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1、CREATING CUSTOMER VALUE, SATISFACTION, AND LOYALTY5 C H A P T E R LEARNING OBJECTIVESAfter reading this chapter, students should:q Know what are customer value, satisfaction, and loyalty, and how can companies deliver themq Know what is the lifetime value of customersq Know how companies can both at
2、tract and retain customersq Know how companies can cultivate strong customer relationshipsq Know how companies can deliver total qualityq Know what is database marketingCHAPTER SUMMARY Customers are value-maximizers. They form an expectation of value and act on it. Buyers will buy from the firm that
3、 they perceive to offer the highest customer-delivered value, defined as the difference between total customer value and total customer cost.A buyers satisfaction is a function of the products perceived performance and the buyers expectations. Recognizing that high satisfaction leads to high custome
4、r loyalty, many companies today are aiming for TCStotal customer satisfaction. For such companies, customer satisfaction is both a goal and a marketing tool.Losing profitable customers can dramatically affect a firms profits. The cost of attracting a new customer is estimated to be five times the co
5、st of keeping a current customer happy. The key to retaining customers is relationship marketing. Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. Todays companies have no choice but to implement total qualit
6、y management programs if they are to remain solvent and profitable. Marketing managers have two responsibilities in a quality-centered company. First, they must participate in formulating strategies and policies designed to help the company win through total quality excellence. Second, they must del
7、iver marketing quality alongside production quality.Companies are also becoming skilled in Customer Relationship Management (CRM) that focuses on meeting the individual needs of valued customers. The skill requires building a customer database and doing data mining to detect trends, segments, and in
8、dividual needs. OPENING THOUGHT Although most students understand the concept of “buying,” some will have difficulty in understanding the differences between total customer value and total customer cost. It will be beneficial for long-term understanding and retention to cover what the definition is
9、and what it is not. Secondly, the distinction between satisfaction and total customer satisfaction for the consumer might be challenging for some students. Some students may have a hard time understanding the distinction between perception and expectation. Finally, it might be necessary to reemphasi
10、ze the concepts of Customer Relationship Management (CRM), customer databases, and database mining often in the lecture. Students may confuse the concept of mailing lists with databases. However, most of the students today are proficient in Internet usage and can cite examples of relationship market
11、ing from their own favorite Internet sites such as A. TEACHING STRATEGY AND CLASS ORGANIZATIONPROJECTS1. At this point in the semester-long marketing plan project, students should have completed their value proposition for the fictional product, defined how they will deliver satisfaction and maintai
12、n customer loyalty. 2. Have students (in groups or individually) select a local firm in their community, or a local division of a national firm, and seek permission to interview their corporate executives on their corporations definition of customer satisfaction, loyalty, and what their particular f
13、irm does to foster such customer relations. This project can be combined with the project on marketing research and as such, students can create questionnaires suitable for mailing to these executives. The students can then present these findings to the class in a group or by individual presentation
14、s. This could be a full-semester project or limited to a few weeks of the semester. 3. Sonic PDA Marketing Plan Sonic has decided to focus on total customer satisfaction, because studies have shown that customers who are “completely satisfied” with the product or service are much more likely to buy
15、more from the company than customers who report they are “satisfied.” You have been asked by Jane Melody to: Recommend how Sonic should measure total customer satisfaction.Review the possible ways to gain customer satisfaction information and write the recommended approach in a marketing plan or int
16、o the Positioning section of Marketing Plan Pro.ASSIGNMENTSSmall Group Assignments1. In small groups (five students suggested as the maximum), have the students make appointments with local insurance agents, financial planners, or other service professionals in their area to discuss the agent and hi
17、s companys philosophy on customer value, satisfaction, and loyalty. There are some specific questions to ask: How does your company (and you individually) define customer satisfaction? How do you go about delivering value to your clients? How do you (and your company) calculate the lifetime value of
18、 a client? Students should prepare a report to be presented either to the class or as written group paper. 2. Key manufacturers and others must be concerned with how customers view products (customer satisfaction perceptions) being disseminated throughout the “electronic world” via the Internet. No
19、longer can one discount the “power of the mouse” for affecting potential customers. In small groups, students are to select a particular firm or product and are to research what is being said on the Internet regarding this company/product. What affects/effects does this type of dissemination of cons
20、umer opinions via the Internet have on the companys marketing strategies? What can the company do to stem the tide of such comments? How does a company defend itself against blatantly untrue consumer opinions? Individual Assignments1. Customer relations management is a current business “buzz word.”
