Essay about Coopers Ice Arena Solution - 633 Words

Tiffany Harrison MKTG 3000 Spring 2015 Dr. Michael Furick Cooper’s Ice Arena Solution Claude Cooper’s target segment for his public ice skating sessions seems to be adult couples, kids (14 and younger) and teens (14 and up) I think those target segments can increase revenue for him he may just be going about the wrong way. There’s also potential to make certain sessions more exclusive than other public sessions but Claude seems hesitant to do so. His strategies or ideas are great in theory however the results show only poor sales. I believe his focusing on one target group so heavily has left him sort sided as to the potential of profits each segment brings to offering public ice skating sessions. Each group can benefit from public†¦show more content†¦Once he builds the popularity of his sessions he can start to offer exclusive sessions to certain target markets. For the elusive teen segment Claude should advertise on contemporary (pop, hip hop, etc.) local radio stations that teens actually listen to. He can offer an exclusive teen night either Friday or Saturday night. He should think about hiring a contemporary dj to play that night and encourage everyone who comes to tweet, hashtag or upload selfies to their social apps(Twitter or Instagram). For couples he can offer a couples only night designed around bonding and socializing. He could offer a couples night out package that incorporates a public ice skating session that comes with hot cocoa for two or wine for older couples. For the kids he could have ice skating races where the winner wins a prize and offer times either on Saturday or Sunday afternoons where kids can come and have birthday parties. By defining each target market and finding each target markets value of his product he can then sell his product in a way that appeals to all of the groups. These changes will then allow Claude to generate the revenue he originally set out to make. References Schiff, Jennifer. Yahoo Web Search. Tips+on+how+to+market+to+teens. CIO, 24 Sept. 2014. Web. 14 Feb. 2015. Perreault, William D., Joseph P. Cannon, and E. Jerome McCarthy. Basic Marketing: A Marketing Strategy Planning Approach. 19th ed. N.p.: McGraw Hill, n.d.Show MoreRelatedAetna Case7200 Words   |  29 PagesAsian-American business owners); and (2) the need for an organization that reï ¬â€šects and understands the customer base it serves. To accomplish these objectives, Aetna is taking the following steps:  » Creating innovative and tailored product and service solutions that will meet customers’ unique needs.  » Developing a diverse supplier base that reï ¬â€šects the company’s multicultural marketplace.  » Building a workforce that understands the communities where Aetna does business.  » Fostering a cultureRead MoreEarly Supplier Integration in the Design of the Skid-Steer Loader18409 Words   |  74 Pagesto become a Joint Battlespace Integrator, we will have expertise over multiple domains. The challenge for our supply chain organization, then, is to take the suppliers who are expert in certain domains and knit them together to allow us to create solutions to satisfy our customers’ needs and support our business vision. Q: Does this mean that suppliers will be working with other suppliers? Noshirwani: In some cases, absolutely. 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Structured assignment Rao, M; Hassan, MS; Girija, P IBS Research Center, Bangalore 3pp; Teaching note 807-059-8 (12pp) 9-808-094 FROM SLUSH PUPPY TO ICE KING Nicholas, T; Nicholas, S Harvard Business School Publishing 19pp E210 GROWING UP WITH UNIVERSITY GAMES: 20 YEARS AND STILL PLAYING Ellis, J; Arippol, P Stanford University 23pp; Teaching note E210TN (6pp) NAC2308 HEAT SAVER DISTRIBUTORS LTD JonesRead MoreLas 432 Research Paper: Gmos20901 Words   |  84 Pagesanimals with those qualities, though there has been no official record of the first occurrence of deliberate cross breeding. An exception is the mention of it in a letter dated 1797 which compares the strategies used by American plant breeder, J. Cooper, to a Mr. Bakewe ll of England and his work with animals (Orel, 1996.) During the 19th century, some of the most important hypotheses, experiments, and studies regarding inherited traits were performed. Like Chakravarthy  (2011, part 1) also arguesRead MoreChapter 6 – Analyzing Business Markets23838 Words   |  96 Pagesdecision-making process by which organizations establish and satisfy their needs for goods and services (difficult) p. 102 d. the practice of establishing of strategic partnerships between manufacturers and their suppliers e. the practice of buying a total solution for a problem from one seller 23. The __________ consists of all of the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to other customers. a. business marketRead MoreExploring Corporate Strategy - Case164366 Words   |  658 Pagesorganisations are managing strategic issues. The case studies which follow allow the reader to extend this linking of theory and practice further by analysing the strategic issues of speciï ¬ c organisations in much