logging in or signing up INTRO TO CUSTOMER BEHAVIOR -CHAPTER 1 INTRASPEC Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 282 Category: Education License: All Rights Reserved Like it (1) Dislike it (0) Added: June 14, 2010 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript CHAPTER 1 : 1 CHAPTER 1 The Customer: Key to Market Success CUSTOMER BEHAVIOR: A MANAGERIAL PERSPECTIVE PART 1: The Importance of Understanding Customer Behavior : 2 The Importance of Understanding Customer Behavior A Key to Success (SAG) Satisfy customers Adopt the marketing concept Gain legitimacy in society Satisfying the Customer : 3 Satisfying the Customer Adopt a Customer Culture Incorporate customer satisfaction as an integral part of the corporate mission and utilize an understanding of customer behavior as input to all marketing plans and decisions Adopting the Marketing Concept : 4 Adopting the Marketing Concept Market Concept Principle Focus Making what the customer wants or needs Selling Concept Principle Focus Finding a buyer for the product Selling the customer into exchanging money for the product vs. Gaining Legitimacy in Society : 5 Gaining Legitimacy in Society A society supports businesses because they serve its members by catering to their needs and wants Focus on the customer Pay attention to customer behavior Respond to customer needs, desires and preferences Customer Orientation : 6 Customer Orientation a thorough understanding of: customers’ needs and wants, competitive environment, the nature of the market used to formulate all the firms’ plans and actions to create satisfied customers Competitive Advantages Through Customer Satisfaction : 7 Competitive Advantages Through Customer Satisfaction Repeat Buying Higher Prices Loyalty in Crisis Word of Mouth New Product Innovation Corporate Performance One-Stop shopping Growth Profits Customer Satisfaction Increased Profitability : 8 Increased Profitability Advantages (CPC) Cost efficiencies from repeat customers Price premiums from established customers Customer loyalty in corporate crisis Increased Growth : 9 Increased Growth Advantages(ION) Increased word of mouth One-stop shopping New product innovations Creates Pride in Employees : 10 Creates Pride in Employees Customer orientation has an effect on employee morale in the company Satisfied employees create satisfied customers Happy customers lead to employee happiness Customers: Types, Roles,and Behaviors : 11 Customers: Types, Roles,and Behaviors Customer Types Roles Mental Activities Physical Activities Business Households (consumers) Payers Users Buyers Customer Behavior Domain : 12 Customer Behavior Domain HOUSEHOLD BUSINESS SERVICES PRODUCTS Three Roles of the Customer : 13 Three Roles of the Customer User Payer Buyer Reasons for Role Specialization : 14 Reasons for Role Specialization Lack of expertise Lack of time Lack of buying power Lack of access Lack of affordability When the product or service is subsidized by payers When the product or service is free Customer Needs and Wants : 15 Customer Needs and Wants Need arousal is driven by discomfort in a person’s physical and psychological conditions Wants occur when and because humans desire to take their physical and psychological conditions beyond the state of minimal comfort Determinants of Needs and Wants : 16 Determinants of Needs and Wants Customer Needs Individual Traits Genetics Biogenics Psychogenics Market Traits Climate Topography Ecology Customer Wants Individual Context Personal Financial Worth Institutions Culture Market Context Economy Technology Public Policy Matrix of Personal and Environmental Characteristics : 17 Matrix of Personal and Environmental Characteristics Market Value : 18 Market Value Market value is the potential of a product or service to satisfy customers’ needs and wants Value is created only if the product or service has the capability to satisfy a customer’s needs and wants Classification of Market Values : 19 Classification of Market Values Universal Values Personal Values Matrix of Values and Customer Roles : 20 Matrix of Values and Customer Roles Characteristics of Customer Value : 21 Characteristics of Customer Value Values are instrumental Values are dynamic Values are hierarchical Diversity of customer values increases with hierarchy Values are synergistic Values are role-specific Values vary across customers Value Synergy : 22 Value Synergy Best Universal value = (Performance) x (price) x (service value) and Best Personal value = (Social and emotional) x (convenience and personalization) x (credit and financing) Conceptual Framework : 23 Conceptual Framework You do not have the permission to view this presentation. 