Answer :
Final answer:
Retailers can build loyalty among their most valued customers through activities like customer segmentation, loyalty programs, and maintaining a positive business reputation. Customer segmentation helps identify key customer groups, loyalty programs encourage repeat business, and a strong reputation reassures customers about product quality.
Explanation:
Activities that focus on identifying and building loyalty among a retailer's most valued customers are essential to any business strategy. One practical method is customer segmentation, which involves dividing the customer base into specific groups based on their buying habits, age, interests, or behavior. An example of such activity was performed by a marketing manager for an electronics chain store who distributed questionnaires asking for information about age and other variables of interest.
Another activity could be loyalty programs, which provide rewards to customers for repeated purchases. Such programs create a sense of community amongst buyers and incentivize repeat business.
Also, maintaining a positive business reputation is fundamental. A well-reputed company tends to charge higher than others as customers have less worry about poor-quality products. For instance, customers will prefer shopping from a well-established grocery store rather than a temporary stand at a local farmer's market.
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