BU121 Lecture 8: Lecture 8 Jan 30
Document Summary
Co(cid:374)su(cid:373)e(cid:396)s do(cid:374)(cid:859)t defi(cid:374)e (cid:858)p(cid:396)odu(cid:272)t(cid:859) (cid:271)(cid:455) featu(cid:396)es to them the product is a total package of benefits / value package. The(cid:396)efo(cid:396)e (cid:449)e (cid:373)ust u(cid:374)de(cid:396)sta(cid:374)d (cid:858)p(cid:396)odu(cid:272)t(cid:859) as see(cid:374) f(cid:396)o(cid:373) the e(cid:455)es of the (cid:272)o(cid:374)su(cid:373)e(cid:396) the entire e(cid:454)pe(cid:396)ie(cid:374)(cid:272)e the(cid:455) ha(cid:448)e (cid:449)ith the p(cid:396)odu(cid:272)t th(cid:396)ough : brand, packaging, service, warranty, delivery, credit, atmosphere. What is a (cid:862)(cid:271)(cid:396)a(cid:374)d(cid:863)? (cid:862) a (cid:272)olle(cid:272)tio(cid:374) of pe(cid:396)(cid:272)eptio(cid:374)s i(cid:374) the (cid:373)i(cid:374)d of the (cid:272)o(cid:374)su(cid:373)e(cid:396)(cid:863) Built not only through effective communications or appealing logos it is built through the total experience that the product offers. An effe(cid:272)ti(cid:448)e (cid:271)(cid:396)a(cid:374)d st(cid:396)ateg(cid:455) (cid:272)(cid:396)eates (cid:858) (cid:271)(cid:396)a(cid:374)d e(cid:395)uit(cid:455)(cid:859) Do loyalty programs create loyalty: net promoter score. Lifetime customer value = value of future purchases + referrals cost of maintaining relationship. It starts with the relationship (cid:858)custo(cid:373)e(cid:396) (cid:396)elatio(cid:374)ship (cid:373)a(cid:374)age(cid:373)e(cid:374)t(cid:859) (cid:894)c m(cid:895) sta(cid:396)ts (cid:449)ith (cid:396)elatio(cid:374)al i(cid:374)tellige(cid:374)(cid:272)e: being aware of the variety of relationships, understanding how to reinforce or change those connections.
