Consider That You Run a Wine Club with All Ordering

question 36

Essay

Consider that you run a wine club with all ordering done online.Discuss the customer retention strategies that might be appropriate for your business.

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Definitions:

Value Loss

The decrease in worth or utility of an asset or commodity, often due to changes in market demand, deterioration, or obsolescence.

Gift

An item given to someone without the expectation of payment or anything in return.

Water and Diamond Paradox

A classic economic paradox questioning why diamonds are more expensive than water, despite water being essential for survival and diamonds not.

Product Usefulness

The degree to which a consumer believes a product will be able to satisfy their needs, goals, and desires through its features and performance.