...maintain successful individual-level customer relationships in order to maximize profitability and ensure customer loyalty for future profitability. Relationships with customers are not always secure. It is difficult to predict for how long the customer is going to stay with a firm in a non-contractual setting. Customer management strategies are aimed at addressing the needs of every customer and by developing a one-on-one relationship with them Companies’ outlook can be broadly categorized into two types namely, Product-centric and Customer-centric. Product-centric firms concentrate more on their product line and therefore on increasing the product line for customers. In marketing, the economic value of a customer during the life of the customer's association with a business. An estimate of customer lifetime value allows a business to determine the amount of money that can be spent on acquiring and retaining a customer .The shareholder value and the customer lifetime value approach are conceptually and methodically analogous. Both concepts calculate the value of a particular decision unit by discounting the forecasted net cash flows by the risk-adjusted cost of capital at first we have to know comprehensive calculation method for estimating both the individual Lifetime value of a customer and the customer equity. Concept Customer Life time value is defined as: “The net value of all net payments from the moment the marketing efforts start towards a potential customer and...
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...Industrial Marketing Management 40 (2011) 219–230 Contents lists available at ScienceDirect Industrial Marketing Management Customer value anticipation, customer satisfaction and loyalty: An empirical examination Daniel J. Flint a,⁎, Christopher P. Blocker b, Philip J. Boutin Jr. a a b The University of Tennessee, Knoxville, TN, USA Baylor University, Waco, TX, USA a r t i c l e i n f o Article history: Received 22 October 2009 Received in revised form 30 January 2010 Accepted 27 May 2010 Available online 31 July 2010 Keywords: Customer value anticipation Service dominant logic Customer loyalty Customer satisfaction Customer value a b s t r a c t A service-dominant logic by definition is inherently customer oriented and relational, reflecting deeper and more complex connections between suppliers and customers. The service mindset driving increased collaboration enables suppliers to have deeper insights to what customers' value. Customer value perceptions are dynamic, sometimes in constant flux, necessitating anticipatory capabilities on the part of suppliers. Yet, there is a notable lack of discussion about customer value anticipation and related empirical evidence of whether or not customers care if suppliers anticipate what they value. The authors report on two survey studies that test using structural equation modeling the notion that suppliers good at anticipating what customers will value realize higher customer satisfaction and...
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...Brand Image in Cola Drinks CASE:Future Cola of Wahaha Group Co.Ltd,China Sun, Jianfei 2010 Laurea Leppävaara Laurea University of Applied Sciences Laurea Leppävaara Brand Image in Cola Drinks CASE: Future Cola of Wahaha Group Co.Ltd,China Jianfei Sun Degree Programme in Business Management Thesis April, 2010 Laurea University of Applied Sciences Laurea Leppävaara Degree Programme in Business Management International Business-to-Business Marketing Abstract Jianfei Sun Brand Image in Cola Drinks; Case: Futre Cola of Wahaha Group Co.Ltd, China Year 2010 Pages 45 In Chinese beverage market, there are three mainly cola brands, Coca cola, Pepsi and Future Cola, these three brand share almost 90% cola market, so that competition is omnipresent ,not only in the consumer market, but also very intensive in business to business market. Business-to-business brand building involves various aspects, for example, attributes of products and services, brand image, brand position, and B2B brand management, Wahaha Co., Ltd as a case company need to build brand image and find a solution on how to be a stronger brand in order to attract more potential customer. The theoretical context of this thesis lies in marketing management. The theoretical emphasis and framework is however in brand management: brand concepts, brand building and brand image. As the study is made in B2B environment the difference between B2B and consumer markets will be specified. The quantitative research...
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... listening and empathy skills on the relationship of the customers with the employees. Companies love long-‐term relationships because they translate into returning and repeat customers. Research has shown that it is generally more profitable to service a return customer than to attract and serve a new one (Aggarwal et al, 2005). Furthermore, the effective management of employee-‐ customer relationships has been linked to strategic marketing advantage (Turnbull and Wilson, 1989) and long-‐term profitability (Reicheld, 1994). The employee-‐customer relationships are equally valued by customers (Berry and Parasurman, 1991) and motivate them to make purchases. Because of the importance of the customer-‐employee relationships it is important to examine the factors that influence the perceived quality of this relationship. This relationship quality has a direct affect on the...
