Managing Customer Relationships 3

Managing Customer Relationships 3 - Topic 2 Managing...

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Managing Customer Relationships BUSI 1004 Lecturer: Yin Mei NG Topic 2
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BUSI 1004 Topic 2: Managing Customer Relationships Ch. 1 • Understand the importance of building and managing customer relationships • Discuss core marketing concepts – Customer satisfactions and delights – Customer lifetime value – Share of customer – Customer equity
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Marketing Process Understand the marketplace & customer needs and wants •Research customers and marketing environments •Manage marketing and customer information Design a marketing strategy •Market segmentation & targeting: select customers to serve •Differentiation & positioning: design a value proposition Develop an integrated marketing program that deliver superior value Product: product and service design, build strong brands Pricing: create real value Distribution: manage demand and supply chains Promotion: communicate the value proposition Build profitable customer relationships and create customer delights •Customer relationship management •Partner relationship management Capture values from customers to create profits and customer equity • Create satisfied, loyal customers • Capture customer lifetime value • Increase share of market and share of customer
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• How do companies attract customers ? • How do companies retain customers ? Customer Relationship Management
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• How do companies attract customers ? – Understand its customer needs better than its competitors – Deliver more customer value than its competitors • How do companies retain customers ? – The most basic task is …. .? Building Customer Relationships
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Benefits of Customer Satisfaction ± Retain customers: ² Less price sensitive ² Repeat purchases ² May lead to customer loyalty ² Ultimately build customer relationships ± Grow new customers: ² Talk favorably to others about the company and its products Æ generate new leads
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What is Customer Satisfaction ? Expectation of how the product should perform Discrepancy between expectation & performance evaluation Evaluation of actual performance of the product Performance fails to meet expectations Performance meets expectations Performance surpasses expectations Customer Dissatisfaction Customer Delight Customer Satisfaction
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What is Customer Satisfaction? • Customer satisfaction – is the extent to which a product’s perceived performance matches a buyer’s expectations • Class discussion: – How can a company induce customer satisfaction? • by applying the learned nature of customer satisfaction
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Customer Delight Importance of customer delight Customer delight creates an emotional relationship with a product or service, not just a rational preference Delighted customers that are much more loyal .
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Managing Customer Relationships 3 - Topic 2 Managing...

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