WAEC - Marketing (2023 - No. 24)

A form of sales promotion that rewards customers for consistently purchasing a company's product is a loyalty scheme. A loyalty scheme, also known as a customer loyalty program or rewards program, is designed to incentivize and reward customers for their continued loyalty and repeated purchases. Customers who participate in a loyalty scheme earn points, rewards, or other benefits based on their purchases or other predefined criteria. These rewards can include discounts, free products, exclusive offers, access to special events, or other incentives. By implementing a loyalty scheme, businesses aim to foster customer loyalty, increase customer retention, and encourage repeat purchases, ultimately strengthening the relationship between the customer and the company.