MARKETING MANAGEMENT 5 Creating Customer Value Satisfaction and
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MARKETING MANAGEMENT 5 Creating Customer Value, Satisfaction, and Loyalty
Building Customer Value, Satisfaction, and Loyalty Figure 5. 1 Organizational Charts
Figure 5. 2 Determinants of Customer Perceived Value
Steps in a Customer Value Analysis Identify major attributes and benefits that customers value Assess the qualitative importance of different attributes and benefits Assess the company’s and competitor’s performances on the different customer values against rated importance Examine ratings of specific segments Monitor customer values over time
Measuring Satisfaction Periodic Surveys Customer Loss Rate Mystery Shoppers Monitor competitive performance
Maximizing Customer Lifetime Value Customer Profitability Customer Equity Lifetime Value
Figure 5. 4 Customer-Product Profitability Analysis
Framework for CRM Identify prospects and customers Differentiate customers by needs and value to company Interact to improve knowledge Customize for each customer
CRM Strategies Reduce the rate of defection Increase longevity Enhance “share of wallet” Terminate low-profit customers Focus more effort on high -profit customers
Figure 5. 5 The Customer Development Process Suspects Prospects Disqualified First-time customers Repeat customers Ex-customers Clients Members Partners
Loyalty A commitment to re-buy or re-patronize a product or service in the future.
Building Loyalty Partnership Proactive Accountable Reactive Basic
Top Brands in Customer Loyalty Avis Google L. L. Bean Samsung (mobile phones) Yahoo! Canon (office copiers) Land’s End Coors Hyatt Marriott Verizon Key. Span Energy Miller Genuine Draft Amazon
Using the Database To identify prospects To target offers To deepen loyalty To reactivate customers To avoid mistakes
e t p 6 r a Ch Analyzing Consumer Markets
d e n i f e D Consumer Behavior The study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs or wants. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 16 of 31
Consumer Behavior Personal Factors Cultural Factors Social Factors
Cultural Factors Culture Subculture Social Class
Social Factors Reference Groups Family Role and Status
Personal Factors Personality Age Life Cycle Stage
Personal Factors Occupation Values Lifestyle Economic situation
g i F e r u 1. 6 Psychological Factors
Motivation Freud Maslow Herzberg
g i F e r u 2. 6 Maslow’s Hierarchy of Needs
Perception Selective Attention Selective Retention Selective Distortion
Learning Driver Cues Discrimination
e r u g i F 6. 4 The Buying Decision Process
Buying Decision Process
Problem Recognition “I’m Hungry” Stimulus • Internal • External
Information Search Commercial Personal Public Experiential
Fi e r gu 5. 6 Successive Sets Involved in Consumer Decision Making
Evaluation of Alternatives Beliefs Attitudes
e r u g i F 6. 6 Steps between Evaluation of Alternatives and Purchase Decision
Purchase Decision A Brand B Dealer Purchase subdecisions Quantity Timing Payment method
Postpurchase Behavior Postpurchase Satisfaction Delighted Satisfied Dissatisfied Loyal Stay or Go Defect Postpurchase Actions
F ig e r u 7. 6 How Customers Use or Dispose of Products
- Creating customer value satisfaction and loyalty
- What are customer value satisfaction and loyalty
- Creating customer value satisfaction and loyalty
- Creating customer relationships and value through marketing
- Creating and capturing customer value
- Building customer satisfaction value and retention
- Beyond customer satisfaction to customer loyalty
- Customer satisfaction value and retention
- Building customer satisfaction value and retention
- Customer satisfaction value and retention
- What is customer value satisfaction and loyalty
- Creating and capturing customer value
- Marketing concept
- Value creation and value capture
- Vertical line
- Customer relationship management and customer intimacy
- Customer relationship management and customer intimacy
- Intimacy
- Top-2-box customer satisfaction
- Satisfaction graph
- Satisfaction logo
- Csat training
- Internal customer satisfaction survey
- Iso12207
- Enterprism
- A walk-through customer satisfaction audit
- Customer satisfaction skills
- Analyze customer satisfaction
- Objectives of customer satisfaction
- Scope of customer satisfaction
- Surveymonkey customer satisfaction
- Defining customer satisfaction
- Low customer satisfaction fishbone diagram
- Customer satisfaction in pharmaceutical industry
- Satisfaction vs loyalty
- Imlao
- Introduction of customer satisfaction