The factors that contribute to customer retention for Chevrolet in DRB-Hicom Berhad / Noor Aznina Naim
As market growth slows or as markets become more competitive and level of switching costs increase, firms are more likely to attempt to maintain their market share by focusing on retaining current customers. Customer retention has been advocated as an easier and more reliable source of superior perf...
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| Format: | Student Project |
| Language: | English |
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Faculty of Business and Management
2006
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| Online Access: | http://ir.uitm.edu.my/id/eprint/21060/ http://ir.uitm.edu.my/id/eprint/21060/1/PPb_NOOR%20AZNINA%20NAIM%20M%20BM%2006_5.pdf |
| Summary: | As market growth slows or as markets become more competitive and level of switching costs increase, firms are more likely to attempt to maintain their market share by focusing on retaining current customers. Customer retention has been advocated as an easier and more reliable source of superior performance. This research utilized a convenience methodology to improve customer retention, and the researcher has helped the firm identifying the factors that contribute to retain customer and initiate a variety of strategies to accomplish this objective. Four factors that contribute to retain customer that had been identify by researcher consists of long-term relationship, relationship commitment, trust and service quality.
The findings highlight that all the four factors do contribute to retain customer and the firm should take action and focus more on these four contribution factors in order to retain and keep their customers loyal. The researcher also identified the causes that lead to the decrease of the firm customer retention rate and had come out with few recommendations. The recommendations that can be taken into consideration such as formation of customer-contact-employee relationship, effectiveness communication to build trust and establishing customer loyalty programme. By implementing these three recommendations, the researcher optimism that it will help the firm to better upgrade its performance and any area that is not running well in their management for future use. |
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