Building a customer loyalty scheme via The Three Commitment Components Essay

Building a customer loyalty scheme via The Three Commitment Components model for family-run Thai restaurants in London - Essay Example The latter trend has borne business ventures’ interest in fostering consumer loyalty, which is synonymous with consumer adherence to an establishment’s products and services, as opposed to shifting to alternative suppliers. Further, adoption of consumer loyalty has seen firms shift from the traditional marketing model that primarily targeted broadening of their consumer bases and enhancing profitability through increased sales volumes, toward marketing for loyalty. The widespread inclination is evident from the increasing number of companies that are opting to formulate, implement, assess and improve loyalty strategies or programmes meant to develop stable relations with customers. This paper seeks to provide insight into how the three commitment component model can be used to formulate loyalty programmes and consequently foster consumers’ loyalty to a family-run Thai restaurant based in London. Customer loyalty will enable the Thai restaurant to attain higher ef ficiency by streamlining operation strategies, providing customers’ with favorite meals or services, and incurring lower expenditure, while using three commitment component model-based programmes. Conventionally, firms utilized a loyalty strategy that sought to attract numerous customers, but not to retain them in the long run. An excellent example of a traditional loyalty model is the behavioural approach, whereby firms take advantage of customers’ buying propensities to build a loyalty program. This translates to creation of slow point redemption of points or rewards by a customer after they use the establishment’s products or services for a while. Contrastingly, the three commitment component model encompasses three principal loyalty elements, that is, the affective, normative and continuance. The affective aspect represents elements that bind consumers willingly to a service provider. The

Influence of Stakeholders on Encouraging Responsible Business Essay - 1

Influence of Stakeholders on Encouraging Responsible Business Practices - Essay Example This research will begin with the statement that in the business world, stakeholders constitute of any group or an individual who has an effect or can be affected by the achievement of the business objectives. They include managers, business corporates, shareholders, corporation and the entire business management. These stakeholders play a critical role in promoting responsible business practices by instituting legitimate business ethics. Business practices range from social to economic perspectives. For most businesses, there are values, responsibilities and sustainability issues that are under consideration. As a result of these factors, business management comes up with a variety of ways to ensure responsible business practices as seen in the research study by Olson. The business world has come under criticism that it is to blame for global warming, carbon dioxide emissions, deforestation, and pollution. To prove the critics wrong, Cohen states that the stakeholders have begun a f ight to reduce global warming and carbon emissions. The green movement has come in to promote the growth of trees. It also helps in educating the public in regard to the emission of carbons. The stakeholders meet annually in Rio de Janeiro for the earth summit. Worldwide campaigns regarding proper business ethics are underway to ensure that businesses reduce pollution and global warming. Apart from the green movement, the stakeholders have stipulated strict rules within their businesses to ensure that there is proper waste disposal. The stakeholders came together in 1997 to sign the Kyoto protocol so as to control the rate of waste disposal as stated in the research study by Kotler & Lee. Stakeholders are now forming various groups to promote responsible business practices. Such corporate groups include the WWF, Friends of the Earth, the Greenpeace as well as the Green Party. These groups play a considerable role in ensuring that business entities protect the environment and consequ ently lead to responsible business practices.