Asked by Mariam Hanna on Sep 28, 2024

Research indicates that word-of-mouth referrals are more likely than price deals to result in the acquisition of loyal customers.

Word-of-Mouth Referrals

The natural spreading of product or service recommendations from one person to another, often considered a powerful marketing tool due to its trustworthiness.

Price Deals

Promotional offers that reduce the cost of a product or service for a limited time to encourage purchase or trial by consumers.

Loyal Customers

Consumers who repeatedly purchase products or services from the same brand instead of switching to competitors.

Comprehend the notion of customer loyalty and the various forms it can take.
Identify the advantages of having devoted customers, including reduced costs, increased referrals, and their readiness to pay higher prices.

Learning Objectives

Comprehend the notion of customer loyalty and the various forms it can take.
Identify the advantages of having devoted customers, including reduced costs, increased referrals, and their readiness to pay higher prices.

Research indicates that word-of-mouth referrals are more likely than price deals to result in the acquisition of loyal customers.

Definitions

Learning Objectives

Learning Objectives

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