netrashetty
Netra Shetty
The Bank of New York Mellon Corporation (NYSE: BK) is a global financial services company formed on July 1, 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation.[1] The company employs about 48,000 staff worldwide and has over US$ 1.17 trillion in assets under management and $25.0 trillion in assets under custody and administration.[2] It operates in six primary financial services sectors including asset management, asset servicing, wealth management, broker-dealer and advisory services, issuance services, and treasury services.[3] It is the oldest banking corporation in the United States, tracing its origins to the establishment of the Bank of New York in 1784 by American Founding Father Alexander Hamilton.
The overall processes and applications of CRM are based on the following basic principles.
Treat Customer Individually – Remember customers and treat them individually. CRM is based on philosophy of personalization. Personalization means ‘content and services’ to customer should be designed based on customer preferences and behavior (Hagen et al 1999 cited in Gray and Byun 2001). Personalization creates convenience to the customer.
Acquire and Retain Customer Loyalty through Personal Relationship – Once personalization takes place, a company needs to sustain relationships with the customer. Continuous contacts with the customer – especially when designed to meet customer preferences – can create customer loyalty (Gray and Byun 2001).
Select Good Customer based on Lifetime Value – Find and keep right customers who generate the most profits. Through differentiation, a company can allocate its limited resources to obtain better returns (Gray and Byun 2001).
Methodology
This project will use the descriptive type of research. To illustrate the descriptive type of research, Creswell (1994) will guide the researcher when he stated: Descriptive method of research is to gather information about the present existing condition. The purpose of employing this method is to describe the nature of a situation, as it exists at the time of the study and to explore the cause/s of particular phenomena. The researcher opted to use this kind of research considering the desire of the researcher to obtain first hand data from the respondents so as to formulate rational and sound conclusions and recommendations for the study.
The researcher will make use of both primary and secondary research methodologies. The primary research will involve a survey questionnaire, which will be emailed to 20 fashion marketers in Hong Kong. To facilitate fast and efficient data collection, and in order to reach respondents who are hard to meet personally due to their busy schedules, the researcher will send the survey questionnaires through electronic mail. This can save both time and money. The questionnaire will be sent to each individual in the sample by electronic mail with a request to be completed and then returned in the given date. The questionnaires will also be collected in a similar manner. The advantages of this approach are that it is relatively inexpensive and it can be accomplished by the researcher alone. It also allows the researcher to have access to samples that might be hard to reach in person or by telephones, and it permits the respondents to take sufficient time to give thoughtful answers to the questions asked. The data that will be gathered will be organized and presented in a systematic manner to be able to draw valid and accurate conclusions.
Aside from primary research, the researcher will also employ secondary research in investigating. The secondary research will make use of published materials such as books and journals as well as the internet.
Presentation
The dissertation will be presented in written form with the addition of data charts which will present the project’s results. Charts and graphs will be needed to illustrate some of the analyzed data. This study will be composed of five chapters. The first chapter will present the background of the study, research problems, and the aims and objectives of the study. In chapter 2, literatures pertaining to the application of CRM will be reviewed. In the third chapter, methodology used for the study will be discussed. In chapter 4, the results of the conducted interview and the collected information from secondary sources will be presented and analyzed. In chapter 5, the study will be summarized, the findings will be presented including the conclusion and recommendations.
Among online merchants who are able to track their sales say sales have increased an average of 18 percent since adding PayPal’s Express Checkout service.
Eight in ten (83 percent) merchants have noticed a bump in sales, while just 17 percent say they haven’t noticed an increase.
Eight in ten (84 percent) of those who noticed an increase in sales say it happened within the first 3 months after offering PayPal. Others say it took four to six months (8 percent) or longer (8 percent) before they noticed an increase in sales.
Since offering PayPal, merchants claim that 22 percent of their total revenue comes from PayPal’s Express Checkout.
In fact, 25 percent of revenue coming from new customers is channeled through PayPal’s Express Checkout, suggesting that this payment method is helping to secure new business as well as retain existing clients.
