chapter 1 Fall 2024 IS part 3.pdf

Principles of Marketing Chapter 1 Marketing: Creating Customer Value and Engagement Part 3 Copyright © 2024 Dr Ibrahim Al-Sahouly. Copyright © 2024 Dr Ibrahim...

Principles of Marketing Chapter 1 Marketing: Creating Customer Value and Engagement Part 3 Copyright © 2024 Dr Ibrahim Al-Sahouly. Copyright © 2024 Dr Ibrahim Al-Sahouly.  Discuss customer relationship management and identify strategies for Learning creating value for customers and capturing value from customers in return. Objective 4 4.Engaging customers and Managing Customer Relationships Customer relationship management—the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Think about Amazon.com Airlines and loyalty rewards 4.Engaging customers and Managing Customer Relationships Relationship Building Blocks Customer- Customer perceived value satisfaction The difference The extent to between total which perceived customer performance perceived matches a benefits and buyer’s customer cost expectations 4.Engaging customers and Managing Customer Relationships Customer-Engagement Marketing fosters direct and continuous customer involvement in shaping brand conversations, experiences, and community such as posting a video on YouTube and waiting for customers engagement to it. Fly Emirates and Jennifer video Q) how other companies have used Facebook, X, TikTok, Instagram, Snapchat, or other social networks for marketing purposes. 4.Engaging customers and Managing Customer Relationships A growing form of customer-engagement marketing is Consumer-Generated Marketing Brand exchanges created by consumers themselves. Consumers are playing an increasing role in shaping brand experiences. This might happen through uninvited consumer-to-consumer exchanges in blogs, video-sharing sites, social media, and other digital forums. Think of Macdonalds #McDstories 4.Engaging customers and Managing Customer Relationships 5. Capturing Customer Value  5. Capturing Customer Value Share of customer is the portion of the customer’s purchasing that a company gets in its product categories. banks want to increase “share of wallet.” Supermarkets and restaurants want to get more “share of stomach.” Car companies want to increase “share of garage,” and airlines want greater “share of travel.” For example, Amazon is highly skilled at leveraging relationships with its 237 million customers to increase its share of each customer’s spending budget. Think also of Disney! 5. Capturing Customer Value Customer equity is the total combined customer lifetime values of all of the company’s customers. Clearly, the more loyal the firm’s profitable customers, the higher its customer equity. Different types of customers require different relationship management strategies. Failure to increase customer equity  Managing Customer Relationships and Capturing Customer Value Managing Customer Relationships and Capturing Customer Value  Next is chapter 3 Form your groups (Very Important) Thank you See you in our class With my Best Wishes ☺