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Chapter 5: Creating Customer Value, Satisfaction, and Loyalty

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Jover Chavez
Jover Chavez

This document summarizes key concepts from Chapter 5 of a marketing management textbook. It discusses 10 concepts relating to creating customer value and loyalty, including the importance of making customers the center of business, the concept of customer perceived value, developing an effective value proposition and delivery system, the role of customer satisfaction and quality, cultivating long-term customer relationships through customer relationship management, retaining profitable customers, and using customer data and analytics. Real-world examples are provided for each concept from both business and healthcare domains.

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Chapter 5 Creating Customer Value, Satisfaction, and Loyalty Concepts and Applications Jover S. Chavez Marketing Management Ateneo School of Medicine and Public Health 12 May 2010
Concept 1 Creating loyal customers is at the heart of every business.
Concept 1 Kotler Cisco Systems Make your customer the center of your culture. Creating loyal customers is at the heart of every business. LOCAL The Medical City Patient Partnership Patient on Center Stage
Concept 1 MEDICAL APPLICATIONS loyal patients loyal patients loyal patients Creating loyal customers is at the heart of every business.
Concept 2 CUSTOMER PERCEIVED VALUE (CPV) (total customer benefit) (total customer cost) Customers will seek out superior alternatives. more educated and informed Customers are value maximizers .
Concept 2 Kotler Dell Inc. vs. Hewlett-Packard Co. Customers are value maximizers . LOCAL Globe vs. SMART MEDICAL APPLICATION physician shopping
Concept 3 Kotler Volvos safetyand more The value proposition consists of the whole cluster of benefits the company promises to deliver. MEDICAL APPLICATIONS hospitals wellness centers LOCAL Starbucks Fitness First
Concept 4 Kotler Superquinn The value delivery system is the manner in which all these promises are kept. LOCAL Rustans MEDICAL APPLICATIONS hospitals wellness centers
Concept 5 pleasure disappointment Satisfaction is a function of product performance and buyer expectations. TOTAL CUSTOMER SATISFACTION (TCS) high satisfaction high customer loyalty both a goal and a marketing tool
Concept 5 Kotler Joie de Vivre Hospitality Inc. Satisfaction is a function of product performance and buyer expectations. LOCAL Windows, Mac MEDICAL APPLICATIONS surgeries medical tourism
Concept 6 customer-centered definition meeting or exceeding customer expectations conformance quality performance quality Quality is the totality of features and characteristics that bear on its ability to satisfy needs.
Concept 6 Kotler General Electric Quality is the totality of features and characteristics that bear on its ability to satisfy needs. LOCAL adidas MEDICAL APPLICATIONS therapeutics physician competence
Concept 7 Marketing is the art of attracting and keeping profitable customers. The 150-20 Rule : The most profitable 20% of customers may contribute 150% of profitability.
Concept 7 Kotler Profit Tiers The 150-20 Rule : The most profitable 20% of customers may contribute 150% of profitability. LOCAL BPI MEDICAL APPLICATIONS insurance patient classification
Concept 8 precision marketing vs. mass marketing Maximizing customer value means cultivating long-term customer relationships . CUSTOMER RELATIONSHIP MANAGEMENT (CRM) managing detailed information and touch points to maximize loyalty
Concept 8 Kotler Four Seasons Maximizing customer value means cultivating long-term customer relationships . LOCAL McDonalds PlayPlace MEDICAL APPLICATIONS personalizing treatment
Concept 9 build relationships, not just sales acquiring new customers costs more 5x more than satisfying and retaining companies lose 10% of customers annually 5% defection 25-85% profits Attract and retain customers, but retain more.
Concept 9 Kotler cellular carriers Attract and retain customers, but retain more. LOCAL cellular carriers MEDICAL APPLICATIONS patient retention, word of mouth
Concept 10 Marketers must know their customers. CRM requires building a customer database and doing datamining to detect trends, segments, and needs.
Concept 10 Kotler Novartis CRM requires building a customer database and doing datamining to detect trends, segments, and needs. LOCAL Online Banking MEDICAL APPLICATIONS patient records (physician) hospital patient database
Concept 1 Creating loyal customers is at the heart of every business.
Chapter 5 Creating Customer Value, Satisfaction, and Loyalty Concepts and Applications Jover S. Chavez Marketing Management Ateneo School of Medicine and Public Health 12 May 2010

