CA Prashant Jain

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Customer Churn Management: Retaining Customers with Customer Relationship Management Techniques

Existing customers are the core of any company's revenue. Increased customer churn has resulted in rising customer acquisition costs and lower average monthly billings. It also has translated into a renewed interest of management in customer satisfaction and retention. Customer churn management is inherently cross-functional. Churn reduction, particularly with an emphasis on long-term profitability, requires the integration of technology and technical analysis with sales and marketing and customer-facing initiatives .This paper will discuss the strategic importance of customer churn management and building best performance in customer retention through CRM techniques.

Is Organized Retailing a Threat to Small Retailers? Perceptions of Retailers and Consumers

The retail sector in India is witnessing an upheaval with the introduction of new formats like departmental stores, hypermarkets, supermarkets and specialty stores. Considering the size of the industry and the tremendous growth potential, almost every major Indian business house is either getting into retail space or consolidating and expanding their presence. The turbulence and the competition are enhanced by a number of environmental challenges such as customer demographics, personalized procurement and changing regulatory focus. This is posing a great challenge to the traditional retail industry. Even though the modern retail industry is expanding at a rapid pace, India’s traditional local store known as “kirana” is the dominant player accounting for more than 80% of FMCG sales. The purpose of this research paper is to understand how traditional retailers perceive the challenges and their response to the changes that are taking place. Will they be able to find an innovative way to retain their customer base while competing with the highly sophisticated and organized retail formats or will they surrender and finally disappear. It also attempts to look at consumer’s perception on the threat faced by the traditional retailer. The study is exploratory in nature and reports the findings of the survey in Indore city.

Consumer and Service Providers Confidence with Online Shopping – on the Rise Every Year!

Combining real world shopping with virtual shopping is a new initiative. Consumer’s confidence in the realm of internet shopping has slowly increased in recent years. The stumbling block of safe shopping has been overcome with encryption technology. This has created a safety net that has certainly boosted sales. Online retailers must make consumers feel more comfortable on their web sites, instilling confidence in order to support sharing personal and financial information and ultimately completing purchases. The aim is to generate a measurable increase in online sales by generating trust and keeping a transparency in the buying and selling process via internet.

Brand Renewal- A Key to Brand Survival

Yes, everything old CAN be new again... once the brand disciplines of "Brand Renewal" are applied. Brand renewal is the process to rerecord a brand. Achieving a prime position in the consumer’s mind about the brand is every brand manager’s dream. However, even the strongest brands cannot remain so forever. . They require periodic restages and new product introductions in order to maintain relevance and market share, Assuring brand's evolution in step with the technology and needs have today – in other words, transforming an old brand into a new relevant brand keeps a brand being passed from generation to generation or what we call it as the “Heritage Brands”.

Television Channels Turns Green

The obvious assumption of green marketing is that potential consumers will view a product or service's "greenness" as a benefit and base their buying decision accordingly. The not-so-obvious assumption of green marketing is that consumers will be willing to pay more for green products than they would for a less-green comparable alternative product - an assumption that, in my opinion, has not been proven conclusively. In recent years the term green or eco marketing have come to prominence and reflect a growing concern at all levels of the impact of the increased consumption on physical environment. The implications of the destruction of the forests , the appearance of ‘ holes ‘ in the ozone layer etc were widely published and created a wave concern about the destruction of our natural environment. Therefore many consumers are in favor of eco-friendly products .This has created some impact on marketing. Increasingly products and services are turning ‘green’. Videocon, on of the largest Indian consumer durables manufactures, recently announced ‘green’ television sets. Green Marketing decisions extend beyond the immediate channel network and hence include the total set of organizational functions and activities that make up the product system life cycle.

