Popular in PRINCIPLES OF MARKETING
Popular in Marketing
verified elite notetaker
This 7 page Class Notes was uploaded by Petey Martin on Monday September 28, 2015. The Class Notes belongs to MKT 203 at University of Rochester taught by HOPE V in Summer 2015. Since its upload, it has received 9 views. For similar materials see PRINCIPLES OF MARKETING in Marketing at University of Rochester.
Reviews for Week 4
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 09/28/15
Petey Martin Notes 92215 0 Clinton Charity asco 0 Many Big Players OUT 0 Some Big Players STAY 0 Small Players IN 0 Customer Satisfaction o WalMart Legendary o Xerox Booming in Rochester area 0 Chrysler Small guys on the block Lee lacocca made massive gains Guaranteed workers job security 0 Cisco BB business to business product Made customer center of business culture 0 Honda Constantinnovation 0 Ford How do you put quality into product so that customer feels the quality 0 Customer Value 0 Perceptions Bene t Cost Bene t 0 Product 0 Service 0 People Convenient Trust 0 Price 0 Time 0 Attitude 0 Brand 0 Integrity 0 Assessing Customer ROI Kordeplusky Breakthrough Ratio of your loyal customers to your competitors loyal customers 0 Customer Equity Blattberg Thinking Business depends on customer equity Satis ed customers asset 0 Stock price directly correlated to customer satisfaction 0 How do you manage core customer asset Customer Satisfaction Performance vs Expectations 0 Ful lling a promise o Retain and grow customer base 0 Viral marketing out of company s hands 0 Power of advocates LoyaltyBased Segmentation 0 CRM Customer Segmentation Traditional View 0 Customer Satisfaction 0 910 are NOT dissatis ed 110 grumbling to friends New Wave Thinking Customer Loyalty 0 Super Consumers vs Advocates vs Loyal vs Merely Satis ed vs Neutrals vs Disillusioned Grumblers vs Dissatis ed HangersOn Comparative Value 0 Knowledge Strategy Super Consumers Aid Advocates Leverage Loyal o lncent Merely Satis ed and Neutrals Grow or Lose Disillusioned Grumblers o Winback BIG Dissatis ed HangersOn 0 Give Away 0 Competitors Customers Disillusioned Grumblers Dissatis ed HangersOn Neutrals and Merely Satis ed 0 Win Loyal 0 Win Advocates Super Customers Capture 0 Evolution of Modern Marketing SatisfactionBased Strategy 0 Evolved from o 50 s60 s mentality 0 Agency dominated 0 Mass advtgdriven environment InformationDriven Marketing Segmented market strategies 0 Technologyenabled 0 Database analytics o w Privacy backlash Customer Satisfaction Tools 0 Total Quality Management Malcolm Baldridge National Quality Award 0 Leadership 9 0 Strategic Plan 9 0 Customer Focus 9 MetricsKnowledge9 Human Resource 9 0 Process 9 0 Results Outcomes 45 0 Customer Relationship SystemsComplaint Management How to take a problem and turn it into something positive 0 Must have a solution 0 Customer Sat Surveys What can I spend money on that really makes a difference 0 Money must affect the customer 0 Lost Customer Analysis Who has left why did they leave 0 Economic equation for the price to bring back the customers that are controllable CRM Metrics Success Measures 0 Customer Acquisition Cost How much of advertising drives customers 0 Cost of lost customers Is it worth retaining 0 Customer Retention 96 of dissatis ed customers will never tell you How do you make a complaint system that works Petey Martin Notes 92415 Customer Value cont 0 CRM Metrics Success Measures cont Customer Lifetime Value LTV Macro What the average person spends x 27 years Granular l LL Bean Catalog number ordering Customer Equity 0 Stock Price re ects aggregate LTV Corporation equity value Corporate Pro tability Segmented customer pro tability Largest clients expect the biggest discounts best service cost you the most low pro t 0 Transition From Customer to Executive Mindset 0 Building CSatValue SBU Strategy silo Take advantage of knowledge that comes out of each unit 0 Strategic Planning Corporate Level umbrella Only people who can peer inside SBU silos 0 High Performance Business Components Stakeholders SuppliersSecond tier suppliers who are very invested in the company Creditors Customers Process 0 What makes things get done 0 Le Strategic Thinking worksheet Resources Consumables 0 Core Competence 0 Must match opinions with something you re good at 0 Knowledge of being good at something that your competitors are not Culture 0 Makes and breaks a company 0 Power to use Core Competence effectively 0 Ability for employees to treat each other well 0 Executive proxy 0 Embedded in the company historical Use money through symbols 0 Le Turkey vs 250 at Thanksgiving Satisfaction Delivery Process Value Chain 0 Primary activities core processes create amp distribute VALUE Materials in H Operations Materials out 1 Marketing amp Sales 1 Service 0 Support Activities Finance is a cost does not add core value 0 5 Core Marketing Systems Processes O 0 Market Sensing information Using information to bene t company Product Development new value propositions Offering new products and services that don t exist yet Customer Acquisition How do we nd new customers Advertisement Customer Management CRM How do we manage customers once we have them Ful llment Management logistics How do we ful ll promises How do we x issues improve customer complaint system Touchpoint Management Social Media Who s listening to us where and who s talking 0 KEY MESSAGES Strategic Planning 0 0 Effective Marketing Strategy can ony be developed within the context of a robust Corporate Strategy Strategic Tools de ne and map simple amp graphic complex reality Context the rm in its broad competitive space Competencies relationships of internal operating units brands divisions etc Time current recent past probable futures MIT s quotDelta Modelquot Adaptive Planning amp Management 393Iegged stool approach 3 options Ways to 39lockin market control 39lockout competitors 0 Market Oriented Strategic Planning o 4 Conceptual Levels of Thinking Vision 0 What you want your company to be in the future Mission 0 What your company is Strategic Plan 0 Objectives Key Success Measures Tactical Projects 0 Practical Performance Metrics
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'