greater depth – and often providing ‘solutions’ to some of the problems or difï ¬ culties identiï ¬ ed in the case. There are also over 33 classic cases on the Companion Website. These are a selection of cases from recent editions of the book which remain relevant for teaching. The case studies areRead MoreMarketing Mistakes and Successes175322 Words   |  702 Pagesdebates. In the gentle environment of the classroom, students can hone their analytical skills and also their persuasive skills—not selling products but selling their ideas—and defend them against critical scrutiny. This is great practice for the arena of business to come. NEW TO THIS EDITION In contrast to the early editions, which examined only notable mistakes, and based on your favorable comments about recent editions, I have again included some well-known successes. While mistakes provideRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesPoint/Counterpoint Player–Owner Disputes Are Unnecessary 471 Questions for Review 472 Experiential Exercise A Negotiation Role-Play 472 Ethical Dilemma The Lowball Applicant 473 Case Incident 1 Choosing Your Battles 473 Case Incident 2 Mediation: Master Solution to Employment Disputes? 474 S A L 15 Foundations of Organization Structure 479 What Is Organizational Structure? 480 Work Specialization 480 †¢ Departmentalization 482 †¢ Chain of Command 483 †¢ Span of Control 484 †¢ CentralizationRead MoreStrategic Marketing Management337596 Words   |  1351 Pagesareas by managers who previously had denied its value and scope for contributing to the sector’s performance. Included within these are healthcare, not-for-profit organizations, leisure, religious movements, cultural organizations and the political arena. Illustration 1.4 But does marketing work? The question of whether marketing ‘works’ in the sense that it contributes to or is the principal influence upon higher and more sustained levels of business performance has been the subject of a number

Should Marijuana Be Legalized - 1486 Words

Marijuana should not be legalized as a medical option. This has become one of the most debated topics since the 1990s. Although there are some who say there are positive medical benefits, the truth is that it may even make things worse. There isn’t enough improvement, if any, when marijuana is used to justify allowing to become a medicine. It is not recommended by most doctors, physicians, and government authorities. Most people believe that marijuana, when used medically, can help cure various diseases. Diseases like Alzheimer’s, glaucoma, epilepsy, and even asthma. This is why people are so inclined to legalize marijuana. They believe that it has significant effects. Only some of this is true. This brings me to my first reason why marijuana should not be legalized for medical purposes. There is little evidence that any significant improvement was seen in the patients that were given marijuana as a medicine for various diseases, and if improvement was seen, there were side effects that made you think if it was worth it. One example is of a study done on patients with Alzheimer’s. According to Susanne Sorensen, MD, head of research at the Alzheimer s Society. â€Å"†¦long-term use of marijuana can also lead to depression in many individuals. Here the trade-off is depression, to slow or cure the disease, but what is we could use an alternative that doesn’t cause the negative effects. That is precisely what The Alzheimer’s Research Trust said on an interview with the BBC. TheyShow MoreRelatedShould Marijuana Be Legalized?849 Words   |  4 Pageswhether marijuana should be legalized. Around 23 states have legalized marijuana for medical and recreational use. In the state of Illinois, medicinal use of marijuana has been passed on April 17, 2013. Since January 2014, patients are able to obtain marijuana with a doctor s recommendation. The new debate is whether marijuana should be legalized for the general public as a recreational drug. Although some believe that marijuana is h armless, and that it has beneficial medicinal uses, marijuana shouldRead MoreShould Marijuana Be Legalized?1715 Words   |  7 PagesMarijuana in Society Cannabis, formally known as marijuana is a drug obtained from the tops, stems and leaves of the hemp plant cannabis. The drug is one of the most commonly used drugs in the world. Only substances like caffeine, nicotine and alcohol are used more (â€Å"Marijuana† 1). In the U. S. where some use it to feel â€Å"high† or get an escape from reality. The drug is referred to in many ways; weed, grass, pot, and or reefer are some common names used to describe the drug (â€Å"Marijuana† 1). Like mostRead MoreShould Marijuana Be Legalized?1489 Words   |  6 Pagescannabis plant or marijuana is intended for use of a psychoactive drug or medicine. It is used for recreational or medical uses. In some religions, marijuana is predominantly used for spiritual purposes. Cannabis is indigenous to central and south Asia. Cannabis has been scientifically proven that you can not die from smoking marijuana. Marijuana should be legalized to help people with medical benefits, econo mic benefits, and criminal benefits. In eight states, marijuana was legalized for recreationalRead MoreShould Marijuana Be Legalized?1245 Words   |  5 PagesMarijuana is a highly debatable topic that is rapidly gaining attention in society today.   