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• W220361738 abstract "Myths: Hyped Strategies That Will Put You Out of Business and Proven Tactics That Really Work By Timothy L Keinmgham, Terry G Vavra, Lerzan Aksoy, Henri Wallard Wiley, New York, 2005; Pages: 254; Price : US$ 31.99; ISBN: 10-0-471-74315-1 Customer is a concept that has enjoyed wide attention in marketing literature for many years. In spite of its importance not much of literature exists on measurement of customer Generally, something, which consumers exhibit to brands, services, stores, product categorie and activities. Customer is feature of people rather than something inherent in brands. The competition for customer retention is intensifying day by day. But most of businesses are not taking full advantage of customer as one of strategies to retain their customers. Managers all over world are slowly realizing fact that customer strategies which they were using for so long are not easily getting translated into business success. The goal of authors in this book is to help) managers to devise their owri customer programs, implement them and monitor them on a regular basis. In book authors have identified fifty-three most accepted notions about customer and criticized all of them with real world examples. They have also put forward certain strategies in name of Loyalty Truths to put businesses back on track. The book seems to be clearly divided into two parts. The first part consisting of six chapters debunks fifty-three common myths held by businesses for a long time. The second part, comprising two chapters, deals with the foundations of customer loyalty and the right way to manage for customer loyalty. Each of six chapters contains various myths based on their common themes viz. Loyalty Myths That Subvert Company Goals, Loyalty Myths Concerning Programs, Loyalty Myths Regarding Employees, etc. Each and every myth has been dismantled with examples from business world. Some examples from book are following: Myth 1: The number one goal of any firm should be customer But authors state that many broke-butbeloved companies have gone bankrupt. The example put forward by authors is that of Apple Computer which always had stronger customer than Microsoft and Intel, but lost computer battle. The fact is that fundamental purpose of a business is to identify and satisfy customer needs at a profit. Myth 2: Firms should emphasize retention efforts rather than acquisition activities. The most obvious flaw in this misconception is its complete disregard for product life cycle. In early years of a product, customer acquisition is critical and in later stages of lifecycle customer retention becomes more important. Myth 3: Companies should strive to make all of their customers attitudinally and/or behaviorally loyal. The underlying assumption in this myth is that all customers are or can be made profitable for a firm. But a close examination of customer profitability reveals that some of customers are highly profitable while others are highly unprofitable. It is suicidal for a firm to retain unprofitable customers. …" @default.
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• W220361738 title "Loyalty Myths: Hyped Strategies That Will Put You out of Business and Proven Tactics That Really Work" @default.
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