GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Standardization
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Branding
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Pricing of Product
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Grading
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Detailed explanation-1: -Relationship marketing creates loyal customers, which leads to repeat purchases and a higher CLV. In addition, loyal customers are likely to become brand advocates or ambassadors, recommending products and services to friends, family and business associates.
Detailed explanation-2: -Loyalty marketing is an approach to marketing, based on strategic management, in which a company focuses on growing and retaining existing customers through incentives.
Detailed explanation-3: -Customer loyalty is the ability to retain your customers for a long time and make them purchase your product and services regularly. In easier terms, make your customer happy and build emotional connections with them. An example is the Starbucks Reward Program.
Detailed explanation-4: -Brand loyalty is when customers continue to purchase from the same brand over and over again, despite competitors offering similar products or services. Not only do customers continue engaging and purchasing from the same brand, but they also associate positive feelings toward that brand.
Detailed explanation-5: -Offer Discounts. Reward Customers. Promote Your Rewards Program. Encourage Referrals. Create a Point System. Partner with Another Company. Set Up a Subscription Service. Ask for Feedback. More items