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Chapter 1
Professor Lichtenthal
BASICS OF MARKETING -
OVERVIEW
ECONOMICS MARKETING
Scarcity Plenty
Assumptions Assumptions
THE CORE CONCEPTS OF
MARKETING - Overview
TRANSACTIONS
EXCHANGES
RELATIONSHIPS
(Prof L summary)
MARKETING MANAGEMENT
Primary Tasks: Level, Timing and Character
Transactions, Exchanges
and relationships
CDV=TCV-TCC
C S = Perceived Performance Expectations
it costs 5 -> 10 times MORE to attract new customers
than it does to keep current customers satisfied
a marketers concern is the lifetime value of a
customer (net present value of revenue expenses)
Tracking Tools:
Complaint / Suggestion Systems
Customer Satisfaction Surveys
Lost Customer Analysis
Ghost Shopping
Customer Satisfaction
Satisfied customers
Are loyal longer
Buy more (new products and upgrades)
Spread favorable word-of-mouth
Are more brand loyal (i.e., less price sensitive)
Offer feedback
Reduce transactions costs
Customer Satisfaction
Performance SATISFACTION
Expected
level
DISSATISFACTION
Share of a Customer
- portion of purchases your firm gets
Customer Equity
- combined lifetime values of all of a firms customers
Overall Goal Relationship Marketing:
- attracting and retaining profitable customers
Relationship Marketing Tools