A Study on Impact of Customer Relationship Management in Banking Sector

CRM is at the core of any customer–focused business strategy and includes the people, processes and technology questions associated with marketing, sales and service. Simply stated, CRM is about finding, getting and retaining customers. The aim of these systems is to assist in building lasting customer relationships – to turn customer satisfaction into Customer Loyalty. CRM has developed into a major corporate strategy for many organizations. It is said that CRM is not a product or service; it is an overall business strategy that enables companies to effectively manage relationships with their customers. It provides an integrated view of a company’s customers to everyone in the organization. With the intensified competition, companies realized that they have to treat their customers with respect. Customers have a lot more choices and they do not have to be loyal to any company. Companies are now trying to figure out ways to manage customer relationships effectively, not only to acquire new customers but also to retain their existing customers. CRM has developed into a major corporate strategy for many organizations. Banks are one of the prime users of CRM. Any Bank would have such a customer that it would not be able to monitor manually and find out various customer trends and patterns. So it is essential to attract, retain and grow customer base effective management of the information about the customers and enhance relationship with them. The paper analyses some of these challenges and the impact of CRM in banking sector.

Customer Relationship Management – A Tool of Management

The term CRM, arguably, was first put into the public domain around 1993, when Tom Siebel came up with it. So it is closely connected to Siebel Systems - an IT company. Hence the problem named. Many executives are under the misconception that CRM is principally an IT implementation. which explains many of its failures -- and there have been many of them. If technology is applied to a faulty business strategy, all that is going to happen is that the company is going to become more efficient at doing the wrong things. If the core business strategy isn't put right first, you'll have failure. As we view CRM more as a strategy than a process... get the business strategy right first. Decide which customers or segments to target. Develop sensible customer acquisition, retention and development plans. Sort out the channel strategy first (direct or indirect) then sort out which products, services, bundles of value to offer the chosen customers. Once that's in position, then start looking for IT to support it -- but not until then. CRM is putting your customer at the heart of your business. Today it is more important than ever to build better relationships with your customers as, in this day and age of social media; they now talk to 130+ people at a time. They have a megaphone, making it easier for positive and negative messages to spread fast and wide.

An Examination of the Effect of Product Recall on Brand Reputation and its Financial Implications

Customer loyalty is a major strategic objective and focus in marketing. It has been suggested that brand reputation is a major driver of customer loyalty, and hence companies seek to increase the equity of their brands. Brand image is an asset of a company. Establishing and maintaining a good image in the consumer’s mind is one of the basic requirements to retain the customers and hence the market share. Product recall (or replacement) not only affects customer satisfaction, but also the reputation of the brand. Now, this “recall” term is not very new to India. A car recall in general layman’s language would mean – When a car is sold and if there is any company defect found, company has to issue a notice to all the car owners to bring back their cars to authorized company workshops. The cars then get full replacement for that faulty part completely free of charge. Product recall may sometimes adversely affect the purpose of huge expenditure made to establish the brand image. And hence the purpose of the research is to study the effect of these Recalls on the brand image of the product in consumer’s mind and then attempt to develop strategies to retain their image in the stage of recall

Green Marketing

Green marketing subsumes greening products as well as greening firms. In addition to manipulating the 4Ps (product, price, place and promotion) of the traditional marketing mix, it requires a careful understanding of public policy processes. This paper focuses primarily on promoting products by employing claims about their environmental attributes or about firms that manufacture and/or sell them. Secondarily, it focuses on product and pricing issues. Drawing on multiple literatures, it examines issues such as what needs to be greened (products, systems or processes), why consumers purchase/do not purchase green products and how firms should think about information disclosure strategies on environmental claims. . A key challenge for marketers is to understand whether consumers view firm/product greening as motivating factors (their presence induces consumers to purchase a given product; preference for a product is an increasing function of the greening level) or hygiene factors (their absence may bother consumers but, after a low threshold of greening, the preference for a product is not an increasing function of the greening level).Although the notion of marketing is more expansive, this paper employs the term green marketing to refer to the strategies to promote products by employing environmental claims either about their attributes or about the systems, policies and processes of the firms that manufacture or sell them. Clearly, green marketing is part and parcel of the overall corporate strategy. Along with manipulating the traditional marketing mix (product, price, place and promotion), it requires an understanding of public policy processes.

