Relationship Between Customer Relationship Marketing(crm) and Customer Retention - Tesco's Food Retailing Sector

Description of the Research:

CRM is one key element that rules the world of retail. CRM is bread, butter and cheese to retail giants like Walmart, Tesco, Carrefour and H&M.

CRM encompasses all those primary factors that enable the achievement of business goals for every retail brand. It is everything that the retail store does to retain, and ensure a great increase in the turnout of customers. It is the service provided, profiling of customers, tracking mechanism of their shopping pattern and the shopping discounts offered.

CRM is everything that relates to Customer Life Cycle Management. It can range from the average number of times a customer shops, to age, sex and the number of minutes spent in the store. While expansion, price and product lines come under the larger purview of business management, the shopping experience which determines an effective CRM is an in-house and ‘at the moment' factor

Research Aims and Objectives:

There is no one "right" CRM framework for every business sector, however, every sector will face similar challenges in determining the appropriate implementation process:

These are the common issues most companies face in determining the best implementation method for a CRM system:

How and where to start

Minimizing costs

Reducing risks

Generating tangible returns quickly

Accelerating implementation and maintaining momentum

Minimizing disruption to the organization

Establishing a foundation for continuing gains

Problem