MIEIC_MKT_2016_2017_6_Value creation and CRM - VALUE CREATION AND CUSTOMER RELATIONSHIP MANAGEMENT Bibliography Kotler and Keller(2012 Marketing

MIEIC_MKT_2016_2017_6_Value creation and CRM - VALUE...

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VALUE CREATION AND CUSTOMER RELATIONSHIP MANAGEMENT Bibliography: Kotler and Keller (2012), Marketing Management, 14ed., Pearson, cap. 5. Wirtz and Lovelock (2016), Services Marketing, 8th ed., Chapter 12. ©
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Building Customer Value, Satisfaction, and Loyalty Source: Marketing Management, 15 ed. Kotler & Keller, 2015 © Gabriela Beirão 2017 2
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3 The importance of customer satisfaction Service quality Customer satisfaction Customer loyalty Product quality Price Increased profitability Perceived value Comparison with expectations © Gabriela Beirão 2017
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Product and Service Quality 4 Ø The characteristics of a product or service that bear on its ability to satisfy stated or implied needs (American Society for Quality) Ø Fitness for use (Joseph Juran) Ø Conformance to requirements (Philip Crosby) ¨ Perceived quality: ¤ Customer perceptions of product or service quality. ¤ For customer decisions, perceived quality is real quality. © Gabriela Beirão 2017
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Customer expectations 5 ¨ Customer expectations of service are beliefs regarding the value of a product or service ¤ Customers form global expectations and expectations about specific aspects of a product or service. n Ex: waiting time, reliability, empathy... © Gabriela Beirão 2017
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Perceived value 6 ¨ What do customers mean by value? ¤ Difference between customer perceptions of what is received (benefits) and what is given (costs) to obtain and use a product or service. n Benefits: product benefit, services benefit, personnel benefit, image… n Costs: monetary cost, time cost, effort, psychological cost… Value = Total Benefits – Total Costs © Gabriela Beirão 2017
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Satisfaction 7 ¨ Evaluation of a product or service on how it is able to fulfill customer expectations. Satisfaction = Perceived Performance – Expected Performance “Everyone knows what satisfaction is, until asked to give a definition. Then it seems, nobody knows” Richard Oliver © Gabriela Beirão 2017
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Loyalty 8
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