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Creating Customer Value, Satisfaction and Loyalty

Creating Customer Value, Satisfaction and Loyalty. CUSTOMER PERCEIVED VALUE. Customer perceived value (CPV) is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.

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Creating Customer Value, Satisfaction and Loyalty

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  1. Creating Customer Value, Satisfaction and Loyalty www.AssignmentPoint.com

  2. CUSTOMER PERCEIVED VALUE Customer perceived value (CPV) is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. www.AssignmentPoint.com

  3. Total customer value is the perceived monetary value of the bundle of economic, functional and psychological benefits customers expect from a given market offerings. Total customer cost is the bundle of costs customers expect to incur in evaluating, obtaining, and using the given market offerings. www.AssignmentPoint.com

  4. Customer-delivered value Total Customer value Total Customer cost Product value Monetary cost Services value Time cost Personnel value Energy cost Image value Psychic cost www.AssignmentPoint.com

  5. Delivering High Customer value The value proposition consists of the whole cluster of benefits the company promises to deliver. It is more than the core positioning of the offering. To deliver high customer value, a company must design a competitively superior value proposition aimed at a specific market segment, backed by a superior value delivery system. www.AssignmentPoint.com

  6. TOTAL CUSTOMER SATISFACTION Satisfaction is a person’s feelings of pleasure or disappointment resulting from comparing a product’s perceived performance in relation to his/her expectations. The company must try to deliver a high level of customer satisfaction subject to delivering acceptable levels of satisfaction to the other stakeholders. www.AssignmentPoint.com

  7. Customer Expectations The buyers form their expectations from – • Past buying experiences • Friends’ and associates’ advice • Marketers’ and competitors’ information and promises www.AssignmentPoint.com

  8. Measuring Satisfaction Tools for tracking and measuring customer satisfaction Complaints and suggestion systems Customer satisfaction surveys/ periodic surveys Ghost/mystery shopping Lost customer analysis www.AssignmentPoint.com

  9. Product and Service Quality • Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. • Marketers have two responsibilities in a quality-centered company • Participate in formulating strategies/policies to help the company win through total quality excellence. • Deliver marketing quality alongside production quality. www.AssignmentPoint.com

  10. Total Quality Management(TQM) Total quality management (TQM) is an organization-wide approach to continuously improving the quality of all the organization’s processes, goods and services. www.AssignmentPoint.com

  11. Marketers roles in defining and delivering high-quality products to target customers • Correctly identify the customers’ needs and requirements. • Communicate customer expectations properly to product designers. • Make sure that the orders are filled correctly and on time. • Check that customers have received proper instructions, training and technical assistance in the use of the product. • Stay in touch with customers after the sale. • Gather customer ideas for product improvements. www.AssignmentPoint.com

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