Retail Marketing | Customer Relationship Management Report | 8744446 |
Introduction: Its 2012 an era of recession, financial losses, downsizing and market saturations but how can one forget ASOS (as seen on screen) whose still busy in breaking the ice between customers and retailers, setting new standards into the bug of customer relationship management (CRM). According to a (Mintel 2011) report, ASOS was established in 2000 in UK and right now its the largest independent online fashion and beauty retailer. It got listed on London stock exchange in Oct 2001. After getting a boost in recent years in international market its September 2010 retail sales were £131.4 …show more content…
Ling and Yen, 2001 assume CRM to be a vital element of a business strategy while Wayland and Cole, 1997 find it as the means to develop long term relationships with customers, given all the facts. Various experts and scholars could have various perspectives but their basic aim is to generate a remarkable customer experience. To make the most of the system lies in the hands of the organization and not the system itself. An evaluation between two stores with similar quality services and products, shows that the one with an intense customer understanding and knowledge will have its customers coming back to its store for more (Linoff and Berry 2011). They also reason that campaign management, lead tracking and call centre softwares are the components of the same CRM system. Its a radical change for most of the companies to develop a system that revolves around customer relations. The crucial points that need to be emphasized are * Observe what customers are doing * Recollect what customers have done over a period of time * Ascertain from what has been recalled * Take steps on what has been ascertained Cunningham et al (2007), mentions that an online environment cannot afford an one-to-one physical contact between the customer and the business, using this as a basis to
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the execution of CRM strategy. To perform well, it is required for any company to properly acquire, enhance, store, distribute and use customer-related data. In the current condition of RBC, it is mentioned that they already started the initial CRM strategy. Unfortunately, the system was not sufficient to deliver RBC s customers expectation. It was recognized that some previous assumption done by the system were faulty. Therefore they need to do consider further analysis; they will be maximizing value within the system itself. Development of the CRM strategy starts with a situation analysis as follows: Customer/ Segments Market Offering : Top three segments some of the more significant pay-offs : Ability to deliver financial statements on assets, liabilities, equity, income & expenses, contingencies, inter-company transfers Channel CRM Vision : Direct, by using integrated system with RBC IT infrastructure : To provide behavioral-based solution focused on the customer and account
Marketing is all about identifying customers’ needs and wants. It also about putting the customer wants and needs at the centre of every department of the company. Asos is a company who has progressed throughout the years due to its marketing techniques.Asos is a global online fashion and beauty retailer which sells over 65000 branded and own label products through its website. The company ships for free
CRM systems consist of history purchase and information of customers. It can help track customer more easily. It can reduce the process time and increase productivity.It will resist the activities of competitors attempting to attract customers’ patronage. Customers will loyal and would not switch
From an organizational and profitability standpoint, an efficient, easy to use, and unified CRM system, captures all key and critical data from sales and marketing to commercial operations, all the while focusing on sales process, sales efficiencies, and increasing sales, all contributing to the bottom-line profitability of the organization. Data has proven that CRM platforms increase the productivity and profitability of individual departments and subsidiaries, these same platforms and characteristics will have the same ramifications on a larger scale organization, especially an organization that spans the global footprint, such as
In nowadays of web-based social networking, those numbers are certain to increment no less than ten times and as they do, the question emerges; how might you get more customers functioning for you, less against? An awesome place to begin is to focus on comprehension consumer loyalty and to do that, you should make a striking client encounter, one they can't hold up to delineate for others.
Customer relationship management is a business strategy that attempts to ensure every customer interaction that is appropriate and consistent regardless of the communication channel and that CRM is a core business strategy for managing and optimizing customer interactions across the public or private’s institutions’ traditional and electronic interfaces. CRM can be used to gain clearer insight and more intimate understanding of customers' behaviours and in helping to build an effective competitive advantage and its relationship to the e-business process (Khirallah 2000) and that committed customers can be viewed as company assets who are likely to be a source of favourable referrals and are more resistant to competitors' offers (Khirallah 2000).
