24415 Lecture Notes - Lecture 6: Customer Relationship Management, Customer Satisfaction, Mass Customization
Document Summary
Customer satisfaction: satisfa(cid:272)tio(cid:374) is (cid:272)usto(cid:373)e(cid:396)s(cid:859) su(cid:271)je(cid:272)ti(cid:448)e e(cid:448)aluatio(cid:374) of (cid:272)o(cid:374)su(cid:373)ptio(cid:374) e(cid:454)pe(cid:396)ie(cid:374)(cid:272)e, a (cid:272)usto(cid:373)e(cid:396)(cid:859)s su(cid:271)je(cid:272)ti(cid:448)e e(cid:448)aluatio(cid:374)/judg(cid:373)e(cid:374)t relates to cognition, can lead to loyalty, dissatisfaction can lead to complaints and bad wom. Investors monitor because research indicates companies that have higher customer satisfaction indexes have higher profitability over time. Wom: customers that score 9-10 are promoters, % of promoters (of your brand) - % of detractors (of your brand) Customer relationships: fi(cid:396)(cid:373)s (cid:374)eed to (cid:271)uild (cid:272)usto(cid:373)e(cid:396) (cid:396)elatio(cid:374)ships i(cid:374) toda(cid:455)(cid:859)s (cid:272)o(cid:373)petiti(cid:448)e e(cid:374)(cid:448)i(cid:396)o(cid:374)(cid:373)e(cid:374)t because, abundant choices, consumers less responsive to mass media, consumers access to product information via wom, consumer preference is individualized. Repeated purchase is not loyalty: a customer may repeat purchasing from the same vendor because, contract locked in, habitual behaviour/too much effort to change vendors, you are currently the lowest cost provider, no better options. Customer loyalty in b2b: customer buying decisions are more rational and less driven by emotion based on cost benefit analysis.
