Question

- Define customer loyalty

- Research strategies on gaining customer loyalty and make recommendations on how to implement these methods.

- Determine important strategic benefits of brand loyalty that seem most appropriate to your small firm (phone company)

- Determine the key factors that influence customer loyalty after their initial purchase

- Explore the meaning(1) and business implications(2) of effective marketing strategy & customer loyalty programs towards profitability.

Answer 1

1) customer loyalty:

Customer loyalty is a term that depicts the likeness of the customers towards a particular brand/company. A loyal customer always purchase certain products or avail a service from a particular company, that succeeded in meeting his or her expectations or exceeded the same. Customer loyalty measures the customers' satisfaction, and it Influence their buying decision, making them maintain long term relationship with the company with consistent purchases.

A loyal customer never opt to purchase a particular Product/service from any rival, rather he or she would wait to get what they need from their trusted brand and can pay high prices to get the quality products.

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