Legalizing marijuana can benefit the economy of this nation through the creation of jobs, increased tax revenue, and a decrease in taxpayer money spent on law enforcement.   Ã‚  Many people would outlaw alcohol, cigarettes, fast food, gambling, and tanning beds because of the harmful effects they have on members of a society, but this is the United States of America; the land of the free and we should give peopleRead MoreShould Marijuana Be Legalized?1010 Words   |  5 PagesThe legalization of marijuana became a heated political subject in the last few years. Twenty-one states in America have legalized medical marijuana. Colorado and Washington are the only states where marijuana can be purchased recreationally. Marijuana is the high THC level part of the cannabis plant, which gives users the â€Å"high† feeling. There is ample evidence that supports the argument that marijuana is beneficial. The government should legalize marijuana recreationally for three main reasonsRead MoreShould Marijuana Be Legalized?1231 Words   |  5 Pagesshows the positive benefits of marijuana, it remains illegal under federal law. In recent years, numerous states have defied federal law and legalized marijuana for both recreational and medicinal use. Arizona has legalized marijuana for medical use, but it still remains illegal to use recreationally. This is absurd, as the evidence gathered over the last few decades strongly supports the notion that it is safer than alcohol, a widely available substance. Marijuana being listed as a Schedule I drugRead MoreShould Marijuana Be Legalized?1350 Words   |  6 Pagespolitics in the past decade would have to be the legalization of marijuana. The sale and production of marijuana have been legalized for medicinal uses in over twenty states and has been legalized for recreational uses in seven states. Despite the ongoing support for marijuana, it has yet to be fully legalized in the federal level due to cultural bias against â€Å"pot† smoking and the focus over its negative effects. However, legalizing marijuana has been proven to decrease the rate of incrimination in AmericaRead MoreShould Marijuana Be Legalized?1145 Words   |  5 PagesLegalizing Marijuana Marijuana is a drug that has been actively used for centuries. This drug can be traced back to 2737 BC by the Chinese emperor Shen Nung. He spoke about the euphoric effects of Cannabis and even referred to it as the â€Å"Liberator of Sin.† Since early on, marijuana was seen as a medicinal plant that was recommended for medical uses. Marijuana is currently in schedule I, which means that physicians are not allowed to prescribe it in the United States (Hart, Ksir 2013). This drugRead MoreShould Marijuana Be Legalized?997 Words   |  4 PagesLegalize It: The Benefits of Legalizing Marijuana Should marijuana be legalized? Many Americans have been asked this question or have heard some type of news about the issue. Marijuana is commonly known as cannabis which refers to the dried up hemp plant cannabis sativa, even though marijuana is a plant and has no chemical additives it has been a tropic of controversy for many years but nowadays it is in the spotlight more than ever. For centuries, marijuana has been used by people throughout theRead MoreShould Marijuana Be Legalized? Essay1457 Words   |  6 PagesSHOULD MARIJUANA BE LEGALIZED? Marijuana is a drug that has sparked much controversy over the past decade as to whether or not it should be legalized. People once thought of marijuana as a bad, mind-altering drug which changes a person’s personality which can lead to crime and violence through selling and buying it. In the past, the majority of citizens believed that marijuana is a harmful drug that should be kept off the market and out of the hands of the public. However, a recent study conducted

What is a sample Free Essays

Whereas a population is the entire group of objects that a certain researcher is interested in; a sample is defined as the fixed number of objects you get from a certain population. For example, Amelia wants to know if red flowers attract bees more than yellow flowers. In order to prove this assumption, Amelia takes a sample of a red flower (e. We will write a custom essay sample on What is a sample? or any similar topic only for you Order Now g. rose) and a yellow flower (e. g. a sunflower). There are lots of flowers that are red and yellow in color. Amelia could not afford to obtain every red and yellow flower in order to prove her assumption. Thus, it is practical for her to take a â€Å"representative† from all the red flowers and a â€Å"representative† from all the yellow flowers. Taking â€Å"representatives† from the entire population, you could now call these â€Å"samples†. It is essential to remember that the fundamental assumption underlying most of the theory of sampling is random sampling. This consists of the selection of individuals from the population