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Top 10 Learning Concepts
 

Top 10 Learning Concepts

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    Top 10 Learning Concepts Top 10 Learning Concepts Presentation Transcript

    • TOP 10 Learning Concepts Chapter 5: Customer Value, Satisfaction, and Loyalty Cabunilas, Michelle M. 13 April 2011 http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed.
    • Contents:
      • Concept 1: Customer Value, Satisfaction, and Loyalty
      • Concept 2: Customer Satisfaction
      • Concept 3: Product and Service Quality
      • Concept 4: Maximizing Customer Lifetime Value
      • Concept 5: Customer Relationship Management
      • Concept 6: Attracting and retaining Customers
      • Concept 7: Increase Customer Value
      • Concept 8: Building Loyalty
      • Concept 9: Customer Database
      • Concept 10: Customer Development Process and Retention
      http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed.
    • Concept 1: Customer Value, Satisfaction, and Loyalty http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. Customers 
    • http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. Customer Perceived Value Image Benefit Psycho. Cost Concept 1: Customer Value, Satisfaction, and Loyalty Personal Benefit Energy Cost Services Benefit Time Cost Product Benefit Total Customer Banefit Monetary Cost Total Customer Cost Determinants Of Customer Perceived Value
    • Concept 1: Customer Value, Satisfaction, and Loyalty http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed.
    • Concept 2: Customer Satisfaction http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. A person’s feelings of pleasure or disappointment that result from comparing a product’s perceived performance to their expectations. Customers
    • Concept 2: Customer Satisfaction http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. Measurement Techniques for Customer Satisfaction: PERIODIC SURVEYS MYSTERY SHOPPER LOSS RATE FROM CUSTOMERS MONITORING PERFORMANCE
    • Concept 3: Product and Service Quality http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. WHAT IS Is the total feature and characteristic of a product or service that has an ability to satisfy needs .
    • Concept 3: Product and Service Quality http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. Product & Service Quality Customer Satisfaction Company Profit
    • Concept 3: Product and Service Quality http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed.
    • Concept 4: Maximize Customer Lifetime Value http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. Customer Profitability Lifetime Value Customer Equity Top 20% customers generates 80% or more of company’s profits Most profitable 20% customers contribute as much as 150%-200% profit. Least profitable 10%-20% cutomers lose 100% profit.
    • Concept 5: Customer Relationship Management http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. Process of managing detailed information about individual customers & all customer “touch point” to maximize customer loyalty. Customer encounters the brand and product—from actual experience to personal or mass communications to casual observation.
    • Concept 5: Customer Relationship Management http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. Identify customers
      • Differentiation
      • Needs
      • value
      Customizing products, services Interaction with customers ONE-TO-ONE MARKETING
    • Concept 5: Customer Relationship Management http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed.
    • Concept 6: Attracting and Retaining Customers http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. Customers
    • Concept 6: Attracting and Retaining Customers http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed.
    • Concept 7: Increase Customer Value http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. REDUCE RATE OF CUSTOMER DEFECTION INCREASE LONGEVITY OF CUSTOMER REL. ENHANCING GROWTH POTENTIAL THROUGH “ SHARE OF WALLET”, CROSS-SELLING, AND UP-SELLING MAKING LOW-PROFIT CUSTOMERS MORE PROFITABLE FOCUSING DISPROPORTIONATE EFFORT ON HIGH-VALUE CUSTOMER
    • Concept 8: Building Loyalty
      • Create superior products, services, and experiences for the target market.
      • Get cross-department participation in planning and managing the customer satisfaction and retention process.
      • Integrate the “Voice of the Customer” to capture their needs and requirements.
      • Organize and make database of information on customer needs, preferences, contacts, purchase frequency, and satisfaction.
      • Easy way for customers to reach companies personnel and express their needs, and complaints.
      • Potential frequency programs and club marketing programs.
      • Run award programs rocognizong outstanding customers.
      http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed.
    • Concept 8: Building Loyalty http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed.
    • Concept 9: Database Marketing http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. Collection of information about customers that is current, accessible, and actionable for marketing purposes. Process of building, maintaining, and using customer databases to contact, transact, and build customer relationships.
    • Concept 9: Database Marketing http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. IDENTIFY PROSPECTS DECIDE WHO TO OFFER DEEPEN CUSTOMER LOYALTY REACTIVATE CUSTOMER PURCHASES AVOID CUSTOMER MISTAKES
    • Concept 10: Customer Dev’t. Process and Retention http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed. potentials prospects First time customers Repeat customers clients members advocates partners In-active or Ex-customers Disqualified prospects
    • Concept 10: Customer Dev’t. Process and Retention
      • Acquired new customers cost five times more than satisfying and retaining current customers.
      • Average company loses 10% of its customer each year.
      • 5% reduction in customer defect rate can increase profits by up to 85%
      • Customer profit rate increase due to increased purchases, referrals, and price premiums and reducedd operating costs.
      http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed.
    • Summary:
      • Customers are value maximizers.
      • High satisfaction leads to high customer loyalty.
      • Losing profitable customers can affect a firm’s profits.
      • Marketers play a key role in achieving high levels of total quality.
      • Customer Relationship Management requires building a customer database and doing datamining to know trends, segments, and individual needs.
      http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed.
    • TOP 10 Learning Concepts Chapter 5: Customer Value, Satisfaction, and Loyalty Cabunilas, Michelle M. 13 April 2011 http://cabunilasmichelle.blogspot.com Kotler, Keller, Marketing Management, 13th ed.