Chapter 1 Defining Marketing for the 21st Century by:
Customer lifetime value has natural appeal as a marketing concept. In light of the fact that in theory it speaks to precisely how much every customer is worth in money related terms, and in this manner precisely how much a marketing department would be willing to acquire every customer, particularly in direct response marketing.
Advantages of Customer lifetime value: Managing customer relationships by inputs mergers and retaining cost and outputs profit for every particular customer is that managers can prioritize their return on investments and thus, better differentiate customers by their respective benefits and cost figures.
Customer lifetime value can be increased by several techniques; one of the major techniques is to increase customer satisfaction so that customer retention rate increases and as customers will start retaining, then there is a possibility that the business can improve its profitability.
Starbucks can include basic necessities of life inside its stores. The basic necessities of the customer includes providing them with work stations where people can come have a cup of coffee and continue doing their office work and as a result easily to stay up to date with the rest of the employees.
Similarly they can develop play areas with attendants for children where people can leave their children and do not worry about them and can carry on with their work with a cup of coffee. This would enable a sense of home at Starbucks and almost everyone can make use of it like office people, students and children.
Therefore,as a result Starbucks can retain customers and customers would like to come again because they would be delighted with the experience that they would get by visiting Starbucks. Moreover,Starbucks can introduce sensory branding as well and trigger all the five senses of a human being such as smell, touch, taste, sight and sound.
There should be a unique smell inside all of the premises of Starbucks across the globe which should be similar in every store and which complements its brand image and goes with it. Unique taste of coffee across the globe which no other competitor can make just for the sake of a unique selling proposition.
The taste should last in the mouths of the customers for a long period of time and whenever they hear about Starbucks the taste buds should be overtaken by the unique taste of Starbucks……………….
This is just a sample partial work. Please place the order on the website to get your own originally done case solution Related Case Solutions:Building a better customer experience and service in today's service economy is a key competitive edge.
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Fortune Daily & Breaking Business News. Sign up now to receive FORTUNE's best content, special offers, and much more. Starbucks Delivering Customer Service Case Solution VRIO Analysis The core competitive advantage of Starbucks against its competitors is providing the consistent product quality to its customers.