Customer-perceived value is a customer’s evaluation of the difference between all benefits and all costs of market offerings relative to competing offers Customers do not judge values and costs “accurately” or “objectively o Must act on perceived value
Customer Satisfaction Customer satisfaction depends on a product’s perceived performance relative to the buyer’s expectations o If a product is not good, the customer will be dissatisfied Higher levels of customer satisfaction = greater customer loyalty = better company performance Customer satisfaction comes from how well a company delivers on a basic value proposition and helps customers solve buying problems The purpose of marketing is to generate customer value profitably A marketer must continue to generate more customer value and satisfaction but not “give away house” Customer Relationship Levels and Tools A company with low-margin customers may seek to develop basic relationships with them Markets with few customers and high margins mean that sellers want to create full partnerships with key customers Many companies offer marketing programs that reward customers who buy frequently or in large amounts Club marketing programs offer members special benefits and create member communities Customer Engagement and Today’s Digital Social Media Today’s companies are using online, mobile and social media marketing to refine targeting and engage customers more deeply and interactively Old marketing involved marketing brands TO customers New marketing involves customer-engagement marketing which fosters direct and continual customer involvement in shaping brand conversations, brand experiences, and brand community o The goal is to make a brand a meaningful part of a consumer’s conversations and lives
Today’s consumers are better informed, more connected, and more empowered Customer-managed relationships: customers connect with companies and with each other to help forge their own brand experiences A company must practice marketing by attraction- creating market offerings and messages that engage consumers rather than interrupt them Key engagement marketing is to find ways to enter consumers’ conversations with engaging and relevant brand messages Successful engagement marketing means making relevant and genuine contributions to consumers’ lives and conversations Consumer-Generated Marketing Def: consumers themselves are playing a bigger role in shaping their own brand experiences and those of others Companies themselves are increasingly inviting consumers to play a more active role in shaping products and brand content The fibres of true customer engagement are woven deeply into the company and brand culture A brand must have a story to tell- authentic, engagement-worthy sense of purpose that goes beyond the product A company must engage them on their own terms, letting them help shape
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- Spring '15
- Marketing, customer equity, Marketing