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Customer Value, Retention and Satisfaction
- 1. Please Take Note… No TATA Division = No Presentation = 0% Submission of Kefir Assignment- Today, 09:00. Are you a group leader who is not part of the WhatsApp Group? Please give me your contact details by the end of this class!
- 4. What is important to you, when buying the following products? Aspects CHIPS CAR Product/Brand Price Service/Guarantee Personnel Image in general Advantages Time Energy X X X
- 6. What is important to you, when buying the following products? Aspects CHIPS CAR Product/Brand Price Service/Guarantee Personnel Image in general Advantages Time Energy X X X X X X X XX X X
- 15. What is Customer Perceived Value? (pg. 472) “Customer perceived value is the customer’s evaluation of the differences between the perceived benefits versus the perceived cost for a specific market offering”
- 17. YOUR MISSION: Create a value proposition for your target market that they cannot resist! Focus on your PRODUCT: packaging, attributes Focus on SERVICE EXPERIENCE: servicescape Focus on the BRAND: image, associations Focus on the FORMAT/ENVIRONMENT: location, logistics, distribution Focus on the CUSTOMER RELATIONSHIP: personal Interaction
- 18. Are the BENEFITS unambiguous, specific and clearly stated? Is the TARGETCUSTOMERSEGMENT(or segments) clearly identified? Is the value proposition CLEARANDSIMPLE? Is it clear that the value proposition is SUPERIORfor the target segment Is there ADEQUATE DEMANDfor the value proposition? Is the value proposition PRACTICAL & WORTHWHILE, in lig competitors? Is the value proposition ATTAINABLEANDFEASIBLE? (pg. 473)
- 27. Customer Ratings of Competitors
- 28. 10-28 Identifying POD & POP (pg.474) Elements that make the supplier’s offering either superioror inferior to the next best alternative. Elements with essentiallythesame performanceor functionality as those of the next best
- 33. 5-33 CustomerPerceived Value (pg. 474) CarBuyerCarBuyer perceivedperceived ValueValue (CPV)(CPV) TotalTotal customercustomer valuevalue TotalTotal customercustomer costcost Service Experience Value Monetary cost Image value Time cost Energy cost Psychic cost People value Process value Payment plans, no deposit, Service plans Online product viewing and customisatio n Online support, less admin After-sales support . 7 year Warranty Trained Dealers Service Plans Image of high quality at affordable cost. Friendly sales staff Customisatio n opportunities . REDUCE Product Value New designs Top of the range features for a low cost ENHANC E
- 49. SATISFACTORY EXPERIENCE: Good service, friendly staff and food is of good quality and on-time DELIGHTFUL EXPERIENCE On-the-house / complementary offerings In-store entertainment
- 50. Customer Retention (pg. 483) Custo m e r re te ntio n is the asse ssm e nt o f the am o unt o f loyal customers who m ake purchase s fro m a sto re o n a re g ular basis within a pe rio d o f tim e .
- 52. How to Retain Customers (pg. 484)
- 56. 5-58 Formation of Strong Consumer Bonds Add Social Benefits Add Structural Bonds Customization of the product
- 57. Cellular Contracts (Structural Bond)
- 58. Loyalty Program (Financial Benefits)
Editor's Notes
- Is it worth it to: -Spend millions on a Merc for status? Save money but question safety?
- What’s important to them? Who can satisfy their needs?
- Look at your customers to see what value needs to be created Understand your specific customer segment. Student
- CEO of own business
- Customer-perceived value (CPV) is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. Total customer benefit is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image. Total customer cost is the perceived bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the given market offering, including monetary, time, energy, and psychological costs. Customer-perceived value is thus based on the difference between benefits the customer gets and costs he or she assumes for different choices. The marketer can increase the value of the customer offering by raising economic, functional, or emotional benefits and/or reducing one or more costs.
- How do you get customers to constantly pick your business.
- Table 10.1 provides examples of value propositions. Positioning requires that marketers define and communicate similarities and differences between their brand and its competitors. Specifically, deciding on a positioning requires: (1) determining a frame of reference by identifying the target market and relevant competition, (2) identifying the optimal points of parity and points of difference brand associations given that frame of reference, and (3) creating a brand mantra to summarize the positioning and essence of the brand.
- A company needs to gather information about each competitor’s real and perceived strengths and weaknesses. Table 10.2 shows the results of a company survey that asked customers to rate its three competitors, A, B, and C, on five attributes. Competitor A turns out to be well known and respected for producing high-quality products sold by a good sales force, but poor at providing product availability and technical assistance. Competitor B is good across the board and excellent in product availability and sales force. Competitor C rates poor to fair on most attributes. This result suggests that in its positioning the company could attack Competitor A on product availability and technical assistance and Competitor C on almost anything, but it should not attack B, which has no glaring weaknesses.
- Practical example:Kia
- Class Discussion: What would delight you?