

5. Distribution
Study of distribution channel is important in marketing. For maximum sales and profit goods
are required to be distributed to the maximum consumers at minimum cost.

6. Promotion
Promotion includes personal selling, sales promotion, and advertising. Right promotion mix
is crucial in accomplishment of marketing goals.