Summary

Summary of all lectures Managing Customer Experience and Value

4 purchases

Course
Managing customer experience and value (EBM075B05)

Institution
Rijksuniversiteit Groningen (RuG)

This contains the notes/summary of all lectures, week 1-7, from Managing Customer Experience and Value, for RUG-students. Summary of all the required articles is also available.

[Show more]

Preview 3 out of 27 pages

View example

Uploaded on April 3, 2024
Number of pages 27
Written in 2023/2024
Type Summary

lecture
marketing
college
churn
week
clv
customer engagement
satisfaction
value
customer
consumer
firm
metrics
formula
discount
managing customer experience and value

Institution
Rijksuniversiteit Groningen (RuG)
Education
Marketing management
Course
Managing customer experience and value (EBM075B05)

Willemijn3

Member since 4 year 131 documents sold

R118,99

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

Lecture 1
Hoorcolleges worden opgenomen, binnen 24u online

Development of Marketing
Inside-out perspective:
- Production concept Efficient production <1930
- Product concept Product improvements <1930
- Selling concept Increasing revenues 1930-1950
Outside-in perspective
- Marketing concept Needs of (groups of) customers 1950-1990
- Customer concept Needs of individual customers >1990

Na 1990 kwam in de marketing-wereld ook meer nadruk te liggen op de services om producten heen.
Een hulpmiddel voor het customer concept is de loyalty card (jumbo extra’s pas etc.)

Marketing concept  Focus on the value a firm derives from its products. Within specific segments.
It’s not about who are the right customers for my product, but about what are the right
products for my customers.
Product/brand performance: Here are decisions based on.
- Product sales
- Market share
- Product profitability

Customer performance: (customer principle, the value a firm derives from its customers)
- Customer purchases
- Customer share
- Customer profitability

Slide changing customer firm interactions
1990-2005: Bedrijf gaat gerichter naar 1 klant (bijv. via direct mailing). Dit is de start van de interactie.
Maar klant reikt ook terug naar het bedrijf. Direct marketing paradigm
2005>: Veel customer/customer, maar bij discussie / verwarring etc, komt bedrijf als moderator.

Customer centricity  Dual value creation : Beide profiteren van elkaar. Creating value for the
customer, and by that, creating value for the firm.

,Share of wallet: Hoeveel krijgt 1 bedrijf van 1 klant, vergeleken met de uitgaven van die klant aan
andere winkels in dat segment.

Customer managed approach: Targeted offers are important.

2 types of value:
V2C: The value that the firm delivers to the Customer
V2F: The Value that the customer delivers to the Firm

V2C: Value through relationship with the firm and attachement with the brand. Measured through
the metricses ‘Customer satisfactions’ and ‘net promoter score’
- the perceived benefits that customers believe they receive from ownership or consumption
of a product or service (Payne et al. 1995).
- [… the customer’s evaluation of the difference between all the benefits and all the costs of a
marketing offering relative to those of competing offers (Kotler & Armstrong 2016, p. 37)].
- Costs: not only €, but also time investment, inconvenience and (emotional) stress
V2F: Value through financial value & customer engagement value. Measured through ‘lifetime value’
and ‘customer equity’.
- Decisions such as: Who do I want to target with a specific offer? / Who gets a customized
offer? / Who do I want to retain? / Who gets preferential treatment?
- Are based on individual customer data (personalized offer)
- In order to increase customer lifetime value
- Through creating customer loyalty (loyalty cards / preferent treatement options)

, In customer management, it doesn’t mean that each customers always is treated as an individual,
that is really expensive. Therefore there are segments, built on actual knowledge of the customer.
In customer management, the segments are built bottom-up, built on knowledge of individuals.

Customer segmentation:
High Profitability Butterflies True friends
Low Profitability Strangers Barnacles
Short-term customers Long-term customers
(loyal)

Butterflies
- Good fit
- High profit potential
- Aim to achieve transactional satisfaction. Not attitudinal loyalty.
- Milk the accounts only as long as they are active
- Key challenge is to cease investing soon enough
True friends
- Good fit
- Highest profit potential
- Communicate consistently, but not too often
- Build both attitudinal and behavioral loyalty
- Delight these customers to nurture, defend, and retain them
Strangers
- Little fit
- Lowest profit potential
- Make no investments
- Make profit on every transaction
Barnacles
- Limited fit
- Low profit potential
- Measure size and share of wallet
o Low share of wallet: focus on up- and cross-selling
o Small size of wallet: Impose strict cost controls

Not every customer is a keeper, focus on most valuable customers. But prevent customers damage
companies by mouth-to-mouth etc.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Willemijn3. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R118,99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 15 years now

Start selling

Summary

Summary of all lectures Managing Customer Experience and Value

Document information

Subjects

Written for

Seller

Reviews received

Content preview