Customer Value and satisfaction.pdf
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Transcript of Customer Value and satisfaction.pdf
CHAPTER 1,2,5 :
Customer Value and Satisfaction
Key Markets
• Consumer markets
•Business markets
• Global markets
•Nonprofit/Government markets
Product flow and type of Markets
Supplier
Manufacturer
Distributor
Retailer
Customer
Business Market (B‐B)
ConsumerMarket (B‐C)
C‐C
C‐B
7 Ps
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Product• Variety• Quality• Design• Features• Brand• Services• Packaging
Price• Basic price• Payments• Credit• Discounts
Place• Channel• Coverage• Location• Inventory• Transport
Promotion• Sales Promotion• Advertising• Direct marketing• CSR
People• Employees• Management• External stakeholders
Process• Communication process• Service delivery process
Physical environment
• Culture• Facilities
Marketing Mix ( is the set of
marketing tools that the firms uses to pursue its marketing objectives in
the target market)
Perceived Value/Experience < Expectation
Perceived Value/Experience = Expectation
Perceived Value/Experience > Expectation
How we can measure customer satisfaction level?
Understanding Customer Value
A Satisfied customer
• Stays loyal longer• Buys more as the company introduces new products and services•Talks favorably about the company and the brands• Offers ideas to the company• Cost is low
Why do we need our Customer to be satisfied
• Customer Development plan
• Levels of responses in building relationship
Relationship Marketing is the key to retaining customers
Customer Development plan
Suspects ProspectsFirst time Customer
Repeat Customer
Clients Members
Partner
Advocates
Disqualified prospects
Inactive/ex‐customer
Porter’s Value Chain Model
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CHAPTER:2Developing Marketing Strategies and Plans
Why Marketing is Strategically important
• Market is lot more – Open and wider
– Competitive and complex
– Dynamic and demanding
– Dependant
– Customer centric
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Red Vs Blue Ocean Strategy???
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Red Ocean Strategy:‐Compete in existing market space‐Beat the competition‐Exploit existing demand
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Blue Ocean Strategy:‐Create uncontested market space‐Make the competition irrelevant‐Create and capture new demand
Examples of mission statement
Dell: Dell's mission is to be the most successful computer company in the world at delivering the best customer experience in markets we serve.
Honda: Maintaining a global viewpoint, we are dedicated to supplying products of the highest quality, yet at a reasonable price for worldwide customer satisfaction
Nike: To bring inspiration and innovation to every athlete* in the world. *"If you have a body, you are an athlete." ‐ Bill Bowerman
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Product Orientation vs. Market Orientation
Company Product Market
IBM We manufacture hardware and software
We build network
Xerox We make copying equipment
We improve office productivity
Standard Oil We sell gasoline We supply energy
Columbia Pictures We make movies We entertain people
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2. Establishing Strategic Business Units
Examples of SBUs
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GE Digital Energy
GE Capital
GE Technology Infrastructure
GE Home & Business Solutions
GE Electric distribution
GE Energy
GE Oil & Gas
GE Water & process technology
GE Aviation
GE Healthcare
GE Transportation
GE Consumer financeGE Leasing GE Real estate financing
GE Consumer electronics
GE Appliances
3. Assign resources to SBUs
• Identify each and every resources
• Portfolio evaluation model
1. Boston Consulting Group’s2. General Electric Approach
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The Boston Consulting Group’s /Growth‐Share Matrix
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General Electric Approach/ Multifactor Portfolio Analysis
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Protect current position Invest to build
Build selectively Selectively/Manage for earnings
Protect and Reinforce
Build selectively
Manage for Earnings
Harvest
Divest
MARK
ET ATTRA
CTIVEN
ESS
Low
Med
ium
High
Strong Medium WeakBUSINESS STRENGTH
Thank You
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CHAPTER: 4Conducting Marketing Research and
Forecasting Demand
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Marketing Information System (MIS)
• MIS consists of people, equipment and procedure to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers.
• Source can be either Primary or Secondary
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Marketing Research
Is the systematic design, collection, analysis and reporting of data and findings relevant to specific marketing situation facing the company.
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Marketing Research Process
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Define the problem and objectives
Develop the research plan (ReMe)
Collect the Information
Analyze the Information
Findings and Conclusion
Action and follow up
Research Methodology
• Type of research• Sampling plan
– Sample– Sample size– Probability and non‐probability sampling
• Data collection plan– Type of data– Source– Method– Instrument
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Types of Marketing Environment
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Micro‐Internal: Organization structure, policy, strategy, employees
Micro‐external: Customer, supplier, competitors, intermediaries, Shareholders, Creditors
Macro….
Thank You
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CHAPTER: 6Analyzing Consumer Market
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Marketing efforts to meet diversified consumers
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Cultural diversity
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• In China, white is the color of mourning and brides wear red.In USA black is the symbol of morning and brides wear white
• NOVA an economical brand of GM literally means“doesn't go” in Spanish
• Pepsi had to change its color of coolers and vendingequipments from deep regal blue to light ice blue in SoutheastAsia as this color is associated with death and morningin this part
HighInvolvement
Significantdifferences
betweenbrands
Fewdifferences
betweenbrands
LowInvolvement
Types of Buying Behavior
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ComplexBuying
Behavior
Variety-SeekingBehavior
Dissonance-Reducing Buying
Behavior
HabitualBuying
Behavior
Factors determining the level of involvement
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• Previous experience• Interest• Perceived risk of negative consequences• Situation• Social visibility
Learning
Psychodynamic theory
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Thank You
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CHAPTER:7Analyzing Business Markets
Business Market and Consumer Market
Characteristics Business Market Consumer Market
Demand Organizational Individual
Purchase volume Large Smaller
No. of customers Fewer Many
Location of buyers Geographically concentrated Dispersed
Distribution structure More direct More indirect
Nature of buying More professional More personal
Type of negotiations More complex Simpler
Use of reciprocity Yes No
Use of leasing Greater Lesser
Primary promotional method Personal selling Advertising
Thank You
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