MKT 300 Lecture Notes - Lecture 8: Customer Retention, Relationship Marketing, Employee Retention

• School: Ryerson University
• Department: Marketing
• Course: MKT 300
• Professor: Armand Gervais

Document Summary

Shit from acquisiion/transacion markeing to retenion relaionship markeing. Focuses on keeping current customers and improving relaionships w them. Usually cheaper for the irm, keeping current customer tends to cost less than atracing new ones. Focus is on retenion and enhancement of proitable customer relaionships. Many businesses focus on acquisiion while ignoring retenion, defecion, customer proitability. Conidence beneits: less risk of something going wrong, less anxiety, ability to trust provider, know what to expect, get irm"s best service lvl. Social beneits: mutual recogniion, known by name, friendship, enjoyment of social aspects. Special treatment beneits: beter prices, discounts, special deals unavailable to others, extra services, higher priority w waits, faster service. Customer behavior beneits: recommendaions win new customers (unpaid sales ppl, word of mouth. Human resource mgmt beneits: co-producion, self serve, good behaviours, customer retenion employee retenion. Customer is diferent purchasing shirt vs purchasing car. Recency qualiies deiniion by considering last ime person made purchase.