Team Members Team Members

Naitik Shah Hariprasad Shetty Jaydev H. Vadodaria Parul Vohra

Introduction
It is not enough to have great qualities; we should also have the abilities to manage them. For e.g. a company may produce a very high quality products but it wont be able to succeed if it fails to manage or satisfy their customers. Customers are considered to be king of every business enterprise and loyal customers are the backbone of their business. So customer satisfaction is the primary motive of every business which can be attained through effective CRM (Customer Relationship Management) policy.

What is CRM?
"CRM is the business strategy that aims to understand, anticipate, manage and personalize the needs of an organization's current and potential customers" -- PWC Consulting. CRM is a comprehensive strategy & process of acquiring & retaining customers to create superior value for the company as well as the customers. The information collected by the organization to make future plans that can satisfy in a better & retaining them for a longer period.

BIG BAZAAR
Kishore Biyani led the companys foray into organized retail with the opening up of the Big Bazaar in the year 2001. It is a unit of Pantaloon Retail (India) Ltd and caters to the Great Indian Middle Class. It was started as a hypermarket format head quartered in Jogeshwari, Mumbai with approx. 50,000 sqft of space. Its values and missions are to be the best in Value Retailing by providing the cheapest prices and hence go the tag-line

Is se sasta aur achcha kahin nahin

It sells variety of merchandise at affordable rates, the prices of which it claims are lowest in the city. It currently operates out of more than 150 stores and top 25 stores register a cumulative footfall of 30 lakh a month on an average. There is always a first mover advantage in an upcoming sector. In India, that advantage goes to Big Bazaar. It has brought about many changes in the buying habits of people. It has created formats which provide all items under one roof at low rates, or so it claims.

TARGET AUDIENCE
Big Bazaar targets higher and upper middle class customers. Large and growing young working population is a preferred customer segment.

Targets specifically working women and home makers who are the primary decision makers.

CORE VALUES
Leadership: To be a leader, both in thought and business Respect & Humility: To respect every Individual and be humble in conduct Openness: To be open and receptive to new ideas, knowledge and information Valuing and Nurturing relationship: To build and maintain long term relationships Adaptability: To be flexible and adaptable, to meet challenges

STRATEGIES
To minimize Retailing cost: Operating: Fewer staff on the floor-one person for every 500 sq ft Minimize the Furniture cost Sourcing: Cut Down 25-30 % Channel-Cut Down 15-20% Saving Shelf Space Way to deal unsold stock off Plans to have In-Store promotions as well slow-moving products off To ensure enough pull to snatch away customers from the neighborhood Todays Price:Everyday a chosen product is being sold at lower than usual price

Big Bazaars New Marketing Strategy

Big Bazaar has launched new marketing strategy which is based on Guerrilla Marketing. Guerrilla marketing warfare strategies are a type of marketing warfare strategy designed to wear-down the enemy by a long series of minor attacks, using principles of surprise and hit-and-run tactics. Attack, retreat, hide, then do it again, and again, until the competitor moves on to other markets. Herein guerrilla force is divided into small groups that selectively attack the target at its weak points. Corporate like Coke, Pepsi, etc have been using the same for quite some time now and the latest entrant is Future Group- Big Bazaar, Pantaloons, Future Bazaar, eZone are all part of this group and they are taking on the biggies like Shoppers Stop, Lifestyle, and Tatas Westside.

Big Bazaar Wholesale Club

Now Save, Even more: The Big Bazaar Wholesale Club brings to an opportunity to save in bulk as the customers buy in bulk. In line with the Big Bazaar tradition of providing best deals at best prices, the Big Bazaar Wholesale Club provides the customers bulk deals at wholesale prices. An extension of Big Bazaar, the Big Bazaar Wholesale Club offers multi-packs and bulk packs of a select range of merchandise at wholesale prices. The merchandise categories range from Food & FMCG to Home Linen and many more. Customers will not find any merchandise being sold loose/single unit (except fresh) at a Big Bazaar Wholesale Club. A typical Big Bazaar Wholesale Club is located adjacent to a Big Bazaar in the form of a separate section. The look and feel of a wholesale market is evident in the stores from the stacking styles and use of a lot of hand written signage by chalks on black slates.

Customer Satisfaction
The degree of customer satisfaction you deliver determines the level of long-term success you will achieve in business. -- Training Mantra for Sales Force.
Don't just make sales. Create customers - satisfied customers. In addition to the immediate profit they provide on the first sale, satisfied customers help you build your business in 2 other important ways: 1. They become a reservoir of repeat buyers. For some businesses that means repeat buyers for more of the same product or service. For every business, it means buyers for additional products and services.

