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Essay / Research Paper Abstract
This 3 page paper uses F. Robert Dwyer’s book on business marketing as a starting point for a discussion of customer retention and maximization, and why they are important. Bibliography lists 2 sources.
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3 pages (~225 words per page)
File: D0_HVCusRet.rtf
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again, and increase their involvement, perhaps by buying additional products, recommending them to others, and so on. This paper discusses some of the concepts of customer retention and maximization. Discussion
In his book on business marketing, F. Robert Dwyer defines some of the key concepts of customer relations, retention and maximization. He notes that there are "always-a-share" relationships, in which
the customer can make purchases in increments, and in which other suppliers can also have some of the customers business (Dwyer and Tanner, 2001). There is also the "lost-for-good" customers;
as the name implies, these customers disappear when there are "switching costs" incurred (Dwyer and Tanner, 2001). Switching costs is an economic term that refers to the expense incurred in
finding new suppliers; if it involves economic loss to the current supplier its conceivable that party will not return. Why do customers stay with a particular company? There are several
reasons; first, the company may provide this particular customer with products and services they cannot get elsewhere, or which are reserved exclusive to them (Dwyer and Tanner, 2001). The company
may consistently meet the customers expectations, or have social ties with them (Dwyer and Tanner, 2001). Or the customer and company may share other ties, such as technological or formal
bonds (Dwyer and Tanner, 2001). The payoff from long-term relationships are obvious: the company and customer know exactly what the other will provide and how the relationship works. That
is, the customer knows that when he places his order, it will be delivered on time and at the specified price. Even more importantly, perhaps, the two parties have a
solid relationship based on long experience, and that engenders trust. The customer knows hell get what he needs on time and at the agreed upon price; the company knows that
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