ABSTRACT
Research Summary:
Today’s complexity of modern business is helping managers to innovate new strategy to retain the customer in competitive environment. To maintain a long lasting relationship, organizations are offering certain sales promotional activities to attract the customer. As the pharmaceutical industry has highly knowledge based product, high Intensity of product information, employee are younger in age and organization has geographically-distributed business, so SMAC track melting point may well be near.
Technology is reshaping the retail landscape of Indian pharmaceutical business. The new technology has been introduced to get the advantage of new way of business through mobile app, social media and cloud computing. In future it will be the only choice for the corporate to engage the retail customer and for the final consumer. As the shop window has moved online with POP technology, it is now very important for the organization to use this technology to provide the enriching experience to the final customer.
Managerial Summary:
This paper will attempt to provide a conceptual overview of SMAC Strategic loyalty program in pharmaceutical retail sector in India. It will also throw a light on customer expectation and perception about retail loyalty program and how the loyalty program will be use to grab the opportunity in Pharmaceutical retail outlet in India with the help of Social media, Mobile, Analytics and Cloud.
This study has conducted on more than 3000 retail out let in India and has found that Loyalty program can be a strategic competitive edge of an organization in a red ocean area. This loyalty model can be also used for the benefit of common man if it is linked with the SMAC technology.
Keywords
SMAC, Strategic Loyalty Matrix, TPDT Loyalty Matrix, Dead Loyalty, Trap Loyalty.