Chapter5kotler 120913033639-phpapp02
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This document discusses key concepts for customer value, satisfaction, and loyalty. It defines total customer benefit as the actual benefits of a product or service, and total customer cost as the monetary and non-monetary costs to the customer. Perceived value is determined by comparing the total benefits to total costs. Customer satisfaction results from providing benefits that outweigh costs and offering advantages over competitors. Satisfied customers are likely to become loyal customers, leading to increased company profits.
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Chapter5kotler 120913033639-phpapp02
- 1. Chapter 5 Customer Value, Satisfaction and Loyalty Mark Angelo Reyes MARKMA
- 2. Customers – marketing is the art of attracting and keeping profitable customers
- 3. Total Customer Benefit – the actual benefits afforded by the product and/or service to the customer
- 4. Total Customer Cost - the monetary, time, energy and psychological cost components of the product/service
- 5. Perceived Value - The total perceived value of the customers is determined by the difference of the Total Customer Benefit and Total Customer Cost
- 6. More Benefits than Costs – Does the benefits out weight the costs?
- 7. Competitive Advantage – Are the products/services that you offer superior to competitors/alternatives?
- 8. Customer Satisfaction – Analyze what the customer holds important to make it easier to meet the requirements. Once met, there is customer satisfaction.
- 9. Customer Satisfaction – Quantifiable measurement methodologies are available to monitor satisfaction levels of the customers.
- 10. Customer Loyalty – Customer satisfaction almost always leads to customer loyalty (Loyalty is a commitment to repurchase or re-patronize a preferred product )
- 11. Profits – with customer loyalty comes company profits
- 12. Customer Satisfaction Customer Loyalty Profits Competitive Advantage More Benefits than Costs Customer Satisfaction Perceived Value Total Customer Cost Total Customer Benefit