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Chapter 3

Building Customer Satisfaction, Value, and Retention
PowerPoint by Karen E. James Louisiana State University - Shreveport
©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 0 of 18

 Understand how companies attract and retain customers. To accompany A Framework for Marketing Management.Objectives  Understand how companies deliver customer value and satisfaction. ©2003 Prentice Hall. 2nd Edition Slide 1 of 18 . Inc.  Identify the factors that make a high performance business.

Objectives  Realize how companies can improve both customer and company profitability. Inc.  Understand how companies can deliver total quality. 2nd Edition Slide 2 of 18 . ©2003 Prentice Hall. To accompany A Framework for Marketing Management.

2nd Edition Slide 3 of 18 . Inc. To accompany A Framework for Marketing Management.Customer Value  Customers seek to maximize value by – estimating which offer (product/firm) delivers the most value (CPV) – forming an expectation of value and acting upon it (purchase) – evaluating their usage experience against the expectations  Satisfaction results when expectations are equaled or surpassed ©2003 Prentice Hall.

Customer Perceived Value  Perception of delivered value is a function of: – Total customer costs – Total customer value  Firms at a disadvantage must: – Reduce perceptions of costs or enhance perceptions of value ©2003 Prentice Hall. 2nd Edition Slide 4 of 18 . To accompany A Framework for Marketing Management. Inc.

“a person’s feelings of pleasure or disappointment resulting from comparing a product’s perceived performance (or outcome) in relation to his or her expectations. 2nd Edition Slide 5 of 18 . .” ©2003 Prentice Hall. Inc. To accompany A Framework for Marketing Management.Customer Satisfaction  Satisfaction is defined as . .

size will be limited Slide 6 of 18 To accompany A Framework for Marketing Management. Inc. . 2nd Edition . .Customer Satisfaction  To maximize satisfaction . – Don’t exaggerate the product / service’s capabilities in advertising or other communications  Dissatisfaction will result  FTC may become involved – Don’t set expectations too low  Market ©2003 Prentice Hall.

High Performance Businesses Keys to Success  Stakeholders  Processes  Resources  Organization ©2003 Prentice Hall. 2nd Edition .  Identify several stakeholder groups for your University  How might the needs of these groups conflict with each other? Slide 7 of 18 To accompany A Framework for Marketing Management. Inc.

 New product development  Customer attraction and retention  Order fulfillment  Reengineering work flows  Building cross functional teams Slide 8 of 18 To accompany A Framework for Marketing Management.High Performance Businesses Keys to Success  Stakeholders  Processes  Resources  Organization ©2003 Prentice Hall. 2nd Edition . Inc.

ownership: Own and nurture core competencies Slide 9 of 18 To accompany A Framework for Marketing Management.High Performance Businesses Keys to Success  Stakeholders  Processes  Resources  Organization ©2003 Prentice Hall. energy. materials. 2nd Edition . and information  Outsourcing vs.  Resources include labor. machines. Inc.

and norms within an organization Slide 10 of 18 To accompany A Framework for Marketing Management.High Performance Businesses Keys to Success  Stakeholders  Processes  Resources  Organization ©2003 Prentice Hall.  Organization refers to the organization’s policies. beliefs. stories. Inc. and corporate culture  Corporate culture: shared experiences. structures. 2nd Edition .

Core Business Practices  Market Sensing  Customer Acquisition  Customer Relationship Management  Fulfillment Management  New Offering Realization ©2003 Prentice Hall. 2nd Edition Slide 11 of 18 . Inc. To accompany A Framework for Marketing Management.

2nd Edition Slide 12 of 18 . Inc. To accompany A Framework for Marketing Management.Customer Retention  Reducing customer churn (defection) is highly desirable – Define and measure retention rate – Identify causes of attrition – Estimate profit lost from customer defection (customer lifetime value) – Estimate cost to reduce defection. take appropriate action ©2003 Prentice Hall.

2nd Edition Slide 13 of 18 . Inc. To accompany A Framework for Marketing Management.Drivers of Customer Equity  Brand Equity  Relationship Equity  Value Equity ©2003 Prentice Hall.

Inc.Strong Customer Bonds Keys to Success  Adding Financial Benefits  Adding Social Benefits  Adding Structural Ties ©2003 Prentice Hall. 2nd Edition Slide 14 of 18  Frequency programs  Club memberships . To accompany A Framework for Marketing Management.

Strong Customer Bonds Keys to Success  Adding Financial Benefits  Adding Social Benefits  Adding Structural Ties ©2003 Prentice Hall. 2nd Edition Slide 15 of 18  Personalize customer relationships . To accompany A Framework for Marketing Management. Inc.

 Create long-term contracts  Charge less for ongoing purchases  Link product to long-term service Slide 16 of 18 To accompany A Framework for Marketing Management. 2nd Edition .Strong Customer Bonds Keys to Success  Adding Financial Benefits  Adding Social Benefits  Adding Structural Tie ©2003 Prentice Hall. Inc.

20 – 80 – 30 Rule 20 20% of your customers 80 Generate 80% of your profit 30 Half of your profit is lost serving the bottom 30% of your customer base Slide 17 of 18 ©2003 Prentice Hall. 2nd Edition . Inc. To accompany A Framework for Marketing Management.