Good application of course materials•Including conceptual frameworks that help organise facts/observations•Creative, relevant ideas•Reasonable and well-informed arguments with clear presentation
Past Exam Questions and Cribs•Already on VLE•Important notice:The crib only presents a set of possible answers (sometimes a guide to a set of possible answers). There is no definite answer and even if your answer to a question in the real examination is very different from its crib, you may still get high marks
CUSTOMER LOYALTY AND RELATIONSHIPS The only path to profitable growth may lie in a company’s ability to get its loyal customers to become, in effect, its marketing department.– Reichheld (2003) (in major readings)
LoyaltyA deeply held commitment to re-buyor re-patronise a preferred product or service in the future despite situationalinfluences and marketing efforts having the potential to cause switching behavior.• Lifetime value• Price premiumTruths or Myths?(a) “Acquisition cost = 5 X Retention cost”(b) “5% decrease in defection rate = 25% to 85% increase in profits”
Importance of Customer Satisfaction(and what is the flip side of this picture?)SatisfactionLoyaltyIncreased profitabilityRepeatPurchaseCustomer Lifetime ValueNew PurchasePositive word of mouth(re-read Reichheld 2003 in major readings)
Determinants of SatisfactionExpectationQualitySatisfactionPrior ExperienceCommunications> or =<
Building Customer LoyaltyGood ProductRelationshipBuildingSatisfactionLoyaltyTrustCommitmentSocial bondingEmpathyExpectationCommunityClub
Who (Not) to Keep Loyal(see Narayandas 2005 in major readings)
Customer Relationship Building: How?
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- Spring '19
- Marketing, Narayandas