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Creating customer Value, satisfaction and Loyalty Watch the video and take notes of the tips given. Whose Definition of Value is important? the buyer? the seller? the provider?
Creating customer Value, satisfaction and Loyalty Watch the video and take notes of the tips given. Whose Definition of Value is important? the buyer? the seller? the provider?
Creating customer Value, satisfaction and Loyalty Watch the video and take notes of the tips given. Whose Definition of Value is important? the buyer? the seller? the provider?
tips given http://www.youtube.com/watch?v=i nhsMlIBGXk
Creating Customer Value, Satisfaction and Loyalty
What is Value?
What is Value?
Value = Benefits Costs Additional benefits are added while costs remain the same, or costs of the current benefits provided are reduced.
Whose Definition of Value is Important? The Buyer? The Seller/ Provider?
Whose Definition of Value is Important? The Buyer? The Seller/ Provider?
The Buyer might find value in the acquisition process itself: the ease, convenience, timeliness, etc. The buyer might also find value in the relationship with a particular provider.
The provider may see value in the exchange: the money received for the service provided. Providers are hoping the first exchange will lead to repeated business and long term commitment.
Value as a Competitive Advantage Competitive companies have traditionally compete based on value as perceived by the customer.
Example : Company A vs. Company B and Company C
Competitive Advantage is achieved in two basic customer perceptions of value: Differentiation and Lowest Price.
Competitive Advantage In the 80`s - TQM In the 90`s - Reengineering
Value as a Competitive Advantage Is quality is value-added benefit? Value as a Competitive Advantage Today most products and services are of high quality and offered at very efficient pricing. Thus, a seller is mistaken when he/she believes that quality is a value-added benefit. Today quality is expected. Value as a Competitive Advantage
What are motivational factors?
Why do we need new motivational factors constantly? Value as a Competitive Advantage
Motivation requires exceeding expectations Companies must continually search for new motivational factors since factors than once gave a competitive advantage were rapidly copied and customers expectations continually arise Value as a Competitive Advantage It is time to link value obtained in the exchange process with customer satisfaction. Relationships Repeats Referrals
Customer Satisfaction
Product Service Customer = Customer Performance Expectations Satisfaction Watch the video What kind of customer service do you observe? What is Loyalty?
Loyalty
A commitment to rebuy or re-patronize a preferred product or service.
Dimensions of Customer Loyalty Whats the difference between Behavioral Loyalty And Attitudinal Loyalty?
Dimensions of Customer Loyalty Behavioral Loyalty (Repeated purchases) Attitudinal Loyalty ( Commitment) Both dimensions could be use to identify truly loyal customers and to customized loyalty strategies according to the level of loyalty. Attitude Low High B e h a v i o r
H i g h
Spurious Loyalty True Loyalty L o w
Low Loyalty Latent Loyalty Dimensions of Customer Loyalty Focusing in behavior alone cannot capture the reasons behind the purchase. The two dimensional loyalty approach can help us to identify loyalty segments and suggest marketing strategies to reach those segments. Customers Motivation for Maintaining Relationships
According to Bendapudi and Berry customers motivation to maintain relationships with service providers are divided in:
Constraint Based (they have to stay, high switching cost) Dedication Based ( they want to stay, trust and affective commitment)
Switching cost: Time, effort and expense associated with switching from one company to another. Example: Movistar - Claro Creating Value Towards Loyalty Building high switching barriers can increase both Behavioral and Attitudinal Loyalty. Outperfom the competition. Use value added strategies to augment the service delivery system and outperform the competition. Example: Supermarket employees taking your purchases to the car. Creating Value Towards Loyalty The value added strategies could involved personalized service and building relationships at employees levels. Reward Attitudinal Loyalty. Emotional attachment, trust and value added strategies will help build brand loyalty. Activity Upload your answers in the assignment Building Customer Loyalty till Monday. This activity can be done in groups of 4 or 5
1. Choose between the following services: a. Disco b. Supermarket c. Movie Thatre
2. Describe your behavior and attitude towards the service chosen 3. Describe your relationship with this kind of service. (Constrained Based, Dedication Based) 4. What would you suggest to improve the relationship with the service provider. 5. Explain an example of a loyalty program.(Example: Frequent Flying program) 6. Explain how that loyalty program help to build true customer loyalty.
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