in such a way that each individual of the population has an equal chance of being selected. The process of such selection is called random sampling. The aim of the theory of sampling is to get as much information as possible, ideally all the information about the population from which the sample has been drawn. From the parent population, in particular, we would like to estimate the parameters of the population or specify the limits or ranges within which the population parameters are expected to lie with a specified degree of confidence. At work, we use sampling to prove or test something. For example, you want to determine if the new time management scheme will be beneficial to cut the costs on your company. So, as a manager, you could take some employees to undergo this new time management scheme in order to see if the new process is suitable for both the company and the employees. 2. What are the differences between the binomial and normal distributions? What are the similarities between the binomial and normal distributions? The normal distribution is the most commonly encountered distribution range in science. Random variables in normal distribution should be capable of assuming any value on the real number line, though this requirement is often not applied. For example, height at a given age for a given gender in a given racial group is adequately described by a normal random variable even though heights must be positive. A continuous random variable X, taking all real values in the range. The graph of variables with normal distribution is a symmetrical, bell-shaped curve, centered at its expected mean value. Typically, a binomial random variable is the number of successions in a series of trials in binomial distributions. For example, the number of ‘heads’ occurring when a coin is tossed 50 times; thus a discrete random variable X is said to follow a binomial distribution with parameters n and p. However, the probability trials must meet the following requirements: a. the total number of trials is fixed in advance; b. there are just two outcomes of each trial; success and failure; c. the outcomes of all the trials are statistically independent; d. all the trials have the same probability of success. The similarity of normal and binomial distributions rely on the use of random variables as part of the data and their values could be both positive and negative. 3. What do confidence intervals represent? Give an example of the use of a confidence interval. Before a simple research question could be resolved like, for instance, â€Å"What is the mean number of flowers that one person can remember? † it is necessary to specify the population of people to which this question will be addressed. The researcher could be interested in, for example, children under the age of 12 and girls. For the present example, assume the researcher is interested in all girls aged 9. Once the population is specified, the next step is to take a random sample from it. In this example, let’s say that a sample of 10 girls is drawn and each student’s memory tested. The way to estimate the mean of all girls would be to compute the mean of the 10 girls in the sample. Indeed, the sample mean is an unbiased estimate of ? , the population mean. However, it will certainly not be a perfect estimate. By chance it is bound to be at least either a little bit too high or a little bit too low. For the estimate of ? to be of value, one must have some idea of how precise it is. That is, how close to ? is the estimate likely to be? So we use the confidence intervals to determine how close would be the unbiased estimate we have in our sample to the values that is indicated in the population mean. If the number of flowers that the 10 girls remembered were: 4, 4, 5, 5, 5, 6, 6, 7, 8, 9 then the estimated value of ? would be 5. 9 and the 95% confidence interval would range from 4. 71 to 7. 09. The wider the interval, the more confident you are that it contains the parameter you are interested in. The 99% confidence interval is therefore wider than the 95% confidence interval and extends from 4. 19 to 7. 61. How to cite What is a sample?, Papers

Customer Retention in Hospitality Industry Free Sample

Question: Discuss about theCustomer Retention in Hospitality Industryfor Hilton Hotel. Answer: Introduction This section of the research study involves review of the secondary sources of information on the topic of research from the journals on the research issue, blogs, earlier researches, online texts, industry databases and published articles to aid the development of a theoretical perspective about the variables of the study. In the service sector of hospitality, customer as the end user of the service is the fulcrum of all business strategies and decisions, hence its retention is of paramount importance to augur organisational success and growth in the market competition. Therefore through the review of the established theories and perspectives on the issue of customer retention, a critical analysis of the various facets of customer retention, its significance and implications in the service sector of