Merchants perceive that their clients appreciate the option of paying with PayPal, with almost nine in ten (86 percent) merchants believing that their buyers “appreciate” the option. Very few believe their buyers are “indifferent” (12 percent) or “do not appreciate” (2 percent) the option to use PayPal.
These are some of the findings of an Ipsos poll conducted July 12-26, 2010, on behalf of PayPal. For this survey, a national sample of 805 PayPal Merchants (obtained from PayPal database) was polled online.
A survey with an unweighted probability sample of this size and a 100 percent response rate would have an estimated margin of error of +/- 3.5 percentage points 19 times out of 20 of what the results would have been had the entire population of PayPal merchants in the U.S. been polled.
All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
quest was imposed on four groups of 45 mayo users in an attempt to uncover the substance’s allure and thus help reposition the Duke’s mayonnaise brand of Richmond, Va.-based C.F. Sauer Company. The research project was developed and managed by Richmond-based Edelmann Scott Inc., C.F. Sauer’s agency of record, and used to drive an award-winning television advertising campaign.
The Duke’s story
Duke’s is the leading brand of mayonnaise sold in the Southeast. On the market for 75 years, the product is more than a mere condiment; generations have made it a family tradition. But prior to the research, Duke’s hadn’t enjoyed any promotion since 1950 and the times were changing rapidly.
Sales information showed — true to typical geographic market churn — that the market’s landscape was beginning to shift. The challenge was to protect and increase share while building awareness among two separate audiences — the Southern “natives” who knew and loved the brand, and the Midwest and Northern “migrants” who brought their other brand loyalties with them.
Wants and needs
Understanding the consumer’s motivation to buy is critical to a brand’s success. One of the biggest mistakes companies often make is to go where many have been before without thinking about the consumer’s wants and needs. To deliver truly effective marketing communications, companies must always begin and end their efforts by listening to the customer.
To help companies listen to the consumer, Edelmann Scott created an approach called MarketVision, which takes out the “I thinks” and replaces them with “the market says” — the kind of information that drives all communications planning, including branding and positioning. Because at the end of the day, does it really matter what a CEO or an advertising agency thinks will drive a consumer response? Not really.
What really matters is designing communications efforts targeted to what the consumer wants and thinks. What will prompt the decision to buy? Or the decision to prefer one brand over another? What does the consumer need to make his or her life better, to solve a problem or to enhance a lifestyle?
This approach takes the techniques of the typical research toolbox and adds the strategic thinking of a marketer to drive each step along the way. It begins with a focused visioning session followed by product benefit and positioning identification that is then tested and validated by the marketplace. The process can take anywhere from two to six months to complete. Out of it comes the “something” that a company’s communications efforts must do in order to drive sales or awareness rather than a listing of attributes, which leads to advertising that only reaches parity instead of breaking away from the pack.
Goals defined
A four-hour visioning session kicked off the Duke’s process. Goals were defined, deliverables were identified and ways to achieve goals were discussed and agreed upon. In order to create a meaningful session, one that encouraged honest voices from all product channels, we had to involve key stakeholders from the CEO to the field sales managers. Without these voices present in one room, at one time, the session would be off track.
The visioning session resulted in 15 core statements about the product which were explored by respondents in the focus groups. The statements focused on attributes like creaminess, tartness and price. From the original 15, five were identified as the winners to be taken to the validation stage.
Surprisingly strong emotional elements were revealed during the process. In addition to abstaining from mayo consumption for a week, focus group participants were asked to keep food diaries about their feelings. Many were reduced to cheating. And nearly every person confessed that it was harder than they thought to give up mayonnaise. Their reasons may have differed, but the difficulty was certainly there.
We found that the mayonnaise category was surrounded by nostalgia, evoking memories of holidays, picnics and stories of family. Positioning statements about attributes (such as “no additives”) were rejected as customer benefits.
An advertising campaign was developed to position Duke’s mayonnaise amidst the category leaders, an approach which we knew appealed to those migrants from outside our markets. Television was used as the ideal branding medium because its memorable audio and visual components. The creative execution tapped into the position revealed through quantitative research: “Natural, wholesome ingredients for over 75 years” coupled with an “emotional comfort.”
