Top 10 learning questions for chapter 5

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Top 10 learning questions for chapter 5

  1. 1. TOP 10 Learning Questions for<br />(Chapter 5: Creating Customer Value, Satisfaction, and Loyalty)<br />Francine Luanne M Collantes<br />September 2011<br />http://francollantes.blogspot.com<br />
  2. 2. 1. How do customers make choices? This question can BEST be answered by which statement according to Philip Kotler?<br />Customers are strongly influenced by “recommendations from other consumers”.<br />Customers look at the costs and risks associated in buying the product or patronizing the service offered<br />Customers are value maximizers<br />The power is with the customer<br />Customers look at the long-term value in their relationship with the company<br />2<br />http://francollantes.blogspot.com<br />
  3. 3. Customers form expectations of value and act on it<br /><ul><li>Better educated and informed consumers
  4. 4. Have tools to verify claims
  5. 5. Can seek out superior alternatives</li></ul>Kotler’s example:<br />Caterpillar led by maximizing total customer value in construction-equipment despite having Volvo, Hitachi, Komatsu around as competitors<br />http://francollantes.blogspot.com<br />
  6. 6. 4<br />1. How do customers make choices? This question can BEST be answered by which statement according to Philip Kotler?<br />Customers are strongly influenced by “recommendations from other consumers”.<br />Customers look at the costs and risks associated in buying the product or patronizing the service offered<br />Customers are value maximizers<br />The power is with the customer<br />Customers look at the long-term value in their relationship with the company<br />http://francollantes.blogspot.com<br />
  7. 7. 2. Product, Services, Personnel, and Image belong to which category as determinants of Customer-Perceived Value?<br />Total Customer Value<br />Total Customer Benefit<br />Total Customer Cost<br />Total Customer Proposition<br />Total Customer Perception<br />5<br />http://francollantes.blogspot.com<br />
  8. 8. Total Customer Benefit = perceived monetary value of benefit customers expect from a given market offering because of the product, service, people, & image<br />6<br />Total Customer Benefit<br />Total Customer Cost<br />-<br />Product<br />Monetary<br />Customer Perceived Value<br />=<br />Service<br />Time<br />Personnel<br />Energy<br />Image<br />Psychological<br />Reference: Fig 4.1 Determinants of Customer-Perceived Value, A Framework for Marketing Management, 4th Ed, Philip Kotler and Kevin Lane Keller, 2009<br />http://francollantes.blogspot.com<br />
  9. 9. 7<br />2. Product, Services, Personnel, and Image belong to which category as determinants of Customer-Perceived Value?<br />Total Customer Value<br />Total Customer Benefit<br />Total Customer Cost<br />Total Customer Proposition<br />Total Customer Perception<br />http://francollantes.blogspot.com<br />
  10. 10. 3. Value Proposition consists of the whole cluster of benefits the company ________ to deliver<br />promises<br />perceives<br />proposes<br />plans<br />prepares<br />8<br />http://francollantes.blogspot.com<br />
  11. 11. San Miguel’s value proposition lies on their promise of the experience of a “SamahangWalangKatulad”<br />9<br />http://francollantes.blogspot.com<br />
  12. 12. 3. Value Proposition consists of the whole cluster of benefits the company ________ to deliver<br />promises<br />perceives<br />proposes<br />plans<br />prepares<br />10<br />http://francollantes.blogspot.com<br />
  13. 13. 4. Loyalty is a deeply held commitment to rebuy or _______ a preferred product or service in the future despite situational influences.<br />repurchase<br />repatronize<br />reprocure<br />repay<br />repossess<br />11<br />http://francollantes.blogspot.com<br />
  14. 14. Consumers have varying degrees of loyalty to specific brands, stores, and companies<br />Loyalty<br /><ul><li>Repeat purchase
  15. 15. Repeat patronage</li></ul>http://francollantes.blogspot.com<br />
  16. 16. 13<br />4. Loyalty is a deeply held commitment to rebuy or _______ a preferred product or service in the future despite situational influences.<br />repurchase<br />repatronize<br />reprocure<br />repay<br />repossess<br />http://francollantes.blogspot.com<br />
  17. 17. 14<br />5. Which of the following statements best describe why there’s a need to build customer value?<br />Creating lasting customers is at the heart of every business<br />Creating lifelong customers is at the heart of every business<br />Creating long-term customers is at the heart of every business<br />Creating loyal customers is at the heart of every business<br />Creating lifetime customers is at the heart of every business<br />http://francollantes.blogspot.com<br />
  18. 18. The only value your company will ever create is the value that comes from customers - now and in the future<br />15<br />Without customers, you don’t have any business<br />http://francollantes.blogspot.com<br />
  19. 19. A loyal customer looks at only you, regardless of other choices or alternatives present in the market<br />16<br />http://francollantes.blogspot.com<br />
  20. 20. 17<br />5. Which of the following statements best describe why there’s a need to build customer value?<br />Creating lasting customers is at the heart of every business<br />Creating lifelong customers is at the heart of every business<br />Creating long-term customers is at the heart of every business<br />Creating loyal customers is at the heart of every business<br />Creating lifetime customers is at the heart of every business<br />http://francollantes.blogspot.com<br />
  21. 21. 18<br />6. If a company’s performance falls short of expectations, the customer gets _________.<br />Distracted<br />Displeasured<br />Dissatisfied<br />Discontented<br />Disappointed <br />http://francollantes.blogspot.com<br />
  22. 22. 19<br />Customers satisfaction is defined by matching both expectations and performance<br />Satisfaction<br /><ul><li>Feelings of pleasure or disappointment
