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Customer Retention Program and Marketing Research Essay

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A global rental car firm decides to develop a customer retention program and motivate its heavy users to continue being loyal to the company by offering them appropriate incentives.

Why is it important to create a marketing research plan for designing the retention program?

The main objective of this marketing research plan is to maintain the existing clients of the business. The main reason for the sustainability of the customers is to increase the profitability of the firm as well as to generate a future growing stream of revenue (Kotler & Armstrong, 2005). Moreover, the firm aims to build a reliable relationship with its existing customers in order to provide products that suit their needs.

What type of information does the company to design the retention program?

The marketing department will gather information on the product attraction, the customers purchasing behavior as well as the suitable promotional techniques that can be applied.

Where will this information be obtained?

The marketing department will conduct primary research and gather data from the existing customers who are purchasing the company products. The marketing department will further get information from surveys that they will conduct via the e-mails, mail questionnaires or through the mobile applications such as text messages. The information will then be stored in the data base for further analysis (Wenzel, 2012).

References

Kotler, P. & Armstrong, G. (2005). Principles of marketing. Beijing, China: Tsinghua University Press.

Wenzel, A. (2012). The entrepreneur’s guide to market research. Santa Barbara, California: ABC-CLIO.

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IvyPanda. (2021, April 8). Customer Retention Program and Marketing Research. Retrieved from https://ivypanda.com/essays/customer-retention-program-and-marketing-research/

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"Customer Retention Program and Marketing Research." IvyPanda, 8 Apr. 2021, ivypanda.com/essays/customer-retention-program-and-marketing-research/.

1. IvyPanda. "Customer Retention Program and Marketing Research." April 8, 2021. https://ivypanda.com/essays/customer-retention-program-and-marketing-research/.


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IvyPanda. "Customer Retention Program and Marketing Research." April 8, 2021. https://ivypanda.com/essays/customer-retention-program-and-marketing-research/.

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IvyPanda. 2021. "Customer Retention Program and Marketing Research." April 8, 2021. https://ivypanda.com/essays/customer-retention-program-and-marketing-research/.

References

IvyPanda. (2021) 'Customer Retention Program and Marketing Research'. 8 April.

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