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...Marketing Management Heather Fullen Aspen University: BUS530 December 7, 2015 Syllabus and Textbook Reflection I started this assignment first by reviewing the course syllabus and skimming the topics covered in the textbook. I also reviewed the table of contents and briefly glanced through the rest of the text book required for this course. Syllabus After reading and reviewing the course syllabus for BUS-530 Marketing Management, I am looking forward to what this course is going to offer and teach me as well as being able to apply it to my current and future professional goals. I believe this course will provide a substantial introduction to basic marketing functions that will be advantageous to my degree and career goals. There is a lot of information to cover in just 10 weeks, but the knowledge I gain and learn will become the foundation for my personal and professional career. Textbook The required text book for this course, Marketing Management, has important, helpful and a significant amount of information to lead the way of becoming successful in marketing management. The textbook appears to be set up in a way that will be helpful for students such as myself to learn different marketing theories. Concepts and theories can be difficult to use and how to apply them in real life professional experiences. Topics of Most Interest While reading and skimming through the textbook, I found several of the topics to be of interest to me. Most of the chapters throughout...
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...WHAT IS MARKETING? Marketing deals with customers. Marketing is the managing profitable customer relationshis. 2 fold goal of marketing - to attract new customers by promising superior value; -keep and grow current customers by delivering satisfaction Today, marketing must be understoodnot in the old sense of making a sale -"telling and selling"- but in the new sense of satisfying customer needs. If the market understands consumer needs; develops products that provide superior customer value; and prics, distribuites, and promote them effectively, there products will sell easily. Marketing: the process by which companies create value for customers and build strong customers relationships in order to capture value from customer relationships. 5 steps of marketing process: companies work to undersand consumer, create value and build trong relationships---> 1. understend the market place and customer need and wants. 2. design a customer-driven marketing strategy. 3. construct an integrated marketing program that delivers superiors value. 4. build profitable relationships and create custumer delight. capture value from customers in return---> 5. capture value from custumers to create profits and customer equity. 1. Understanding the marketplace and Customer needs. Custumer Needs, Wants and Demands. Needs: states of felt deprovation; 1. physical (food, clothing, warmth, safety); 2. social (belonging and affection); 3. individual (knowledge and selfespression) Wants: the form of human...
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...UNIVERSITY COLLEGE GHANA FACULTY OF BUSINESS ADMINISTRATION DEPARTMENT OF MARKETING CUSTOMER RELATIONSHIP MANAGEMENT ARTICLE REVIEW: RELATIONSHIP MARKETING AND CUSTOMER LOYALTY: EVIDENCE FROM THE GHANAIAN LUXURY HOTEL INDUSTRY. GROUP 3 MEMBERS THOMAS ATANGA BBAM/ED/122566 ERNEST FIIFI DES-BORDES BBAM/ED/118290 FRANK AMUZU MAWULI BBAM/ED/112043 ESTHER FREMPONG BBAM/ED/120613 DELPHINE AMO-MENSAH BBAM/ED/122735 JOANA KUMI BBAM/ED/122925 ZARATU ISSAKA BBAM/ED/121827 EVANS YEBOAH BBAM/ED/123604 ADIZA ISSAH BBAM/ED/112448 JULIUS ARMAH NII TETTEH BBAM/ED/120608 MERCY ETRUBA ASARE BBAM/ED/122114 INTRODUCTION 1.1 BACKGROUND OF STUDY Acquiring and building relationship with new customers takes time. This effort could be saved by concentrating most efforts on retaining the existing customers. Globally, the use of customer relationship management as a key driver in the sustenance and growth of customer base of businesses. According to Zeithaml and Bitner (2000) relationship marketing is a philosophy of doing business, a strategic orientation that focuses on keeping...
