Most companies have both transactional and relational customers. How should companies treat transactional customers?

Expert Solution

Relational customers are the customers who are usually loyal customers who considers product quality to be utmost important than price, they try to seek expert advice while does not enjoy comparision shopping or negotiation.

Transactional customers are the one who spends lot of time investigating to get good deal, such customers think short term that is care about today's transaction instead of maintaining long term relationship as they consider themselves as expert.

Companies must treat transactional customers in following ways :

a. Employees : The employees of the organization must be motivated and empowered to provide exceptional customer service, while resolving queries of such customers as employees are the best assets who has potential to convert the potential customer into the loyal customer towards a brand or product.

b. Operational and experiential data : Customer data can be used to shift such customers to be relational customers by providing the optimal experience to customers, while the transactional customers must be treated as an opportunity to change their journey towards becoming relational customers.

Note : If you liked the answer please give an Up-vote, this will be quite encouraging for me, thank you !

keosha answered 1 year ago

Assignment Topic: How should an organization treat its employees during a pandemic? – Discuss from both...

Assignment Topic: How should an organization treat its employees during a pandemic? – Discuss from both organization and employees’ perspectives. In our discussion forums, we have discussed employees are the most valuable assets of an organization, even though they are not listed in the Balance Sheet. Without employees, an organization is nothing. Here, I use the word “organization” instead of “company/firm” because I do not want to limit your thinking on certain well-structured companies/firms (e.g. listed firms), it can be...

Companies want to acquire profitable customers. Describe how marketers build relationships with customers

Should the modern President have imperial power and treat the Congress and Courts as advisors to...

Should the modern President have imperial power and treat the Congress and Courts as advisors to implement his orders to get things done. Or should we go back to the Constitutional idea that Congress, specifically the House, be the governor of the country and protector of the people with the President staying out of domestic issues?

How should companies seeking to communicate the steps they have taken to engage in CSR convey...

How should companies seeking to communicate the steps they have taken to engage in CSR convey this information to millennial customers?

If companies have both a BCP and a DRP in place do they need to have...

If companies have both a BCP and a DRP in place do they need to have an incident response plan? Please explain.

How should a company treat intercompany sales of assets in the consolidated financial statements?

Stark Industries both sells and leases equipment it manufactures to customers. The most popular piece of...

Stark Industries both sells and leases equipment it manufactures to customers. The most popular piece of equipment is the arc reactor; costs to manufacture each unit total $650,000. The fair value of each arc reactor is $950,000. Standard lease terms provide for seven equal annual payments. Each annual payment includes $3,750 in executory costs. The first payment is due when the lease is signed and subsequent payments are due January 1 each year thereafter. Stark uses an implicit rate of...

How can consultants work with companies to ensure we have the most accurate and timely financial...

How can consultants work with companies to ensure we have the most accurate and timely financial information (please give a thorough answer} Thanks

You should have a basic knowledge of how a ratio is used both personally and professionally....

You should have a basic knowledge of how a ratio is used both personally and professionally. If you have ever applied for a credit card or a loan, you have had your credit profile reviewed and you had to tell the organization how much money you made. They then used this information to perform a ratio to determine if you qualify for the loan. The lender wants to know if you can afford the loan. This same principal is applied...

Shareholders have many risk preferences when investing in the companies, so how should the directors of...

Shareholders have many risk preferences when investing in the companies, so how should the directors of the quoted companies handle this situation ? A By taking feedback from the shareholders B The shareholders should minimize risk C By aiming to maximise market capitalisation D Regardless of risk, By maximising expected returns

Question