V49 erwin isla-chapter 5_concepts
- 1. CREATING CUSTOMER VALUE, SATISFACTION & LOYALTY Erwin L. Isla, M.D. MBA/H Batch 8 Top 10+ Concepts
- 2. OUTLINE Chapter 5 Creating Customer Value, Satisfaction, and Loyalty
- 3. Outline A. BUILDING CUSTOMER VALUE, SATISFACTION, AND LOYALTY 1. Customer Perceived Value Concept 1 2. Total Customer Satisfaction Concept 2 Concept 3
- 4. Outline 3. Monitoring Satisfaction Concept 4 Concept 5 4. Product and Service Quality Concept 6
- 5. Outline B. CULTIVATING CUSTOMER RELATIONSHIPS 1. Customer Relationship Management Concept 7 2. Attracting and Retaining Customers Concept 8 3. Building Loyalty Concept 9 Concept 10
- 6. Outline C. Customer Database and Database Marketing Concept 11 D. Summary/ Conclusion
- 7. TOP 10+ CONCEPTS Chapter 5 Creating Customer Value, Satisfaction, and Loyalty
- 8. Customer Perceived Value Based on difference between what customer gets & what he/she gives for the different choices Customers are value maximizers
- 9. 1. The buyer will choose whichever he/ she thinks delivers the highest perceived value. (p. 162) Kotler Caterpillar vs. Komatsu, Volvo, Superquinn Local Pyrex, Rolex RP Medical Application Asian Eye Institute (AEI)
- 10. Total Customer Satisfaction Satisfaction – feeling of pleasure or disappointment that result from comparing a product’s perceived performance (or outcome) to expectations
- 11. 2. Raise expectations and deliver performance to match. (p. 165) Kotler Kia Local Hyundai, Bench RP Medical Application Unilab (Ritemed)
- 12. 3. Create a “branded customer experience”. (p. 165) Kotler Joie de Vivre Hospitality Inc., Hotel del Sol (“kind of Martha Stewart Living meets Islands Magazine”) Local Nurture Spa RP Medical Application Tricare Hospitel
- 13. Monitoring Satisfaction Periodic Surveys Customer loss rate Mystery buyers/ shoppers Strength and weakness?
- 14. 4. Monitor customer satisfaction regularly.(p. 165) Kotler Wachovia Securities Local Fitness First RP Medical Application St. Luke’s Medical Center, Medical City Customer satisfaction Customer retention/ loyalty
- 15. Influence of Customer Satisfaction Internet provides avenue to praise and bad mouth a company
- 16. 5. Customer satisfaction is both a goal and a marketing tool. (p.166) Kotler Heinz, Toyota, Apple, Google (high ACSI) Local Motor Image Pilipinas RP Medical Application St. Luke’s Medical Center, MD’s
- 17. Product and Service Quality Quality – totality of features of a product or service that bear on its ability to satisfy implied needs Interconnected
- 18. 6. Quality is the key to value creation and customer satisfaction. (p. 170) Kotler General Electric, Lexus Local Levis RP Medical Application Alcon Philippines, Mercury Drug
- 19. Customer Relations Management (CRM) Enables companies to provide excellent real-time customer service through effective use of individual account information.
- 20. 7. Manage detailed information about individual customers and customer “touch points” to maximize loyalty. (p. 173) Kotler Four Seasons Hotel, Harrah’s Local Pru Life, Philamlife RP Medical Application Belo Medical Group, Calayan
- 21. Attracting and Retaining Customers Search of new customers through media, mail, phone calls, trade shows, lists from brokers
- 22. 8. Resort to customer discounts and other promotions to retain new customers and attract new ones Kotler Citizens Bank Local Globe, Smart, PLDT RP Medical Application ( medical equipment suppliers)
- 23. Building Loyalty Strong, tight connection to customers Key to long-term marketing success Includes retention-building activities
- 24. 9. Listening to customers is crucial to customer relationship management. (p. 178) Kotler MBNA, Deere & Company, Chicken of the Sea Local Hotels RP Medical Application Customer Service/ Help Desk of hospitals
- 25. 10. Develop “Loyalty Programs” to build long term loyalty with high CLV customers. (p. 179) Kotler Airlines, hotels, credit card companies, Hershey’s, Harley-Davidson, Apple Local Rustan’s, SM RP Medical Application Mercury Drug
- 26. Customer Database and Database Marketing Customer database – an organized collection of comprehensive information about individual customers or prospects that is current, accessible and actionable Database marketing – the process of building, maintaining, and using customer databases and other databases to contact, transact, and build customer relationships
- 27. 11. Use technology to build customer value. (p. 181) Kotler GE Plastics, Dell Computer, Ameritrade, BBC Local Banks, RP Medical Application Health cards (Cocolife)
- 28. Summary The buyer will choose whichever he/ she thinks delivers the highest perceived value. Raise expectations and deliver performance to match. Create a “branded customer experience”. Monitor customer satisfaction regularly. Customer satisfaction is both a goal and a marketing tool.
- 29. Summary Quality is the key to value creation and customer satisfaction. Manage detailed information about individual customers and customer “touch points” to maximize loyalty. Resort to customer discounts and other promotions to retain new customers and attract new ones.
- 30. Summary Listening to customers is crucial to customer relationship management. Develop “Loyalty Programs” to build long term loyalty with high CLV customers. Use technology to build customer value.
- 31. Conclusion Know needs and wants Choices Customer relations And Loyalty
- 32. CREATING CUSTOMER VALUE, SATISFACTION & LOYALTY Erwin L. Isla, M.D. MBA/H Batch 8 Top 10+ Concepts THANK YOU!