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  • MM Session1 BLDG Relationships

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    Sidra Anjum
    56 Ansichten16 Seiten
    This document summarizes key points from a marketing session on customer acquisition, satisfaction, and retention. It discusses designing a customer-driven marketing strategy by defining the target market and value proposition. It also covers preparing a marketing plan using the marketing mix, building customer relationships through customer relationship management, and capturing value from customers by creating loyalty and calculating customer lifetime value. The goal is to build a profitable customer base and long-term customer relationships.

    Originalbeschreibung:

    Customer Acquisition, Satisfaction and Retention: Building Relationship for Adding Value

    Originaltitel

    MM Session1 Bldg Relationships

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    This document summarizes key points from a marketing session on customer acquisition, satisfaction, and retention. It discusses designing a customer-driven marketing strategy by defining the target market and value proposition. It also covers preparing a marketing plan using the marketing mix, building customer relationships through customer relationship management, and capturing value from customers by creating loyalty and calculating customer lifetime value. The goal is to build a profitable customer base and long-term customer relationships.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als PPTX, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    56 Ansichten16 Seiten

    MM Session1 BLDG Relationships

    Hochgeladen von

    Sidra Anjum
    This document summarizes key points from a marketing session on customer acquisition, satisfaction, and retention. It discusses designing a customer-driven marketing strategy by defining the target market and value proposition. It also covers preparing a marketing plan using the marketing mix, building customer relationships through customer relationship management, and capturing value from customers by creating loyalty and calculating customer lifetime value. The goal is to build a profitable customer base and long-term customer relationships.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als PPTX, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 16

    Session 1:

    Customer Acquisition,
    Satisfaction and Retention:
    Building Relationship for
    Adding Value

    MM-EPYP- Session 1 1
    Main Points
    • Designing a Customer-Driven Marketing
    Strategy
    • Preparing a Marketing Plan and
    Programme
    • Building Customer Relationships, and
    • Capturing Value from Customers

    MM-EPYP- Session 1 2
    Designing a Customer-Driven
    Marketing Strategy
    • To design a winning marketing strategy, the
    marketing manager must answer two
    important questions:
    1.What customers will we serve
     (what is our target market)?and

    2. How can we serve these customers
    best (what is our value proposition)?

    MM-EPYP- Session 1 3
    Choosing a Value Proposition
    • It determines how a company will
    differentiate and position itself in the
    marketplace.
    • A company’s value proposition is the set
    of benefits or values it promises to
    deliver to consumers to satisfy their
    needs.

    MM-EPYP- Session 1 4
    Choosing a Value Proposition-
    The Citi Card Way

    MM-EPYP- Session 1 5
    Preparing a Marketing Plan and
    Programme
    Marketing Mix
    Product variety
    Channels
    Quality
    Design
    Place Coverage
    Features Product Assortments
    Brand name
    Locations
    Packaging
    Sizes
    Target Inventory
    Services
    Market Transport
    Warranties
    Returns
    Price Promotion
    List
    price Sales promotion
    Discounts Advertising
    Allowances Salesforce
    Public
    Payment period MM-EPYP- Session 1 relations 6

    Credit terms Direct marketing


    Building Customer Relationships
    • Customer relationship management (CRM)
    is the overall process of building and
    maintaining profitable customer
    relationships by delivering superior
    customer value and satisfaction.

    MM-EPYP- Session 1 7
    Customer Satisfaction
     C.S. depends on the product’s
    perceived performance relative to a
    buyer’s expectations.

    MM-EPYP- Session 1 8
    Customer Value or Profit: A
    Marketer’s Dilemma!

    Profit
    Customer Value

    MM-EPYP- Session 1 9
    Customer Relationship Levels
    and Tools
    • Basic relationships
    • Full partnerships
    • Frequency marketing programmes
    • Club marketing programmes

    MM-EPYP- Session 1 10
    The Tools of CRM

    MM-EPYP- Session 1 11
    The Changing Nature of Customer
    Relationships
    • Relating with more carefully selected
    customers
    • Relating for long term
    • Relating directly

    MM-EPYP- Session 1 12
    Customer Life Expectancy and
    Customer Retention
    Years
    Customer Life (purchase period)

    20

    Customer Life (N)


    15
    N= 1
    1 - CR

    10

    5
    Source: Market-Based
    Management, Roger
    0 J. Best (4th Ed) PHI.

    50% 60% 70% 80% 90% 100%


    Customer Retention
    MM-EPYP- Session 1 13
    Capturing Value from Customers
    • Creating customer loyalty and retention
    – Customer lifetime value
    – The Golden Rule:
     “Sell good merchandise, treat your customers like
    human beings, and they’ll always come back for
    more”.

    • Building Customer Equity


     Customer Equity= The combined discounted


    customer lifetime values of all the company’s
    current and potential customers

    MM-EPYP- Session 1 14
    Capturing Value from Customers cont.d…

    • Building the Right Relationships with the Right


    Customers

    High Butterflies True Friends


    Potential
    Profitability

    Low
    Strangers Barnacles

    Short-term Long-term
    Customers Customers
    Projected Loyalty

    Source: ‘The Management of Customer Loyalty’, W. Relnartz, and V. Kumar


    HBR, July, 2003.
    MM-EPYP- Session 1 15
    Thank You

    MM-EPYP- Session 1 16

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