Marketing Accountability and Strategic Marketing Process

Today’s world competition is very strong in every kind of businesses. Every organisations must provide high quality products or services in order to survive, however their competitors also providing the same or comparable products or services. An important way to an organisation to get an edge over its competitors is to provide extra service to satisfy and delight their customers, which can retain them and also gain new customers. Therefore the achievement of customer satisfaction must be a major objective in all organisations.

It requires a great deal of effort to induce satisfied customer to switch away from their current existing. Thus, customer satisfaction is been given top priority in today’s competitive world.

Today's world competition is very strong in every kind of businesses. Every organisations must provide high quality products or services in order to survive, however their competitors also providing the same or comparable products or services. An important way to an organisation to get an edge over its competitors is to provide extra service to satisfy and delight their customers, which can retain them and also gain new customers. Therefore the achievement of customer satisfaction must be a major objective in all organisations.

Retention is a reflection of a customer’s willingness to remain with a particular company’s service or products and is useful to measure customer loyalty. The relationship

Anderson, E.W. & Sullivan, M. (1993). The antecedents and consequences of customer satisfaction for firms. Marketing Science, 72 (Spring), 125-143.

The aspects of business success that Jones (2012) chooses to study are that of customer retention and employee satisfaction. Being able to minimize the loss of customers correlates to improved financial

Customers enable the organization to treat each customer in a different way on the basis of the contribution they make towards the firm (Kleinaltenkamp & Wengler, 2007). The analysis of customer lifetime value aids the organization to rank and order customers on the basis of their contribution to organization’s revenues. It also helps the organization to determine as to how much it can invest in retaining customers to gain positive returns on the investment.

One of the most expensive and difficult tasks facing any business is acquiring new customers. Acquiring a new customer can cost five times as much as retaining an existing customer. Research has shown that 2% increase in customer retention can decrease costs by as much as 10% for a business. To retain current customers, businesses engage in relationship marketing strategies to continually attract repeat

1. How can companies deliver customer value, satisfaction, and loyalty? 2. What is the lifetime value of a customer, and why is it important to marketers? 3. How can companies cultivate strong customer relationships? 4. What is the role of database marketing in customer relationship management?

The main objective of retention is to continue ongoing relationships with customers. Brand loyalty is considered difficult to measure. So, experts generally use customer engagement as an effective indicator of loyalty.

It is imperative to satisfy customers and give them an amazing experience at the company. While it cost less to sell to existing customers and companies can increase profit by selling to the same customers; if customers are satisfied, there is more chance they will come back for more services or products. Satisfied customers are a free marketing for the company. However, it is the opposite if customers are dissatisfied. Dissatisfied customer will tell 8 to 10 people about his or her experience (O’Brien, A & Marakas, G. 2004). If by any reason, representatives see that the customer is not satisfy, they should act fast and fix the problem. Furthermore, there is more chance for sale representatives to sell to an existing customer that to a new customer. A good strategy for customer retention is to reward good customers. Companies can easily do

Secondly, providing high quality customer service might be another essential factor in any customer loyalty strategy. The better a vendor treats their customers, the more likely the customers will return. As Cater and Cater (2009) state, an outstanding customer service could create a sustainable loyal customer

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.

1 behavioral measurements; 2 attitudinal measurement; and 3 composite measurements. The behavioral measurements consider consistent,repetitiouspurchasebehavior as an indicator of loyalty. One problem with the behavioral approach is that repeat purchases are not always the result of a psychological commitment toward the brand(TePeci,1999). For example, a traveler may stay at a hotel [213]  John T. Bowen and Shiang-Lih Chen

As many other big companies, losing profitable customers can dramatically affect a firm’s profits. The cost of attracting a new customer is estimated to be five times the cost of keeping a current customer happy, so Hilton was using CRM to retaining customers. As famous brand, Hilton give the best quality for their customers. Quality is the totality of features and characteristics of a product or service that bear on it’s ability to satisfy stated or implied needs. For achieving high levels of total quality so that firms remain solvent and profitable, Hilton marketers play a key role. Marketing managers must calculate customer lifetime values of their customer base to understand their profit implications. They must also determine ways to increase the value of the