Questionnaire design Assignment Example | Topics and Well Written Essays - 500 words

Questionnaire design - Assignment Example The benefits accrued by a business enterprise as a result of using loyalty programs include economic advantage and non-economic advantages such as sociological, psychological and relational outcome. The wheel of loyalty can be used by firms to effectively make sure that loyalty programs are functional. The first component in the wheel of loyalty is building a foundation for loyalty, which entails factors such as market segmentation to meet the customers need, ensure that the firm is geared to excellence in terms of quality. The next component is creating loyalty bonds, which is enhance by issuing loyalty rewards in form of financial, nonfinancial appreciation and recognition; loyalty bond can also be enhanced by building high level bonds in terms of structural, social and customization; and finally loyalty bonds can be enhanced by strengthening the relationship through techniques such as bundling and cross-selling. The last component in the wheel of customer loyalty is churn drivers that requires the business enterprise to demeanor churn diagnostics and monitor decreasing customers, it will also be necessary for the firm to make sure that switching costs are enabled. It is also very important for the firm to search for value in each customer, not the number of customers they