difficulty with customer retention for Storz & Bickel is that their chief high-end product, the Volcano Vaporizer, lacks "planned obsolescence."
I am using the term that was devised by Alfred P. Sloan for the Ford Motor Company, but this is now basically a strategy implemented by all major manufacturing corporations -- in some sense, the point of an iPhone 5 is that it will eventually be made obsolete by an iPhone 6, and thus customer retention strategies are built around maintaining brand loyalty. As Medeiros (2003) writes about the original planned obsolescence strategy: "Sloan's idea was that automobiles should change each year, and should each year become more expensive (at least to the cost of production)….Each year, the new-model cars would have more improvements added on, different engines, different styling, different comfort features" (287).

The problem is that this strategy -- which works well with Ford automobiles or Apple iPhones --…...

mla

References

Medeiros, CA. (2003) High-wage economy, Sloanism and Fordism. In Wood, JC and Wood, MC. Alfred P. Sloan: Critical evaluations in business and management. New York: Routledge.

elationship Marketing
Effective Strategies for Customer etention in the Digital Age: A Comparison of elationship Marketing Models

Few aspects of modern society have been left untouched by the Digital evolution and the advances that have been made in mobile technologies. Phone books, which were still incredibly useful resources for many just a decade ago, are now almost laughably archaic wastes of paper; our phones themselves can make restaurant recommendations, find a doctor's phone number, and even perform these functions on their own with a simple voice command. Encyclopedias have gone much the same way, with an (over)abundance of information available on the Internet supplying enough variety to make up for, according to many perspectives, the increased need to verify reliability. The very way in which we receive and process information has been changed by such technologies, and this cannot help but be noticed and acted upon by those that depend on the…...

mla

References

Bruhn, M. (2003). Relationship marketing. New York: Prentice Hall.

Buttle, F. (1996). Relationship marketing. Thousand Oaks, CA: Sage.

Hennig-Thurau, T. & Hansen, U. (2000). Relationship marketing. New York: Springer.

Novo, J. (2011). Relationship marketing. Accessed 23 April 2011.

Nearly every major gaming and gambling, entertainment and promotional company relies on analytics to determine how best to choose which customers to retain, and which to let go (Todd, 2009).
Often the decision of which strategies to automate for customer retention vs. termination can be defined by integrating financial data with predictive analytics to create entirely new models of predictive financial value of customers (Sharma, 2008). Entertainment companies in gambling routinely use this approach to find the customers who are draining profits and also those who take a disproportionally high level of support and service to maintain (Baillie, 2003). Once the analysis has been completed of customer lifetime value by segment, companies can quickly determine the best possible approach to protect their most profitable customers and dis-incent others (Kapanen, 2004). educing customer churn through this technique shows significant potential, especially in industries that have relatively low lifetime customer loyalty.

Conclusion

Termination strategies…...

mla

References:

Susanne Baillie. (2003, November). How to fire your customers. Profit, 22(5), 72,74.

Robert Kapanen. (2004). Customer relationship management and service delivery. International Journal of Services Technology and Management, 5(1), 42-55.

David M. Raab. (2008). Demand Generation System Requirements. DM Review, 18(11), 48.

Sharma, A. (2008). Improving Customer Service and Profitability through Customer Intervention in Service Relationships. Journal of Relationship Marketing, 7(4), 327.

Even customers who are satisfied with something do not always return to that specific business, especially if the business is somewhat out of the way or relatively inconvenient to get to (Jackson, Cunningham, & Cunningham, 1988).
Customer loyalty is generally thought to be achieved when a customer returns to buy something that they have bought before from the same company (Jackson, Cunningham, & Cunningham, 1988). There are many other ways to measure loyalty statistically, but it basically boils down to a customer returning to a business even though there are so many other choices available (Jackson, Cunningham, & Cunningham, 1988).

There are many ways to increase customer loyalty and it is significant to discuss some of them here (Rackham, Honey, Colbert, Fields, Hinson, Morgran, Morris, Sugden, & Tribe, 1971). One of the best ways is to meet or exceed many of the service standards that others in the industry have established…...

mla

Bibliography

Achrol, R. & Stern, L.W. (1988). Environmental Determinants of Decision Making Uncertainty in Marketing Channels. Journal of Marketing Research, 25: 36-50.

Assael, H. (1987). Consumer Behavior and Marketing Action. Third Edition, Boston, MA: PWS-Kent.

