Principles of Marketing Chapter 5 Value for Customers
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Principles of MarketingChapter 5
Value for Customers
Principles of Marketing Chapter 5Value for Customers
Customer Value
Customer Satisfaction
Relationship Marketing
Customer Relationship Management
(CRM)
Customers are the reason to be for Markekting. No customers, no marketing.
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer: one who purchases or receives a product or service from a business or merchant, or plans to
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
1. What is consumer value, and how it’s used to make decisions
2. Benefits of having satisfied customers
3. How companies develop relationships with customers
4. Activities that develop and maintain sales
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer Value us the difference between the benefits a customer receives and the total cost incurred from acquiring, using, and disposing of a product.
Customer: one who purchases or receives a product or service from a business or merchant, or plans to
Principles of Marketing Chapter 5Value for Customers
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer: one who purchases or receives a product or service from a business or merchant, or plans to
Principles of Marketing Chapter 5Value for Customers
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Perceived value
Perceived Benefits
Perceived Costs
What will this product deliver for me?
For the money I’m paying, what am I getting
It’s worth paying certain amount for what I am getting
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer: one who purchases or receives a product or service from a business or merchant, or plans to
Principles of Marketing Chapter 5Value for Customers
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Customer perceived value
Functional benefits
Brand benefits
Other benefits
Customer perceived
value
Purchase price
Other costs
Benefits Costs
Customer satisfaction: the degree to which a product meets or exceeds customer expectations.
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Customer: one who purchases or receives a product or service from a business or merchant, or plans to
Principles of Marketing Chapter 5Value for Customers
How was the experience with the product?
Customer satisfaction: the degree to which a product meets or exceeds customer expectations.
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Level of satisfaction
Emotional experience
Negative
Neutral
Positive
Dissatisfied
Defect
Satisfied
switchable
Delighted
Loyal
Customer satisfaction: the degree to which a product meets or exceeds customer expectations.
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Loyalty
Product Champions
Reduced Costs
Larger share of wallet
Satisfaction= buy again same brand
Share the good experience
Brands with good customer satisfaction spend less money in other things!
Happy customers are willing to buy other products same brand.
Customer satisfaction: the degree to which a product meets or exceeds customer expectations.
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Measuring Customer Satisfaction
Private studies
Own studies
National Studies
etc
THINK!Why no info?
Customer satisfaction: the degree to which a product meets or exceeds customer expectations.
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Attachment to a brand
Profit
Customer service
Customer Loyalty: the degree to which a customer will prefer a brand in particular. The rebuy.
JOE’sPresentation
All customers were created equal. No, not really…
Customer satisfaction: the degree to which a product meets or exceeds customer expectations.
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
The Value of the Customer
THE PARETO RULE.
80% Profits generated by 20% of customers
60% remaining profits
20% losses
Customer satisfaction: the degree to which a product meets or exceeds customer expectations.
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Customer Lifetime Value (CLV): is the present value of all profits to be earned from a
customer
Average purchases
Profit margin
Costs to service that customer
Retention rate
Firm discount rate
Customer satisfaction: the degree to which a product meets or exceeds customer expectations.
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Customer retention: Companies need to find ways to keep customers, attract new
customers, replace customers or get them back
RESEARCH:
United Airlines Loyalty programs
United Airlines measure to solve the issue with “the guitar”
No more than 2 pages.
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Relationship Marketing: Organizational commitment to develop and enhance long term, mutually beneficial relationships with
profitable customers
Customer: one who purchases or receives a product or service from a business or merchant, or plans to
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Customer retention: Organizational commitment to develop and enhance long term, mutually beneficial relationships with profitable customers
Cash flow
Increase Retention
Increase
customer
loyalty
Purchase
history
Customer
relations
It’s more expensive to loose a customer than to keep it
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Customer retention: Organizational commitment to develop and enhance long term, mutually beneficial relationships with profitable customers
Focus your marketing on your current customer and the rest will follow
Turn your customers into fans
Traditional marketing expend money convincing new customers.
Relationship marketing expend money keeping the ones already have
Know who your customer is
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Customer Relationship Management: all the activities to establish, develop and maintain
customer sales.
Customer: one who purchases or receives a product or service from a business or merchant, or plans to
Technology
Loyalty Programs
Customization
Interaction
Differentiation
Identification
CRM
Who is your customer
Know who brings profit
Have a conversation
Give a customer what they need
Create loyalty programs
Special software for CRM
Goals
Concepts
Key words
Case Studies
Practical examples
Q&A
Customer ValueCustomer SatisfactionRelationship MarketingCustomer Relationship Management(CRM)
Principles of Marketing Chapter 5Value for Customers
Customer retention: Organizational commitment to develop and enhance long term, mutually beneficial relationships with profitable customers
Customers perceive a value
Loyalty is a two way thing
Relationship marketing is the key
Successful companies have a CRM Department
Pag 55
Application Exercises
Elaborate on Question #3
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