hospitality would form part of the study in this section. The case study organisation of Hilton Hotel has been confronting hurdles lately in its customer relationship management leading to a loss of customers, thus making it pertinent to conduct the present research so that a comprehensive awareness can be developed about the issue of customer retention, and recommendations can be formulated on the basis of findings to help the brand retain its global reputation among its clientele. Hilton Hotel has a strong brand presence in over 90 countries with a staggering number of 4000 properties. The brand gained immense global popularity due to its utilisation as the integrative force behind many films and television serials. The brand boasts of over 150,000 employees and is known for its endowment of its workforce relationship along with a sound relationship with its customers. Customer Retention in Hospitality Sector Customer retention according to Osman, Hemmington and Bowie, (2009) is the prime cause for the sustainability of the hospitality organisations as the prime objective of the hospitality sector centres around fructification of the goals desired by the customers. On the face of stiff emerging global competitiveness, the marketing activities tend to reveal a downwards slide making it almost imperative for the hoteliers to adopt a stable and modern marketing strategy that involves incorporation of programs that aims at the development of customer loyalty towards the respective brand. Generation of customer loyalty as stated by Yoo, Lee and Bai, (2011), in the current hospitality industry scenario makes customer acquisition and retention the prime focus for long run sustainability in the market competition. Not only attracting the new set of customers is mandatory for the maintenance of a steady flow of revenue and profits from the business but maintaining the old customers are equally vit al for the growth of the enterprise. The hotel industry as stated by Grissemann, Plank and Brunner-Sperdin, (2013), survives purely on the basis of customer retention since it concerns repeated purchase of services and products of the similar nature over a specific period of time. Hence the business activity of customer retention is given more importance in the hospitality sector than the other industries. It is after all the increasing number of loyalists towards a hotel brand that makes the particular business sustainable in the market competition. The loyal customers are the ones who promote the brand of hospitality through word of mouth publicity and sharing of their experiences thus enhancing viral marketing for the respective brand (N. Torres and Kline, 2013). This in turn helps in gaining new customers. In the changing market scenario flooded with umpteen opportunities for the discerning customers to choose the hospitality experience that suite the best of his needs, it has b ecome a literal challenge to retain customers since the substitutes are more and the customers are in look out for similar or enhanced service features within an affordable price. Factors Influencing Customer Retention The most crucial factor that influences a customer to come back to a particular hotel time and again is the degree of satisfaction that he gets during his stay in the property. It is more often than not the quality of service that matters the most in creating a loyal base of customers as has been pointed out by Ladhari, (2009). The factor of customer loyalty not only enhances the business of a hospitality brand manifold but also helps the organisation in its pricing strategy, since the loyalists would not cringe to pay premium price for enhanced levels of satisfaction. There are several other factors such as customer relationship management, brand image and technological advancements that play an important part in retaining the customers of hospitality organisations. The issue of customer retention is of global importance and therefore the premium hotel brands like Hilton, Marriott etc has invested time, efforts and economic resources in developing the customer experiences, the rappo rt with the customers and in delivering customised services to their valued clients. The adoption of value added customer recognition and identification systems by several hospitality brands has tremendously helped in retaining the customers because these visitors get more attenuated to the recognition and respect in such hotels. The planning of operational strategies according to Han, Kim and Hyun, (2011), is crucial for the hotels since on one hand while a certain set of customers look for price or variety, the other half of customers simply look for quality of service. Thus adopting the fundamental principle of addressing the specific demand and needs of the customers can only result in customer retention and gaining of competitive advantage in the long run. Relationships Between Customer Satisfaction, Customer Loyalty, Service Quality and Perceived Value in Hospitality Industry In the research conducted by Hu, Kandampully and Juwaheer, (2009), in a sporting club hotel on the topic of evolution of element