In one of the ads — the award-winning “Big Cookie” — a grandmother cooking with Duke’s takes offense at the announcer’s suggestion that her mayonnaise of choice is the se
The overall processes and applications of CRM are based on the following basic principles.
Treat Customer Individually – Remember customers and treat them individually. CRM is based on philosophy of personalization. Personalization means ‘content and services’ to customer should be designed based on customer preferences and behavior (Hagen et al 1999 cited in Gray and Byun 2001). Personalization creates convenience to the customer.
Acquire and Retain Customer Loyalty through Personal Relationship – Once personalization takes place, a company needs to sustain relationships with the customer. Continuous contacts with the customer – especially when designed to meet customer preferences – can create customer loyalty (Gray and Byun 2001).
Select Good Customer based on Lifetime Value – Find and keep right customers who generate the most profits. Through differentiation, a company can allocate its limited resources to obtain better returns (Gray and Byun 2001).
Methodology
This project will use the descriptive type of research. To illustrate the descriptive type of research, Creswell (1994) will guide the researcher when he stated: Descriptive method of research is to gather information about the present existing condition. The purpose of employing this method is to describe the nature of a situation, as it exists at the time of the study and to explore the cause/s of particular phenomena. The researcher opted to use this kind of research considering the desire of the researcher to obtain first hand data from the respondents so as to formulate rational and sound conclusions and recommendations for the study.
The researcher will make use of both primary and secondary research methodologies. The primary research will involve a survey questionnaire, which will be emailed to 20 fashion marketers in Hong Kong. To facilitate fast and efficient data collection, and in order to reach respondents who are hard to meet personally due to their busy schedules, the researcher will send the survey questionnaires through electronic mail. This can save both time and money. The questionnaire will be sent to each individual in the sample by electronic mail with a request to be completed and then returned in the given date. The questionnaires will also be collected in a similar manner. The advantages of this approach are that it is relatively inexpensive and it can be accomplished by the researcher alone. It also allows the researcher to have access to samples that might be hard to reach in person or by telephones, and it permits the respondents to take sufficient time to give thoughtful answers to the questions asked. The data that will be gathered will be organized and presented in a systematic manner to be able to draw valid and accurate conclusions.
Aside from primary research, the researcher will also employ secondary research in investigating. The secondary research will make use of published materials such as books and journals as well as the internet.
Presentation
The dissertation will be presented in written form with the addition of data charts which will present the project’s results. Charts and graphs will be needed to illustrate some of the analyzed data. This study will be composed of five chapters. The first chapter will present the background of the study, research problems, and the aims and objectives of the study. In chapter 2, literatures pertaining to the application of CRM will be reviewed. In the third chapter, methodology used for the study will be discussed. In chapter 4, the results of the conducted interview and the collected information from secondary sources will be presented and analyzed. In chapter 5, the study will be summarized, the findings will be presented including the conclusion and recommendations.
Among online merchants who are able to track their sales say sales have increased an average of 18 percent since adding PayPal’s Express Checkout service.
Eight in ten (83 percent) merchants have noticed a bump in sales, while just 17 percent say they haven’t noticed an increase.
Eight in ten (84 percent) of those who noticed an increase in sales say it happened within the first 3 months after offering PayPal. Others say it took four to six months (8 percent) or longer (8 percent) before they noticed an increase in sales.
Since offering PayPal, merchants claim that 22 percent of their total revenue comes from PayPal’s Express Checkout.
In fact, 25 percent of revenue coming from new customers is channeled through PayPal’s Express Checkout, suggesting that this payment method is helping to secure new business as well as retain existing clients.
Merchants perceive that their clients appreciate the option of paying with PayPal, with almost nine in ten (86 percent) merchants believing that their buyers “appreciate” the option. Very few believe their buyers are “indifferent” (12 percent) or “do not appreciate” (2 percent) the option to use PayPal.