2. They automatically refer more business to you from their friends and business contacts. This is highly profitable business for you because it doesn't cost you any time or money to get it.

PROCESS OF CRM
Customer Relationship Management (CRM) is the process of bringing the customer and the company closer together. There are many different areas in which Customer Relationship Management can be implemented. The goal of CRM is to help a company maintain current customers, as well as gain new customers.

SWOT
Strength : Prime location Large floor space allowing for better visual merchandising Large area also allows to stock a large variety of products under one roof Experienced and competent management Highly trained and motivated sales force Brand equity Large scale operations in various cities throughout the country allows them to reap the benefits of economies of scale Weakness : Large scale of operations sometimes acts as a barrier to personalized customer relations Large scale operations lead to reduced flexibility by increasing the amount of overheads and a huge commitment in terms of fixed costs A large organization structure leads to delayed decisions. This can prove fatal for a business in the dynamic fashion industry. Mumbai, this fact sometimes results in delayed decisions in adapting to changing market trends

 Opportunities: Apart from the metros, cities like Ahmedabad, Pune, Lucknow, Indore and Coimbatore have shown substantial retail presence. These markets are expected to show exponential growth in the next few years. Thus Food Bazaar has the opportunity to explore new markets According to the Consumer Outlook study, consumers are generally satisfied with the service that organized retailers extend to them. More importantly, they are increasingly regarding these organized retailers as providing `value-for-money. These findings indicate that large retailers will capture most of the higher consumer spending Threats: The time when retailers had to worry about competition only from their peers down the street has come to an end. Food Bazaar is now facing increased competition in the form of international retail chains that are making a beeline towards the highly potential Indian markets.

Advantages & Challenges

Advantages of CRM for Big Bazaar Using CRM, the management of Big Bazaar can: Provide better customer service Increase customer revenues Discover new customers Cross sell/Up Sell products more effectively Help sales staff close deals faster Make call centers more efficient Simplify marketing and sales processes
Challenges for Big Bazaar in CRM implementation Difficulty in acquiring new customers can be a result of any one, or combination, of the following problems. Inaccurate and Slow Quoting Organizations may be unable to accurately estimate and quickly deliver successful proposals, often leading to missed opportunities, bad profit margins and upset prospects. Lack of Product Knowledge Within their Sales Force

4Ps of Marketing

4Ps OF MARKETING
PRODUCT: Big Bazaar offers the maximum variety for each category of product. My World fashion magazine . Diverse merchandise Customized

PRICE: It considers its discounted price as its USP. Low margin, High sales volumes Low Interest Financing Promotional pricing-Psychological discounting Special event pricing (Republic day) Differentiated pricing-Time pricing

 PLACE: Big Bazaar has always worked on low-cost locations. www.futurebazaar.com Initially identifies future/potential development areas Acquires such areas at an early phase Designed to look crowded

 PROMOTION: Big Bazaar has huge promotion budgets. The store has advertised through TV, road shows and also started reality show-typed promotional campaign The Big Bazaar Challenge. Promotions like Sabse Sasta Din. Store oriented promotion which includes speaking on the loudspeaker in nearby blocks.

Leaflets are given in local newspaper.

There are promotional efforts even inside the store. Buy 2 Get 1 Free Original prices are cut down and new prices are shown, of which customer takes quick notice. Loyalty schemes which reward regular clients. Promotion is also done through co-branded credit cards with ICICI bank.

Future card (3% Discount) Advertising (Print ads, TV ads, radio) Tying up with IPL targeting sports lovers Celebrity endorsements-Brand endorsement by M.S.Dhoni Exchange offers Weekend discounts Point of Purchase promotions Junk swap offer-Exchange anything old for something new

Customers Feedback on this above offer

RECOMMENDATIONS AND SUGGESTIONS

RECOMMENDATIONS AND SUGGESTIONS

Develop an incentive for them to tell associates and friends about the value of your products or services. Surprise your customers with unexpected value. Reward them each time they refer someone who becomes a customer. The management of Big Bazaar can improve their understanding of the role and capabilities of advertising to improve customer relation and enhance loyalty. Visual Merchandising: It is often seen that the people come to the store to browse rather than buy.

Schemes: In store Promotions

CONCLUSION

CONCLUSION
Customer Service is a critical factor for keeping your clients coming back and ensuring theyll refer you to others. 1: Growing your business will be a difficult task at best if you dont perform, meet and exceed your clients expectations, and provide service that creates customers for life.

2: Customer service is all about the customers perception. You have to do more than just get the job done. You must deliver on all the things (big and small) that affect the relationship with your client. Consider opportunities for improvement in the following areas. 3: Setting/Reviewing Expectations:
4: Communication