Importance Of Customer Relationship Management In Retail

830 Words2 Pages
bulb-icon

Recommended: The issue of Customer Relationship Management

The ImOrganized retail is gaining a lot of importance in the recent times. At the same time, the retail industry is also facing severe competition and those who are able to survive and retain their customers are the one who are able to achieve success in the market.

The retail industries are striving hard and spending a lot of their marketing resources to maintain existing customers instead of attracting new customers. Customer satisfaction plays a very important role in customer retention and also is a major differentiating factor among retail stores. Satisfying the customers’ needs has become one of the major drivers of profitability.

In this scenario, the firms have concentrate on what attracts the consumers and what makes them not to …show more content…

In the past businesses took their customers for granted, because at that time the customers were not aware of the various variety of products available in the market nor had alternative source of supply to fulfil their demands. But today there is a transformation of how the customer purchase their products, there is some sort of change and expectations from consumer end regarding the product which they consume. They are very particular about the quality and value of purchase …show more content…

As markets grow more competitive retail players are trying to retain customer satisfied and happier. Customers are satisfied and happier when all the expectation of customers are met. Customer satisfaction means that customer needs, wishes and expectations are met or overcome during the product/service period, giving way to repeat-purchasing and customer loyalty. Customer Relationship Management (CRM) is a versatile process, interfered by set of information technologies that focuses on creating two ways of exchange with customers so that firms have an intimate knowledge of their expectations, needs and buying behavior patterns in this method CRM assist companies grasp as well as foresee the need of current and potential customers. A CRM is a vital tool to understand the customer in a broader way & know about the customer expectations and

Show More
Related

  • Thorpe Park Customer Service Essay

    3500 Words  | 7 Pages

    High levels of customer satisfaction will not guarantee future sales, but are more likely to result in repeat future sales than indifferent or poor customer service. Moreover, satisfied customers are more likely to try out other products/services in the firm’s range, or recommend it to friends and family. Build on customer loyalty Customer loyalty is valued highly by most businesses and can be

    Read More

  • Nt1330 Unit 1

    579 Words  | 2 Pages

    Satisfying and pleasing customers have become something of a corporate obsession. Customer is served in the best, effective and most efficient manner and this practice has become critical.

    Read More

  • Swot Analysis Publix

    76 Words  | 1 Pages

    Customer satisfaction is what makes a customer come back again for another experience. The customers know the kind of treatment they are going to receive before they enter the store.

    Read More

  • Nordstrom Essay

    1256 Words  | 3 Pages

    Consumer purchasing decisions and behavior is continuing to change, not just in the U.S. but worldwide, shifting more away from the department store and onto the web. In such a changing environment, customer relationship management (CRM) becomes more important than ever, especially to a company such as Nordstrom who is the gold standard of customer service, the measuring stick by which other companies measure themselves (Spector & McCarthy, n.d.). The key for Nordstrom will be to adapt their traditional core strength, intimate and personalized customer service, to this new environment.

    Read More

  • In Search Of Excellence by Peters and Waterman

    832 Words  | 2 Pages

    Close to the Customer: Customer satisfaction is very important throughout all the roles that the business plays. Many companies forget about their customers, whereas successful companies have an obsession with their customers. Excellent product quality and reliability will make a satisfied customer. Great service will keep the customer coming back.

    Read More

  • Four Eras Of The Marketing Revolution

    1787 Words  | 4 Pages

    Many scholars believe that customer satisfaction has a crucial role in the success of a business, and is pivotal in increasing the overall profitability of the business (Kotier, 1991). Customer value is gained through the experience they receive from the goods or purchases they have obtained from a certain business. Customer value has various definitions and concepts, Holbrook (1999) stated that it is a kind of “interactive, mutual, and preferred experience”; but simply said, “the term customer value has many meanings.”

    Read More

  • Customer Satisfaction Strategies

    1040 Words  | 3 Pages

    Customer satisfaction is a key ingredient to the success of any business.It is the most important factor that creates repeated customers. Some people know it but do not realize its importance. If a customer of yours is satisfied with one of your products or services, chances are this customer will purchase more of your products or services, which will increase your revenue. Therefore, in order to have your new or existing customers buy more from you, you will have to follow techniques that work. Customer satisfaction takes a very important place in Marketing. As much as you think that your marketing strategies should help you generate sales, think about how the same marketing strategies could help you achieve Customer satisfaction. There are a lot of elements involved with Customer satisfaction.

    Read More

  • Volterman Market Analysis

    1286 Words  | 3 Pages

    With the rise of the economy, consumers have become more and more knowledgeable on selecting their favourable product as a result the organization cannot focus on what it sells but on the side focus on what the customer wants to buy.

    Read More

  • Tangible or Intangible Value?

    576 Words  | 2 Pages

    Richards, K., & Jones, E. (2008). Customer relationship management: finding value drivers. Industrial Marketing Management, 37, 120-130.

    Read More

  • The Importance Of Customer Satisfaction In The Supermarket

    850 Words  | 2 Pages

    Customer satisfaction is the overriding factor for the successful operation. Sales of the supermarket can grow when it makes its customers satisfied with the goods or services by best policy to fit customers’ requirement. So, it can be told that customer satisfaction is followed by customer revisiting or repurchasing. They can also tell their acquaintances about products or services as good. Customer satisfaction and sales might be linked directly, companies have to check the factors periodically such as quality, schedule, layout, inventory and so on to lift customer satisfaction because even small factors that employees didn’t recognize can affect consumer satisfaction enormously.

    Read More

  • What Is Customer Relationship Management?

    738 Words  | 2 Pages

    Computer Economics, a research and consulting firm, surveyed 209 IT organization worldwide regarding their IT investment plans. The leading trends “were identified as low risk/high reward based on their cost predictability and their positive return on investment for organizations within two years’ time.” CRM tops the list for 2014 (Mackie, 2014)

    Read More

  • Coca-Cola's Customer Relationship Management Strategies

    1064 Words  | 3 Pages

    Customer relationship management is a cross-functional process to achieve a continuing dialogue with customers, across all their contact and access point, with personalized treatment of the most valuable customers and to ensure customer retention and the effectiveness of marketing initiatives. It is also provide the chance for customers to interact with the brand.

    Read More

  • Customer Relationship Management CRM The Heart of Marketing

    1526 Words  | 4 Pages

    Customer relationship management has become the marketing buzzword of the past two decades with business-to-business firms jumping in, many without really being certain of what they hope to achieve from it, and oftentimes being disappointed with the results.

    Read More

  • Customer Relationship Management

    900 Words  | 2 Pages

    It is essential to have a customer relationship management program in place for a business to be successful. Managing customer relationships effectively and efficiently is made possible by having a customer management relationship solution in place. Being able to track customer data is critical to an organization, this allows them to develop targeted and effective marketing campaigns and accurate sales reports. Interacting with customers frequently is a very important part of a business and by having a customer relationship management program in place supports that and makes this possible. CRM makes it easier for businesses manage a large supply of customer information and supports customer loyalty. The editors of CRM Magazine also point out, “Once thought of as a type of software, CRM has evolved into a custome...

    Read More

  • Case Study Of Mustela

    1246 Words  | 3 Pages

    To effectively sell a product or service, organizations have to really know how customers behave, regarding to what they buy. The study

    Read More

More about Importance Of Customer Relationship Management In Retail

Open Document