Describe five reasons that loyal customers are valuable
What will be an ideal response?
1. Loyal customers have a greater likelihood to repurchase, and the costs to retain them are generally much lower than the cost to acquire an entirely new customer.
2. Loyal customers can persuade others, through word of mouth, to become new customers; they can become references for potential future customers.
3. Loyal customers are less likely to defect when a competitor offers a similar product at the same or slightly lower price.
4. Loyal customers are often willing to pay a price premium to retain a known and trusted relationship with a key supplier.
5. Loyal customers are willing to collaborate with the supplier to improve performance and develop new products.
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When corporate privilege is abused for personal benefit, courts will require owners to assume ____________________ to creditor's for the corporation's debt.
Fill in the blank(s) with the appropriate word(s).
Which of the following is used by public relations specialists to handle the effects of unfavourable publicity?
a. message power b. media planning c. crisis management d. damage control