The paper "Creative and Novel Relationship Building Strategies" is a perfect example of marketing coursework. Value-added service has been a recent term invented and being used in the marketing field. It is a term that came along to refer to service options, which are ancillary and complementary to a core service offering. Value-added service term is widely utilized in numerous industries in the modern day to win customer loyalty (Patrick & Ebbe, 2005). Value-added services in different industries are often introduced to respective customers after the transactions of purchases have been completed and the core service delivered (Chang, 2008).
In some cases within a diverse industry, value-added service is held as something extra provided by the industry to the immediate customer precisely without an additional charge (Sarah & Steve, 1997). In other instances, the auxiliary service is offered by the provider to a subsequent customer as an added service but availed at a modest fee (Moshe, 2010). The pricing structure established by the provider for the value-added services it will provide to the customer will depend normally on whether the providers take the services to be an amenity intended to develop the best rapport with customers or something to add to the revenue stream (Robert & Marius, 1993). In the modern-day, where customers are diverse and have changed their preferences, building loyalty is quite noteworthy (Chang, 2008).
Retail stores are also subject to these changes, and for sure they have to investigate and invent better ways of building consumer loyalty through the implementation of value-added services. Traditional retail stores have been caught off guard and in the middle of a changing market.
They have been the best in offering services to customers, and they have won a competitive advantage over the years and trusted for their services (Patrick & Ebbe, 2005). Having thrived and profited in such a market, the change has led to many of these retail stores struggling in competing with the new stores being introduced lately and offering the same service (Fei, 2010). The new stores are so much appealing to the eyes of a client because they have introduced many value-added services and attracted an enormous number of customers. Discounting For one, the new stores are high discounters, and this is something that reduces the charges for a customer choosing this service.
It is something that facilitates one’ s inclination to feel loyal to these businesses. It is one of the latest strategies adopted and totally working within the service and product’ s providers. This is why as new competitors, these new retail stores keep winning, and this has been noted in leading researches related to industry analysis (Fei, 2010). Wal-Mart is such a store which has hailed in the modern-day and serves as a favourite for the majority of customers in areas where the stores operate (Moshe, 2010).
Other significant beneficiaries of the reforms in the market are Carrefour, one of the most popular and best supermarket chains. It is also following the footsteps of Wal-Mart, and the efforts have been attracting value-conscious consumers who are the majority in the modern-day.
Andrea, M. & Shirley, B. (2000). Building customer relationships: do discount cards work? Managing Service Quality, Vol. 10(6), pp.347 – 355
Chang, W. (2008). A value-based pricing system for strategic co-branding goods. Kybernetes, Vol. 37(7), 978 – 996
Cindy, C. & Charles, L. (2001). Building customer relationships: an inventory of service providers’ objectives and practices. Marketing Intelligence & Planning, Vol. 19(6), pp.385 – 399
Dan, C. (2002). The Myth of Excellence: Why Great Companies Never Try to Be the Best at everything. Journal of Consumer Marketing, Vol. 19(6), pp.526 – 530
David, B. (2005). Customer Relationship Management: Creating Competitive Advantage through Win-Win Relationship Strategies. Managing Service Quality, Vol. 15(5), pp.485 - 488
Dennis, L. (2005). The evolution of customer loyalty strategy. Journal of Consumer Marketing, Vol. 22(5), pp.284 – 286
Dong-Mo, K., Jae-Jin, K. & Sang-Hwan, L. (2008). Personal values as underlying motives of shopping online", Asia Pacific Journal of Marketing and Logistics, Vol. 20(2), 156
Fei, X. (2010). Value-added services for SFX link resolver: the linking service to Journal Citation Reports. Electronic Library, Vol. 28(5), 633 – 649.
Gary, L. (2001). Building customer relationships online: the Web site designers’ perspective. Journal of Consumer Marketing, Vol. 18(6), pp.488 – 502
Hugh, C. (1993). Value-added services. Facilities, Vol. 4(5), 13 – 13.
Jennifer, R. (2005). Building brand webs: Customer relationship management through the Tesco Club card loyalty scheme. International Journal of Retail & Distribution Management, Vol. 33(3), pp.194 – 206
Paul, C. & Gupta, B. (1995). Information search and efficiency of consumer choices of new cars: country-of-origin effects. International Marketing Review, Vol. 12(6), 47 – 59
Richard, H. (2004). Data strategy: a critical component of marketing success. Handbook of Business Strategy, Vol. 5(1), pp.227 – 232
Robert, R. & Marius, S. (1993). US Electronic Components Distribution and Value-added Services. International Journal of Physical Distribution & Logistics Management, Vol. 19(8), 24 – 30
Moshe, S. (2010). HR manager leadership in quality improvement in a college environment. Quality Assurance in Education, Vol. 18(4), 317 – 327
Patrick, F. & Alfred, W. (1998). Case study: managing for total quality of logistics services in the supply chain. Logistics Information Management, Vol. 11(5), 324 – 329
Patrick, A. & Ebbe, G. (2005). Postponed variety creation: case study in consumer electronics retail. International Journal of Retail & Distribution Management, Vol. 33(10), 734
Peter, G., George, B., Duffy, N. & Johnston, B. (1994). Customer Service: Differentiating by Market Segment. International Journal of Physical Distribution & Logistics Management, Vol. 24(4), 18 – 23
Sarah, C. & Steve, M. (1997). Customer service: what’s a smile got to do with it? Managing Service Quality, Vol. 7(5), 248 – 252
Tina, S. (1994). Mapping Customer Segments for Personal Financial Services. International Journal of Bank Marketing, Vol. 12(8), 17 – 25