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.

Choose any product or service you would like to market. Expand on some customer retention strategies to attract new and retain existing customers for your product or service.

You will need to:

• research current marketing strategies for your product
• research customer retention strategies
• research strategies on gaining customer loyalty
• make recommendations on how to implement these methods

Prompt:

Engage in a discussion with the other members of your group about the factors of customer loyalty and effective marketing methods based on your preliminary readings and personal opinions and experiences. Consider what you believe should be included in your presentation and discuss what you believe can be removed. Research and precedent should be used to back up your results. Throughout your conversations, your group should look for patterns of similarity and agreement, as well as outliers. You may need to persuade people in your organization that an aspect should be included, even if they don't agree right away. This is a necessary step in the collaboration process. As you begin to lay the groundwork for your presentation, delegate duties and roles to members of the group. You can either appoint a project manager or make this decision as a group.

The first section of the presentation should include a brief history of the company as well as a description of the product/service and its main competitors. The presentation's second section is descriptive. Describe the product's current marketing strategy (objectives, target segment(s), value proposition) and implementation as thoroughly as feasible (marketing mix).

Find one or two peer-reviewed resources on the following topics: 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 following ideas into your presentation.

• Provide an analysis of the current marketing and implementation strategy for your product or service with recommendations for improvement (unless you think it is perfect already, which is highly unlikely)
• Explain why customer retention is important to your business and provide five customer retention strategies that may benefit your business.
• Identify the factors that you would take into consideration to determine the prices of your products or services.
• Determine 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