Marketing

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Marketing Integration Assignment

Consumer Retention

In today’s competitive business environment, customer retention is an important aspect for the success of whichever business. One of the main challenges facing businesses is how to retain customers (Rogers, 2011). Increasingly, customer retention is getting more attention in businesses because loyal customers are viewed as a key component of organizational success. Therefore, a business must strive to recognize and manage effective techniques to keep their customers because retention will lead to an increased number of dependable customers and, consequently, increased market share and profits.

Several theories and models aimed at evaluating customer retention have been advanced. However, ascertaining precisely what affects customer retention and categorizing which factors have the biggest influence on customer retention are not entirely understood. Customer satisfaction is one factor that is widely acknowledged and leads to customer retention. Customer satisfaction is linked to attitude change, brand loyalty, lesser costs of handling complaints and returns, lesser cost of attracting new clients and repeat purchase. Customer retention involves trust, structural bonds and social bonds that hold together a business and its clients. As long as a business maintains its product, service, and performance satisfaction there is a high likelihood that it will retain its clients.

Consumer Behavior

From a marketing perspective, understanding consumer behavior is important for successful transaction of a business’s goods or services in the market place. There are several marketing application fields of consumer behavior (Hartline, 2010). They include Market-Opportunity Analysis that entails examining conditions and trends in the market place to spot consumer’s wants and needs that are not being satisfied fully. Target-Market Selection involves spotting unique...