of customer satisfaction, it was found that adoption of a structured model of customer relationship management has intensified the satisfaction level of the customers. In the domain of interrelationship and correlation between the components of customer satisfaction, service quality, performance of the hotels and management of human resources, the study by Tajeddini, (2010), contributed considerably in reshaping and empowering the process of quality of service in a hotel through the five dimensions of empathy, assurance, tangibility, responsiveness and reliability. The study reflected the aspects of impact of human resource over customer satisfaction and quality of service along with the impact of the quality of service over the satisfaction of customers, thereby emphasising on the role of customer satisfaction towards the organisational performance. A rese arch conducted on the hotels in the Penang district of Malaysia by Mohammed and Rashid, (2012) for recognising the correlation that exists between customer loyalties, customer satisfaction, quality of service, service standards and perceived value of consumers revealed a substantial degree of influence on the customer satisfaction from the perceived value of consumers, impact of quality of service over the perceived value and how brand loyalty results from customer satisfaction. A thorough research by Dominici and Guzzo, (2010), on the topic of the effect of quality of service on the hospitality sector stated a strong connection between customer loyalty, customer satisfaction and service quality. An experiment by Amin et al, (2013), focusing on the connection between customer loyalty, satisfaction and service quality in the process of repetitive service usage depicted that the quality of service is burdened by the effect of sensitivity, compassion and guarantee which as a consequenc e makes it responsive towards satisfaction of customers. It is the degree of satisfaction that is instrumental in intermittently pulling the consumer towards the property. The growth of the hotel industry thus is dependent largely on the aspect of customer satisfaction. The impact of customer satisfaction is hugely dependant on the quality of service delivered by the hotel. Through the process of getting exposed to high quality of service repetitively, the perception of the consumers changes and loyalty results towards the respective brand. Customer Retention Management Creation of customers has been always the sole purpose of any business according to Wu and Lu, (2012), and in the present times it has become quite important that the customers are also retained since the report of N. Torres and Kline, (2013) highlighted the correlation between the increases in net present value of customers to that of an increase in the aspect of customer retention. The report revealed that with a 5% increase in the latter, the former recorded an increase of 25-95%. Like products the customers do have a lifecycle that can be managed by the organisations. On the value ladder the customers climb from the stages of suspect, prospect and first time customers towards a loyal one and ending in the advocating status. In the past the customers were not given much of importance and competing in the growing markets made the companies put lesser focus on the aspect of customer satisfaction. A constant loss and gain of customers resulted in increased costs and it was observed b y Amin et al, (2013) that if such loss or defection of customers can be reduced by 5% then the improvements in the margin of profits can be around 25-100%. Kim, Ng and Kim, (2009) asserted that when the company is able to retain customers for long period of time, it basically means that the same customers are repeatedly acquiring the products in increasing volumes, and are also eager to try new offerings from the brand turning a blind eye towards the competitors, which incidentally is helping the company reduce its cost of marketing and sales, since positive word-of-mouth publicity by the retained customers is helping in growth and promotion of the brand among more and more people. Customer retention thus can be termed as an asset that produces revenue for the firm. Customer retention, if targeted on the section of customers that fall in the low-cost high value bracket becomes a rewarding proposition for the business. Customer value, profitability and customer retention is correlated and purchasers get subjected to the benefits of timely delivery, price, pre and post sales services, quality and convenience through this unique combination as has been highlighted by He, Li and Keung Lai, (2011). The buyers on gaining satisfaction share their experiences and more often than not end up being a loyalist of the brand. The economic benefits of customer retention are lengthened tenure of customers, growth in the volume of purchases and increase in the number of customer referrals. Such benefits result in fall in the maintenance cost of the customers and the replacements costs and an eventual higher price payment by the retained customers which leads to an upswing in the net present value of the