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Customer Retention & Market Segmentation

I need help developing answers to the following:

1. How do organizations promote customer retention? What are some specific improvements that can be made to increase customer retention for a specific product or service?

2. What are the assumptions inherent in market segmentation? What is the relationship of segmentation to product positioning?

3. How might one identify the best customers for one product or service within an organization? Justify this answer and include any measures that are used. Also how might one increase a customer's commitment for one product or service within an organization? Justify this answer and include any measures one would use.

Solution Preview

1. Organizations promote customer retention via several strategies. For example, they provide world class customer service and after-sales support to enhance customer's satisfaction level and experience with the company. Similarly, companies engage in a personalized sales approach to provide products and services as per the needs and preferences of the clients. These strategies enhance customers' shopping experiences and help in generating repeat sales from the customers.

Specific improvements that can be made to increase customer retention for a specific product or service include enhanced focus on ensuring world class after-sales service and support to resolve customer queries and concerns in the most efficient manner. Further, customer satisfaction ...

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