MARK1022 Foundation of Scholarship

Added on - 20 Feb 2021

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MARK1022 – FOUNDATIONOF SCHOLARSHIP
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Issues and Relevant concepts of customer relationship and customer loyalty-..............................4CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONCustomer relationship marketing termed out as technique that relates with clientrelationship and consumer loyalty(Aka, Kehinde and Ogunnaike, 2016). This is defined asbusiness process in which relationship of client, loyalty of customers and brand value are builtthrough market strategies and activities. It allows organizations to develop long-term relationshipwith established and new customers with streamlining the corporate performance.The present report is based on topic of customer loyalty and relationship marketing ofRetail business. Furthermore, study will be conducted with help of providing the justification ongiven topic. Thus, literature review will be collected with use of relevant concept that identifiedthe impact of customer relationship marketing on business activities.MAIN BODYTopic-Customers Loyalty and Relationship Marketing within Retail sector-Concept of customer relationship marketingCRM defined as ongoing connection between enterprise and its consumers. Thus,relationship can be identified with help of degree satisfaction of consumer with buying cycle andfollowing the receipt of goods or service. As per the view ofAka, Kehinde and Ogunnaike,(2016)stated that It advances the customer satisfaction and communication level with companieswith interact them more frequently basis.The concept of relationship marketing termed out asplan of action that mainly maintains, attracts and bring improvement within customer relationswith technological advancements.Additionally,Greve and Schlüschen, (2018)stated thatrelationship marketing termed out as effort to create, maintain and enhance strong relationshipswith target stakeholder and customers. In this, relationship marketing termed out as bringingimprovement in the key business plan of action that supports to provide guarantees companysuccess and also improves the level of profitability.Thus, it can be stated that better customer relationship and loyalty aids to enhance thebrand value to the enterprise. Henceforth, this is strategical process that identifies the desiredcustomer segments, individual customers on one-to-one basis.Afterwards, it focuses onprogrammes that helps to maximize the both value to consumer by targeting the customeracquisition, activities that aids to enhance profitability and retention.Customer relationshipmarketing has vital impact on the growth of the enterprise. Thus, it is effective term that help stocreate, maintain and enhance strong relationship to have long term sustainability within market.
On the other hand, relationship marketing is wide approach in this main purpose is to providesuperior customer value for the long period with help of developing long term customersatisfaction.Additionally, positive word of mouth and loyalty is factos that aids to raisesatisfaction among customers.Concept of customer loyalty-Customer loyalty is defined as experience as positive and emotional, physical attributethat relates with the satisfaction and perceived value of the products and services.As per theview ofHsiao, Shen and Chao, (2015)stated that building and sustaining trusted relationshipleads customer towards repeated purchase of commodities over the given period. Thus, loyaltyof customers assists to improve brand image. In contrary toHuang, (2015)stated that it helpsthe brand to retain more customers and improve loyalty of customers as well brand loyalty.Additionally, this is defined as creation of customer value instead of maximizingprofitability and value to the shareholder and it is as center to the business strategy that demandsignificant differences within the business practice. It has been found out that loyal customers toenterprise willingly pay the higher price for product and services, and they are moreunderstandable at the time when something goes wrong. So, they are fewer prices sensitive. Inthe today's fast place world customer loyalty considered as key business strategy and also this isthe greatest assets to each enterprise. Loyalty has several key point that affects the brand imageof the enterprise. It is termed out as building and sustaining trusted relationship that leads tocustomer towards repeat purchasing of commodities. Henceforth, loyal customer can be termedout as the great marketers and valuable source to the enterprise.Issues and Relevant concepts of customer relationship and customer loyalty-Business enterprises are strived to offer superior customer service. Therefore, customerrelationship and customer loyalty both are interrelated to each other.As per the view ofJonesand et.al., (2015)stated that key goal of the entuty is to maintain and retain customers to gainloyalty.Additionally, loyal customers loyalty aids to have reliable revenue stram and this leadsto sustained profitability for longer period.Therefore,Huang, Cheng and Su, (2017)stated thatthere are varied theories on consumer loyalty that must be aware of building a base of loyalcustomer that is key to the growth of the enterprise defined as-:Customer satisfaction- In order to build the loyalty towards the customers is to improve thesatisfaction that customer has with commodities and services. As per the view ofJones and et.al.,
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