  23. 23. Result of comparing:
  24. 24. Perceived performance vsExpectations
  25. 25. High satisfaction = High customer loyalty</li></ul>http://francollantes.blogspot.com<br />
  26. 26. 20<br />6. If a company’s performance falls short of expectations, the customer gets _________.<br />Distracted<br />Displeasured<br />Dissatisfied<br />Discontented<br />Disappointed <br />http://francollantes.blogspot.com<br />
  27. 27. 21<br />7. Which rule implies that a company could improve its profits by “firing its worst customers?<br />150-40 rule<br />150-50 rule<br />150-30 rule<br />150-20 rule<br />150-10 rule<br />http://francollantes.blogspot.com<br />
  28. 28. 150-20 Rule: The most profitable 20% of customers may contribute 150% of your company’s profitability<br />Large customers demand the ff:<br />Small-Medium customers do the ff:<br />vs<br /><ul><li>considerable service
  29. 29. deep discounts
  30. 30. More COSTLY!
  31. 31. Receive minimal service
  32. 32. pay full price
  33. 33. Less COSTLY = More PROFITABLE!</li></ul>http://francollantes.blogspot.com<br />22<br />
  34. 34. 23<br />7. Which rule implies that a company could improve its profits by “firing its worst customers?<br />150-40 rule<br />150-50 rule<br />150-30 rule<br />150-20 rule<br />150-10 rule<br />http://francollantes.blogspot.com<br />
  35. 35. 24<br />8. Which of the following is true?<br />Customer Relationship Management is the process of carefully managing detailed information about individual customers and all customer “touch points” to maximize loyalty<br />Customer Relationship Management focuses on programs to attract and retain the right customers<br />Customer Relationship Management enables companies to provide excellent real-time customer service <br />None of the above<br />All of the above <br />http://francollantes.blogspot.com<br />
  36. 36. 25<br />CRM is managing detailed information and individual touch points to maximize loyalty<br />Source: http://www.crm-strategy.net/crmpres.htm<br />http://francollantes.blogspot.com<br />
  37. 37. 26<br />Customer Relationship Management is in attracting and retaining the right customers<br />PARTNERS<br />Advocates<br />Members<br />Patrons<br />First-Timers<br />Prospects<br />Potentials <br />http://francollantes.blogspot.com<br />
  38. 38. 27<br />Sun Cellular uses detailed account information of its clients to provide real-time customer service as part of its CRM program<br />http://francollantes.blogspot.com<br />
  39. 39. 28<br />8. Which of the following is true?<br />Customer Relationship Management is the process of carefully managing detailed information about individual customers and all customer “touch points” to maximize loyalty<br />Customer Relationship Management focuses on programs to attract and retain the right customers<br />Customer Relationship Management enables companies to provide excellent real-time customer service through the effective use of individual account information<br />None of the above<br />All of the above <br />http://francollantes.blogspot.com<br />
  40. 40. 29<br />9. It is the process of building, maintaining, and using customer databases contact, transact, and build customer relationships.<br />Database Warehousing<br />Database Mining<br />Database Marketing<br />None of the above<br />All of the above<br />http://francollantes.blogspot.com<br />
  41. 41. 30<br />For marketers to know their customers, they should follow a process<br />Collect information<br />Store these information in a database<br />Use these information to conduct database marketing<br />Reference: Downside of Database Marketing and CRM p.167, A Framework for Marketing Management, 4th Ed, Philip Kotler and Kevin Lane Keller, 2009<br />http://francollantes.blogspot.com<br />
  42. 42. 31<br />McDonalds uses its McDelivery Online to gather information from customers to build personal relationships with its customers<br />http://francollantes.blogspot.com<br />
  43. 43. 32<br />9. It is the process of building, maintaining, and using customer information to contact, transact, and build customer relationships.<br />Database Warehousing<br />Database Mining<br />Database Marketing<br />None of the above<br />All of the above<br />http://francollantes.blogspot.com<br />
  44. 44. 33<br />10. The following are the functions of Data Warehouses and Data Mining EXCEPT:<br />It allows businesses to capture, query, and analyze customer needs and responses<br />It makes it easy for everyone in the company to be customer oriented and use valuable information<br />It deepens customer loyalty<br />It avoids serious customer mistakes<br />It allows business to make proactive, knowledge-driven decisions <br />http://francollantes.blogspot.com<br />
  45. 45. 34<br />Five main problems can prevent a firm from effectively using CRM<br />Some situations are not conducive to database management<br />Building and maintaining it requires a huge investment<br />It may be difficult to get everyone in the company to be customer oriented and use the available information<br />Not all customers want a relationship with the company<br />The assumptions behind CRM may not always hold true<br />Reference: Downside of Database Marketing and CRM p.167, A Framework for Marketing Management, 4th Ed, Philip Kotler and Kevin Lane Keller, 2009<br />http://francollantes.blogspot.com<br />
  46. 46. 35<br />10. The following are the functions of Data Warehouses and Data Mining EXCEPT:<br />It allows businesses to capture, query, and analyze customer needs and responses<br />It makes it easy for everyone in the company to be customer oriented and use valuable information<br />It deepens customer loyalty<br />It avoids serious customer mistakes<br />It allows business to make proactive, knowledge-driven decisions <br />http://francollantes.blogspot.com<br />
  47. 47. TOP 10 Learning Questions for<br />(Chapter 5: Creating Customer Value, Satisfaction, and Loyalty)<br />Francine Luanne M Collantes<br />September 2011<br />http://francollantes.blogspot.com<br />

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