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CRM - a Vital Retail Strategy to Gain New Customers - Research Paper Example

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The paper “CRM - a Vital Retail Strategy to Gain New Customers” appreciates the effective tool for marketing communication activities, promotion and direct email incentives, an integration of technologies and business processes used to meet the customer’s expectations during any certain interaction…
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CRM - a Vital Retail Strategy to Gain New Customers
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Download file to see previous pages The relationship between consumers and branding is arguably paramount in determining the center of how the value should be marketed to retain and persuade new customers (Merz, He & Vargo 2009). Indeed, whilst loyalty programs have been viewed as incentives for consumers, the type of loyalty programs in ensuring brand loyalty in the long term has become increasingly dictated by the consumer (Payne et al, 2004).  Therefore, the increase of consumer power arguably forces organizations to undertake a more lateral approach to marketing as opposed to merely focusing on competitors (Avlonitis & Indounas, 2007). This argument is reinforced by the proposition of Weinberg et al that organizations shouldn’t assume what the customers want, but that it is imperative for organizations to add value in addressing consumer needs to survive in the multi-channel marketplace (2007).   
With regard to the contemporary business environment, the application of CRM is also impacted by the increase in online business. The e-commerce business model has dramatically reshaped consumer consumption and the classic bricks and mortar business mantra of “location, location, location. As a result, consumers have increased control and therefore an application of traditional vertical integration will not suffice in attempting to launch the business online.  Nevertheless, the low economic barriers to market entry and access to a potentially global demographic of consumers render the e-commerce paradigm a significant business opportunity if exploited correctly. 
Therefore it is important for businesses to understand the internet medium to apply CRM effectively in the current retail climate, This is particularly important in light of the strategic driver of the internet medium being information sharing and increased knowledge.  As a result, the manner in which consumers online are purchasing has significantly changed.   They often seek out reviews and social networks to get peer recommendations on products and therefore any company marketing online has to understand the complexities of the medium and the increased power of consumers and adopt this in CRM management. ...Download file to see next pages Read More
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