First of all customer means A person who buys goods or services from a shop or business, loyalty means the state or quality of being loyal, faithfulness to commitments or obligations. So Customer loyalty is the key objective of customer relationship management and describes the loyalty, which is established between a customer and companies, persons, products or brands. “Customer loyalty is an essential aspect in any organization whether it is offering a good or providing a service. “Many organizations are looking for various ways to increase their customer loyalty as it has a positive effect on the profitability of the organization.” (Gremler 1996: 171, Abdullah et al. 2000: 826).The individual market segments should be targeted in terms of developing customer loyalty.
Others companies learn a lesson from Parker Hannifin that they need to understand employees are as important as customers, since they give employees the best that they have, employees will give you and customers the best that employees have. It is an exchange benefit for both parties. Additionally, when employees are happy, they are willing spread the happiness to
The most important thing to do is to produce high quality products or services that customer values. This is because customer relationship is important to the survival of a company. In order to have quality products, transformation leaders serve as role models for their followers, allow them to identify with a shared organizational vision, and provide a sense of meaning and achievement. Transformational leadership attends to change the organization to fit the environment and motivate the employee to change to their expectation. Employee who has good relationship with customer will increase the customer satisfaction.
What are the objectives of compensation programs? The main objectives of a compensation program are to attract and motivate employees to achieve retailer’s objectives and reward them for their effort that they have contributed to the company. In the developing process of a compensation program, the store manager must strike a balance between providing attractive compensation to retain the high quality good employees and the labor costs control. Compensation plans are most effective for motivating and retaining employees if the plan is fair and compensation is base on the employees work productivity that they have contributed to the company. There are several types of compensation plans.
In addition companies need to deliver their products while keeping cost effectiveness in consideration. If they understand the perceived benefits of their target audience and are able to engage with them on a personal level, they can attain customer satisfaction and ultimately can have increased sales. In conclusion, conveying Unique Value proposition clearly to the customers could be a complete win/win for any business. Brand equity Formal Definition: The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. Alternative Definition: Brand equity refers to a value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent.
This is attained by a mutual exchange and fulfillment of agreements”. Relationship marketing is a key factor in the market, it create customer impression and loyalty. Relationship marketing also helps to create good relationship between customer and sellers. A mutually satisfactory relationship makes it possible for customers to avoid significant transaction costs involved in shifting supplier or service provider and for suppliers to avoid suffering unnecessary quality costs. Long-term relationships where both parties over time learn how to best interact with each other lead to decreasing relationship costs for the customer as well as for the supplier or service provider.
In Farmington, New Mexico, a facility called Special K Fitness and Wellness Center offers four services, with the goal of improving overall fitness and wellness among people living in the community (Noyes, 2012). The first service that they are offering is under the supervision of a licensed physical therapist. The physical therapist utilizes his professional skills to determine the client’s functional deficits and areas for improvement. Based on the evaluation, the physical therapist develops a plan of care, which includes patient centered goals and expected outcomes. The physical therapist provides individualized assessment and creates meaningful exercise options for the
In most of customer centricity com-panies, product quality is defined as the characteristics of a product or service that bear on its ability in order to satisfy customer demands (The American Society for Quality). In today’s business world, many firms have considered ‘return on quality’ approach, in which quality is seen as an investment and increasing quality efforts will be held accountable for bottom-line results. (Ko-tler & Amstrong 2012). Propentus should keep customers satisfied with its products and/or services in order to retain the relationships and earn their loyalty with the business. Retention efforts should be focused on high lifetime value customers.
The present strategies applied by the company are as follows: i. General Strategy: Under this strategy differentiation strategy i.e. value-added pricing strategy is used. It keeps the customer loyal as it provides special service to the customer that cannot be found elsewhere. ii.
Many firms are successful due to the relationship with the customer, if a customer’s experience is a positive one they will return for future business. A satisfied customer will be full of praise and recommend the business to others. Word of mouth is a very powerful tool within the competitive world of business. Within the department I currently work there are procedures and local guidance protocols that each staff member has to follow when working with customers, a staff handbook. These are set out by the Human Resources Department, to ensure staff are providing a high quality service.
In essence, when an organization works with satisfied employees, the employees will try as much as possible to ensure they have a sustainable job through working for the benefit of the organization’s sustainability. One of the major ways is maintaining and increasing customer base. Practically, employees are always in touch with organizational customers. Their behavior towards the customers will determine whether the customers will return for the same services or
As previously stated, marketing management involves choosing one or more target audiences as well as getting and keeping customers through creating, delivering and communicating superior customer value. To do this successfully, businesses must understand that they are not the only choice. They must also understand the marker and find creative ways of providing new value to their customers. Once the new value has been implemented, then it must be communicated to the consumers. Businesses are most successful when they are aware that “marketing management has to be responsive and adaptive to ever-changing business environment (Salkovska, Batraga & Ogstra,