Asked by Julian Cintron on Jul 24, 2024

verifed

Verified

When Ron complained to his bank's branch manager about the unprofessional behavior of one teller, the branch manager added a code into his accounts alerting all tellers that Ron was a valued, long-time customer and to provide whatever service he requests. The branch manager is using ________ segmentation to retain Ron as a customer.

A) benefit
B) geodemographic
C) psychographic
D) loyalty
E) geographic

Loyalty Segmentation

The process of dividing a customer base into groups based on their loyalty to a brand or company, which can inform targeted marketing strategies.

Geodemographic

The study of populations and their characteristics, such as age, gender, and income, in specific geographic areas for market segmentation purposes.

Psychographic

Pertaining to the study of consumer lifestyles, attitudes, beliefs, and values to understand buying behaviors and preferences.

  • Apprehend the value of segmenting customers based on loyalty for the purpose of boosting retention rates and profitability.
verifed

Verified Answer

KJ
konduru jashwanthJul 25, 2024
Final Answer :
D
Explanation :
The branch manager is using loyalty segmentation to retain Ron as a customer by identifying him as a valued, long-time customer and providing personalized service to maintain his loyalty. Benefit segmentation is based on identifying the specific benefits that customers seek from a product or service, geodemographic segmentation is based on geographic and demographic factors, psychographic segmentation is based on personality traits and behaviors, and geographic segmentation is based on geographical factors.