24415 Lecture Notes - Lecture 8: Customer Engagement, Customer Satisfaction, Organizational Culture
Document Summary
Service quality/value: reliability deliver the promise, assurance convey credibility, tangibles physical facilities, empathy emotional connection, responsiveness prompt reactions to customer requests. Critical employee skills for service: technical skills, exceptional customer engagement skills, problem solving skills, ability to conduct service and sales. Customer satisfaction: custo(cid:373)ers" su(cid:271)je(cid:272)tive evaluatio(cid:374) of their (cid:272)o(cid:374)su(cid:373)ptio(cid:374) e(cid:454)perie(cid:374)(cid:272)e, a function of. Customer life time value: net prese(cid:374)t value of profits derived fro(cid:373) a (cid:272)usto(cid:373)er"s pur(cid:272)hase over te(cid:374)ure, components to calculate clv revenue, margin and acquisition costs, used to quantify customer loyalty. Improve customer equity: acquire new customers with higher potential clv, reduce serving cost per existing customer, sell customers more. Increase customer referrals motivate customers to promote your brand to their friends: reduce customer attrition rate customers moving to competitors. Marketing planning and strategy: why it is important to improve customer equity via selling more to existing customers and acquiring new customers with high customer lifetime value.
