Study Aids:
Click the Study Aids tab at the bottom of the book to access your Study Aids (usually practice quizzes and flash cards).
Study Pass:
Study Pass is our latest digital product that lets you take notes, highlight important sections of the text using different colors, create "tags" or labels to filter your notes and highlights, and print so you can study offline. Study Pass also includes interactive study aids, such as flash cards and quizzes.
Highlighting and Taking Notes:
If you've purchased the All Access Pass or Study Pass, in the online reader, click and drag your mouse to highlight text. When you do a small button appears – simply click on it! From there, you can select a highlight color, add notes, add tags, or any combination.
Printing:
If you've purchased the All Access Pass, you can print each chapter by clicking on the Downloads tab. If you have Study Pass, click on the print icon within Study View to print out your notes and highlighted sections.
Search:
To search, use the text box at the bottom of the book. Click a search result to be taken to that chapter or section of the book (note you may need to scroll down to get to the result).
View Full Student FAQs
10.6 Customer Acquisition, Customer Retention, and Lock-in
Customer acquisition and customer retention through lock-in are the two primary components of market share. Once customers have been acquired, the next step is to retain them. There has been an ongoing debate on whether to focus on acquisition or retention marketing.Lenskold (2003). Both are important. But there has been significant interest in retention because of the research findings on customer retention. For example, increasing customer retention by just 5% can increase profits by 25–95%.Reichheld and Schefter (2000).
The point is that customer retention should be a critical goal for all organizations. This is particularly true in the current business climate where substitute products and competition from unforeseen sources are the norm. Customer acquisition and customer retention are related to the development of a viable business model and having good products, good people, a good brand, successful marketing, a capable R&D process, and an efficient supply chain.