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Write a 9 page essay on Assessing the outcomes of generation-y customers loyalty.In response, banks have developed both offensive and defensive strategies in a bid to strengthen customer loyalty to th
Write a 9 page essay on Assessing the outcomes of generation-y customers loyalty.
In response, banks have developed both offensive and defensive strategies in a bid to strengthen customer loyalty to their brands. Nonetheless, it is imperative to the players in the banking sector to note that development and maintenance of customer loyalty is the basis for increased profits because it leads to repeat patronage, positive word of mouth and less sensitivity to prices. The implication is that customer loyalty is a major determinant of profitability and the market share (Jumaev, Kumar & Hanaysha, 2012).
Banks can only achieve customer loyalty if they are aware of some of the factors that are crucial for customer satisfaction and customer loyalty (Jumaev, Kumar & Hanaysha, 2012). Moreover, studies also show that customer loyalty is a subject of the particular type of the market segments. The youth generation is an important segment that has been much attention from the banking sector and they are fondly known as Generation Y because the young people exhibit unique buying powers based on their incomes (Castells, 2013). Since there is always a major competition for the older customers, banks are now shifting their focus to the younger people with appropriate strategies to retain them and also develop a strong loyalty to their brands. The particular focus on Generation Y is also triggered by the fact that they constitute a bigger percentage of the population of the developed countries. On the other hand, reaching customers
at younger ages leads to strong relationships with the organization. Therefore, it is imperative to study the dynamics and elements that influence loyalty and satisfaction of the Generation Y through a search of the existing literature.
The banking sector having been faced with fierce competition has witnessed numerous efforts for gaining competitive advantage (Delis, 2012). One of the common strategies with the most banks today