Purchase intention

Purchase intention is the likelihood of a customer buying the same product again based on their purchase history. Or it can also be the NEED of a product which is driving the customer towards a purchase. Basically, the customer is now intent on buying a product and therefore is a prime potential. Retaining such customers is very important as they are likely to shift immediately to another brand because they are in the “Evaluation of alternatives” stage.

What is Media Mix?

 

Definition of Media Mix

Media mix is used to refer that the combination of communications channels which is used for the purpose of advertising particular goods or services by any particular business entities. The main objective of the media mix is to help the businesses in meeting up with the various marketing objectives.

RESOURCE EXCHANGE IN CUSTOMER RELATIONSHIP

We would like to go elaborate the customer value, and for that it is necessary to now concentrate on the exchange. Resource exchange is important in order to increase the value of customer relationship. That will be important since we are thinking of exchange in wider terms than it is traditionally addressed in theories of business. We are actually thinking of exchange of resources on three different levels.

STRUCTURE OF CUSTOMER RELATIONSHIP

What we are interested in is how to increase the value of customer relationship and what are the angles, how to do it.  We aim at increasing the customer relationship value and we can talk about what are:

  1. phases and duration of the relationship, what is it?
  2. structure of the relationship and the
  3. exchange of resources.

And let us analyse this problem by taking a look at the structure of the customer relationship.

What are Switching Costs?

Switching costs are the costs that a consumer incurs as a result of changing brands, suppliers or products. Although most prevalent switching costs are monetary in nature, there are also psychological, effort- and time-based switching costs. A switching cost can manifest itself in the form of significant time and effort necessary to change suppliers, the risk of disrupting normal operations of a business during a transition period, high cancellation fees, and a failure to obtain similar replacement of products or services.

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