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MARKETING MANAGEMENT

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.

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MARKETING MANAGEMENT

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  1. MARKETING MANAGEMENT 5 Creating Customer Value, Satisfaction, and Loyalty

  2. Building Customer Value, Satisfaction, and Loyalty Figure 5.1 Organizational Charts

  3. Figure 5.2 Determinants of Customer Perceived Value

  4. 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

  5. Measuring Satisfaction Periodic Surveys Customer Loss Rate Mystery Shoppers Monitor competitive performance

  6. Maximizing Customer Lifetime Value Customer Profitability Customer Equity Lifetime Value

  7. Figure 5.4 Customer-Product Profitability Analysis

  8. Framework for CRM Identify prospects and customers Differentiate customers by needs and value to company Interact to improve knowledge Customize for each customer

  9. CRM Strategies Reduce the rate of defection Increase longevity Enhance “share of wallet” Terminate low-profit customers Focus more effort on high-profit customers

  10. Figure 5.5 The Customer Development Process Suspects Prospects Disqualified First-time customers Repeat customers Clients Members Partners Ex-customers

  11. Loyalty A commitment to re-buy or re-patronize a product or service in the future.

  12. Building Loyalty Partnership Proactive Accountable Reactive Basic

  13. Top Brands in Customer Loyalty • Avis • Google • L.L. Bean • Samsung (mobile phones) • Yahoo! • Canon (office copiers) • Land’s End • Coors • Hyatt • Marriott • Verizon • KeySpan Energy • Miller Genuine Draft • Amazon

  14. Using the Database To identify prospects To target offers To deepen loyalty To reactivate customers To avoid mistakes

  15. Analyzing Consumer Markets Chapter 6

  16. 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.

  17. Consumer Behavior Personal Factors Cultural Factors Social Factors

  18. Cultural Factors Social Class Culture Subculture

  19. Social Factors Reference Groups Family Role and Status

  20. Personal Factors Personality Age Life Cycle Stage

  21. Personal Factors Occupation Values Lifestyle Economic situation

  22. Figure 6.1 Psychological Factors

  23. Motivation Freud Maslow Herzberg

  24. Maslow’s Hierarchy of Needs Figure 6.2

  25. Perception Selective Attention Selective Retention Selective Distortion

  26. Learning Driver Cues Discrimination

  27. The Buying Decision Process Figure 6.4

  28. Buying Decision Process

  29. Problem Recognition “I’m Hungry” • Stimulus • Internal • External

  30. Information Search Commercial Public Personal Experiential

  31. Figure 6.5 Successive Sets Involved in Consumer Decision Making

  32. Evaluation of Alternatives Beliefs Attitudes

  33. Steps between Evaluation of Alternatives and Purchase Decision Figure 6.6

  34. Purchase Decision A B Purchase subdecisions Brand Dealer Quantity Timing Payment method

  35. Postpurchase Behavior Postpurchase Satisfaction Delighted Satisfied Dissatisfied Loyal Stay or Go Postpurchase Actions Defect

  36. Figure 6.7 How Customers Use or Dispose of Products

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