A Meta-Analysis on Revenue Management

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In every business and in a hotel industry especially it is crucial for every manager to understand how to maintain employees’ and customers’ satisfaction while continuing earning profit for the owner. First of all, every manager should comprehend the links in the service-profit chain, for example, customer

Customer satisfaction and customer retention are important linkages to market-based strategy and to profitability. The ultimate decision of any marketing strategy should be to attract, satisfy, and retain target customers. The customer as a critical component in the profitability equation is completely over-looked in financial analysis and annual reports. It is an asset that businesses have yet to quantify in their accounting systems.

Next is a discussion of how customer satisfaction leading to profits is the central goal of hospitality and tourism marketing. It is wise to assess the customer’s long-term value and take appropriate actions to ensure a customer’s long-term support.

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One of the most expensive and difficult tasks facing any business is acquiring new customers. Acquiring a new customer can cost five times as much as retaining an existing customer. Research has shown that 2% increase in customer retention can decrease costs by as much as 10% for a business. To retain current customers, businesses engage in relationship marketing strategies to continually attract repeat business. While both current and new customers must be acknowledged and respected, the ultimate goal is to turn every new customer into a returning customer.

Customer relationship management (CRM) is a business philosophy and set of strategies, programs, and systems that focuses on identifying and building loyalty with a retailer’s most valued customers (Levy, Weitz 275). A loyal customer is one who is committed to purchasing merchandise and services from a specific retailer, he or she resists the efforts of competitors, and also has an emotional attachment to a retailer. The four steps involved in the formation of a CRM program are collecting customer data, analyzing customer data, developing a CRM program, and implementing the CRM program. Implementing CRM programs can be extremely beneficial in increasing business and creating/maintaining a competitive edge. They also categorize customers

In this term paper, some references are made to this point, to spotlight and maintain the worth of each of the viewpoints related to a customer relationship management strategy. For example, the analysis carried out by Forsyth capture a sample of about 500 firms, with worries to the factors of inability to succeed to attain the customer relationship management profits. The main causes of powerlessness to get ahead were [9]:

Companies use CRM strategies to alter the customer experience to move beyond the sales focus to a relationship with the customers that meet the needs of

It is a generally accepted business fact that the cost of retaining a customer is much lower that the cost of acquiring one.The rapid transformations within the commercial airline industry have seen Classic Airline (CA) experience several challenges in its quest of delivering increased customer value within a leaner consumer budget. The work of Plunkett Research Online indicates that travel industry expenditures are continuously decreasing while e-commerce is quickly resulting in job cuts. In this regard, Classic Airlines is to employ this reality as an important business sand operational opportunity to effectively leverage its operations while also improving its already existing Customer Relationship Management (CRM) system.The company also aims at introducing a more transparent planning process aimed at improving the level of customer loyalty.

Customer Relationship Management (CRM) is significant in the service marketing these days, customers are the major element that relates to the company growth and profits. Understanding the customer purchase behavior and relationship is a key of success that commonly indicates the B2B & B2C relationship management. CRM system provides the customer information that shows what customer wants and needs, and help sales person to increase the customer relationship with the organization. Besides, customer relationship management is used in the business and marketing strategies extensively by segment and targeting the major customer groups. The system presents the customer needs and performances that can help the company to attract the new customer, increase customer satisfaction, reduce the customer manage cost and increase sales productivity.

Customer relationship management (CRM) is an essential part of every modern business. At the beginning of 21st century, the customer power dramatically increased due to Internet and technology development. The objectives of CRM are to build profitable and long-term relationships with customers. CRM is a complete system that provides a 360-degree view of the customer. It is also a method that tends to capture the experience of the consumers, and gain their trust to remain loyal customers. It is also considered to be a philosophy with many different applications. One of them is that CRM is a strategic tool that involves marketing, sales, service, and supporting technologies that produce mutual value, revenue, solutions, and efficiency to businesses and customers. Through those applications CRM is focused on assisting the customer service process and identifying customers’ values. Its goal is focused on optimizing customers’ experiences through adding values to their services. CRM is trying to bring the idea that business is not only offering products or services, but also an experience. It is like an inner window in customers’ needs that provides the necessary information to make their experience better. CRM strives to provide customers with a positive, happy experience each and every time.

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