Customer Experience Process, Perceived Price and Customer Retention.
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Date
2023
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Abstract
The ultimate goal of any service provider is to retain customers rather than to acquire them, because retained customers have a significantly higher lifetime value than those who are acquired (Kim, 2019; Alshurideh, 2016) so as to ensure business continuity (Tincher, 2013).
However, keeping the customer has become regarded as equally, if not more important (Ang & Buttle, 2014). Enterprises in the competitive market rely on the continuous profits which come from existing customers (Sharma & Panigrahi, 2011). As markets become more competitive, business organizations attempt to maintain their market share by focusing on customer retention.
Among the factors affecting retention, the customer experience process and price (Achrol Ravi 2017).
Research suggests that customer experience is a key driver in retention (Patterson, 2019). A survey by Bloomberg Businessweek (2018) in sixty ICT companies in the US found that “delivering a great customer experience” has become a top strategic objective, though its impact on customer retention lacks sufficient evidence. More to that, price in economic and business in general, refers to the supposed numerical monetary value of a good or service or asset. Price is central to business where it is one of the four variables in the marketing mix that marketers use to develop various marketing plans (Nakamura, 2019; Schmid, 2019; Gavazonni & Santacreu, 2019). However, sometimes times price doesn’t seem to predict retention levels of customers (Nakamura, 2019). Perceived price is about the inherent value of a product or service in the mind of a potential buyer and reflects how much they are willing to pay for it (Layer, Feurer & Jochem, 2017).
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A Dissertation Submitted to Makerere University Business School (Faculty of Graduate Studies and Research) in Partial Fulfilment of the Requirements for the Award of Degree of Master of Business Administration of Makerere University. (PLAN A).
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Francis, N (2023) Customer Experience Process, Perceived Price and Customer Retention : A Case of the Micro Finance Institutions in Kampala. Unpublished Masters Dissertation Makerere University Business School. Kampala, Uganda.