Business Environment : A Market Entry Of Innovative Store Concepts And Formats Essay

Without customer there is no market. As the customers are regarded as the superiors in today’s market, their satisfaction level and their preferences should be keenly studied

Customer loyalty plays a very vital role in an organization’s success or not always, is a very interesting debate. It has been suggested at several literature that loyal customer generates ongoing revenue and they also assist in generating profitable business income to any organization. At the same time research also suggests that there are other views available in relation to the concept of loyalty. The important factor to understand is weather those factors lead to long term business profitability or not. In my opinion regardless of other considerations, customer loyalty plays a great input in the business benefits and revenue. Today’s literature review will put some light on both customer loyalty as well as other consideration. It will further emphases the importance of the customer loyalty aspect and its impact on the revenue of the firm by supporting the concept of customer loyalty.

Over the decades there were tremendous amount of challenges for every business. Customers have more knowledge, they have more options, and they have higher expectations. Customers are more informed with the humungous development in technology. Having more options in front of them, expectations has surpassed in retail industry. Loyalty is a customer having faith that your organization’s product or services offered is the best for them. It is the process of tapping the buying pattern of customers in a store based on their preferences. Customer loyalty is significant because it is economical to retain the old customers rather than acquiring new customers. So, organizations employ loyalty programs which reward customers for their repeat business.

Every company wants to make money and bring in customers, but what about making loyal customers out of them so they continue to come back? How do you even bring in potential new customers and turn them into loyal customers to begin with? The lifetime value of a customer is a predicted value of net profit credited to the total future relationship of a customer. We want to know the financial value of each customer so that we know how much to spend in marketing when looking for new customers and the potential of profits back from the money in advertising spent. The grocery store chain must start looking at customers and how to make them happy and loyal in the long run, as opposed to how to boost sales right now. From the Marketing Management book, a well-known rule states that 80 percent or more of a firm’s profits come from the top 20 percent of its customers. Thus, we want to focus on brining in new customers with successful marketing and turning them into loyal returning customers.

This research aims to know the influence of product quality and customer satisfaction toward customer loyalty. This type of research is a research

Customer loyalty is much harder to obtain that customer service satisfaction. The most important first step is to satisfy the customer by meeting their expectations. Customers only give a company one chance and if they aren’t satisfied they will not do business with that company again, as well as tell others of their experience. The next step would be to exceed the customer’s expectations. If a business goes above and beyond to assist the customer they begin to build loyalty. The next step is to truly surprise the customer. In order to dominate the marketplace the company must find a way to make them selves stand out with their product or service, accompanied with phenomenal customer service. Once this has been done customer satisfaction and loyalty will be gained. “Acquiring a new customer can cost four or five times more than keeping a current customer” (Bestmark, 2013). So it’s essential to keep the current customer’s happy and coming back for more.

According to Kim and KIm (2009), customer satisfaction is often used to predict the likelihood of customers returning to a restaurant. Some studies (Oh, 2000; Yuksel and Yuksel, 2002), have shown that customer satisfaction is important to food service managers through word-of-mouth leads to repeat patronage, brand loyalty and new customers through word-of-mouth promotion. Another opinion from Kotler and Clarke (1987) define satisfaction as a state felt by a person who has experience performance or an outcome that fulfill his or her expectation. Satisfaction is a function of relative level of experience and perceive performance. When using a dimensions Institutional DINESERV, the satisfaction will strengthen customer loyalty and also improve the dining facility’s status and produce greater

In this 21st century, globalization has been growing up fast. People are able to use products from other countries due to the development of economy. Export and import channels have been expanded due to the fact that retailing industry has become more famous and used among the consumers. There are numerous worldwide retail locations around the globe. Among them, the most popular stores are Walmart, Carrefour, Tesco and Metro stores. Clients' needs and wants become similar due to the standardization of the products. One of the major reasons why retailing is commonly popular among consumers is that development of economy. Mckinsey (2012) indicates that extending retail market and discovering potential clients are vital if a retail

In order to operate a successful and profitable business, certain strategies must be put in place. One very important strategy is customer relationship management. To ensure that every customer has the opportunity to receive exceptional customer service and the ability to become a loyal customer, an organization must follow these steps. First, the organization must evaluate their current customer service strategies and organizational goals. This will help decipher strengths and weaknesses of the organization. Once the organization’s weaknesses are determined, action must be taken immediately. The weaknesses should act as opportunities, while the strengths can be used as something to capitalize off of. If an organization lacks a loyalty program, their next step would be to design one that correlates with their business model and organization goals. Once an organization redesigns their customer service strategies and customer loyalty programs, they will need to accurately apply metrics to successfully measure the value of the changes being made.

A growing competition and urge to differentiate is noticeable in the continuously developing and changing retail industry. Therefore, a significant increase in the interest and resource allocation by retailers and manufacturers in the practice of marketing is visible. Moreover, the practice of marketing is shifting from a traditional marketing perspective to a more shopper marketing focused perspective. Shankar, Inman, Mantrala, Kelly, and Rizley (2011) reason developments in technology, economy, regulation, and globalization as the major drivers of this marketing shift. Traditional and shopper marketing differ at numerous tactical and strategic perspectives. Regarding the tactical perspective, traditional marketing focuses

The rise of the Information Technology field has drastically changed how retail stores conduct their day to day business. Over the past 82 years, changes in the field have made it increasingly easier for customers to purchase goods and services required for their basic and luxury needs. This includes, but is not limited to groceries, general merchandise items, construction, repairs, and many more different classes of retail marketing and consumer needs.

This paper explores the effects that employees have on customer satisfaction surveys and how this could potentially make or break customer loyalty to a business. Ha and Park (2013) suggest that attractivness affects customer loyalty. Through research of peer reviewed journals the process of how data is gathered to create these conclusions are relative to the process taught in the Essentials of Business Statistics, Fifth Edition. Random sampling was the basis for the articles considering when data was collected certain criteria had to be met this suggested convenience sampling. Conculsions of employees displaying a positive attitude, were attractive and willing to help were the root cause to driving the customer satisfaction surevy, concluding wether or not the employee had gained customer loyalty. This paper examines Ha and Park’s (2013) research in relation to two other peer reviewed journal that support the three variables which can drive the customer satisfaction survey.

e began our research on customer satisfaction nearly 20 years ago, believing that customer satisfaction plays a fundamental role in achieving customer loyalty and profitability. Co-author Barsky and various associates published a number of their findings in five Cornell Quarterly articles since 1990, each of which addressed a different customer-satisfaction issue (see the list overleaf). To test and advance the research thread in those articles,

The Importance of Customer Satisfaction in Relation to Customer Loyalty and Retention by Harkiranpal Singh

The term “Brand Loyalty” also called as “Customer Loyalty” has been in the business industry since a very long time as a model to be used in conducting business. But it wasn’t until the mid to late 1900’s that the term was actually given its due importance by making it a vital part of advertising and marketing. The concept of marketing evolved substantially from being focused on sales of a product to having Customer satisfaction to be its focal point. Studies further revealed that there was a positive correlation between customer satisfaction and Brand Loyalty.