Bitran, G., and Hoech, J. (1990). The Humanization of Service: Respect at the Moment of Truth. Sloan Management Review, 31(4), 89-96.

Boyan, l. And Enright, R. (1992). High Performance Sales Training. New York: AMACOM Division of American Management Association.

Sampling Design

The study will utilize random sampling technique at three different grocery locations. The researcher will administer the study to customers who are shopping at the store. The researcher will ask the customer questions about what influenced their decision to shop at that particular store that day.

Data Collection Method

The primary data collection method for the study will be quantitative. Quantitative study methods are most useful when the data can be transformed into t numerical data point. This study will compare the importance of the factors being examined through a Likert-type survey questionnaire. Study participants will fill out and return the study results immediately to the researcher onsite.

Contribution of Study

This study will contribute to a better understanding of the importance of customer loyalty cards to the decision to shop at a particular grocer. The study will help manager, policy makers, and other researchers better understand how to improve overall customer loyalty.…...

mla

Bibliography

Basso, L., Clements, M., & Ross, T. 2007. Moral Hazard and Customer Loyalty Programs. [online]. 14 August 2007. Available at   25 October 2008[.http://www.economics.ucr.edu/seminars/winter08/ets/TomRoss.pdf [Accessed

Butscher, S. 2002. Customer Loyalty Programmes & Clubs. 2nd Edition. Aldershot, England: Gower Publishing Company.

CIOInsight. 2003. Trends: Loyalty Programs. CIO Insight Online. [internet] 1 December 2003. Available at   25 October 2008]/http://www.cioinsight.com/c/a/Special-Reports/Trends-Loyalty-Programs/ [Accessed

Dowling, G., & Uncles, M. 1997. Do Customer Loyalty Programs Really Work? MIT Sloan Management Review [online] Summer 1997. 38 (4): 71-82. Available at   25 October 2008].http://sloanreview.mit.edu/smr/issue/1997/summer/6/ [Accessed

Customer Loyalty
Affecting Customer Loyalty

Customer Grade Course

This research study introduces a comprehensive conceptual framework of customer loyalty within the retail sector. It emphasizes on the perceived loyalty amongst fast moving consumer goods and attempts to explore the moderating effects of the various different factors that might influence them.

The researcher will begin by creating an understanding of the term "customer loyalty" and its significance importance in the retail sector. Additionally, the researcher shall also attempt to explore the purchase decisions made by the consumers and what really prompts them to be loyal to certain brands of product while simultaneously evaluating the importance of price, quality, brand or any other factor that might impact their loyalty status and purchase decision.

Finally, the research study will conclude by delineating the factors which impacts consumer loyalty at the same time trying to establish a means of measuring the impact of consumer loyalty within certain products in…...

mla

REFERENCES

Aaker, Kumar & Day, 1995, Marketing Research, 5th edition, John Wiley & Sons, Inc., United States

Assael, Henry., 1984, Consumer Behavior and Marketing Action, 2nd edition, Kent Publishing, USA

Buttle, Francis (2006, July 11), Does service failure influence customer loyalty? Available from   [May 19th 2011]http://onlinelibrary.wiley.com/doi/10.1002/cb.67/abstract 

Dick, Alan S., 1994, Customer Loyalty: Towards an Integrated Conceptual Framework, Journal of Academy of Marketing Science

90).
Pros and Cons of the findings

The authors of Zero defection: Quality comes to service found out that there was tripling of the profits generated by one customer from in the fourth year than in the first year and this shows the advantages of loyalty because it leads to increased profits. All this profit is lost whenever the customer defects from the company. This increased profitability with loyalty is also evident in the credit card finding. The customer who is newly acquired generates only the base profit when using the card at first but after the second year, there will be improved economics. The usage increases as they become more familiar with the services. The disadvantage of these findings is that the profitability puzzle does contain many pieces and a direct association with loyalty is never definite (Ranaweera, 2007, p.115).

One advantage in the findings from the article The Mismanagement of…...

Lastly differentiating on the extent of experience our customers have had with Internet-based software is useful in defining how much extra time is necessary for software application training.
Discuss your efforts to create customer intimacy.

