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Customer Relationship Marketing in Action within the Retail sector. - Coursework Example

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Author : ned83

Summary

Rationale for pursuing CRM in retail Customer relationship management (CRM) has been recognized as one of the most powerful marketing tools as retailers have experienced phenomenal increase in sales and profit maximization (Hassan & Parves, 2013). CRM has become a strategic imperative as it integrates internal functions of an organization…

Extract of sample
Customer Relationship Marketing in Action within the Retail sector.

Quality of customer service is central to service marketing, which is possible through CRM. Quality of customer service can be enhanced when trust, commitment, communication, empathy and conflict handling are given importance in relationship building. These become important because relationship quality has significant influence on customer loyalty (Prasad & Aryasri, 2008). CRM is also about acquiring the right customer and not all customers. This is justified because 80 percent of sales are derived from 30 percent of the customers (Hawkes, 2003). Apart from identifying high value customers, CRM is also about managing the entire lifestyle of customers (Lambe, 2001). Retailers have to look beyond the transactions of the customer. It is equally important to derive information on how the customer became the customer as well as the interactions surrounding customer’s departure. These would help the retailers to better retain customers. Knowing of their life style implies that CRM should be able to anticipate and predict the future needs of the customers Suitability and effectiveness of CRM strategy of Tesco and Sainsbury Tesco’s Club card scheme generated information on pricing, customer services, merchandizing, promotions, media effectiveness, customer acquisitions and communications (Hassan & Parves, 2013). ...
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