is more than just “telling and selling.” Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. Hence‚ marketing is defined as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Today‚ marketing must be understood not in the old sense of making
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Customer equity is a result of customer relationship management. Customer equity is the total of discounted lifetime values of all of the firms customers. In layman terms‚ the more loyal a customer‚ the more is the customer equity. Firms like McDonalds‚ Apple and Facebook have very high customer equity and that is why they have an amazing and sustainable competitive advantage. Customer Equity is made up of three components. Value Equity‚ Brand Equity and Relationship Equity. Value Equity
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Customer Satisfaction Satisfaction is a person’s feeling of pleasure or disappointment resulting from comparing a product’s perceived performance in relation to his/her expectations. Short of expectation = Unsatisfied customer Matches expectation = Highly satisfied customer A short of expectation means an unsatisfied customer while a matched expectation means a highly satisfied customer. Customer satisfaction is the relationship of perceived performance to expectation. It is a form of expectation
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Using value-chain analysis to discover customers’ strategic needs David W. Crain and Stan Abraham David Crain‚ a marketing and strategy consultant‚ is visiting professor of marketing at Whittier College‚ CA‚ and former Director of Marketing at Fluor Corporation (davidwcrain@aol.com). Stan Abraham is professor of strategy and entrepreneurship at Cal Poly Pomona (scabraham@ csupomona.edu) and author of Strategic Planning: A Practical Guide for Competitive Success (Thomson South-Western‚ 2006).
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Introduction Delta Airlines‚ along with many of its major competitors within the airline industry‚ have been utilizing self-service kiosks as a means to reduce‚ if not eliminate‚ the long lines at airport ticket counters. These kiosks offer business and leisure travelers the opportunity to print out a boarding pass‚ get a baggage ticket‚ or simply check the status of a flight on their own terms. To help Delta implement this initiative‚ Kinetics‚ USA‚ was hired to provide the company with self-service
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Customer Retention Strategies The easiest way to grow your customers is not to lose them The average business loses around 20 percent of its customers annually simply by failing to attend to customer relationships. In some industries this leakage is as high as 80 percent. The cost‚ in either case‚ is staggering‚ but few businesses truly understand the implications. Imagine two businesses‚ one that retains 90 percent of its customers‚ the other retaining 80 percent. If both add new customers
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“One moment can change a lifetime” “Everything happens for a reason.” This universal quote has been heard all across the world and has been said for centuries. There could be many meaning for this quote‚ but there is always one key word that is related to all‚ and that is change. Change occurs throughout one’s life‚ even without notice. Rather these changes are for the worst or the best‚ these changes gives you a new perspective in your life. It helps you open your eyes to what you could not
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A Term paper on CUSTOMER SATISFACTION AND BEYOND Subject: Sales management Submitted to: Mr. Raghunathan Submitted By: Group: 13 Praveen Kumar Jha (09234) Ravi Teja Reddy. S (0409020) Ramya. K (09238) Shwetha Reddy. T (0409018) Krishna Sumanth .C (0409004) Executive summary: Business industry today is complex. There are big competitions in every business. That is why many research and study are being conduct for their continuous growth. Customer’s loyalty is one factor that can
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main goal of this paper is to present practical application of taxonomy (Multidimensional Comparative Analysis - MCA) to measure the level of intellectual capital of banks using VAIC™ (Value Added of Intellectual Coefficient) and MV/BV (Market Value to Book Value) ratio. The study includes an estimate of the value of synthetic indicator which is Euclidean distance from Positive Development Pattern (PDP) of the group of 20 banks (10 domestic and 10 European) in 2006-2009 period. As a result‚ author
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Friday was the day that I’ve been waiting since 2 months ago. It’s the end of OBS‚ Outward Bound Singapore. Camping‚ kayaking‚ and hiking are the activities there. I got the sea expedition‚ which means 24 km kayaking from Pulau Ubin to Pulau Sembawang. It was tiring‚ of course‚ but it was worth it. "The most painful experience is when you repeat the same mistake again"‚ that’s what my instructor said. "What do you want to be in hot water? The egg‚ which will harden or the carrot‚ which will soften
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