As our company relies intensively on long-term relationships with customers, taking a very active approach to creating customer intimacy is critical to our business. Our approach is to first concentrate on total accountability for our software by having our CEO visit each and every customer just after an installation to show a high degree of support and accountability. Next, we offer each customer the opportunity to join a customer advisory council specific to their industry and special interests. At present there are three customer advisory councils which give customers an opportunity to discuss their concerns, interested in new product ideas and see what is presently in development.

How will you customize your offering for particular customers?

Our software…...

2 of the respondents were self-employed and 11.2% of respondent were white-collar workers with 1.2% of respondents being blue-collar workers. The following chart shows the factor analysis results with VARIMAX rotation of traveler's perceptions of hotel attributes in the study of Choi and Chu (2000).
Factor Analysis Results with VARIMAX Rotation of Traveler's Perceptions of Hotel Attributes

Source: Choi and Chu (2000)

The following chart shows a 'regression analysis results of hotel factors according to Asian and Western travellers overall satisfaction levels.

Regression Analysis Results of Hotel Factors According to Asian and Western Travelers Overall Satisfaction Levels

Source: Choi and Chu (2000)

2.3 Loyalty

2.3.1 Definition of customer loyalty

Kandampully and Suhartanto (2000) define a loyal customer as "a customer who purchases from the same service provider whenever possible, and who continues to recommend or maintain a positive attitude toward the service provider" (p. 346).

2.3.2 Loyalty dimensions

There is no easy way when clarifying a loyal customer, but it…...

mla

Bibliography

Andreassen, Tor Wallin and Lindestad, Bodil (1998) Customer Loyalty and Complex Services: The Impact of Corporate Imagine on Quality, Customer Satisfaction and Loyalty for Customers with Varying Degrees of Service Expertise. International Journal of Service Management Vol. 9, No. 1, 1998. MCB University Press.

Bowen, John T. And Chen, Shiang-Lih (2001) the Relationship Between Customer Loyalty and Customer Satisfaction. The International Journal of Contemporary Hospitality Management. 13/5 2001. MCB University Press.

Kandampully, Jay and Suhartanto, Dwi (2000) Customer Loyalty in the Hotel Industry: The Role of Customer Satisfaction and Image. Vol. 12 Issue 6. International Journal of Contemporary Hospitality Management. Abstract Online available at  http://www.emeraldinsight.com/Insight/viewContentItem.do;jsessionid=A7BB20EB4B5CF3B4A2F5E96AD85BD78B?contentType=Article&hdAction=lnkpdf&contentId=867348 

Lindberg-Repo (nd) Word-of-Mouth Communication in the Hospitality Industry. CERS Center for Relationship Marketing and Service Management. Hotel School Cornell University. Online available at http://www.hotelschool.cornell.edu/chr/pdf/showpdf/chr/research/wordofmouth.pdf-my_path_info=chr/research/wordofmouth.pdf

Much marketing research has been done on analysing customer behaviour and retention. As a consequence, it is crucial for online companies to create a loyal customer base, as well as to monitor the profitability of each segment (Reinartz and Kumar, 2002)
Definition of customer e-loyalty

Customer loyalty has been defined as "a deeply held commitment to re-buy or re-patronize a preferred product/service consistently in the future, thereby causing repetitive same-brand or same brand-set purchasing, despite situational influences and marketing efforts having the potential to cause switching behaviour" (Oliver, 1999). This general definition appears to apply to e-loyalty as well. Another briefer and more specific definition is provided by Anderson and Srinivasan (2003), who define e-loyalty as "the customer's favourable attitude toward an electronic business, resulting in repeat purchasing behaviour" (p. ____).

Since it is considered difficult to gain loyal customers on the internet without directly contact (Gommans et al., 2001), satisfaction with…...

mla

Bibliography and Reference

Journals

Anderson, R.E. And Srinivasan, S.S. (2003), E-satisfaction and e-loyalty: a contingency framework, Psychology and Marketing, Vol.20 No.2, pp. 123-38

Arregle, J.L., Borza, A., Dacin, M.T., Hitt, M.A., and Levitas, E. (2000), Partner selection in emerging and developed market contexts: Resource-based and organizational learning perspectives. Academy of Management Journal, Vol. 43, No. 3, pp. 449-67. In Everett & Lo, p. 17.

Bailey, Scott and Schultz, D.E. (2000), Customer/brand loyalty in an interactive marketplace. Journal of Advertising Research, Vol. 40, No. 3, p. 41.

