What can IKEA do to maximize its lifetime value of customers

What can IKEA do to maximize its lifetime value of customers

Expert Solution

Ans) Lifetime value of customer refers to the maximum amount of profit that can be made per customer over a time. Following are some of the ways in which IKEA can maximise its lifetime value of a customer ÷

Providing loyalty points- providing loyalty points to the customer on each purchase with option of redeeming it when a certain level is reached will keep customers engaged for long in buying the products. And they will prefer the next purchase from your store as they will have a benefit of redeeming the points and availing the discount.
Improve onboarding process- it will help in engaging the customer with the product and can at the same time leave a positive impact for the product and company on the customer. This is though beneficial for all types of customers but it particularly plays a great role in influencing new customers.
Providing best customer service and complaint redressal- customer service plays an important part in keeping the trust of customers for a long time. Also quick complaint redressal helps in strengthening the trust of the customer building a long term relationship.
IKEA should be present on as many communication channels as possible to catch more public attention.
Enhancing the purchasing experience of the customer by providing a complimentary gift or a thank you message on registered number.

Rahul Sunny answered 1 month ago

What should a firm do, maximize profit or maximize stakeholder value? The answer must include: 1....

What should a firm do, maximize profit or maximize stakeholder value? The answer must include: 1. a well structured argument 2. pertinent data

What do you think of the statement "Firms should do everything to maximize shareholder value"?

The fundamental goal of corporations is to maximize shareholder value. What do you think of the statement "Firms should do everything to maximize shareholder value"?

“What should a firm do, maximize profit or maximize stakeholder value?” Your discussion, should include: -Well-structured...

“What should a firm do, maximize profit or maximize stakeholder value?” Your discussion, should include: -Well-structured arguments -Pertinent data -Case studies

Gitman says that the goal of a firm is to maximize the wealth of its owners. What can financial managers do to achieve this end?

What does this statment mean Firms should do everything to maximize shareholder value”?

If the primary goal of the firm is to maximize its market value, market value weights...

If the primary goal of the firm is to maximize its market value, market value weights are consistent with the firm's objective. t/f

What does it mean to maximize the value of a corporation?

Businesses often try to maximize their profit. Corporations often try to maximize shareholder value. When do...

Businesses often try to maximize their profit. Corporations often try to maximize shareholder value. When do you see "greed" as being ok and when is it not in our economy? For example, is sharehold's greed ok?

3. Lifetime Employment: Describe the concept of lifetime employment. Where/what is its origin? What are some...

3. Lifetime Employment: Describe the concept of lifetime employment. Where/what is its origin? What are some benefits and what are some negative aspects of lifetime employment? 4. Japanese Economic Miracle: Describe the Japanese experience with economic growth between 1945 and 1990. What were the characteristics of the economy during this time that allowed it to grow fast?

In order to maximize its shareholders value, a firm's management must attempt to maximize the stock price in the long nun, or the stock's "intrinsic value."

13. In order to maximize its shareholders value, a firm's management must attempt to maximize the stock price in the long nun, or the stock's "intrinsic value." TRUE or FALSE 14. In order to maximize its shareholders' value, a firm's management must attempt to maximize the expected EPS. TRUE or FALSE 15. There are many types of unethical business behavior. One example is where executives provide information that they know is incorrect to banks and to stockholders. It is illegal to provide such information to barks. but it...

Question