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kotler Marketing management chapter 4.PPT

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Marketing Management by Kotler Chapter 4.ppt

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kotler Marketing management chapter 4.PPT

  1. 1. 4-1 Assignment: Marketing Management Assignment on: Creating Customer Value and customer Relationships Submitted to: Ma’am Maria Kanwal Names Roll no. Umar Farooq 1504 Hammad Ahmad 1626 Muhammad Amir 1558 University of Education Lahore, Multan Campus
  2. 2. Marketing Management Chapter 4Chapter 4 Creating Customer Value and Customer Relationships 4-2
  3. 3. Building Customer Value and Satisfaction  Customer perceived value (CPV)—the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.  The Marketer can increase the value of the customer offering by raising economical, functional or emotional benefits or reducing one or more costs. 4-3
  4. 4. Organizational Chart 4-4
  5. 5. Figure 5.2 Determinants of Customer Perceived Value Image benefit Psychological cost Personal benefit Energy cost Services benefit Time cost Product benefit Monetary cost Total customer benefit Total customer cost 4-5
  6. 6. Steps in a Customer Value Analysis  Identify major attributes and benefits that customers value  Assess the qualitative importance of different attributes and benefits  Assess the company’s and competitor’s performances on the different customer values against rated importance  Examine ratings of specific segments  Monitor customer values over time 4-6
  7. 7. Delivering High Customer Value  Loyalty- A deeply held commitment to re- buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.  Value Delivery System- The set of core business processes that help deliver distinctive consumer value. 4-7
  8. 8. The Value Proposition The whole cluster of benefits the company promises to deliver 4-8
  9. 9. Total Customer Satisfaction  A person’s feelings of pleasure or disappointment that result from comparing a product’s perceived performance (or outcome) to expectations.  If the performance falls short of expectation, the customer is dissatisfied. If it matches, the customer is satisfied and if it exceeds, the customer is delighted. 4-9
  10. 10. Measuring Satisfaction Periodic SurveysPeriodic Surveys Customer Loss RateCustomer Loss Rate Mystery ShoppersMystery Shoppers Monitor Competitive Performance Monitor Competitive Performance 4-10
  11. 11. Product and Service Quality  Quality (or grade) is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.  Forms  Conformance quality  Performance quality 4-11
  12. 12. Maximizing Customer Lifetime Value Customer Profitability Profitability analysis Measuring Lifetime Value 4-12
  13. 13. Customer Profitability  A profitable customer is one that over time yields a revenue stream that exceeds by an acceptable amount the company’s cost stream for attracting, selling, and servicing that customer.  Marketers can assess customer profitability individually by marketing segment or by channel. 4-13
  14. 14. Customer Profitability Analysis (CPA)  Best conducted with an accounting technique called Activity-Based Costing (ABC).  Estimate all revenue coming from the customer, less all costs that go into serving that customer.  Companies that fail to measure their cost correctly, are also not measuring their profit correctly and are likely to misallocate their marketing effort. 4-14
  15. 15. Customer Profitability Analysis (CPA) 4-15
  16. 16. Measuring Customer Lifetime Value  Describes the net present value of the stream of future profits expected over the customer’s lifetime purchases.  The company must subtract from its expected revenues the expected cost of attracting, selling and servicing the account of that customer and applying the appropriate discount rate (say, between 10-20 percent). 4-16
  17. 17. Cultivating Customer Relationships  Customer relationship management (CRM) is the process of carefully managing detailed information about individual customers and all customer “touch points” to maximize customer loyalty.  Touch point—any occasion on which a customer encounters the brand and product. 4-17
  18. 18. CRM Steps 1. Identify your prospects and customers. 2. Differentiate customers in terms of their needs and their value to your company. 3. Interact with individual customers. 4. Customize products, services, and messages to each customer. 4-18
  19. 19. CRM Strategies Reduce the rate of defectionReduce the rate of defection Increase longevityIncrease longevity Enhance “share of wallet”Enhance “share of wallet” Terminate low-profit customers Terminate low-profit customers Focus more effort on high-profit customers Focus more effort on high-profit customers 4-19
  20. 20. Customer Retention  Acquisition of customers can cost five times more than retaining current customers.  The average customer loses 10% of its customers each year.  A 5% reduction to the customer defection rate can increase profits by 25% to 85%.  The customer profit rate increases over the life of a retained customer. 4-20
  21. 21. Building Loyalty  Interact with customers  Develop loyalty programs  Frequency programs  Club membership programs  Personalize marketing  Create institutional ties 4-21
  22. 22. Customer Database and Database Marketing  Customer database—an organized collection of comprehensive information about individual customers or prospects that is current, accessible, and actionable for marketing purposes.  Database marketing—the process of building, maintaining, and using customer databases and other databases to make contact, facilitate transactions, and build customer relationships. 4-22
  23. 23. Data Warehouse and Datamining  Data warehouse—organized data where marketers can capture, query, and analyze it to draw inferences about an individual customer’s needs and responses.  Data mining—statisticians extract useful information about individuals, trends, and segments from the mass of data. 4-23
  24. 24. Using the Database To identify prospectsTo identify prospects To target offersTo target offers To deepen loyaltyTo deepen loyalty To reactivate customersTo reactivate customers To avoid mistakesTo avoid mistakes 4-24
  25. 25. Downside of Database Marketing and CRM  Large investment  Difficulty in getting everyone to be customer oriented  Not all customers want an ongoing relationship  Assumptions behind CRM may not always hold true 4-25