John in his situation are differentiation, cost leadership, and response. In marketing and economics, differentiation is distinguishing a service/product from others. John has issues with service that makes his customers deter to his competitors. By making John's service more attractive to his customers, differentiation takes place. John wishes to outsource some of the business' customer service to a company in India. This costs less than it would if he hired American employees and would allow him to gain additional support in the area of customer service.
Michael Porter developed the concept of cost leadership that has become a main business strategy. Cost leadership describes a means of establishing competitive advantage. By operating at the lowest cost within the industry, John adopts the cost leadership strategy. Taking his business to a foreign country that employs workers at a lower rate enables John to take his resources and divert it to other…...

mla

References

Artun, O. & Levin, D. (2015). My library My History Books on Google Play Predictive Marketing: Easy Ways Every Marketer Can Use Customer Analytics and Big Data (1st ed.). John Wiley & Sons.

Bowman, D. & Gatignon, H. (2010). Market response and marketing mix models (1st ed.). Boston: Now.

Schermerhorn, J. (2010). Management (11th ed.). Hoboken: John Wiley & Sons.

Customer Relationships
Nordstrom, Inc. has long enjoyed a reputation for providing superior customer service. This paper examines Nordstrom strategies that the retailer employs to build customer relationships and promote customer loyalty.

Nordstrom is one of the nation's leading fashion specialty retailers, with 204 stores that are located in 28 states. It was founded in 1901 as a shoe store in Seattle, and today operates 115 full-line stores, 86 Nordstrom Racks, two Jeffrey boutiques, and one clearance store. Nordstrom also serves its customers through its website and through its catalogs (Gonzales, 2).

Nordstrom's business strategy has been called "greed through love" (deFelice). The 110-year-old retailer owes its success to customer-friendly policies that are well-known, widely admired, and frequently imitated in the U.S. retail industry. Nordstrom employees work to form customer relationships, and the company is known to have one of the most customer friendly merchandise return policies in the global retail industry (Farfan, 1).

In…...

mla

Works Cited

Brzozowski, Len. "Customer Service: A Culture, Not a Department." 2011. Xavier University. 20 April 2011. <  http://www.xavier.edu/xlc/about/Customer-Service-A-Culture,-Not-a-Department.cfm >

DeFelice, Alexandra. "A Century of Customer Love." 2005. DestinationCRM.com. 20 April 2011. <  http://www.destinationcrm.com/Articles/ReadArticle.aspx?ArticleID=42958 >

Farfan, Barbara. "Customer-centric Choices Lead Nordstrom From Distress to Success." 2010. About.com. 20 April 2011. < http://retailindustry.about.com/od/retailtrendsetters/ig/2010-U.S.-Retail-Store-Openings/Nordstrom-2010-Store-Openings.htm>

Gonzales, Kristen. "Nordstrom announces beneficiaries for Christiana Mall store opening gala." 2010. Thomson Reuters Investor Relations Solutions. 16 December 2010.

Customer relationship management (CM) is an essential component of organizational management. The purpose of this discussion is to focus on a CM strategy for United Behavioral Health a subsidiary of United Health Care . . United Behavioral Health is dedicated to presenting customers with high quality, cost-effective, managed mental health and substance abuse services to its customers. The investigation suggests that the company's core values have been successfully implemented into the company's CM Strategy. The current CM strategy utilizes technology to allow customers to voice their opinions. Currently the company's website ubhweb.uhc.com provides a page that offers help to members that are experiencing problems. In addition, it provides customers with "coaches" that can help whenever problems arise. The company's customers are currently divided into three different groups; the employer division, the health plan division and the public sector. We found testimonials of customers who were extremely satisfied with the care…...

mla

REFERENCES

Your Customers are Speaking To You. Do You Hear Them? 2002. 2 December 2004

 http://www.jandlmarketing.com/pages/articles/article13.html 

Gupta S. Binggeli U., Poomes C.D., CRM in the Air. The McKinsey Quarterly. Page Number: 6+.

Jacobs F.A., Claire Kamm Latham, Choongseop Lee. 1998. The Relationship of Customer Satisfaction to Strategic Decisions. Journal of Managerial Issues. Volume: 10. Issue: 2. Page Number: 165+.

When comparing the theoretical wins of customers targeted with the budget upside program with its incremental cost, the difference is $1,927, which amounts to 4%. This is significantly less than the results of the frequency upside program, but nonetheless a positive value that resulted in profit. The initial investment in this program is also significantly lower than that of the frequency upside program.

