Record Details

Understanding the Processes of Customer Acquisition, Customer Retention and Customer Relationship Development

International Journal of Economic Practices and Theories

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Field Value
 
Title Understanding the Processes of Customer Acquisition, Customer Retention and Customer Relationship Development
 
Creator Filip, Alina
Voinea, Lelia
 
Subject Marketing; Customer relationship management.
Customer acquisition; Relationships development; Relationship marketing; Retention rate.
M31
 
Description Attracting new customers is an objective pursued by any organization, which in the actual competitive environment is almost inevitably facing with a phenomenon of customer migration. Therefore, lost customers must be replaced and this process involves specific activities of prospects identification, communication channels selection and choice of the adequate supply for targeting potential customers. Processes of customer retention and customer relationship development are a logical continuation of customer acquisition plans. A retention strategy aims to maintain relationships with a highest proportion of the current customer base by decreasing their migration rate. A relationship development strategy involves additional efforts to increase the value or profitability of existing customers. These strategies are differently designed in relation with various customer segments, depending on their current attractiveness and their development potential. Retention strategies may be classified into two main categories, positive and negative, in light of the influence they have on customer repurchase behaviour and attitudes. Development objectives relate primarily to selling additional products and services to customers in the current database and selling higher value or higher profit margin products and services to the same customer segments.
 
Publisher International Journal of Economic Practices and Theories
 
Contributor Work cofinanced from the European Social Fund through Sectoral Operational Programme Human Resources Development 2007-2013, project number POSDRU/89/1.5/S/59184 “Performance and excellence in postdoctoral research in Romanian economics science domain".
 
Date 2012-04-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.ijept.org/index.php/ijept%20/article/view/understanding_the_processes_of_customer_acquisition%2C_customer_retention_and_customer_relationship_development
 
Source International Journal of Economic Practices and Theories; Vol 2, No 2 (2012); 62-67
2247 – 7225
 
Language eng
 
Relation http://www.ijept.org/index.php/ijept%20/article/view/understanding_the_processes_of_customer_acquisition%2C_customer_retention_and_customer_relationship_development/pdf