What I learnt? Customer Behaviour: 1) Customer satisfaction only results in loyalty at the highest level...
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What I learnt? Customer Behaviour: 1) Customer satisfaction only results in loyalty at the highest level of satisfaction - do not focus entirely on satisfaction 2) Improvements that are not sustainable can backfire - expectation = f(past performance.) Satisfaction = Performance - Expectation 3) Customers needs change slowly over time Positioning: 1) Understand you can not go after all segments 2) Carefully pick the customers you want to serve 3) Implement elements of your marketing effort to go after the segments selected 4) If done correctly, the simulation rewards any effort to build long-term relationships (loyalty) with customers Market Research: 1) Helps you make better decisions 2) Understand needs of customers, competitor actions and other aspects of the marketplace 3) But not easy to define and manage Pricining: 1) If market research says you are differentiated well enough can increase prices 2) Reducing prices is a slippery slope 3) Improvements in performance dont hedge against customers desire for more reductions What I learnt? Customer Behaviour: 1) Customer satisfaction only results in loyalty at the highest level of satisfaction - do not focus entirely on satisfaction 2) Improvements that are not sustainable can backfire - expectation = f(past performance.) Satisfaction = Performance - Expectation 3) Customers needs change slowly over time Positioning: 1) Understand you can not go after all segments 2) Carefully pick the customers you want to serve 3) Implement elements of your marketing effort to go after the segments selected 4) If done correctly, the simulation rewards any effort to build long-term relationships (loyalty) with customers Market Research: 1) Helps you make better decisions 2) Understand needs of customers, competitor actions and other aspects of the marketplace 3) But not easy to define and manage Pricining: 1) If market research says you are differentiated well enough can increase prices 2) Reducing prices is a slippery slope 3) Improvements in performance dont hedge against customers desire for more reductions
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Customer Behavior 1 Understanding that customer satisfaction is not always enough to ensure loyalty ... View the full answer
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
Posted Date:
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