Customer Satisfaction and Market Segmentation•This lecture mainly focused on two broad areas of marketing. Customer satisfaction and segmenting consumer markets (Market segmentation). First, we define customer satisfaction:
Customer satisfaction•Customer satisfaction is a measure of how products and services supplied by a company meet or surpass customer expectation. It has two main factors:(a). Customer expectation (b). Delivered value•If customer expectation is less than delivered value, customer is highly satisfied.
Customer Satisfaction•If customer expectation meets delivered value, then customer is satisfied.•And if customer expectation exceeds delivered value, then customer is dissatisfied.•The task of marketer is to meet customer expectation so that customer can be satisfied.
How to measure customer satisfaction•Customer expectation can be measured through following methods:a. Survey method (interviews, field studies etc) b. Complaint center (put a small box and ask customer to put their comments in the box, comment cards etc)
How to measure delivered value•Delivered value can be measured through following methods: a. Survey method (interviews, field studies etc) b. Ghost shopping (one of the company member visit service center as a customer and observe the level of service)
Market Segmentation•What is a Market? What do you understand by the term market?•To a marketer, the term market means:1. People as individuals or members of an organization. 2. People with desires. 3. People with willingness and ability or buying power to satisfy their desires. 4. People who can become customers because they have been authorized to buy.
Market•Thus, in summarization we can say that a market is: •An aggregate of people who, as individuals or organizations, have needs for products in a product class and who have the ability, willingness and authority to purchase such products (conditions needed for an exchange).