The customer loyalty theory, which is further discussed by (Reynolds, 2016), as being based on the consideration of some demographic variables, was developed over years of research studying the habits of consumers. The theory attempts to define what drives loyalty in customers and can represent an effective tool for gaining and retaining your hard-won patrons. Business owners who witness repeat customers know on an intuitive level that customer loyalty is an invaluable commodity. Incorporating the precepts of the customer loyalty theory into daily dealings can influence the creation of more business.
Attraction theory as explained by (Aroson, 1980), states that one is attracted to others based on the physical appearance and personality, proximity, similarity, familiarity, barriers and reciprocity. According to this theory if a relationship gives one more reward and pleasure we are bound to stay in it as compared to a relationship that comes with cost and pain. As so the customers in the crop protection industry value their crops so much and once they are attracted to a product that continually gives them the value for their money, then ultimately their trust is guaranteed.
The second theory is the social exchange theory which was put forward by (Thibault & Kelley,
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Generally, the nature of females includes valuing long-term relationships more than their male counterparts. Women also tend to recognize and exhibit loyalty to product brands with which they become comfortable. Conventionally more social, women may initiate enjoyable interactions more readily with business owners and staff, laying the foundation for business loyalty. If these friendly overtures are consistently reciprocated by employees, the customer may come to expect the positive acknowledgement. This experience, when duplicated each time the customer visits the store, can lead to customer loyalty (Michelle,
Sears used testimony from managers who testified that they tried to get women to enter commission sales but they refused to. Sears also brought scholars to the stand who testified that the reason women weren’t entering commission sales was because of their identity and they had different values and interests. This argument made by Sears was successful in convincing the district court judge that there was no discrimination faced by women at Sears. In this article, it is clear that personality characteristics are attributed to an individual’s identity.
In the detailed study written by Ayau he discusses that cooperation is the key to everyone becoming wealthy. Ayau argues that cooperation is the balance to the economy versus the psychological satisfaction one tends to feel when they trade something. In today’s society we are use to giving something in order to receive something whether it is through making a payment or trade. Ayau provides an in depth explanation of how the process of trading works in chapter two by breaking down the gains in a mental exercise. Even though we do not use a mental exercise to consider gains in trading, we do however initiate a cost-benefit analysis.
He explains how each of these principles can be used to create a successful marketing campaign. For example, he explains how using social currency can help to create a sense of exclusivity and make a
This text was supposedly written in American. Other ideas at the time were the value theory. 5. This text is relevant to the study of modern business in that it teaches us about the conflicts that labor has and the history of it. 6.
When one makes experiential purchases, however, it takes longer to adapt to them, thus, prolonging the pleasure of the purchase. This combined with remembering the memories associated with the event, causes euphoria for as long as the buyer can recall the experience. Experiential purchases also outweigh material purchases due to the fact that they “are more likely to be shared with other people, and other people…are our greatest source of happiness” (Dunn 8). Essentially, if consumers buy experiences with people, a source of joy, then they are buying happiness. Purchases shared with others tend to yield more benefits, compared to products bought directly off the shelf, for the reason that shoppers do not experience the bonding and building of relationships, thus making them less content with their purchases.
If consumers have a positive encounter then they are more likely to return to make future purchases. In the ever changing nature of retail, customer loyalty is vital to the continual success of the business. If there is no monopoly then the products and services offered can be obtain elsewhere, therefore the main driver for repeat custom is great customer service. If a retailer is known for great customer services this increases footfall in the business due increasing brand awareness creating more opportunities to sell to new consumers. The saying ‘the customer is always right’ may not be factually correct but in business terms if the customer doesn’t feel they are getting what they are paying for then that is a loss of future
In the article accepting or rejecting innovation, the author mentioned that some of the people will pay double price for the designer jeans. Although the jeans without designer have the same quality as the designer one and people will only need to pay half of the price compared to the designer jeans. As a result, many people will still choose to pay double price for the designer jeans. However, the people who bought the designer jeans are only because of social value. They might want to show off in front of other people.
In my life I have made a many bad choices, but my greatest regret is a decision I made to quit something before I should have. III. Social Exchange Theory, if understood and used correctly can influence your life and the lives of those around you in a positive and beneficial way. A. Social Exchange Theory is a mental process we all use. B. Rural tourism in Japan shows us examples of Social Exchange Theory.
Building long-term relationships with the consumer on how to make goods and services better and solving consumer problems (Ferrell & Hartline, 2014). Apple consumers are very loyal to the organization and their products (Ferrell & Hartline, 2014). As mentioned before, Apple is stilled at meeting current consumer wants and needs, as well as future needs (Ferrell & Hartline, 2014). Lastly, Apple provides excellent consumer services even at their stores with their App station (Ferrell & Hartline, 2014). Consumer intimacy is not matched by product or price (Weinman, 2013).
From this point of view, loyal behavior cannot provide a comprehensive conception of fundamental cause of loyalty. In addition, repetition occurs may be due to different restrictions resulted from the market. Therefore, the loyalty of this type of customer differs from the loyalty of those customers who really support a product and they do have psychological bond with a product and company. So, customer’s brand loyalty was considered as an attitudinal
Comparing Economic Systems There are three different economic systems Traditional, Market and Command. The survival of any society depends on its ability to provide food, clothing and shelter for its people. Due to the fact that these three societies face scarcity, which means “The state of being scarce or in short supply”, decisions concerning WHAT, HOW and FOR WHOM to produce must be made. However, another similarity is that all societies have an economy or an economy system which is an organized way of providing for the wants and needs of their people. This determines on the type of economy system they have.
Throughout this course of four weeks, my perspective of child development has changed drastically in this short amount of time. This was my first class that was related to child development and there was a lot of material that was important to learn and understand. I came to this class with not much knowledge, but I am definitely leaving this class with an abundance of information that I will be able to use in my career or just in general. Discontinuous Within the process of child development, my view is based upon that is children are constantly growing through stages which is a discontinuous process.
Customers will be a loyal customer if their opinions and needs are met by a company. I believe this is the most important building block. I have worked as a manager of a retail card and gift store in Wantagh for the past five years. Throughout my five years, I take great pride in the customers that shop with us. If there is something that I can do to help my customers or order them a certain product, I don’t hesitate.
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.
Basically as already explained previously, the theory explains to us that employees have the desire to be friendly and want to create close interpersonal relationships. It is a system that works really well and would create a healthy work environment but in another point of view being over-friendly can cause just as much harm as good. Such acts could cause other parties to feel uncomfortable and can lead to cases such as sexual harassment even though it was not intended to. Creating close relationships are good at times but when the relationship goes sour, it can turn a healthy work environment into a pit of