Customer Centricity

¡Supera tus tareas y exámenes ahora con Quizwiz!

Percentage of Promotors - Percentage of Detractors = ?

Net Promoter Score

"Favorable Points of Difference" Approach

-B2B environment -requires detailed competitive knowledge

Creating the Demand Landscape

-Erich Joachimsthaler's -tracking several hundred or thousands of consumer behaviors through observation, diaries, journals, & interviews, then grouping them into distinct categories of goals, activities and priorities

Effective Methods of Gathering Feedback

-asking customers to evaluate employees working front line -net promoter score (NPS)

Retro-Marketing

-exclusivity -selective secrecy -amplification -entertainment

Customer-Centric Branding Strategies

-make brand decisions subservient to decisions about customer relationships -builds brands around customer segments -plan brand extensions based on customer needs -develop capability and mind-set to hand off customers to other brands in company -take no heroic measures -change how you measure brand equity

Methods of Gathering Feedback

-satisfaction surveys -sending executives to spend time in the field -"Power Customers"

Touch Point

any point of contact between buyer and seller

Net Promoter Score

categories customers into one of three groups: -promoters -passives -detractors

How to Build Customer- Centric Culture?

engage in four sets of activities -coordination -cooperation -capability -connection

Selective Secrecy

get customers ask "what could it be?"

Customer Perceived Value (CPV)

greatest benefit from the lowest possible cost of the product or service

Exclusivity

hold back supply and delay customers' gratification to avoid excess inventory and make buyers feel lucky

Resonance Focus Model

involves demonstrating a deep understanding of customer's needs and differentiating or highlighting offerings on the few elements that matter most to target customers

"All Benefits" Approach

list all benefits they believe their offering might deliver to target customers -requires least amount of knowledge about customers

Benefits Assertion

make assumptions about feature that may actually provide no benefit to target customers

Entertainment

make pitches engaging, amusing, or flirtatious

Customer Relationship Management

model for managing company's interactions with its current and future customers; the use of technology to organize, automate, and synchronize sales, marketing, customer service, and technical support

Amplification

never keep existence of a secret concealed and generate buzz wherever possible

Customer Lifetime Value (CLV)

present value of the future income stream from a customer, where a customer generates a margin (m) for each period (t)

Why do customer's buy products?

purchase products for the benefits that the product features provide

Brand Equity

set of assets linked to brands name that adds to or subtracts from the value of that product or service

Customer Orientation / Customer Centricity

set of beliefs that puts the customer's interest first, ahead of those of all other stakeholders such as owners, managers, and employees

Marketing Mix

the components of an effective marketing strategy, typically involving product, price, placement, and promotion

Cost of Capital

the cost of fund used to finance a business, typically the cost of equity or the cost of debt (interest rate)

Coordination

BUILDING CUSTOMER-CENTRIC CULTURE -Establishing structural mechanisms and processes that allow employees to improve their focus on the customer by harmonizing information and activities across units

Cooperation

BUILDING CUSTOMER-CENTRIC CULTURE -encouraging people in all parts of the company to work together in the interest of customer needs

Capability

BUILDING CUSTOMER-CENTRIC CULTURE -ensuring that enough people in the organization have the skills to deliver customer-focused solutions and defining a clear career path for employees with those skills

Connection

BUILDING CUSTOMER-CENTRIC CULTURE -involves developing relationships with external partners to make increasing the value of solutions more cost effective

"All Benefits" Approach Drawbacks

Benefits Assertion

value = benefit - cost

Customer Perceived Value


Conjuntos de estudio relacionados

Pharmacology - Prep U - Chapter 31

View Set

Music In Theory and Practice Vol. 1, Chapter 1, Topics

View Set

French depuis quand vs. depuis combien de temps

View Set