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...what type of products and services they want rather than conforming to traditional stereotypes. A likely value they have may be the concern for their environment; car-sharing reduces the amount of pollution and creates sustainability. A car-sharing program is more reliable and convenient than having to maintain your own vehicle that you already may pay for without much use. This emerging group of drivers are changing our traditional values and creating a new way of living life. 2) Consider the following statement, “Relationship marketing is not possible in a firm embracing the production orientation.” Do you agree or disagree with this statement? Explain your answer. I disagree with this statement that relationship marketing cannot exist with production orientation. Product orientation focuses on the internal capabilities of the firm and what they can do best. Relationship marketing is a strategy that focuses on keeping and improving relationships...
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...Corporate Mutualism Relationship Retailing in the Modern World Submitted to: Engr. Roy Pelias, MBA Submitted by: Karl Lyle Echiverri Paul Rene Osalla Jun Kanehara Francis Paypa Manuel Montesclaros Entrep 35 TTh 9:00-10:30 Abstract Nowadays it is unavoidable for companies to create customer and brand satisfaction. The economic crisis and decreasing purchase potential enforced companies to develop new marketing strategies. In this context, the concept of relationship retailing comes to the fore. Thanks to fast developments in technology, companies can follow customers shopping intervals and their shopping list and by this means, they make different applications to form loyal customer. In this study, relationship retailing approach has been analyzed to constitute customer and brand loyalty and interrelations among those concepts have been explained theoretically. Corporate Mutualism: Relationship Retailing in the Modern World Companies today often find it hard to stand out amongst their competitors. With the continuous bombardment of advertisements that a consumer is exposed to everyday, a predicament arises that every company must address: Customer Loyalty. How can they ensure their customers’ devotion to their product/company? What can they do to gain the upper hand in today’s globally competitive industries? One strategy that’s recently come to rise is Relationship Marketing. Towards the late 1980s and early 1990s, marketing research began to highlight...
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...SOCIAL MEDIA MARKETING ACTIVITIES ENHANCE CUSTOMER EQUITY/VALUE PERCEPTION? | By GUL KHAN. | Thesis submitted to the Lahore School of Economics in partial fulfillment of the requirements for the degree of [MBA] | [2013] | [Word count] Supervised by: [Ms. SHAMILA KHAN] 1. Introduction The luxury market is a high revenue market across the globe and is continuous on rise. This rise can be increased through expansion for the existing and new brands. This industry is a high value-added industry based on high brand assets. The number of customers for this industry can be increased through specially designed social media marketing techniques. There are great opportunities in emerging markets such as China, India and the Middle East for the luxury brands, so the expansion can be done in these markets. Right now, Luxury brands cannot rely only on strong brand assets and hence secure regular customers. The entrance of new brands follows heated competition and hence signals unforeseen changes in the market dynamics. The global economic downturn has forced the luxury brands to change the business models. The brands cannot rely only on brand symbol and consideration of other factors like brand legacy, quality, esthetic value, and trustworthy customer relationships is necessary in order to succeed. The success element for the companies is that they have to provide value in every possible way. Luxury brands have skewed their eyes toward social media marketing to compose...
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...Social Media Marketing Abstract Social media marketing is the new source of how consumers and companies communicate. It is aides the newest entrepreneur on how to build company growth. The future of social media will now be an advantage of how companies can get ahead of their competitors. Social Media Marketing Social Media Marketing has become the norm of society because it exists within everyday living. Many people are logged into different social sites such as Facebook, Twitter and Instagram and communicate with each other through those sites on a daily basis. Companies have capitalized on social media to advertise and market their brands. Because so many people are logged on, they would be able to communicate and research with consumers on their needs. This would effectively give companies the advantage of building a better marketing plan. Most companies rely on social media nowadays more than ever because the world is dependent on technology. With the amount of consumers that are communicating over the Internet, they can establish or recreate their brands to compete with other companies in their industry. Social media marketing begins with understanding the consumer and what better way to do that then to learn and study their social behaviors. It also helps gain access to companies on how to serve the consumer better. Popularity of Social Media Most large companies have marketing teams that create ideas and brainstorms for the next great marketing plan for a...
