MKT 300 Study Guide - Midterm Guide: Market Segmentation
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Customer satisfaction - a customer"s positive, neutral, or negative feeling about the value received from an organizations product in specific use situations. Satisfied customers: are insulated from competition, buy more, a(cid:396)e less likel(cid:455) to (cid:862)shop(cid:863, tolerate price increases, tell others, likely to become loyal. Unhappy customers: only 4% complain, o(cid:448)e(cid:396) 90% of u(cid:374)happ(cid:455) (cid:272)usto(cid:373)e(cid:396)s (cid:449)o(cid:374)"t (cid:271)e (cid:271)a(cid:272)k, are unlikely to be loyal, dissatisfied customers tell 9 other people. *not all satisfied customers are loyal and not all loyal customers are satisfied! *if satisfied customers complain, they do it out of commitment. If there is recovery (depending on speed and equity of solution), they will be more loyal. *always try to learn from a complaining customer. Customer loyalty - a measure of how often, when selecting from a product class, a customer purchases a particular brand. 80/20 rule: 80% of a compa(cid:374)(cid:455)"s p(cid:396)ofits a(cid:396)e ge(cid:374)e(cid:396)ated (cid:271)(cid:455) 20% of its (cid:272)usto(cid:373)e(cid:396)s.
