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MARKET RELATING

MARKET RELATING. CUSTOMER RELATIONSHIP MANAGEMENT. Satisfaction Theory. Satisfaction is determined by comparing expectations to performance When P > E, there is positive disconfirmation, or satisfaction When E > P, there is negative disconfirmation, or dissatisfaction Managerial implication?

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MARKET RELATING

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  1. MARKET RELATING CUSTOMER RELATIONSHIP MANAGEMENT

  2. Satisfaction Theory • Satisfaction is determined by comparing expectations to performance • When P > E, there is positive disconfirmation, or satisfaction • When E > P, there is negative disconfirmation, or dissatisfaction • Managerial implication? • Satisfaction-dissatisfaction continuum

  3. What else do we knowabout satisfaction?

  4. What’s the answer?

  5. Lifetime Customer Value • Multiply a customer’s expected # of visits times the average amount of money spent per visit. • Deduct costs of acquiring and servicing. • Add in value of accounts the customer refers to you. • Discount the sum appropriately for the time period being analyzed.

  6. How LT Relationships Pay Off Price Premium Referrals Cost Savings Revenue Growth Base Profit Acquisition Cost 0 1 2 3 4 5 6 7

  7. Building Relationships • What are successful relationships built on? • What kind of relationship will be most beneficial to firms?

  8. Relationship Spectrum Transactional exchanges Value-adding exchanges Collaborative exchanges

  9. Levels on Which Relationships are Formed Consumer-Product Bonds Consumer-Brand Bonds Consumer-Consumer Bonds Consumer-Firm Bonds

  10. Who Needs CRM? III IV Airlines Packaged Goods Mfrs Pharmacies Computer Systems Cos. Uniform Highly differentiated CUSTOMER VALUATIONS II I Bookstores Gas Stations CUSTOMER NEED Highly differentiated Uniform

  11. Devising a Relationship Strategy Create a database of customer knowledge

  12. Create a database of customer knowledge Analyze reasons for loyalty and defection

  13. Create a database of customer knowledge Analyze reasons for loyalty and defection Select customers to attract and retain

  14. Create a database of customer knowledge Analyze reasons for defection and loyalty Select customers to target and retain Design and implement programs focused on customer retention

  15. Create a database of customer knowledge Analyze reasons for loyalty and defection Select customers to target and retain Design and implement program focused on customer retention Monitor performance for continuous improvement

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