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.

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:

The first part of the presentation should provide a brief background of the company and a description of the product/service and its major competition. The second part of the presentation is descriptive. 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.

• 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

The company chosen is called Formaltekly (This is a hypothetical company and explained below)

*four friends are sharing their individual experiences they managed to be one of the most important consulting firms in the market to offer professional advice, guidance, and actionable solutions to businesses experiencing issues they can't deal with in-house*

* please make all the requirement below, I want it to be very organized, detailed, and please make sure to include all sources, also there are no specific words counts or number of pages required, the most important thing that it covers all the requirement*