Building Customer

Satisfaction through Quality, Service and

Value July 17, 2016

Presenter: Myka L. Balderama

1

Customer Satisfaction

-measures how products or services supplied by a company meet or surpass a customer's expectation.

Customer Value

-is the satisfaction a consumer feels after making a purchase for goods or services relative to what he / she must give up to receive them.

Personal Value Equation

value= benefits received-(price+hassle)

Figure 1

VALUE

Creating

Communicating

Delivering

Exchanging

Figure 2. Main actors and forces in a modern marketing system

Suppliers

Competitors

Company (Marketer)

Marketing Intermediaries

End-User MarketENVIRONMENT

The Principle of Customer Value

States that success in targeted market segments is directly related to the firm’s ability to provide perceived value to customers.

Customer Service

-is the service provided to customers before, during and after purchasing and using goods and services.

Total Quality Marketing is a market driven idea that stresses customer satisfaction as crucial to the success of a business in a highly competitive, modern business world.

Retaining Customers

Set customer expectations Become the customers’ trusted advisor Use relationships to build trust Take a proactive approach to customer service

Use social media to build relationships Go the extra mile

Customer Retention Rate Formula

CS- no. of customers at start of period

CN- no. of new customers acquired during period

CE - no. of customersat end of

period

Retention Rate= ((CE-CN)/CS))100For example, if you start the given period of 200 customers and lose 20 customers but gained 40 customers, at the end of the period, you have 220 customers.

Equation:

220-40=180/200=0.9x100=90

The retention rate of the given period was 90%.

“Show value, create an experience and always strive to

exceed customers expectation.”-Shep Hyken

THANK YOU VERY MUCH FOR YOUR COOPERATION!

QUESTIONS

Sources and References

▪ Marketing Management A Strategic Approach-Harper W. Boyd Jr.DonagheyDistinguished Professor of MarketingUniversity of Arkansas-Little Rock-Orville C. Walker JrProfessor of Marketing University of MinnesotaEdition 1990

▪ Marketing Management in the 21st Century-Noel CaponProfessor of Business Graduate School of Business Columbia University-James Hubert Kopf. Professor of International Marketing

▪ http://www.saylor.org/books