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Customer Value, Satisfaction and Loyalty

Customer Value, Satisfaction and Loyalty. The New “Managerial Paradigm”. Amazon epitomizes the “Customer-Oriented” Model. So does Jones Soda…. So does Threadless…. Value. Benefits (actual or perceived) Come from features or product attributes May be economic, social or personal

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Customer Value, Satisfaction and Loyalty

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  1. Customer Value, Satisfaction and Loyalty

  2. The New “Managerial Paradigm”

  3. Amazon epitomizes the“Customer-Oriented” Model

  4. So does Jones Soda…

  5. So does Threadless…

  6. Value • Benefits (actual or perceived) • Come from features or product attributes • May be economic, social or personal • Costs (actual or perceived) • Economic/Financial • Money • Time • Resources • Social/Personal • Aggravation, worry, feelings of uncertainty, distress • Social embarrassment, inferiority • The Value Equation: Value = Benefits - Costs

  7. The Value Proposition The whole cluster of benefits the company promises to deliver less the associated total cost.

  8. Loyalty A deeply held commitment to re-buy or re-patronize a preferred product or service in the future despite exposure to situational influences and marketing efforts that have the potential to cause switching behavior.

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

  10. JetBlue has loyal customers

  11. Question du Jour Is it better to reward your most or least loyal customers?

  12. Customer Satisfaction • Two components • Cognitive (thinking, reasoning, logic) • Affective (emotional) • Driven by Performance vs. Expectations Gap • Articulation Issues • Consumers can almost always articulate the reasons for their dissatisfaction • Sometimes harder for consumers to articulate why they are satisfied

  13. Measuring Satisfaction Periodic Surveys Customer Loss Rate & Returns Mystery Shoppers Word of Mouth

  14. Product and Service Quality Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.

  15. Quality Conformance quality Performance quality

  16. Customer Acquisition & Retention • Acquisition of new customers is almost always far more expensive than retaining current customers. • Consumers aren’t as brand loyal as they used to be. • Small reductions in customer churn can have huge implications for profit gain. • Customer profitability tends to increase over the life of a retained customer.

  17. Quality Exercise • How do consumers typically define QUALITY for the following products? • Flights • Dinner Out • Cars • Computers • Medical Services • Artwork • Hotel Stays

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