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Introduction:
In this assignment, I will be describing the development of relationship marketing and will show
what all these include. I will explain all the relationship marketing techniques and what happens
with all of them.
Difficulty of attracting new customers:
The way GiffGaff attract its customers is by making sure all their products satisfy the customers
and have low prices on the little products such as buying a sim which is free in most shops
another way they can attract new customers is by making all their online products look
attractive with updated information on the products and how well they work. The difficulty of
attracting new customers includes the prices of the products being too high or too low. The
products being too high will keep the customers away from your company as the price is too
high and the customers may find another store with the same product but at the price, they can
afford it at. The prices being too low will also decrease the customers as the customers may
think the products do not have good quality, will not last them very long, and may find the same
product in a different store with a reasonable price with good quality. Another difficulty
attracting customers is the customer service lacking. Having bad customer service will also keep
customers away from your store because they may have experienced something they did not
expect to happen. Lack of customer service will give a bad reputation to your organization and
customers will not look at it the same when something bad happens and will eventually find
another store that respects all their customers. The final difficulty of attracting new customers is
the products being outdated. This will distance customers, as they may have previously been ill
from the outdated products. This will keep the customers away from your store and will go to
another to get the same product with the recent date. The benefit of attracting new customers
is it brings more sales to the business as all their products are brand new and have the most
updated information, which is attractive to customers. Another benefit of attracting new
customers is it helps the business learn about the needs and wants of the customers and helps
them get them products in store to increase the sales of the business.
Cost of lost customers:
The way GiffGaff loses its customers is by having high priced products which other phone
companies do not have as they are priced average. If GiffGaff lowers its prices on contracts and
phones they will have more sales as many people are with them but have the sim and the
monthly data packages. The way a business loses its customers is by not giving the customers
what they want and make sure they get what they asked. By doing this the organization will gain
all the customers hey may have lost back and also new customers will want to have a look or
buy a product from the store if they see there is many customers purchasing stuff. Getting all
the stuff customers want and need will build the organization up massively as the customers will
know that the business if capable of fulfilling the needs of customers and bringing products in
the store that the customers ask for. If this is not done, the customers will not appear at the
store as they will then go and find a store that has the products they want with better quality.
The cost of lost customers will cost an organization a fortune because every bad experience a
customer has they tell up to 16 people and the organization will have to make up for that. The
way to gain these customers back is too provide the customers will offers and discounts on
certain products that they like to buy. This will gain the organization more customers as there
will be many stuff on offer and they will want to purchase it when it is on discount instead of the
, full price. Many business are losing customers and GiffGaff is one of them and this can be in
months or years were they lose customers due to other companies having better products,
prices and service. Losing customers will make the business look many money as they won’t
have any customers due to the lack of service and no good products.
Lifetime value of customers:
The way GiffGaff finds the lifetime value of their customers is by getting to know them
personally and the stuff they purchase from the organisation. The way this benefits GiffGaff is
that they will get a view of what customer is loyal to them and what ones are always revisiting
the store and are happy with the products the business is selling. Customer lifetime value is the
total worth of a customer to a business over the entirety of their relationship. It is important as
it can cost a business less money to keep returning customers rather than trying to attract all
the new ones. Business can offer lifetime value by rewarding customers for being with them for
a certain period of time, how supportive they have been towards the company and invest in to a
customer’s experience. When a business knows their customers lifetime value they start to
improve on their work and become more consistent with their jobs. Businesses will be more
profitable by focusing on their long-term customers and keeping them within the business and
keep proving them with the best possible.
Link with organizational mission statement objectives and strategic aims:
A company to explain in simple terms its purpose for being uses a mission statement. A mission
statement is also usually one sentence or a paragraph explaining its culture, values and ethics.
Strategies are a sequence of ways of using the mission statement. JD sports (a popular sore
around the UK) mission statement is to “focus on customer satisfaction”. We are engaged in
omnichannel retail with the retail estate being essential to brand and product awareness, the
customers’ overall digital experience and our ability to provide multiple delivery points. We
believe that the combination of a differentiated product offering, presented in a well fitted store
with world class standards of retail theatre, are major drivers of footfall to our stores. Our
ultimate objective is to deliver long term sustainable earnings growth to enhance total
shareholder returns ('TSR') through share price performance and dividends, whilst retaining our
financial capability to invest in the growth and the sustainability of our propositions.
Stakeholder’s needs and expectations:
A stakeholder is a party that has an interest in a company and can affect or be affected by the
business. The primary stakeholders in a typical corporation are its investors, employees,
customers and suppliers. A business can identify the needs and wants of a stakeholder by
looking at the importance of each customer and how they are an impact to the business. The
stakeholders the business has should set activities for them to do and for them to engage in. In
a business, the most important stakeholders are customers, suppliers, owners and many other
different groups. Business need to inform stakeholders otherwise they can leave the business
and the business itself will lose money.
Growth of services sector:
The service sector comprises many industries including finance, retail and entertainment. The
reason the service sector has a lot of growth because it is improved with better technology and
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