Customer Retention Strategies

Customer retention is a cost
effective and profitable strategy In fact, research has discovered:

Repeat customers spend 33% more
than new customers

Referrals among repeat customers
are 107% greater than non-customers

It costs six times more to sell
something to a prospect than to sell that same thing to a customer

Given these numbers, wouldn’t it
seem logical for most companies to spend most of their marketing dollars on
customer retention and repeat customers? Yet, that doesn’t seem to be the case
with many companies It seems most marketing and sales campaigns are designed
for the new customer

A major pet peeve of mine is
wireless telephone companies New customers who sign a new contract are given a
large rebate or even a free cellular telephone; yet current customers whose
contracts have not expired have the privilege of paying full price for new
phones This seems like a formula for value migration and is a factor in the
intense rivalry between the major players in the industry

QUESTION:

Shouldn’t we rethink our marketing
and sales strategies given the persuasive research that finds it’s five times
more profitable to spend marketing and advertising dollars to retain current
customers than it is to acquire new customers?

Do you feel it isn’t happening as
much as it could or should? Why or why not?

How does your company approach
this issue?

1. Watch this video which explains how one can find both the distance and the Richter scale magnitude of an earthquake. For this lab you only need to watch the first 2 minutes:
   

. For general interest, visit the IRIS Worldwide Seismic Monitor (Links to an external site.), and on the same website you can look up Earthquake activity near me (Links to an external site.).

also there i worksheet small one

Please read Management Focus: Levi Strauss Goes Local in Chapter 15 (page 516 in the 7th edition and on page 458 in the 8th edition) in “global Business Today” by Charles Hill”and answer the following questions:Levi Strauss, the manufacturer of blue jeans, changed its international marketing strategy to regain its competitiveness in the mid-2000s.1. What marketing strategy was Levi Strauss using until the early 2000s? Why did this strategy appear to work for decades? Why was it not working by the 2000s?2. How would you characterize Levi’s current strategy? What elements of the marketing mix are now changed from nation to nation?3. What are the benefits of Levi’s new marketing strategy? Is there a downside?4. What does the Levi Strauss story tell you about the “globalization of marketsâ€?

n this assignment, you will examine the concept of creative capitalism. Bill Gates, cofounder and chairperson of Microsoft Corporation, advocates that in addition to seeking profits, corporations should also become social entrepreneurs in order to help solve social problems. He has called this creative capitalism. Gates argues the desire to help others who are less fortunate should be as powerful a motivator as increasing profits for businesses today.

Read the transcript or conduct a search for the video of Bill Gates’ speech at the 2008 World Economic Forum:

Gates, B. (2008). Bill Gates—2008—World Economic Forum—Creative Capitalism. Bill and Melinda Gates Foundation. Retrieved fromhttp://www.gatesfoundation.org/speeches-commentary/Pages/bill-gates-2008-world-economic-forum-creative-capitalism.aspx
Review the following:

General Electric (GE). (2011 ). Citizenship. Retrieved fromhttp://www.gecapital.com/en/our-company/citizenship.html
Walmart Corporate. Community and Giving. Retrieved fromhttp://walmartstores.com/CommunityGiving/
Using your textbook, the University online library resources, and the Internet, research the concept of creative capitalism. Select at least three references for use in your assignment (one may be your textbook).

Complete the following:

Explain free market capitalism
Describe creative capitalism
Explain the three advantages of creative capitalism in relation to businesses
Explain the concept of corporate social responsibility using two examples of socially responsible companies. Clearly and concisely support your examples and explain why these companies are considered socially responsible.
Comment on Gates’ creative capitalism. Do you think that creative capitalism can become the future of capitalism in the U.S.? Justify your response with examples and research.
Give reasons and illustrative examples in support.

Post navigation

Write a report on a special probation/parole client and programs that have been established to address this problem client. Focus on 1 type of special needs offender : substance abusers

Include in your report several (at least 2–3) examples of programs that have been created.

List their strengths, weaknesses, successes, and failures.
In the second part of your report, discuss plans for a new program.
Use the strengths from some of the programs that you have researched in your design.
Provide specific details as to how and why your program will be a success.
4-6 pages
standard APA format

Post navigation