Crm in Fast Food Industry - 2171 Words

Institute of Management, Nirma University, Ahmedabad SERVICE MARKETING Project Proposal on â€Å"Customer Relation Management Practices in the Indian Fast Food Industry† Submitted To: Prof. Ashwini Awasthi Submitted by: Meghna Mavani (091227) 1 Project Title: Customer relation management practices in the Indian Fast-Food Industry. Introduction to the topic: Relationship marketing is emerging as the core marketing activity for businesses operating in fiercely competitive environments. On average, businesses spend six times more to acquire customers than they do to keep them. Therefore, many firms are now paying more attention to their relationships with existing customers to retain them and increase their share of customer‟s purchases.†¦show more content†¦In the knowledge stage, companies recognize an innovation and its functions. In the persuasion stage, the firm needs to be convinced that an innovation will bring benefits and competitive advantages, so it begins searching for information about the innovation, such as its costs and benefits. Organizational characteristics, such as the size of the firm and its external business environment, are influential. The decision stage occurs when the firm decides to adopt, reject, or postpone the innovation. In the implementation stage, the firm puts the innovation to use to achie ve its objectives. In the confirmation stage, the firm decides whether to continue or discontinue adoption of the innovation. Recently, consumers needs and purchase patterns have changed dramatically. To meet various needs, companies tend to adopt differentiated and customer-oriented marketing strategies to gain competitive advantage. Customer Relationship Management (CRM) is one specific example, adopted to create and manage relationships with customers more effectively through the detailed and accurate analysis of consumer data using various information technologies. Improved relationships with consumers can lead to greater customer loyalty, retention, and profitability. Although the importance of CRM as a successful strategic approach since the 1990s has been widely recognized, there is no consistent definition of it. According to Swift (2001), CRM is â€Å"an enterprise approach to understandingShow MoreRelatedManufacturing Industries : The Leading Wealth Producing Sectors Of A n Economy Essay1633 Words   |  7 PagesManufacturing Sector: Manufacturing industries are the leading wealth producing sectors of an economy. India has emerged as a global manufacturing center due to its cost competitiveness, favorable government policies, and skilful workforce. Furthermore, the most basic factor fostering growth in the sector is the presence of strong market locality. India is one of the fast growing economies. The Consumer trend in the country is enabling domestic players to Effloresce and also magnetize internationalRead MoreHospitality Industry And Its Lack Of Research On Crm Applications1434 Words   |  6 Pagesand Burj Al Arab Jumeirah access (Jumeirah, 2015). According to Mohammed and Rashid (2012), hospitality industry are still marked to have lack of research on CRM applications. Hence, hospitality industry are slow in adapting the CRM implementation. However, industry leader such as Burj Al Arab already adopting them very well. 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