Customer Relationship Management and Hero Cycles
Assignment : Information Systems
Devneeta Law Bhusan
77114000456
Question 1:
!
1. Rajat, a young entrepreneur is planning to invest in a new chain of restaurants. In his opinion, keeping customers happy, not only by providing good food, but also excellent service is the key to staying competitive.
!
a) Explain in your own words, how customer relationship management is proving to be a successful tool for organisations to retain and attract new customers.
b) Suggest different ideas that Rajat can use to keep the customers happy in his chain of restaurants. (Total : 718 + 752 = 1470 words)
1a. Delighting the Customer
Building relationships with customers has become a necessity in the present scenario with the increasing competition and globalisation of markets. Not just Rajat, but all businesses are focusing on excellence in service and customer delight. Like our young entrepreneur, most businesses with potential profit maximisation in mind, are turning to customer relationship management in order to better understand customers as it explicitly recognises the long-run value of potential and current customers. !
So what is CRM? The central theme of CRM is carefully selecting the most valuable customers and maintaining and strengthening relationships with those customers for long term profit growth. Experts view
CRM as a “comprehensive strategy and process of acquiring, retaining, and partnering with selective customers to create superior value for the company and the customer”.
!
With traditional marketing and mass advertising proving to be ineffective in a commoditised environment, businesses are fast adopting CRM. While seeking to increase revenues, profits, and shareholder value through targeted marketing activities directed toward developing, maintaining, and enhancing successful companycustomer relationships, the ultimate goal of any CRM system is to increase profit and help build a flourishing scope for business
Devneeta Law Bhusan
77114000456
Question 1:
!
1. Rajat, a young entrepreneur is planning to invest in a new chain of restaurants. In his opinion, keeping customers happy, not only by providing good food, but also excellent service is the key to staying competitive.
!
a) Explain in your own words, how customer relationship management is proving to be a successful tool for organisations to retain and attract new customers.
b) Suggest different ideas that Rajat can use to keep the customers happy in his chain of restaurants. (Total : 718 + 752 = 1470 words)
1a. Delighting the Customer
Building relationships with customers has become a necessity in the present scenario with the increasing competition and globalisation of markets. Not just Rajat, but all businesses are focusing on excellence in service and customer delight. Like our young entrepreneur, most businesses with potential profit maximisation in mind, are turning to customer relationship management in order to better understand customers as it explicitly recognises the long-run value of potential and current customers. !
So what is CRM? The central theme of CRM is carefully selecting the most valuable customers and maintaining and strengthening relationships with those customers for long term profit growth. Experts view
CRM as a “comprehensive strategy and process of acquiring, retaining, and partnering with selective customers to create superior value for the company and the customer”.
!
With traditional marketing and mass advertising proving to be ineffective in a commoditised environment, businesses are fast adopting CRM. While seeking to increase revenues, profits, and shareholder value through targeted marketing activities directed toward developing, maintaining, and enhancing successful companycustomer relationships, the ultimate goal of any CRM system is to increase profit and help build a flourishing scope for business