How does Implementing loyalty programmes to entice customers and distributors to buy from the company again be beneficial to the company's profit
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How does Implementing loyalty programmes to entice customers and distributors to buy from the company again be beneficial to the company's profit
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- When loyalty programs work, they result in one or more of the four effects of loyalty. Discuss three ways in which loyalty programs can enhance the sustainability and profitability of a companyLoyalty schemes have a long history beginning with the early airline frequent flyer programs. Today, this concept has been applied to many industries including restaurants, apparel, fitness, entertainment, etc. Choose a loyalty program that you find beneficial, or once found beneficial. Based on your knowledge of customer retention and customer lifetime value, discuss how this loyalty scheme influences or influenced your consumer behavior. Then, describe two ways that the loyalty program benefits or benefited you as the customer and three or more ways that loyalty program benefits or benefited the company. If you no longer find this program beneficial, why?Identify a store or service provider that you believe has an effective loyalty program. Explain why it is effective?
- When implementing customer relationship management, why might a business desire fewer customers over more customers? Shouldn’t the focus of marketing be to acquire as many customers as possibleIf your target market are students, What do they need? What do they want? What products can you offer them? What services can you offer them?In order for a market to exisit, there must be a need for a product, ability to pay, willing to buy, authority to buy, and be a group large enough to result in a profit. Without these, you do not have a viable market. What are some things a person can do to prevent not having a viable market?
- What are loyalty programs and why are the an effective marketing strategy for companies?What is customer equity?How can a firm motivate salespeople who work on commission (as many mortgage brokers did in the run-up to the Financial Crisis) to sell products that are in their customers’ interests rather than their own