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Importance Of Customer Loyalty In Business

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Importance of Customer Loyalty in Business

MODULE 4:
Chapter 4.2: Importance of Customer Loyalty in Business

Module Description
Business approaches underwent a sea change in the past decade owing to the growing competition among brands at the global platform. Customer centric approaches are considered to help in ensuring adequate growth and profitability. Companies have identified key benefits of customer loyalty and hence indulged into enhancing product quality and services to encourage business development in a significant way. Importance of customer loyalty in business venture is immeasurable. It helps in gaining constant business from reliable consumer base that not only wait for products from the …show more content…

Loyalty is a brand.’ Business and its products successfully satisfies a handful of customersand then they trusts the brand and express loyalty towards the product by purchasing the items on regular basis and ignoring substitute items available in the market. Irrespective of the nature and size of the business role of customer loyalty is immeasurable and hence strategies are to enhance revenue generation. It is important in the process of business conduction.It has been studied that loyal customers of a brand often …show more content…

The manager begins by implementing environment scanning models to evaluate the condition of the chosen environment and understand if there will be obstacles to influence the business entry plan. For example when Rolls Royce penetrated the UAE to expand business the mangers conducted PESTEL analysis to identify if the conditions were favourable and supportive or not. Similarly when Tesco decided to enter the mass consumer Asian market the management carried out macro environment analysis to understand ways in which the several factors such as political, economic, social, technological, environment and legal could influence the business

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