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The article on this topic (impact of customer satisfaction strategies on consumer retention in First bank Nigeria) is an extract from literature review of the project material. The complete project work would be made available when you subscribe for the full material.
CHAPTER TWO
LITERATURE REVIEW
The Concept of Customer Retention
Customer Retention is a marketing tool used in creating customer’s loyalty in order to retain them (Morns, 2007). However, Dennis (2008) opined that customer retention involves creating customer value through the improvement of products and services in order to satisfy customers so that an organization can retain their existing customers.
The best customer retention programs proactively analyze customer behavior in order to identify and address at risk customers before they defect. However, when the loyalty program is not successful, it is usually up to the contact center to “save” the customer. Effective customer retention programs are enabled by customer relationship management (CRM) and analytics solutions. Formal and informal contact centers need these underlying systems in order to serve as the first line of defense for businesses of all sizes-small, mid-market and enterprise that threatened with losing their customers to competitors (Okoh, 2009).
Customer Retention Strategies
Customer retention strategies are the techniques that an organization undertakes in order to reduce customer defections. Successful customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship. A company’s ability to attract and retain new customers, is not only related to its product or services, but strongly related to the way it services its existing customers and the reputation it creates within and across the marketplace.The following are some customer retention strategies:
Relationship Marketing (RM)
Relationship Marketing (RM) was popularised by Berry (1983, P. 25) as an approach aimed at “attracting, maintaining and enhancing customer relationships”. This understanding of doing business from a marketing point of view implied a radical change from the previous perspective: Although not explicitly outlined above, the transactional marketing approach emphasised the application of the marketing mix. McCarthy’s (1960) simplification of the marketing mix, composed of four ingredients (e.g. Product, Price, Place and Promotion), has received severe criticism regarding its limitations
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SIMILAR MARKETING FINAL YEAR PROJECT RESEARCH TOPICS
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1. EFFECTIVENESS OF ADVERTISING TOOLS FOR SUCCESSFUL MARKETING OF MTN PRODUCTS
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2. THE EFFECT OF PRODUCT ADVERTISEMENT ON SALES VOLUME OF COMPANIES ( A CASE STUDY OF NIGERIAN BREWERIES PLC (TH MILE CORNER,ENUGU)
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3. THE EFFECT OF MOTIVATION ON PRODUCTION IN AN ORGANISATION (A CASE STUDY OF BETA GLASS PLC, UGHELLI)
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY All organizational private or public, small or big depend heavily on their workers human resource...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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4. IMPACT OF SALES PROMOTION ON THE MARKETING OF SOFT DRINKS IN ABAKALIKI URBAN (STUDY OF SALES PROMOTION CONDUCTED BY NIGERIA BOTTLING COMPANY PLC FROM ...
» Abstract This study examines the impact of sales promotion on marketing of soft drinks in Abakaliki Urban: (study of sales promotion conducted by Nige...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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5. MANAGING LOGISTICS AND DISTRIBUTION SYSTEM IN THE NIGERIAN CEMENT INDUSTRY
» CHAPTER ONE INTRODUCTION 1.1 Background of the Study The role of logistics and distribution system as a marketing function cannot be over emphasized. ...Continue Reading »Item Type & Format: Project Material - Ms Word | 139 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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6. THE RELEVANCE OF SALES PROMOTION TO BUSINESS ORGANIZATIONS
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7. DETERMINANTS OF BALANCE OF PAYMENTS DISEQUILIBRIUM IN NIGERIA
» CHAPTER ONE INTRODUCTION 1.1 Background of the study Many developing countries have deficit Balance of Payments (BOP) account and face many troubles i...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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8. AUTOMATED INTELLIGENT SYSTEM FOR ONLINE MARKET FORECASTS USING STATISTICAL MODEL
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9. An Empirical Analysis of Purchasing Power Parity: A Case Study of Two Anglophone Ecowas Members
» CHAPTER ONE 1.0 INTRODUCTION 1.1: Background Information One of the most provocatively debated issues in international macroeconomics literature perta...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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10. ADVERTISING AND CORPORATION IMAGE MAKING (CASE STUDY OF DIAMOND BANK)
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