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Improving Customer Retention Through Relationship Marketing Commerce

Essay add: 22-09-2017, 12:07   /   Views: 8

Customer retention has been considered as the most powerful engine pulling the people out of the clutches of competition & choices and raising their customer loyalty. Due to the importance of customer retention we will do the research on the customer retention. Our topic is "Improving the customer retention through relationship marketing" for this study we check the impact of some independent variables (Information sharing, Trust &Commitment, Mutual goal orientation, Long term relationship) on the dependent variable "Customer retention". We use the different studies of other authors who work on these variables. The definition for relationship marketing according to the chartered institute of marketing is "… the process of getting closer to the customer by developing a long-term relationship through careful attention to service needs and their quality delivery". The study of desertion provides insight into how to improve products and services offered to the targeted market by developing effective retention programs and consequently creating long-term relationships. But why is retention so important? It is not only because retaining a customer is cheaper than acquiring a new one or because of the necessity of retaining customers until they are profitable. Rather, client retention is important because it is a value generation strategy for the relationship marketing: that is, the relationship marketing value is not only related to the bottom line of its financial statements but also to the present value of its future revenues. Guaranteeing the relationship marketing future revenues greatly depends on strengthening its customer's loyalty. For this reason, two relationships marketing with the same number of customers, the same costs, profitability, and debts condition may have different values if one of them has more loyal customers than the other. As such, customer retention is not only necessary for relationship marketing sustainability but it is also a value generation strategy for the shareholders. We get the data through questionnaire technique from the FMCG customer. Our sample size is 101 customers from different markets. We use the different statistical techniques for getting the results and checking the impact of different variables on the dependent variable. We use the Descriptive technique, Histogram technique, Scatter plot technique, Correlation technique and Coefficient of Regression technique for the analysis.

Research problem:

Does improving customer retention through relationship marketing?

I.

Article name: Improving Customer Retention Through Relationship Marketing Commerce essay, research paper, dissertation