SOLUTION: ECON 103 University of Maryland Global Campus Economic Growth Discussion

Attached. Please let me know if you have any questions or need revisions.ECONOMIC GROWTH1Economic GrowthStudent’s NameInstitutional AffiliationInstructor’s NameCourseDue DateECONOMIC GROWTH2Economic Growth1. Sources of Long-Run Economic GrowthLong-term economic growth is founded on three distinct sources namely capital, labor, andtechnology. Capital allows a country to invest in production activities designed to increase thelevel of productivity (gross domestic product) over time. All other factors held constant, aneconomy that boasts more physical capital is likely to produce more than other economies whosecapital is minimal. Since investments and savings add to the capital stock, the more capital in aneconomy the more economic growth. On the other hand, labor refers to the quality of humanresources and skilled personnel within an economy that apply their expertise skills to spurproduction of more goods and services in the economy (Wolla, 2013). A well-educated humancapital is likely to produce higher volume of output per person than a non-educated population.Lastly, the level of technological development significantly contributes to the level of economicgrowth. A more technologically-advanced economy is likely to convert resources into finishedgoods faster and more efficiently leading to higher volume of outputs. Besides the above factors,government policies and regulations play an important role in promoting long-run economicgrowth. For example, strong property rights promote creativity particul…

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Next to these stages, there are four types of loyalty. The first type is no loyalty: this can be seen as the typical action supporter that is giving money to fundraiser friends/family. There is no connection between the action supporter and War Child, non-loyal customers add a small amount to the financial account of the organization. The second type is inertia loyalty: this type can be a potential Friend, the person is giving a donation because they always have done it. This person is not loyal to one charity because there is no deeper connection and is easy with switching from charity to charity. This person is reachable to get a deeper connection with to become a potential Friend. It is needed to give the potential Friend attention and please the person. The third type is latent loyalty: this type is based on situational influences such as time, social life, physical factors, reasons why to support charity and the mood of the person. Latent loyalty means that there are repeated purchases. The last type is premium loyalty: this is the greatest type an organization can get. This type indicates the loyal Friend who is proud to discover more and tell about War Child to everyone. (Griffin, 2010) Using the stages and types of loyalty, War Child will get a better understanding about their potential Friends. Increased loyalty can give benefits to more respects of the company. Increased loyalty will be cost saving because there will be reduced marketing costs, more positive word-of-mouth, satisfied loyal customers whereby the failure costs decrease. (Griffin, 2010) 1.2.4 Customer relationship management Kotler (2014, p. 9) stated in the book ‘’Principles of marketing’’ that customer relationship management (CRM) can be mentioned as delivering superior customer value and satisfaction by building and maintaining profitable customer relationships. (Kotler, 2014) Using a suitable approach for the action supporters will lead to charitable giving. To build and maintain profitable customer relationships, customer relationship management need to be implemented. It is very important to deliver customer value and make the action supporters satisfied. By doing this,>

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