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INTRO TO CUSTOMER BEHAVIOR -CHAPTER 1 INTRASPEC Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 282 Category: Education License: All Rights Reserved Like it (1) Dislike it (0) Added: June 14, 2010 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript CHAPTER 1 : 1 CHAPTER 1 The Customer: Key to Market Success CUSTOMER BEHAVIOR: A MANAGERIAL PERSPECTIVE PART 1: The Importance of Understanding Customer Behavior : 2 The Importance of Understanding Customer Behavior A Key to Success (SAG) Satisfy customers Adopt the marketing concept Gain legitimacy in society Satisfying the Customer : 3 Satisfying the Customer Adopt a Customer Culture Incorporate customer satisfaction as an integral part of the corporate mission and utilize an understanding of customer behavior as input to all marketing plans and decisions Adopting the Marketing Concept : 4 Adopting the Marketing Concept Market Concept Principle Focus Making what the customer wants or needs Selling Concept Principle Focus Finding a buyer for the product Selling the customer into exchanging money for the product vs. Gaining Legitimacy in Society : 5 Gaining Legitimacy in Society A society supports businesses because they serve its members by catering to their needs and wants Focus on the customer Pay attention to customer behavior Respond to customer needs, desires and preferences Customer Orientation : 6 Customer Orientation a thorough understanding of: customers’ needs and wants, competitive environment, the nature of the market used to formulate all the firms’ plans and actions to create satisfied customers Competitive Advantages Through Customer Satisfaction : 7 Competitive Advantages Through Customer Satisfaction Repeat Buying Higher Prices Loyalty in Crisis Word of Mouth New Product Innovation Corporate Performance One-Stop shopping Growth Profits Customer Satisfaction Increased Profitability : 8 Increased Profitability Advantages (CPC) Cost efficiencies from repeat customers Price premiums from established customers Customer loyalty in corporate crisis Increased Growth : 9 Increased Growth Advantages(ION) Increased word of mouth One-stop shopping New product innovations Creates Pride in Employees : 10 Creates Pride in Employees Customer orientation has an effect on employee morale in the company Satisfied employees create satisfied customers Happy customers lead to employee happiness Customers: Types, Roles,and Behaviors : 11 Customers: Types, Roles,and Behaviors Customer Types Roles Mental Activities Physical Activities Business Households (consumers) Payers Users Buyers Customer Behavior Domain : 12 Customer Behavior Domain HOUSEHOLD BUSINESS SERVICES PRODUCTS Three Roles of the Customer : 13 Three Roles of the Customer User Payer Buyer Reasons for Role Specialization : 14 Reasons for Role Specialization Lack of expertise Lack of time Lack of buying power Lack of access Lack of affordability When the product or service is subsidized by payers When the product or service is free Customer Needs and Wants : 15 Customer Needs and Wants Need arousal is driven by discomfort in a person’s physical and psychological conditions Wants occur when and because humans desire to take their physical and psychological conditions beyond the state of minimal comfort Determinants of Needs and Wants : 16 Determinants of Needs and Wants Customer Needs Individual Traits Genetics Biogenics Psychogenics Market Traits Climate Topography Ecology Customer Wants Individual Context Personal Financial Worth Institutions Culture Market Context Economy Technology Public Policy Matrix of Personal and Environmental Characteristics : 17 Matrix of Personal and Environmental Characteristics Market Value : 18 Market Value Market value is the potential of a product or service to satisfy customers’ needs and wants Value is created only if the product or service has the capability to satisfy a customer’s needs and wants Classification of Market Values : 19 Classification of Market Values Universal Values Personal Values Matrix of Values and Customer Roles : 20 Matrix of Values and Customer Roles Characteristics of Customer Value : 21 Characteristics of Customer Value Values are instrumental Values are dynamic Values are hierarchical Diversity of customer values increases with hierarchy Values are synergistic Values are role-specific Values vary across customers Value Synergy : 22 Value Synergy Best Universal value = (Performance) x (price) x (service value) and Best Personal value = (Social and emotional) x (convenience and personalization) x (credit and financing) Conceptual Framework : 23 Conceptual Framework