The paper "Consumer Relationship Management: Fashion Industry" is a brilliant example of coursework on marketing. Consumer relationship management (CRM) has received elevated attention in the recent past both from scholars in diverse realms of academia as well as practitioners. It has also become one of the most important part of marketing research (Vignali et. al., n. d., p. 70). As a result, more and more companies in different industries are increasingly adopting consumer-centered strategies tools, programs as and technology aimed at enhancing their consumer relationship management practices. This is against the backdrop of the cognition of the fact that a greater and more comprehensive knowledge of consumers is fundamental in building closer partnership and cooperation with the consumers.
Additionally, it is imperative to note that new technological fronts that have emerged in the recent past have posed an overall impact of altering the ways in which different companies interact with consumers. This development has brought a more in-depth integration between sales and marketing as well as consumer service functions in different industries (Parvatiyar& Sheth, 2002, p. 1). One of the contemporary technological developments in CRM has been social media whose popularity has also increased in recent decades.
This technology has not only enhanced consumer relationships but also impacted on the performance of different companies through informing operations like sales and marketing. This fact is supported by Assaad and Gomez (2011, p. 13) who cited that the extension of Web 2.0 and social network best epitomized by Facebook and Twitter has greatly impacted the way different companies in diverse industries undertake their marketing operations. Against this background, this paper will critically examine the theme of social media on the topic of improved customer relationships and business performance through Customer Relationship Management.
It will debate its usefulness, relevance, and implications for marketing strategy among the players in the fashion industry. Usefulness According to Milovic (2012, p. 26), the modern-day global competition among different companies obliges these firms to engage in practically everything which can be instrumental in reaching new consumers and more imperatively, retaining profitable and loyal consumers. Towards this end, the social media has come in handy in the achievement of this desired outcome. This is best epitomized whereby through the utility of social network platforms like Facebook and Twitter, the companies in the fashion industry are strategically positioned to develop robust marketing strategies.
This is whereby the companies are able to understand the market segmentation and the preferences of different consumer categories. In this case, their production process is informed by the information they get from the consumers.