A Study of the Growth of Indian Retail Industry

In this research paper, we take a peek into the organized retail sector of India. It started making its presence felt nearly a decade after the first lot of entrepreneurs set up shop. A brief introduction and evolution shows how the organized retailing changed its gears over the period from Panwala Dhukan to chain stores across the length and breadth of India. The market size and related details gives a statistical view of increasing market in a few major areas of retailing. The major market players who enlivened the present caricature of retail sector are presented briefly along with statistics. The changing scenarios of Indian consumers give a proof to the potential opportunity in the retailing arena. SWOT and its subheads take you to the crux of analysis into retail industry. Out of which we formulated the future prospects. One major lifesaver of the Indian retailing is the advertising and promotional strategies; which comes out with innovative ways to win consumers over and keep them permanently happy. FDI in retail has been contentious issue and may face resistance, given the perceived political scenario. FDI will be a defining moment for Indian retail and how government policies effect the retail industry is given briefly to the end.

A Study of Mall Management

A sense of concern was expressed over the following challenges to the Indian retail market: lack of quality locations, shortage of trained staff, rising rental values and mall management. The first three concerns can be classified as external factors, whereas mall management is internal. External factors are common to all players in the Indian retail industry, whereas mall management is specific to individual malls. We anticipate that the success of Indian malls will not only be achieved by housing the biggest and the best mix of retailers, but also by setting up new standards and procedures in mall management that will provide a platform to differentiate its products and services from competitors. In the current market scenario, both consumers and retailers have limited choice in terms of mall shopping experience.. As organized retail grows, we expect the market to be more competitive by providing more choices to consumers and retailers. At this point, developers will have to work harder to create a differentiation for their product. We believe consumers and retailers will be attracted to malls that are professionally managed, making effective mall management a critical factor behind the success of a mall. In this paper we have focused on the internal factor: effective mall management as a growing phenomenon in the Indian retail industry today. The prime objective of landlords as well as of investors is to attract shoppers and persuade them to purchase goods and services. Also we have focused on role of mall management in India , growth of shopping malls and their future.

A Comparative Study of Retail Models for the Promotion in Retail Stores adopted by Hindustan Unilever, Dabur India Ltd and Marico Ltd. in Nagpur City

This paper is presented to study the different retail models of FMCG companies. As the cut throat competition is increasing among the FMCG companies the companies are coming with the retail models by offering lower prices, higher discounts and special promotional offers to the retailers. In general there models are been prepared exclusively by the companies to boost the sales by giving cretin schemes and sales targets and making good relations with the retailers and these models are easily acceptable and convenient to the retailer. And the retailers are also showing interest in such models as the retailers are getting higher discounts than the normal monthly sales done. The comparative studies of the models which are undertaken by the companies for the retailers are Super value Stores by Hindustan Unilever, Mera Store by Marico Ltd, Pariwar plan by Dabur India ltd. This study of retail models is done to know that which company provides the maximum benefit to retailers and convenience in the utilization of space of the retailers and the purity maintained by the company.

Business Strategies of Subhiksha & Bigbazar

I present before you a Critical comparison of Subhiksha and Bigbazar with view about the successful rise of Bigbazar and the sad elimination of Subhiksha from the Market scene. Subhiksha started its retail outlets in a big way but it had to close all its1600 outlets very soon. In my view Subhiksha expanded itself without ascertaining the extent of the needs and preferences the customer it wanted to serve. Due to its size and number of outlets it soon suffered from mismanagement and cash crunch. All its stores across the country were shutdown permanently and the company was routed. It failed to pay the rent and salary of its employees. Thus, Operation of Subhiksha came to stand still. Bigbazar is a segment of Kishore Biyani its customer friendly organized retailing of products retailing of products and provide quality goods and affordable prices make it very popular shopping mall. It runs 50 outlets in India both in metro cities as well as in small towns. It provides goods to the people of different income groups and genders. It deals in plastics, home utility products, toys as well as food products. There are all times discount and promotional offers on its salable products.

