MKT 300 Chapter Notes - Chapter 7: Statistical Process Control, Kodak, Deming Prize
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Sales to increase revenues: customer lifetime value (clv): the amount of profit a company expects to obtain over the course of a customer relationship. Customer defections and complaints: customer defections: the percentage of customers who switch to another brand or supplier, customers might leave because: Leave for reasons unrelated to the product or service. Dissatisfied with a particular product or service. Do(cid:374)"t like the (cid:449)a(cid:455) the(cid:455) are treated. Relationships build satisfaction & loyalty: creating a personal relationship. Quality and satisfaction: quality creates satisfaction and loyalty. Qualit(cid:455): the degree of e(cid:454)(cid:272)elle(cid:374)(cid:272)e i(cid:374) a (cid:272)o(cid:373)pa(cid:374)(cid:455)"s produ(cid:272)ts or ser(cid:448)i(cid:272)es: assessments of quality. Subjective assessment: the degree to which a product does what consumers expect it to do. Objective assessment: an evaluation of the degree to which a product does what it is supposed to do: static and dynamic quality. Static quality: quality that results when individuals or organizations perfect an accepted practice (producing items to a specific quality standard that approach perfection)