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...Chapter 1 **marketing is managing profitable customer relationships. aim to create value for customers in order to capture value from customers in return. create customer value in order to capture value in return. amazon opened 1995 selling books founder jeff bezos's garage in seattle. sales rose from 150$mil in 97 to 48$+ bil today. 173 mil Wwide cust perchase 110items per second. "obsess over customers." most influential to amazon in meeting is "the empty chair" "customer experience bar raiser" amazon was first company to use "collaborative filtering" technology which sifts through each customer's past purchases an the purchaseing patterns of customers with similar profiles to come up with personalized site content. amazon began allowing competing retailers from mom and pop operations to mark and spencer depart stores to offer their products on amazon.com[->0] today's marketers want to become a part of your life and enrich your experiences with their brands--to help you live their brands. **5 core customer and marketplace concepts: needs wants and demands market offerings (products, services, and experiences) value and satisfaction exchanges and relationships markets Wants are shaped by one's society and are described in terms of objects that will satisfy those needs. When backed by buying power, wants become demands. Given their wants and resources, people demand products with benefits that add up to the most value and satisfaction. ...
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...Discussion, Marketing Technology, and Ethics Questions Gary A. Stewart Trinity International University, Principles of Marketing BUS113E Bill Perez, Degrees April 6th, 2016 Author Note Gary Stewart, Business Administration, Trinity International University Florida Regional Center, Correspondence concerning this paper should be addressed to: Gary Stewart. Email: zgstewar@tiu.edu 4. Discuss trends impacting marketing and the implications of these trends for how marketers deliver value to customers. • This student will first define and analyze what is marketing: marketing is the process of building profitable customer relationships by creating value for customers and capturing value in return. Understanding the marketplace and customer needs are vital in creating the right mix that a company needs to attract its core customers. There are five core marketplace concepts: 1. Needs, wants, and demands, 2. Market offerings (products, services, and experiences), 3. Value and satisfaction, 4. Exchanges and relationships 5. Markets. • Needs include basic physical needs for food, clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression. (Kotler, Armstrong. p.6. 2015) • Wants are the form human needs take as they are shaped by culture and individual personality. Demands are wants backed by buying power. Marketing offering includes combinations of products...
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...Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. But if we try to look from closer, Mothers are the best managers if one wants to learn from. Here I am taking example of my own mother. She is a doctor so she handles her hospital work and daily routine activities of my house. I have divided the activities performed by my mother on daily routine basis (weekdays) and tried to put them into management functionalities comprises planning, organizing, staffing, leading /directing, and controlling our organization (in this case my house). All this is done by resourcing, encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources. |My Mother “The Best Manager” | |Time |Activity |Functionality |Learning | |0500-0530 Hrs |Waking up on time despite of |Planning |Time management | | |working late last night |Organising |Organisational commitment | | | |Leading |Consistency ...
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...Digital Marketing Tool MRKT 5000 Online Course Julia Huelsmann Twitter Emerges as a Digital Marketing Tool Case Summary: According to Twitter’s website, ‘Twitter is an information network that brings people closer to what’s important to them”. The company was started by Biz Stone and Evan Williams . The idea behind the business was to create podcasts, but very quickly it turned into more of social networking system we know today. Any user, whether individual using for personal purposes, or business can send out ‘tweets’ or short messages about any topic. Anyone who chooses to follow the user will have access to read all the ‘tweets’ from that user. Business can also ‘tweet’ on Twitter about their products. Not only can Twitter be used for marketing , but it can also be a tool for gathering marketing information through ‘listening’ to others who are ‘tweeting’ about the business, competition or the industry in general. Key Marketing Issues * Using Twitter marketing just to use it – Many companies are aware of the need to evolve its marketing strategies as the technology and social media evolve. Not all companies, though, understand how to use these social networking sites to really market their products. Companies need to ‘listen’ first and then implement a Twitter strategy. By ‘listening’, or paying attention to their consumers who are ‘tweeting’ or other companies in their respective industries, companies can develop better marketing strategies...
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