CRM: An Emerging Trend in Retail Industry

Managing relationships with customers is often challenging because firms engage in many different types of transactions and their customers vary considerably as to their wants and needs. To meet these challenges, firms are turning increasingly to customer relationship management (CRM) programs. Because of their ability to enhance inter firm relationships in business-to-business marketing, firms often turn specifically to customer-needs–driven CRM strategies. These strategies focus on the use of database technology to aid in developing long-term cooperative relationships with key customers. This paper discusses CRM concept and the process of applying it in retail industry. It also highlights various CRM strategies adopted by organized retailers

Employee Empowerment in Non-Government Organizations

The term Empowerment is understood differently by different people belonging to different professions .Like in health care studies it is referred as health empowerment, in political studies it is referred as political empowerment while in population studies it is women empowerment .And in the development studies it is called as community empowerment and finally in business studies it is referred as employee empowerment. Thus empowerment is an managerial approach for developing employees in their work place and boosting their commitment in the organizations they work for thereby inducing better retention at work .With the help of this paper the study focuses on motivating, and improving upon the efficiency of employees at the workplace .This study is a small attempt to stress upon the need of employee empowerment in non government organizations

Whistle Blowing- A Necessary Deadly Affair

We all usually talk about ethics, Gandhi’s principles and so many thoughts which are on the value system. Organizations expect from their employees that the relationship between them and their employees should be transparent and clear. But do they really expect a kind of loyalty or transparency? It remains a big question mark in today’s scenario. The answers from the employees would come ‘yes’ but in realty it’s a big ’No’. Organization want an employee to be a combination of programmed and logical character and why not because organization never want that their secrets out. As it would create a problem for them and of course on the other hand employees want their position to be safe along with their life. But still there are some people who took the courage to blow the whistle against the unethical practices in companies. Before taking up cases it is very important to know what Whistle Blowing is. In layman’s term if we say a pressure cooker blowing a whistle and saying that something is cooking if you won’t turn off the flame it would create a chaos. Similarly whistle blowing is a practice which is usually done by the employees if their organization is indulging in some unethical practices. This paper is an attempt to explore the implications of whistle blowing.

Investment in IT & ITES Sector in India gives a Competitive Edge to the Foreign MNEs- A Comparative Study in the Light of a Subject called Human Resource Outsourcing

The Research includes the study of the various aspects of Foreign Direct Investment in Asian developing countries. It further examines the emphasis on investment by MNE’s in most attractive sectors of developing countries. The study basically focuses on analyzing is it beneficial if FDI investment is made by MNE’s in ITES-BPO sector in India. This was concluded by analyzing the questionnaires filled up by the respondents and with the help of statistical techniques Through this research study it can be concluded one MNE can easily achieve some competitive edge over their rivals if they build a shop here. Competitive edges like – high profitability, , infrastructure, quality process & product development environment, cost effectiveness, Skilled – low priced workforce, Proficiency in English language & lack of training cost, huge & untapped local market, Less initial investment, Favorable Govt. policy for this sector - are important variables in FDI investment in IT-ITES sector. According to this study Researcher concludes that India satisfies all factors except 2 factors; that are India does not provide less initial investment & now Govt. does not provide favorable policy for the growth of this sector.

Team Innovation and Creativity

In this era of globalization and competition, creativity and innovation are considered to be key factors for survival, success and excellence of organizations. Innovation is the engine of change and in today’s competitive environment, resisting change is dangerous because change while it brings uncertainty and risks also creates opportunity. So, this study focused on team innovation & creativity: "the intentional introduction and application within a team, of ideas, processes, products or procedures new to the team, designed to significantly benefit the individual, the team, the organization, or wider society. And it is assumed that the development of mutual interaction processes is a crucial mechanism for translating team heterogeneity into innovation.

How to Overcome from Stress: A Guideline from Stress Management

Stress is a major cause of depression & frustration. Each & every individual's wants to overcome from stress because it affects a work pattern /routine a daily life of an individual. Without stress life can run smoothly. Stress is seen in every nook & corner of the world & which takes place in everyone's life. Sometimes people use the word stress to explain the feeling they have when it all seems too much, when they are overloaded & don't feel that they are actually face all the demand placed upon. Right from beginning a small kid burdened with vast syllabus of curriculum, heavy competition in the classroom, busy schedule of other activities at young age to the good manager or an employee at the corporate world, which creates a new disease i.e. Known as Stress. This stress can remove from life with the help of stress management. This paper helps to describe stress, the causes & ways to overcome from it i.e. “Stress”.

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CA Prashant Jain
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