Creating Customer Value and Customer Relationships Chapter 4.
Customer Values and Relationships
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Transcript of Customer Values and Relationships
What exactly are customer values
and customer relationships?
The only value that a
firm can ever create
comes from the
customers.
How to satisfy a customer
Customer Perceived Value
The Customer Perceived Value for a product can be calculated as –
CPV = Benefits - Costs
Monitoring Satisfaction
Complaints Surveys
Customer Relationship Management
Personalizing marketing Ensuring that the brand and its marketing are as relevant and possible to as
many customers as possible
Customers Clients
Customer Relationship Management
Loyalty programs
Club/company membership cards
Managing Customer Database
Database Mailing List
Database
Buyer names,Ages,
Birthdays,Hobbies,Interests
etc…
NORDSTROM earned fame through
its effective CUSTOMER SERVICES
Nordstrom• Founded by John Nordstrom in
1901• It was started as a shoe store but
grew into a speciality chain storeselling top quality clothing,jewellery and perfumes
• In 2009, it has generated revenueof $8 billion
Nordstrom offers exceptional
CUSTOMER SERVICE through…
• Product prices
• Extremely convenient return policy
• Thank you cards
• Facility to shop online
• High standards in quality
AND…Rewards/Incentives
Fashion Shows Live Piano concert
NORDSTROM ‘s printed advertisements
RISKS AHEAD…
OTHER COMPETITORS
And
Focussing disproportionately on high profit customers
might result in discontent among the other customers
To maintain BRAND IMAGE and promote customer
BRAND EQUITY...
• The company should give rewards/
incentives to all classes of customers
based on the revenues generated
from each class instead of prioritizing
high profit customers
• Make effective use of social
media to reach out people and
expand the horizons of the
target markets
Customer Perceived Value Monitoring Satisfaction
Customer Relationship Management Customer Database
Presented by Smaran Raj Bachu (IIT Madras)
as a part of marketing management internship
under the guidance of Prof. Sameer Mathur,
IIM Lucknow.