Group Activity – BUS 5112

Scenario:

Successful business owners understand the value of repeat customers and how it affects their
bottom lines. In fact, studies reveal that returning customers spend close to twice as much
money as new customers.

For this assignment, assume that you are a committed, small business owner with the goal to
further the success of your business. You also know that your customers are the bread and
butter of your business. Therefore, you understand the need to incorporate customer
retention strategies using effective marketing strategies and good customer loyalty programs to
attract new and keep existing customers.

---- Vesnyana, can you do a brief introduction related to the above scenario? 100-150
words.

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Choose any product or service you would like to market. Expand on some customer retention

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strategies to attract new and retain existing customers for your product or service.

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---- Guys, do you think Starbucks Coffee is a good idea? Let me know your feedback.

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---- Once agreed, Vesnyana, can you please also include a description of the product and
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its major competition?
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You will need to:

· research current marketing strategies for your product --- Julien, please do this
part. Provide an analysis of the current marketing and implementation strategy for your
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product or service with recommendations for improvement (unless you think it is perfect
already, which is highly unlikely).
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I can help in the part of Identifying the factors that you would take into consideration to
determine the prices of your products or services.
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· research customer retention strategies --- Julien, please do this part. Explain why
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customer retention is important to your business and provide five customer retention
strategies that may benefit your business.

· research strategies on gaining customer loyalty --- I will do this part snd Determine
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important strategic benefits of brand loyalty that seem most appropriate to your small
firm & Determine the key factors that influence customer loyalty after their initial
purchase

· make recommendations on how to implement these methods --- I will do this part and
conclude the presentation

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 --- Me and Julian will do these points related to Starbucks for now, but we can change it
based on whatever product/brand we are agreed on.

Note for me and julien:

As much as possible, describe the product’s current marketing strategy (objectives, target
segment(s), value proposition) and implementation (marketing mix).

Find one or two peer-reviewed resources on: Customer Relationship Management; Attracting
and Retaining Customers; Building Loyalty; Win-Backs, Creating Long-term Loyalty
Relationships; Customer Perceived Value; or Building Customer Value, Satisfaction, and Loyalty.
Incorporate the concepts listed below into your presentation.

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This study source was downloaded by 100000834502369 from CourseHero.com on 10-14-2021 10:11:24 GMT -05:00

https://www.coursehero.com/file/84719542/Group-Activity-BUS-5112docx/
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