Definition: Customer Loyalty is the behavior which clients exhibit when they make frequent repeat purchases of a brand/product/service and recommend it to others.
One of the general beliefs in business marketing is that customers will show this behavior when the product/service quality is good and a good customer service is offered. This will lead to a positive customer experience, which leads to customer satisfaction, which leads to CL, which leads to increased profitability.
One major assumption of CL management is that keeping existing customers is less expensive than acquiring new ones.
MBA Brief offers accurate and concise definitions of MBA concepts, frameworks, methods and models.
We love to keep things really short, but provide links to learn more about your subject and to similar concepts.
© 2021 MBA Brief - Last updated: 21-10-2021 - Privacy | Terms