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Chapter 5: Creating Customer Value, Satisfaction, and Loyalty

  • 1. Chapter 5 Creating Customer Value, Satisfaction, and Loyalty Concepts and Applications Jover S. Chavez Marketing Management Ateneo School of Medicine and Public Health 12 May 2010
  • 2. Concept 1 Creating loyal customers is at the heart of every business.
  • 3. Concept 1 Kotler Cisco Systems Make your customer the center of your culture. Creating loyal customers is at the heart of every business. LOCAL The Medical City Patient Partnership Patient on Center Stage
  • 4. Concept 1 MEDICAL APPLICATIONS loyal patients loyal patients loyal patients Creating loyal customers is at the heart of every business.
  • 5. Concept 2 CUSTOMER PERCEIVED VALUE (CPV) (total customer benefit) (total customer cost) Customers will seek out superior alternatives. more educated and informed Customers are value maximizers .
  • 6. Concept 2 Kotler Dell Inc. vs. Hewlett-Packard Co. Customers are value maximizers . LOCAL Globe vs. SMART MEDICAL APPLICATION physician shopping
  • 7. Concept 3 Kotler Volvos safetyand more The value proposition consists of the whole cluster of benefits the company promises to deliver. MEDICAL APPLICATIONS hospitals wellness centers LOCAL Starbucks Fitness First
  • 8. Concept 4 Kotler Superquinn The value delivery system is the manner in which all these promises are kept. LOCAL Rustans MEDICAL APPLICATIONS hospitals wellness centers
  • 9. Concept 5 pleasure disappointment Satisfaction is a function of product performance and buyer expectations. TOTAL CUSTOMER SATISFACTION (TCS) high satisfaction high customer loyalty both a goal and a marketing tool
  • 10. Concept 5 Kotler Joie de Vivre Hospitality Inc. Satisfaction is a function of product performance and buyer expectations. LOCAL Windows, Mac MEDICAL APPLICATIONS surgeries medical tourism
  • 11. Concept 6 customer-centered definition meeting or exceeding customer expectations conformance quality performance quality Quality is the totality of features and characteristics that bear on its ability to satisfy needs.
  • 12. Concept 6 Kotler General Electric Quality is the totality of features and characteristics that bear on its ability to satisfy needs. LOCAL adidas MEDICAL APPLICATIONS therapeutics physician competence
  • 13. Concept 7 Marketing is the art of attracting and keeping profitable customers. The 150-20 Rule : The most profitable 20% of customers may contribute 150% of profitability.
  • 14. Concept 7 Kotler Profit Tiers The 150-20 Rule : The most profitable 20% of customers may contribute 150% of profitability. LOCAL BPI MEDICAL APPLICATIONS insurance patient classification
  • 15. Concept 8 precision marketing vs. mass marketing Maximizing customer value means cultivating long-term customer relationships . CUSTOMER RELATIONSHIP MANAGEMENT (CRM) managing detailed information and touch points to maximize loyalty
  • 16. Concept 8 Kotler Four Seasons Maximizing customer value means cultivating long-term customer relationships . LOCAL McDonalds PlayPlace MEDICAL APPLICATIONS personalizing treatment
  • 17. Concept 9 build relationships, not just sales acquiring new customers costs more 5x more than satisfying and retaining companies lose 10% of customers annually 5% defection 25-85% profits Attract and retain customers, but retain more.
  • 18. Concept 9 Kotler cellular carriers Attract and retain customers, but retain more. LOCAL cellular carriers MEDICAL APPLICATIONS patient retention, word of mouth
  • 19. Concept 10 Marketers must know their customers. CRM requires building a customer database and doing datamining to detect trends, segments, and needs.
  • 20. Concept 10 Kotler Novartis CRM requires building a customer database and doing datamining to detect trends, segments, and needs. LOCAL Online Banking MEDICAL APPLICATIONS patient records (physician) hospital patient database
  • 21. Concept 1 Creating loyal customers is at the heart of every business.
  • 22. Chapter 5 Creating Customer Value, Satisfaction, and Loyalty Concepts and Applications Jover S. Chavez Marketing Management Ateneo School of Medicine and Public Health 12 May 2010