Harrah's CM strategy is to focus entirely on customers and their potential behavior. It is assumed that everything Harrah's gives them has an effect upon customers' future gambling decisions. Hence, the Gold Card program is used to collect customer profiles, which in turn are used in it direct marketing efforts targeted towards customers who have shown the potential for loyalty. In this way, the programs are conducted in an integrated way to target customers who are most likely to be loyal in the future of Harrah's.

Specifically, this effort…...

mla

References

Berndt, a., Herbst, F. And Roux, L. (2005, Fall). Implementing a Customer Relationship management Programme in an Emerging Market. Journal of Global Business and Technology. Vol. 1, No. 2. Retrieved from:  http://www.gbata.com/docs/jgbat/v1n2/v1n2p7.pdf 

Buttle, F. (2008). Customer Relationship Management. Butterworth-Heinemann.

Trevino, L.K. And Nelson, K.A. (2010). Managing Business Ethics. John Wiley and Sons.

Customer Perspective alanced Scorecard
On what specific customer perspectives did each company focus, and what measures did each company use to ascertain how well it was meeting the goals implied by those specific perspectives?

As far as Hyde Park Electronics is concerned, they were concentrating on the quality of the product that was delivered to determine customer perspectives. The measures that were used to achieve these objectives were: manufacturing / labor efficiency and new product sales. In the case of Futura, they were focusing on customer perceptions about the product and services they were receiving. To measure this, they focused on randomly calling the customers and determining how employee retention affected the underlying quality of the product. While SGC, was concerned about the quality of orange juice that they were selling to retail customers. The way they analyzed how effective they were at meeting this goal was to focus on customer feedback.…...

mla

Bibliography

Gumbus, A. (2006). Entrepreneurs Use a Balanced Scorecard. Journal of Small Business Management, 44 (3), 407 -- 425

Niven, P. (2011). EPM View. Retrieved from: http://www.epmreview.com/Resources/Articles/Customer-Perspective.html

1. The impact of supply and demand on interest rates in HSBC Bank
2. The role of elasticity in determining pricing strategies in HSBC Bank
3. The concept of opportunity cost in investment decisions at HSBC Bank
4. The influence of market structure on competition and pricing in HSBC Bank
5. The effects of government regulation on the banking industry and HSBC Bank specifically
6. The relationship between marginal utility and consumer behavior in the banking sector, with a focus on HSBC Bank
7. The concept of economies of scale and how it applies to HSBC Bank's operations and growth strategies
8. The principles of cost-benefit analysis....

Process of Analysis:

1. Problem Definition: Identified the core problem as the decline in market share and profits for the electronics company.

2. Data Collection: Gathered data from financial statements, sales reports, market research, and competitive analysis.

3. Hypothesis Generation: Formulated hypotheses related to factors contributing to the decline, such as product innovation, marketing effectiveness, and operational efficiency.

4. Data Analysis: Performed statistical analysis (regression, correlation) to test the hypotheses and identify significant factors.

5. Root Cause Identification: Used causal mapping and decision trees to determine the underlying causes of the decline.

6. Insights Generation: Developed recommendations and actionable strategies based on the insights gained from....

Effectively Competing with Large Corporations as a Small Business

In the contemporary market landscape, small businesses face an uphill climb when attempting to compete with colossal corporations. Yet, with strategic planning and a keen understanding of market dynamics, they can carve out a successful niche and thrive alongside their more prominent counterparts. Here are some effective strategies to empower small businesses in the competitive arena:

1. Niche Specialization:

Small businesses excel by identifying and focusing on specific market segments where they can establish dominance. By becoming experts in a narrow offering, they can provide tailored solutions to customers who may not be adequately....

Navigating the Challenges of Cancellation Management for Enhanced Customer Satisfaction and Loyalty

Cancellations are an inevitable aspect of business. Customers may cancel their subscription, appointments, or purchases for various reasons, leading to loss of revenue and potential damage to customer relationships. However, businesses can effectively navigate these challenges and mitigate the negative impact through proactive strategies and efficient processes.

Understanding the Reasons for Cancellations:

To address cancellations effectively, businesses must first understand the underlying reasons. Common triggers include:

Product/Service Dissatisfaction: Poor quality, lack of features, or unmet expectations
Financial Constraints: Changes in financial circumstances, inability to afford the service
Competition: Better alternatives or....