An in-depth investigation of the role of switching costs in influencing customer loyalty in the financial services industry.
Written in 2004; 12,900 words; 62 sources; APA; $ 245.95
Paper Summary:
This investigation presents an in-depth study of marketing, its techniques and different applications depending on the climate in which the marketing takes places. The paper defines the elements of distinctions between traditional and e-marketing. It looks at how different companies - both financial and retail - currently use integrated marketing concepts in their relationship marketing strategy as a way to encourage customer service and therefore strengthen customer relations. The paper offers an in-depth look at the marketing tactics utilized by Countrywide Financial Corporation and its international offshoot of Global Home Loans, located in the United Kingdom. This includes some background history on the organizations and their relationship. This paper also defines important terms to allow better understanding of how marketing, cost and customer loyalty form a direct and vital relationship with each other, regardless of method, agent or presence they are applied to. The paper focuses on different attributes of how these concepts work together to make business practices possible. This includes an exploration of the techniques used to market a product. It also focuses on how market segmentation and demographics play an important role in defining the market place but also allow an organization to target the best possible "match" consumer for its product or service. The paper looks at how a proactive marketing analysis allows an organization knowledge of the consumer in order to build a lasting relationship. It also explores the implications of such marketing techniques and how different degrees of brand presence within the market can create different concerns regarding risk and too much exposure. This also includes any threat to protection of intellectual property as well as the organization's image and customer relations.
Paper Outline:
Introduction
Purpose of the Study
Company Profile
Literature Review: The Role of Switching Costs
Traditional Marketing Strategy-Brick and Mortar
Knowing the Market and Demographics
Globalization
Customer Loyalty
E-Marketing and E-Commerce
Implications and Concerns Regarding E-Marketing
Conclusion
References
From the Paper:
"The best way to utilize marketing to an organization's best benefit is to simply know the market in which business is done. It is imperative a company knows its target and be flexible to new targets. An organization can remain at the forefront by having a cutting edge attitude toward change within the target audience. Gordon writes, "The mood of the marketplace profoundly affects a campaign's success. It is important to respond correctly" (2003, p. 1). Also to remain competitive, an active pace is needed. Instead of allowing the market to define the marketing strategy, the organization should strive to define the marketplace. This can be done through incorporating innovative ideas across the board."
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