Customer Relationship Management in Luxury Hair Salon Essay

Customer Relationship Management in Luxury Hair Salon - Essay Example Thus, Nevin submits marketing a bit broader than the CRM, though he does not negate the significance of customer relationship management. Customer relationship management has been the matter of special attention for the organizations, marketers, investors, and retailers. Feinberg et al. have conducted their research with a special concentration on CRM in electronic retails under the title â€Å"The State of Electronic Customer Relationship Management in Retailing† and concluded that it is customers which serve as the pivotal point around which all the activities and schemes of the business environment revolve. â€Å"A business and marketing strategy†, they submit, â€Å"aims to integrate its technology, productivity, and all business activities around the customers of the organization.† (2002: p 473) Hence, they viewed customers and their satisfaction as the asset of the companies, without the help of which no strategic policies could be adopted or implemented. Parvartiyar & Sheth have strived to find out the relationship of marketing with the customer relationship management. â€Å"CRM†, according to them, â€Å"represents an enterprise approach to developing full knowledge about customer behavior and preferences and to developing programmes and strategies that encourage the customers to continuously enhance their business relationship with the company.† (2001: p 2-3) The writers are of the view that customer relationship management is highly supportive in completely understanding the growing needs and requirements of the customers, which is the most important issue for the growth and development of the organization. Hill, in his article, vehemently emphasizes upon the capturing of profitable customers for the enhancement of marketing and sales. â€Å"The most important thing in sales and marketing†, he views, â€Å"is  to attract and retain your most profitable business customers. In order to accomplish this feat, you must devise and implement a customer strategy that builds, fosters, nurtures and extends relationships with your customers. Your company profits only when the earnings from retained customers exceed the costs to acquire and to service customers over time.† (Retrieved from Helium.com)