MKTG3311 Chapter Notes - Chapter 12: Customer Relationship Management, Customer Switching, Liquid Oxygen
Document Summary
Lo1: recognise the important role customer loyalty plays in driving a service firm"s profitability. Lo2: calculate the lifetime value (ltv) of a loyal customer. Lo3: understand why customers are loyal to a particular service firm. Lo4: know the core strategies of the wheel of loyalty that explain how to develop a loyal customer base. Lo5: appreciate why it is so important for service firms to target the right customers. Lo6: use service tiering to manage the customer base and build loyalty. Lo7: understand the relationship between customer satisfaction and loyalty. Lo8: know how to deepen the relationship through cross-selling and bundling. Lo9: understand the role of financial and non-financial loyalty rewards in enhancing customer loyalty. Lo10: appreciate the power of social, customisation, and structural bonds in enhancing loyalty. Lo11: understand what factors cause customers to switch to a competitor, and how to reduce such switching.