21、Students can be directed to do an Internet research project from named marketing/business journals on the subject of customer relations management (the chapters endnotes can provide a good source of leads for the students). Each student can be directed to research, read, and compile a report on thei
22、r findings from a minimum of five articles from five different marketing (and business magazines such as Fortune). The students report is to comment on how these articles compare, complement, or contrast the material contained in this chapter. 2. Students who regularly shop at one of the main Intern
23、et sites (eBay, A, Lands E, etc.) experience some customer bonding with the provider. Ask students to comment on their experiences with these providers in terms of: Does the customization aspect of the provider encourage you to shop more, or is the customization aspect of the provider more of an int
24、rusion or hindrance? Does the customization provided concern you as to the level of personal information collected by the company? Do you feel that some of your “right to privacy” is being compromised for the sake of developing “bonds”? Think-Pair-Share1. Key retailers emphasize service, customer sa
25、tisfaction, and loyalty. Retailers such as Nordstrom, Saturn, Lexus, Infiniti, and others have a reputation for outstanding customer service and satisfaction. In small groups, have the students visit these key retailers (and other retailers pertinent to your trading area) and write down their observ
26、ations regarding what service quality clues they experienced during their in-store visits. Secondly, these same students are to visit other contrasting retailers and are to look for similar signs and clues to quality service. In a prepared report, students should note what elements of customer satis
27、faction was and was not present at each level of service provider. Taking the position then of a “shopper,” students should comment on which retailer would most likely retain customers and why. 2. The research firm J.D. Powers and Associates lists eight categories of products for consumers to resear
28、ch before purchasing the product or service. Breaking up the class into eight groups, have the students research the top performers for each category and be able to share their findings as to what characteristics, policies, procedures, and vision these top rated companies have in common. Is there a
29、“common” link among all of the winners? Are there differences? In terms of the material contained in this chapter, how would you explain these similarities and differences? MARKETING TODAYCLASS DISCUSSION TOPICSYou and your class colleagues have decided to start a business upon graduation. Your expe
30、rtise is in marketing so you have decided to start a marketing consultant firm. As one of your basic underlying competitive distinctions, you have decided upon “exceptional service is our minimum” as your tag line. Now you must define “exceptional service” and translate that tag line into specifics.
31、 Using each of the major headings contained in this chapter, detail how you plan to communicate “exceptional service.” For example, answer the following questions:1) Define your customers perceived value of your service.2) Apply the value concept.3) Deliver high customer value.4) Define total custom
32、er satisfaction for your firm.5) Define customer expectations for your firm (after all you have said that “exceptional service is our minimum” so now define what the customers expectations will be after reading this statement on your business cards). 6) How are you going to measure satisfaction?7) W
33、hat is product and service qualityyour definition or your customers definition? 8) Are/is your firm going to use ROQ as a measure?9) How will you define customer profitability? 10) What will be your measure of the customers lifetime value for your firm?11) How will you cultivate customer relationshi
34、ps and customer relation management?12) How will you retain and grow customers? 13) How will you build customer loyalty, reduce customer defections, and build strong customer bonds? END-OF-CHAPTER SUPPORT MARKETING DEBATEOnline Versus Off-Line Privacy As more and more firms practice relationship mar
35、keting and develop customer databases, privacy issues are emerging as an important topic. Consumers and public interest groups are scrutinizing- and sometimes criticizing the privacy policies of firms. Concerns are also being raised about potential theft of online credit card information or other po
36、tentially sensitive or confidential financial information. Others maintain that the online privacy fears are unfounded and that security issues are every bit as much a concern in the off-line world. They argue that the opportunity to steal information exists virtually everywhere and that it is up to
37、 the consumer to protect his or her interests. Take a position: (1) Privacy is a bigger issue in the online world than the off-line world versus privacy is no different online than off-line. (2) Consumers on the whole receive more benefit than risk from marketers knowing their personal information.
38、(1) Pro: Privacy is a larger issue in the online world than the off-line world simply because the information has a greater opportunity to be exposed to more people than off-line transactions. The transmission of private information electronically travels through electronic channels each of which pr
39、esents opportunity for misdirection or computer “hacking” activities. In many of these cases, the person, or firm transmitting this information, redirecting this information receiving this information and storing this information is unknown to the consumer. In the off-line world, the consumer has th
40、e opportunity to know the company, personnel, or firm receiving this information and has the opportunity to accept or decline sharing their personal information. Con: Transmission of personal information in the off-line world still travels electronically, in many cases. The act of paying with a cred
41、it card still involves the transmission of data electronically at some point in the transaction. What differs is the fact that the consumer is initially interfacing with a person (or firm). Although this does not mitigate the risks involved to the consumer, it does present some concrete knowledge of
42、 the people, or firm involved in the transaction. (2) Pro: With an active CRM program in place by a firm, consumers can receive more benefit than risks with the marketer knowing their personal information. A firm with an active CRM program can and does allow the consumer to move through the Customer
43、 Development Process (from suspects to partners) thus establishing strong ties to the firm and the reception of increased specially designed promotional and service programs unavailable to the general public. This is seen in frequent flyer discounts, member discount, special shopping days, and advan
44、ce notices of new products, promotions, and reminders for service opportunities (oil change reminders, medical appointment reminders, and others). In todays fast paced world, consumers stand to benefit from such attention to detail. Con: In current society, the dissemination of ones personal informa
45、tion is scary and a concern to the public in general as opportunities for misuse of this information abound. The public does not like intrusions into their personal lives, unless invited. Consumers do not feel that the benefits of this sharing of information outweigh the cost of the lost of privacy.
46、 The recent “Do Not Call Registry” established to limit the telemarketing industry is an example of consumers revolting in opposition. MARKETING DISCUSSIONConsider the lifetime value of customers (CLV). Choose a business and show how you would go about developing a quantitative formulation that capt
47、ures the concept. How would organizations change if they totally embraced the customer equity concept and maximized CLV? Suggested ResponseA) CLV describes the net present value of the stream of future profits expected over the customers lifetime purchases. Each students example will differ but the
48、main tenets of each report should include the following:1) Add:a) Profit from a sale (dollar or percent).b) Number of sales per customer per year.c) Average age of a customer.d) Average expected lifespan of a customer.2) Subtract:a) Appropriate discount rate.b) Costs of attracting one customer.c) Se
49、lling one customer.d) Servicing one customer. B) Organizations would change by beginning to take a long-term perspective rather than a short-term (quarter-to-quarter view). No longer viewing a customer as a “transaction” but rather as a “lifetime value” solidifies and demonstrates the impact that a single consumer has to a firm in a languag