These are some of the findings of an Ipsos poll conducted July 12-26, 2010, on behalf of PayPal. For this survey, a national sample of 805 PayPal Merchants (obtained from PayPal database) was polled online.
A survey with an unweighted probability sample of this size and a 100 percent response rate would have an estimated margin of error of +/- 3.5 percentage points 19 times out of 20 of what the results would have been had the entire population of PayPal merchants in the U.S. been polled.
All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
quest was imposed on four groups of 45 mayo users in an attempt to uncover the substance’s allure and thus help reposition the Duke’s mayonnaise brand of Richmond, Va.-based C.F. Sauer Company. The research project was developed and managed by Richmond-based Edelmann Scott Inc., C.F. Sauer’s agency of record, and used to drive an award-winning television advertising campaign.
The Duke’s story
Duke’s is the leading brand of mayonnaise sold in the Southeast. On the market for 75 years, the product is more than a mere condiment; generations have made it a family tradition. But prior to the research, Duke’s hadn’t enjoyed any promotion since 1950 and the times were changing rapidly.
Sales information showed — true to typical geographic market churn — that the market’s landscape was beginning to shift. The challenge was to protect and increase share while building awareness among two separate audiences — the Southern “natives” who knew and loved the brand, and the Midwest and Northern “migrants” who brought their other brand loyalties with them.
Wants and needs
Understanding the consumer’s motivation to buy is critical to a brand’s success. One of the biggest mistakes companies often make is to go where many have been before without thinking about the consumer’s wants and needs. To deliver truly effective marketing communications, companies must always begin and end their efforts by listening to the customer.
To help companies listen to the consumer, Edelmann Scott created an approach called MarketVision, which takes out the “I thinks” and replaces them with “the market says” — the kind of information that drives all communications planning, including branding and positioning. Because at the end of the day, does it really matter what a CEO or an advertising agency thinks will drive a consumer response? Not really.
What really matters is designing communications efforts targeted to what the consumer wants and thinks. What will prompt the decision to buy? Or the decision to prefer one brand over another? What does the consumer need to make his or her life better, to solve a problem or to enhance a lifestyle?
This approach takes the techniques of the typical research toolbox and adds the strategic thinking of a marketer to drive each step along the way. It begins with a focused visioning session followed by product benefit and positioning identification that is then tested and validated by the marketplace. The process can take anywhere from two to six months to complete. Out of it comes the “something” that a company’s communications efforts must do in order to drive sales or awareness rather than a listing of attributes, which leads to advertising that only reaches parity instead of breaking away from the pack.
Goals defined
A four-hour visioning session kicked off the Duke’s process. Goals were defined, deliverables were identified and ways to achieve goals were discussed and agreed upon. In order to create a meaningful session, one that encouraged honest voices from all product channels, we had to involve key stakeholders from the CEO to the field sales managers. Without these voices present in one room, at one time, the session would be off track.
The visioning session resulted in 15 core statements about the product which were explored by respondents in the focus groups. The statements focused on attributes like creaminess, tartness and price. From the original 15, five were identified as the winners to be taken to the validation stage.
Surprisingly strong emotional elements were revealed during the process. In addition to abstaining from mayo consumption for a week, focus group participants were asked to keep food diaries about their feelings. Many were reduced to cheating. And nearly every person confessed that it was harder than they thought to give up mayonnaise. Their reasons may have differed, but the difficulty was certainly there.
We found that the mayonnaise category was surrounded by nostalgia, evoking memories of holidays, picnics and stories of family. Positioning statements about attributes (such as “no additives”) were rejected as customer benefits.
An advertising campaign was developed to position Duke’s mayonnaise amidst the category leaders, an approach which we knew appealed to those migrants from outside our markets. Television was used as the ideal branding medium because its memorable audio and visual components. The creative execution tapped into the position revealed through quantitative research: “Natural, wholesome ingredients for over 75 years” coupled with an “emotional comfort.”
In one of the ads — the award-winning “Big Cookie” — a grandmother cooking with Duke’s takes offense at the announcer’s suggestion that her mayonnaise of choice is the se