MNM3705 - Assignment 3 Retail Managment (University of South Africa) 2025

MNM3705 - Assignment 3 Retail Managment
(University of South Africa)

Customer Relationship Management (CRM)
The set of activities designed to identify and build loyalty for a retailers most valued
customers




CRM qualities
-focus on the best or most valued customer
- enables retailers to develop a base of loyal customers & increased shared wallet
-Share of wallet percentage of customers purchased made from a specific retailers


****Provide more value for the best customers instead of getting more
customers***




CRM to achieve more value for th best customers they use:
*Targeting
* Personalized merch
* Services
* Promotions




CRM Process
develop loyalty and repeat purchase behaviors among their best customers




Retail mix
-Product

, -Price
-Place
-Promotion
-Presentation
-Personal


* ALL contribute to customer loyalty




Customer Loyalty
means when customer are permitted to purchasing from a certain retailer and rest
activates from, other retailers


- have a bond with the retailer (emotional connection)




of the most effective methods of developing customer loyalty is?
-Personal attention
-Customer service




Repeat patronage
going to the same store over and over. NOT having an bond (emotional)




How many times people go to a grocery store or supermarket?
2.5-3 times a week`




CRM process cycle is a 4 step process
A continuous process