customers thus retained. The benefits of customer retention as reiterated by Lee and Way, (2010) states: Cost of customer retention is cheaper than that of acquisition Less cost involved in serving loyal customers over the new ones Improvement of company reputation and attracting new ones through word-of-mouth promotion Price sensitivity is lesser in retained customers than the new ones thus willingness to pay more is higher amongst the former over the latter Likelihood of purchasing greater volumes by retained customers resulting in the increase of revenue for the brand through cross or up-selling. Customer Retention Processes in Hotel Industry LoyaltyPrograms In the competitive global environment the quality of service and satisfaction of the customers have become vital components for hospitality industry to retain its respective market share in its business domain. Mohammed and Rashid, (2012), in their research suggested investment in quality engraining in the delivery and production systems in business to optimise the operational performances. The loyalty or reward programs in the hotel industry are aimed at the establishment profitable and valuable customer segment retention through value additions and increasing of the aspect of satisfaction. A case study conducted by Han and Ryu, (2009), stated that in the early 80s there was a gradual shift among the companies to embrace the concept of customer loyalty as it was observed that customer acquisition was more costly than retention. The study highlighted that success can be gained by the hotels through developments of loyal customer base by delivering better service and product through d isplay of conviction and passion in their hospitable activities. The significance of the customer loyalty programs has not only stiffened the competition between various brands but also their initiatives of building loyalty have developed over time. The implementation of the loyalty programs according to Castellanos-Verdugo et al., (2009), thus have become the benchmark of success and an imperative cost that the hotels indulge in to reap long term growth and success. There are however a number of factors that are dependant for the loyalty program to be effective as these programs serve many purposes like increasing the degree of consumption, retention of the customers and gaining awareness about the customers perspective. The measures of success that are to be included in the loyalty programs must relate to the organisational goals (Abu and Minai, 2009). According to Hu, Kandampully and Juwaheer, (2009), loyal customers are the most valuable assets of any organisation and it is the degree of satisfaction that is received through the relationship which in turn, strengthens the commitment of the customers towards the brand. The research conducted by Tajeddini, (2010), revealed that loyalty programs are perceived as value for money by the customers. The prevalence of reward programs in the service sector of hospitality was observed from the year 2000. The financial performance of the companies in the long run competition is positively influenced by the incremental degree of loyalty and customer satisfaction as has been suggested by Ladhari, (2009). In the service sector of hospitality, the aspect of switching the service providers by customers is dependent on multifarious factors such as failure of core services, inconvenience, price, ethical problems and competition. However in the re-emphasised study of Dominici and Guzzo, (2010), it was pointed out that decision of repurchase was influenced by the factors of price and most importantly the prior levels of satisfaction. A marked enthusiasm has been observed lately among the hotel sector customers to embrace the loyalty programs despite its more than a few decades long existence. As all customers aim to receive value for their money, it becomes quite challenging to guarantee satisfaction to all of them but the efficacy of enhanced levels of brand loyalty from high degree of customer satisfaction cannot be overlooked in the practice and theory of customer retention (Han, Kim and Hyun, 2011). Chapter Summary The review of the literature thus has highlighted the facts and information about the causes, effects, implications and interrelationships between the various facets of customer retention namely, loyalty, satisfaction, perceived value, quality of service and management of retention in general as well as the in the context of the hotel industry. It has also stated the importance of managing the customer retention initiatives through the designing of loyalty programs so that success and growth can be ensured to the hotel brands in the market competition. References Han, H., Kim, W. and Hyun, S.S., 2011. Switching intention model development: Role of service performances, customer satisfaction, and switching barriers in the hotel industry. International Journal of Hospitality Management, 30(3), pp.619-629. Dominici, G. and Guzzo, R., 2010. Customer satisfaction in the hotel industry: a case study from Sicily. Ladhari, R., 2009. 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