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Unit 11 P1 P2 (Pass) International Business Studies Btec
Unit 11 P1 P2 (Pass) International Business Studies Btec
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Learning outcome 1: Understand the development & application ofrelationship marketing.
Unit 11: Understanding Marketing Relationship
P1 & P2: Report.
Tutor: E. Daymond
Student: Arno Vollebregt
Class: IBS 2 B
Date: 23-02-2017
1
, Difficulty of attracting new customers
The difficulty to attract new customers is that you have to convince them to choose for
your business and buy your products. Trust is a big factor of attracting new customers,
the potential customers have to trust your company if they want to visit your store to buy
products. It is a lot easier to keep the already existing customers than to attract new
ones. To attract these new customers businesses can do an acquisition process. This
process is meant to attract potential clients, if the process is executed well enough you
will see that people are convinced enough and trust your business to buy products. This
acquisition process can be performed in different ways or multiple ways; one is to attend
a trade fair where potential clients can visit your stent and ask for information, another
way is to advertise on the TV, on the radio or pass out flyers on the streets.
Cost of lost customers
Of course a company is always upset with losing customers. They are losing a piece of
their income by losing that customer. If the company is very reliable on customers that
are coming back every day/month/year it has a big impact; they are losing a part of their
income. It depends on what sort of company it is to see how big of an impact it has to
lose a customer. Gaining and obtaining customers cost a lot of money because you
have to attract them. The company does that by making advertisements, commercials or
contacting them by emails. This cost a lot of time, money and effort to do. They do not
have to make special advertisements or commercials for the already existing customers,
so this does not cost any money. The bad thing of losing a customer means they have
to attract new ones and have to make the advertisements, commercials and the emails.
Lifetime value of customers
A company has to estimate how long the lifetime of a customer should be for them to
actually make some profit. For small businesses it can be crucial if the customers do not
keep buying their products. This has everything to do with the question; how do we as a
business make sure the customers will keep coming back to our stores and buy our
products. Businesses can do promotions such as a 10 percent discount at the second
purchase or that you can save certain points at every purchase and eventually get a
discount on your purchase once you have saved a certain amount of points. This is how
businesses can increase the lifetime of customer at their company. The businesses also
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