Customer Retention and Loyalty - Essay Example

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Customer Retention and Loyalty

There are the few major factors that can give a slight glimpse on the behavior of customers in relation to the services.“Imitation strategies beyond a certain point can have harmful consequences for both firms and consumers. Two occasions for potential harm to firms occur when a consumer unknowingly purchases an imitator brand. First, the consumer may be dissatisfied with the product purchased and attribute his or her dissatisfaction to the original brand, never realizing that the brand consumed was an imitator. Second, the consumer may be satisfied with the imitator brand, become aware that it is not the original brand, and switch brand preferences in favor of the imitator brand”(Berger, Foxman, Muehling 170, Vol 24: 1990).This all is clearly showing what possible outcomes may take place. It is seriously distracting to the goals of the service provider where as the customers can also be in loss as it is quite fair to say that each and every financial service provider charges a lot for the service, however if the company is having some good reputation than due to a variety of customers, they take good care of services and also charge relatively lesser than many of the other service providers in the industry. Another problem is the repurchase of any particular service, such as people often change their leasing service providers after they pay the entire due, rather than buying the next product through the similar service providers they start looking for new and even better ones. ...Show more

Summary

The main goal of the present assignment "Customer Retention and Loyalty" is to discuss the factors of changing customer behavior. Furthermore, the writer of the following paper would attempt to examine how contemporary companies deal with such changes…
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Customer Retention and Loyalty essay example
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