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You are to write a blog in an essay format. In the blogs you need to reference the articles you are analysing (using Harvard Style referencing) and include a reference list at the end of your blog (not included in the word limit). You are to use clear headings for each of the retail topics listed below. You do not have to divide the 1800 word limit evenly between the topics (however there is a minimum of 300 words per topic). Due date: 25th Sept 2015 (11.59pm)
You are to select five of the following nine topics:
Topic 1 – Retail – CRM (customer relationship management) / frequent shopper programs/loyalty programs
Topic 2 – Retail – Brand community
Topic 3 – Merchandise – Continuous replenishment class
Topic 4 – Retail pricing – EDLP (Everyday low price)
Topic 5 – Retail – Social media
Topic 6 – Retail strategy topic (eg cross-selling, franchising)
Topic 7 – Financial strategy (eg retail inventory turnover)
Topic 8 – Retail atmospherics/ Store Layout / Design
You have to link five topics together in this essay but separate in different sub-heading (use the topic title as sub-heading). Each topic must use at least three (3) e-journal (total at least 15 e-journal because each topic is required to have at least 3 journal to support). You also have to come out with a main topic for this essay.
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Within a business organisation, the customer is considered as the most important factor. Similarly, the retail sector, a primarily customer-oriented program gives a huge thrust to its customers. The retail sector already had feet in developed countries and trying to establish itself in the developing countries. As per industry standards, there are 5 types of Retail Industry areas – Speciality Retailing, Food & Beverages, Home & Lifestyle, General Retailing and Wholesale & Logistics (Rao & Mohan, 2014). All these elements together had made up an attractive package for customers by introducing to them an ultimate shopping experience and a greater customer satisfaction with the help of an efficient solution through the means of Customer Relationship management.
Retailing is the customer-centric business segment, whereby gratifying consumer needs and demands, market players can gain market recognising brand image.
CRM is the abbreviated form of customer relationship management. CRM requires for attracting consumers by satisfying their demands and requirements from the hospitality industry to consumer goods providing business segment. CRM comprises three elements; those are customer, relationship and management. It is the lengthy procedure of gaining, collaborating and preserving with selective consumers for constructing qualitative values for enterprises and customers (Gupta & Sharma, 2013).
CRM is accompanied sales and marketing, customer service and with supply chain management of the organizations in order to accomplish an effective and an efficient relationship for providing satisfying customer services. Profitability and future scope of growth of an organization rely upon the chief components of customers (Rao & Mohan, 2014). The key approaches required for CRM are as treating customers individually, retaining customer loyalty, etc.
Companies in retail sectors, need to give value to the customers individually. It denotes that, the offered service quality and contents should be based on the customer's preferences and behaviour. Nowadays there are developing trends of the consumer's health consciousness. Hence, most of the companies deliver its products by associating the same with labels proclaiming the clinical and medical expertise through which the products have been manufactured and marketed (Athanasopoulou, 2012).
It is the responsibility of CRM to ensure the retailers that consumers retain their demanding values rather than the value, that firms insist them to make a purchase. Small and medium players can even make an entrance into the global market due to liberalization, privatization and globalization of the business market. So, CRM is the significant tool for taking competitive advantage in the business market, whether that is in the domestic market or in the global perspective.
In proceeding with the study of customer relationship management, the brand community is the associated term with the retail industry in respect to the satisfactory component of consumers. The brand community represents to the community that shows the connectivity between the consumers' culture and identity individually with the brands, provided by the retailers (Horne, 2015).