There are four stages of customer retention strategies, which are: 1. Financial Bonds 2. Social Bonds 3. Customisation Bonds 4. Structural Bonds. Stages of Customer Retention Strategies Stage # 1. Financial Bonds: In this stage, the customer is tied to the firm primarily through financial incentives — lower prices for greater volume purchases or lower prices for customers who have [...]
In this article we will discuss about:- 1. Introduction to Service Guarantee 2. Meaning and Definitions of Service Guarantee 3. Features 4. Benefits 5. Types 6. Impacts of Guarantees on Customer Perceptions 7. Design 8. Service Guarantees Expedite Service Recovery 9. Organizational Impacts 10. Theoretical Perspectives for Investigating the Service Guarantee. Contents: Introduction to Service Guarantee Meaning and Definitions of [...]
In this article we will discuss about:- 1. Meaning of Service Recovery 2. The Service Recovery Paradox Theory 3. Why does Service Recovery get no Respect? Stages of Service Recovery Maturity. Meaning of Service Recovery: Service recovery refers to the 'actions taken by an organisation in response to a service failure'. Failures occur for all kinds of reasons — the [...]