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Anali Ekonomskog fakulteta u Subotici
2017, iss. 38, pp. 251-264
article language: English
document type: Professional Paper
published on: 05/10/2018
Creative Commons License 4.0
Loyalty programs in the function of customer relationship strategy
aUniversity of Novi Sad, Faculty of Economy, Subotica
bUniversity of Economics, Varna, Bulgaria

e-mail: radenko.maric@ef.uns.ac.rs, vanya.kraleva@ue-varna.bg

Abstract

The aim of this paper is to analyse the loyalty program in the function of selecting the most adequate customer relationship strategy in the retail sector. Strengthening retailers' competitiveness on the market is realized on the basis of development and creation of an interactive and long-term relationship with customers (CRM) within which the most efficient ways of meeting the demands of modern customers are systemically identified. In this context, the basic characteristics of CRM and relational assessment are defined in the paper, the significance of the concept of loyalty as the basis of the CRM strategy is analysed and diverse ways of bonding customers based on different types of loyalty programs in retail are presented. The conducted research can serve the management of retailers as a guideline for developing, designing and implementing a successful loyalty program and building a long-term relationship with customers. Suggestions for future research are listed in the paper.

Keywords