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Building a customer loyalty scheme via The Three Commitment Components model for family-run Thai restaurants in London - Essay Example

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Business settings in the contemporary world are characterized by intense competition among industry rivals for product or service suppliers, for additional customers and for an increased market share. This rivalry is high in the hospitality industry, particularly in the…
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Building a customer loyalty scheme via The Three Commitment Components model for family-run Thai restaurants in London

Download file to see previous pages... The latter trend has borne business ventures’ interest in fostering consumer loyalty, which is synonymous with consumer adherence to an establishment’s products and services, as opposed to shifting to alternative suppliers. Further, adoption of consumer loyalty has seen firms shift from the traditional marketing model that primarily targeted broadening of their consumer bases and enhancing profitability through increased sales volumes, toward marketing for loyalty. The widespread inclination is evident from the increasing number of companies that are opting to formulate, implement, assess and improve loyalty strategies or programmes meant to develop stable relations with customers. This paper seeks to provide insight into how the three commitment component model can be used to formulate loyalty programmes and consequently foster consumers’ loyalty to a family-run Thai restaurant based in London. Customer loyalty will enable the Thai restaurant to attain higher efficiency by streamlining operation strategies, providing customers’ with favorite meals or services, and incurring lower expenditure, while using three commitment component model-based programmes.
Conventionally, firms utilized a loyalty strategy that sought to attract numerous customers, but not to retain them in the long run. An excellent example of a traditional loyalty model is the behavioural approach, whereby firms take advantage of customers’ buying propensities to build a loyalty program. This translates to creation of slow point redemption of points or rewards by a customer after they use the establishment’s products or services for a while. Contrastingly, the three commitment component model encompasses three principal loyalty elements, that is, the affective, normative and continuance. The affective aspect represents elements that bind consumers willingly to a service provider. The ...Download file to see next pagesRead More
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