Creating Customer Value Satisfaction and Loyalty www Assignment

Creating Customer Value, Satisfaction and Loyalty www. Assignment. Point. com

CUSTOMER PERCEIVED VALUE Customer perceived value (CPV) is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. www. Assignment. Point. com

Total customer value is the perceived monetary value of the bundle of economic, functional and psychological benefits customers expect from a given market offerings. Total customer cost is the bundle of costs customers expect to incur in evaluating, obtaining, and using the given market offerings. www. Assignment. Point. com

Customer-delivered value Total Customer cost Product value Monetary cost Services value Time cost Personnel value Energy cost Image value Psychic cost www. Assignment. Point. com

Delivering High Customer value The value proposition consists of the whole cluster of benefits the company promises to deliver. It is more than the core positioning of the offering. To deliver high customer value, a company must design a competitively superior value proposition aimed at a specific market segment, backed by a superior value delivery system. www. Assignment. Point. com

TOTAL CUSTOMER SATISFACTION Satisfaction is a person’s feelings of pleasure or disappointment resulting from comparing a product’s perceived performance in relation to his/her expectations. The company must try to deliver a high level of customer satisfaction subject to delivering acceptable levels of satisfaction to the other stakeholders. www. Assignment. Point. com

Customer Expectations The buyers form their expectations from – l Past buying experiences l Friends’ and associates’ advice l Marketers’ and competitors’ information and promises www. Assignment. Point. com

Measuring Satisfaction Tools for tracking and measuring customer satisfaction Complaints and suggestion systems Customer satisfaction surveys/ periodic surveys Ghost/mystery shopping Lost customer analysis www. Assignment. Point. com

Product and Service Quality l Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. l Marketers have two responsibilities in a qualitycentered company q Participate in formulating strategies/policies to help the company win through total quality excellence. www. Assignment. Point. com

Total Quality Management (TQM) Total quality management (TQM) is an organizationwide approach to continuously improving the quality of all the organization’s processes, goods and services. www. Assignment. Point. com

Marketers roles in defining and delivering high-quality products to target customers l Correctly identify the customers’ needs and requirements. l Communicate customer expectations properly to product designers. l Make sure that the orders are filled correctly and on time. l Check that customers have received proper instructions, training and technical assistance in the use of the product. l Stay in touch with customers after the sale. l Gather customer ideas for product improvements. www. Assignment. Point. com