Mech Engineer, MBA - Marketing-Operations, Enthusiastic Photographer & Retoucher, Guitarist, Website Developer and a Content Writer

Njm Njm

In this course, Himanshu will discuss the book by Philip Kotler and Kevin Lane Keller. In this course, he will discuss Part A of Chapter 5. What are customer value, satisfaction, and loyalty, and how can companies deliver them? What is the lifetime value of customers, and how can marketers maximize it? In this first half of chapter 5 we will learn about how the quality of service and product is important for marketers and why listening to the customer grievance is helpful for companies. How one should respond to the issue raised by customers? We will also learn through plenty of examples about customer value satisfaction. Tags: MBA Syllabus, Marketing Syllabus, MBA Exam.

English

Understanding Marketing Management by Phillip Kotler and Kevin Lane Keller - Chapter 5 (Part A)

Management

This is the course Overview and the topics that are related to retention and customer database we will be looking in Part A

Course Overview

In this lesson, we will learn about traditional and modern organisation pattern. We will see how the information flows in the organisation.

Traditional amd Modern Organisation

Consumers are better educated and informed than ever, and they have the tools to verify companies’ claims and seek out superior alternatives. Many websites like Carwale, Campareraja that give a comparison of various products from which the customers can choose.

Customer Percieved Value

Example for Customer Perceived Value

Very often, managers conduct a customer value analysis to reveal the company’s strengths and weaknesses relative to those of various competitors. The steps in this analysis are:
Identify the major attributes and benefits customers value. Customers are asked what attributes, benefits, and performance levels they look for in choosing a product and vendors. Attributes and benefits should be defined broadly to encompass all the inputs to customers’ decisions.

Customer Value Analysis

In general, satisfaction is a person’s feelings of pleasure or disappointment that can be a result from comparing a product’s perceived performance (or outcome) to expectations. If the performance falls short of expectations, the customer is dissatisfied. If it matches expectations, the customer is satisfied. If it exceeds expectations, the customer is highly satisfied or delighted. Customer assessments of product performance depend on many factors, especially the type of loyalty relationship the customer has with the brand. Consumers often form more favourable perceptions of a product with a brand they already feel positive about.

Total Customer Satisfaction

Many companies make measuring customer satisfaction a top priority, but how should they achieve it? A marketing expert Frederick suggests only one customer question really matters: “How likely is it that you would recommend this product or service to a friend or colleague?” we will be studying Net Promoter and Customer Satisfaction.

Measuring Customer Satisfaction

For customer-centered companies, customer satisfaction is both a goal and a marketing tool, which is may times used as competitive advantage. Companies need to be especially concerned with their customer satisfaction level today because the Internet provides a tool for consumers to quickly spread both good and bad word of mouth to the rest of the world. Some customers set up their own Web sites to vent out their grievances and register protest, targeting high-profile brands such as United Airlines, Apple, and Mercedes-Benz. This makes it even more challenging for companies in order to retain the customer's trust and loyalty.

Influence of Customer Satisfaction

No matter how perfectly designed and implemented a marketing program is, mistakes will happen. The best thing a company can do is make it easy for customers to complain. Suggestion forms, toll-free numbers, Web sites, and e-mail addresses allow for quick, two-way communication.

Handling Customer Complaints

Satisfaction will also depend on product and service quality. What exactly is quality? Various experts have defined it as “fitness for use,” “conformance to requirements,” and “freedom from variation.” We will use the American Society for Quality’s definition: Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. This is clearly a customer-centered definition. We can say the seller has delivered quality whenever its product or service meets or exceeds the customers’ expectations.

Lessons

10 lessons • 56m

Invalid Date

NaN

Course Overview

Invalid Date

NaN

Traditional amd Modern Organisation

Invalid Date

NaN

Customer Percieved Value

Invalid Date

NaN

Example for Customer Perceived Value

Invalid Date

NaN

Customer Value Analysis

Invalid Date

NaN

Total Customer Satisfaction

Invalid Date

NaN

Measuring Customer Satisfaction

Invalid Date

NaN

Influence of Customer Satisfaction

Invalid Date

NaN

Handling Customer Complaints

Invalid Date

NaN

Product and Service Quality