MGT 3300 Lecture Notes - Lecture 4: Customer Relationship Management, Customer Satisfaction, Marketing Ethics
Document Summary
To better understand what it takes to satisfy a customer, it"s useful to take the customer"s point of view. Customer value is the difference between the benefits a customer sees from a marketing offering and the costs of obtaining those benefits. Different customers may see the benefits and costs in different ways. The customer may not always dwell on value as a key determinant of buying behavior. A consumer is more satisfied when the customer value is higher benefits exceed costs by a larger margin. This model summarizes the important ideas presented to this point. In a firm that has adopted the marketing concept, everyone focuses on customer satisfaction. Value, in turn, helps attract customers and keeps them satisfied after they buy. This satisfaction then leads to repeat purchase and most likely purchases of other products offered by the firm. In this way, the firm builds profitable relationships with its customers.
