UNIT 6

Question 1

Rapport meaning

Answer 1

Relationship that involves mutual trust and understandings for parties and have each other best interest

Question 2

Rapport building

Answer 2

Process of creating rapport and building a trusting relationship between customers and sales professionals

Question 3

Sales retention

Answer 3

Activities and action taken by company to continually ensure their customers are satisfied with their products or services

Question 4

What does sales retention aim to reduce

Answer 4

Aims to reduce possibilities of customers turning and defecting to other competitors

Question 5

How many times it costs for company to retain customers than find a new one

Answer 5

5-25

Question 6

Relationship building

Answer 6

Measures to nurture an existing relationship to maximise their lifetime value,

In business is to continuously meet customers expectations , needs and wants to increase loyalty

Question 7

Customer retention

Answer 7

Refers to a brand’s ability to gain repeat business from a customer.

They are retained because havent buy from competitors

Question 8

Customer loyalty

Answer 8

When the customer buys from your brand again and again and encourages others to do so. They will continuously willingly engage in your products and services

Question 9

Customer loyalty has two things

Answer 9

Customer attitude

Customer behaviour

Question 10

Attituduinal

Answer 10

Like the brand

Question 11

Behavioural

Answer 11

Good quality and convenient

Question 12

Brand advocate

Answer 12

Engages with the company and have interest the products and services well,

SPREADS positive word of mouth , quality reviews

Question 13

Define a loyal customer

Answer 13

Earn their business and will subsequently purchase the products and services based ona ongoing basis

Question 14

Company lose to their competitors in terms of

Answer 14

Products, services, marketing mixes

MARKETING MIX

Question 15

Why is it important to have customer’s loyalty

Answer 15

Keep cost down
- Is cheaper to keep them happy den find new one

Increase revenue and profits
-5% of best customers results in increased revenue of 25% - 55%
Thus showing loyalty customers buys more than average

Minimise the risk of decreasing market share
- lauwei said about the banner market share but this is the customers defecting to competitors

Question 16

Defecting meaning

Answer 16

Turning into… competitors market mixes ,products and services

Question 17

What can your business gain if have customers loyalty, the benefits

Answer 17

B business expansion

A Advocator

G Good resource of customer feedback

L Loyal customers are more forgiving and less volatile

Question 18

Identify loyal customer

Answer 18

As can ask them test product thus implement their ideas and it further strengthens the relationship, reflecting that that you are a business that genuinely cares for them.

For example, Chope has a group of loyal customers, who loves the brand and are honest and constructive in their feedback. Chope will choose to conduct a trial test of their latest product offering with them first and thereafter improve the weaknesses based on their feedback before launching the product to the market.

Question 19

Loyal customers are more forgiving and less volatile.

Answer 19

Loyal customers will explore your brand, be more engaged, and wish to stay with the brand for long. Therefore, loyal customers will provide suggestions for improvements instead of switching to another competitive brands.

For example, Noel really loves eating at Long John Silvers a lot. Noel had one bad experience at Long John Silvers Lot One, but that does not stop him from going because he loves the brand and had many good experiences p

Question 20

Perception of value

Question 21

Customer- (perception of value) under strategies for customer rentention

Question 22

Interpersonal skill

Answer 22

S

C

R

Question 23

Strategies for customer retention and loyalty