1, What is meant by CV? In general, what do customers truly value in: (a) the marketplace and (b) the marketspace? Provide an example of how a specific retailer and an e-tailer create value for their customers.
Customer value is everything to a business. It is the center and the cornerstone of a business. Moreover, the business should live to generate value to its customer base. The school of thought is that the customer value is only bringing revenue to a business. Hence, a customer value to a business is defined by how much money that customer spends in the business. It is not an argument that this view is perceived like that across the aisle. With that being said, customers and businesses feel the same way at some point.
Therefore, some customers may cut ties with some businesses that see them no more than dollar sign. Radioactively, those businesses will fall behind and risk running out of business. The true value of a customer in today’s marketplace is the livestock of a business or company. There is nothing more important than loyalty; the company has to make the customer feel that he or she is valuable enough for the company to loyal to them.
In return, the little bond develop with the customer will result in customer loyalty. “Developing emotional bonds with customers create loyalty, which leads to high customer retention rates and increased market performance. (Weinstein &Johnson, 2004) The same can be said for Marketpace. I think a company like McDonald’s can make its customer feels valuable other than relying on the slogan ‘Im lovin it’. It is insulting for customers to be reading or watching on the news that McDonald’s is advising its employees not to consume its products too much and offer alternatives to consuming its food.
5. Identify two companies that stress conquest marketing and two others that emphasize customer retention? Are these the appropriate strategies for these organizations? Why or why not?
Right of bat, AT&T and MetroPCS are among some of the companies that are actively pursuing...