Retail Market – Customer Relationship Management - Management Essay Example
Description: Preferred language style: English (U - Retail Market – Customer Relationship Management introduction.S.)
How can IPT use technology such as Internet, CRM tools, and databases to develop long lasting profitable customers? Think not only in the present, but also in the future, keeping in mind potential partnerships and regional to national expansion. Consider both retail and commercial markets.
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Retail Market – Customer Relationship Management
In today’s retail market, it has been seen that customers prefer faster access to various business solutions, lower prices, better quality, wide variety of products and services, right to product information and quality and effective after sales service. Retailers are at a junction where they need to satisfy the demanding customers and the manufacturers at the same time. And in order to meet this balance retailers have to design strategies to counter attack competition and to generate profit margins by slashing and lowering the prices and manufacturing unique and selective product and services. The system to develop loyal and profitable customers requires greater effort on the part of retail giants,. The competitive forces demand customers to shop not only in stores which is termed as a physical market but to adopt a virtual market space system by making use of internet technology called as SAP (System’s Application and Products).
This technology of SAP helps to manage the 5 Ms viz. men, machine, methods, material and money economically and at minimum costs. Customers involve in multi-channel ways of shopping, which include telephone, mail, kiosks, catalog-marketing etc. These shoppers generate more sales and profits as compared to the customers who shop in stores. SAP in general acts as a bridge between the internal organization and the external organization. This helps in gathering inputs from the market, which provide facilities in product, pricing, promotion and place solutions that predicts the customer needs and meets their demands. E-commerce is another means by which retailers involve buying and selling processes to their loyal and strong customers (SAP, 2005).
Corporate Market – Customer Relationship Management
Providing synergies in the corporate market is a huge challenge for industrial marketers. Developing a sound customer relationship management by devising a supportive ERP (Enterprise resource planning) system poses an opportunity of success for the growth driven customer market. Generic Value chain which adopts a supply chain management interface helps in delivering the products and services to the end users in a cost effective manner. Industrial marketers could provide support to their sales force by adopting a sales force automation system, providing web communications, providing SAP system which helps in technological skills, and providing customer information which is warehoused, mined, analyzed, segmented and targeted. Industrial marketers cannot afford to miss the concept of adopting a customer relationship management system. Corporate markets also engage in websites and human handled vehicles to interact with their corporate clients which include direct marketing, call centers which provide 24 hrs helpline facilities, retail stores or home shopping services that provide a unique experience to the customers at large Russell Reynolds Associates, 2007 & CRM, 2003).
CRM (2003). “Voice business Value Chain II.” Retrieved on March 18, 2008, from CRM Web site: http://datamonitor-market-research.com/Merchant2/merchant.mvc?Category_Code=_CustomerRelationshipManagement&Screen=CTGY
Russell Reynolds Associates (2007). “Achieving Customer Relationship Management.” Retrieved on March 18, 2008, from RRA Web site: http://www.russellreynolds.com/pdf/thought/AchievingCRM_WhitePaper_6.pdf
SAP (2007). “Customer Relationship Management with SAP Retail.” Retrieved on March 18, 2008, from SAP Web site: http://www.sap.com/solutions/business-suite/crm/pdf/BWP_SAP_Retail_CRM.pdf