Describe the wheel of loyalty
What will be an ideal response?
According to the wheel of loyalty, customer loyalty is derived from three main components. The first is building a foundation for loyalty. Here, the market is segmented to match customer needs and firm capabilities, customers are selected to match the core value proposition, services are tiered, and quality service is delivered. The second component is creating customer loyalty bonds. This component involves building social, customization, and structural bonds. It also involves rewarding (financial, recognition, bonuses) and deepening the relationship through cross selling and bundling of services. The third component reduces churn drivers through effective complaint handling and increasing switching costs. All of these processes are enabled through frontline staff, account managers, membership programs, and CRM systems.
You might also like to view...
An investor found the following in an annual report: "The financial statements, in our opinion, present fairly the financial position, operating results, and cash flows, in conformity with accounting principles generally accepted in the United States." In which section of the annual report did the investor find this?
a. Balance Sheet b. Notes to the Financial Statements c. Management's Discussion and Analysis d. Report of the Independent Accountants
______ is the extent to which employees feel a sense of personal fulfillment associated with competence, self-determination, impact, and meaningfulness.
A. scientific management B. purpose C. psychological empowerment D. psychological authorization
Where incentives refers to forms of pay to encourage future performance, what term is used for forms of pay designed to recognise past performance and achievement:
a. commission b. perks c. dividends d. bonuses
Based on the following trial balance for Sally's Salon, prepare an income statement, statement of owner's equity, and a balance sheet. Sally Crawford made no additional investments in the company during the year. Sally's SalonTrial BalanceDecember 31Cash$ 6,500?Accounts receivable475?Beauty supplies2,500?Beauty shop equipment17,000?Accounts payable?$ 745S. Crawford, Capital?21,155S. Crawford, Withdrawals36,000?Revenue earned?72,000Beauty supplies expense3,425?Rent expense6,000?Wages expense22,000?Totals$93,900$93,900
What will be an ideal response?