An effective Customer Relationship Management (CRM) program can be used to identify, retain, satisfy and obtain customers by using technology to optimize strategies for understanding customers’ needs to manage business interactions with current, former, and prospective customers. Additionally, CRM also enables companies to maximize internal, external, marketing and customer service operations to better address the needs of the customer building a better relationship with customers that a more profitable. (Ahmad & Buttle, 2001)
ASOS over ten years has become the market leader in the UK online fashion world with reported turnover of £165 m in 2009. They have developed a very competitive edge in fashion retailing through innovation, various delivery options, excellent communication with its customers, well maintained website and expansion of their trade internationally.
Executive Summary - 3 - 1.0 Introduction - 3 - 2.0 External Analysis: PESTEL Framework - 6 - 3.0 Industry Analysis: Porter’s Five Forces - 9 - 4.0 Internal Analysis - 11 - 4.1 SWOT analysis - 11 - 4.2 Value chain analysis - 12 - 4.3 Resource & Competencies - 14 - 5.0 Vision, Mission, Objectives & Measures - 15 - 5.1 Vision - 15 - 5.2 Mission - 15 - 5.3 Objectives - 15 - 6.0 Strategic Options - 16 - 6.1 Generic strategy - 17 - 6.2 Competitive strategy - 17 - 7.0 Developing Strategies - 18 - 7.1 Corporate strategy - 18 - 7.2 Business strategy - 19 - 7.3 Functional strategy - 19 - 8.0 Implementation Plan - 20 - References - 21 - Executive Summary ASDA is one of the biggest retail supermarkets in the
ASOS is a global online fashion destination based in the U.K. The company has in recent years made a name for itself through its cutting-edge fast fashion, and this has been instrumental in making it a hub as far as the thriving fashion community is concerned. Through its variety of fashion-related content, the company sells over 75,000 own-brand and branded products through both web and localized experiences. The deliveries are done from the U.K to various destinations globally. ASOS has successfully tailored the mix of local, own-label and global brands which are traded through the company’s 9 local language websites (Beattie, 2013, 56). These are in the U.K, China, U.S, Russia, France, Australia, Germany, Italy and Spain.
Today, customer relationship management is very important to the business world. Most of the companies established a department and the programs to manage their relationship with the customers. Customer relationship management (CRM) is a business strategy which designed to help a company to understand and look forward to the needs of its potential and current customers (Anderson & Stang, 2000). Customer data is being collected in several different areas of the company, stored in a central database, analyzed, and distributed to key points (Anderson & Stang, 2000).The business world once was “product-centric”, the companies just provided what they could produce. However, it is now become “customer-centric”, they provide products and service
In order to establish a suitable CRM system and increase the success rate, understanding CRM processes is especially important. Building CRM system, there are many works need to do(). Firstly, the target customer market should be identified. Different customer strategies are focused on different target customer markets based on their profitability. Then, firms set customer objectives, for example, acquire customer satisfaction and loyalty. After that, the leaders and managers should support and commit the implementation of a CRM system. At the same time, when companies change their targets, a plan about changing
It’s very important to a business to have good customer relationships; CRM Software’s main objectives are to attract new customers while maintaining and satisfying their current customers and trying to win back the trust of former customers. Customers are one of the most important variables for a business owner to pay attention to, when trying to create a profit. Customer Relationship Management software keeps track of customer information to help the company maintain a strong relation with the customers. Good CRM Software brings together information from all databases within a company and gives
Customer Relationship Management (CRM): Customer relation management (CRM) is a cross functional enterprise system that computerizes numerous customers serving form in direct marketing, sales, customer service and accounting management. CRM allows a company to distinguish and focus on their best customer so that they can be held as a loyal customer for a longer period of time.
Customer relationship management (CRM) is widely implemented and centralized system which offers a place for interaction under a company. An employee can handle again the repeated problem which occurred in the past by re-investigate it. Besides, CRM provides a place to identify what customers wants. Employees can track customer’s expectation by their feedback and communication that can improve their buying experience and stay interact with customer in order to understand their true needs.CRM also has ability to let the company see the customer interaction in clear picture. Different customers from different segments require different products and services, but this complex situation can handle well by CRM. Furthermore, CRM provides quality and efficiency system in the company management that helps company achieves their success by building long-term customer relationship.