MRKT 354 Lecture Notes - Lecture 7: Customer Satisfaction, Customer Retention, Longrun
9 Aug 2019
School
Department
Course
Professor
MRKT 354 1-10-2017
Simulation starts in week three
Must buy the simulation, link in the syllabus – try to do before next week
No final, two midterms (not really mini)
Quiz in two weeks on the marketing strategy simulator manual – prepare properly for the
simulator so you don’t let down your teammates
Simulator – success breeds success in the simulator, by week 6 the differences start to become
unsurmountable
Decisions due Mondays at noon
Week seven marks a new industry opening up, loan application due if wanted, if you’re doing
well you’ll likely have money to take advantage
Week eight and nine are double rounds
Each round is a year in simulation time
Names of the product don’t matter, the product itself does
Keep in mind the innovator-early adopter-follower market groups and how your product
positions to them
Week 11 covers chapter 12&13 but won’t be on either midterm
Week 12&13 are presentations regarding the simulator, gives perspective on what happened
from each group
Even if you don’t finish well a good presentation will help – have a good analysis
Show your strategic decisions and why if you finished first (in a non-arrogant manner)
If you didn’t finish first convince everyone why it would be easy the second time around
Lecture Material
Keys to long-run survival
Proactively identifying needs, thinking customer-first
Customer satisfaction and loyalty drive customer profitability
CSI – consumer satisfaction index – take into account the industry average, your company’s CSI
over time, customer retention, competition, incremental gains vs. philosophy of CS excellence.
Also have to look at the expanded view, how many satisfied/dissatisfied, and what consumers
do when they’re dissatisfied, and what do you do with the dissatisfied customers compared to
your CSI goals
If people are dissatisfied and complain you get the chance to address the problem and generate
positive word of mouth, dissatisfied and don’t complain you don’t get the chance
Retained customers are profit drivers – cost money to get new ones
Document Summary
Must buy the simulation, link in the syllabus try to do before next week. Quiz in two weeks on the marketing strategy simulator manual prepare properly for the simulator so you don"t let down your teammates. Simulator success breeds success in the simulator, by week 6 the differences start to become unsurmountable. Week seven marks a new industry opening up, loan application due if wanted, if you"re doing well you"ll likely have money to take advantage. Each round is a year in simulation time. Names of the product don"t matter, the product itself does. Keep in mind the innovator-early adopter-follower market groups and how your product positions to them. Week 11 covers chapter 12&13 but won"t be on either midterm. Week 12&13 are presentations regarding the simulator, gives perspective on what happened from each group. Even if you don"t finish well a good presentation will help have a good analysis.
