Marketing Lecture 1
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Created by:
jawatefood on October 22, 2011
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Part 1
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11 terms
Terms | Definitions |
|---|---|
 Customer Satisfaction | The extent to which a product's perceived performance matches a buyers expectations |
| Satisfied customers are... | more likely to come back |
| Dissatisfied customers... | engage in negative word of mouth |
| How much more expensive is it to get a new customer than it is to retain an existing one? | 5 to 10 times more expensive |
| Defensive Marketing | prevent both current and/or new competitors from taking away the firm's business (retain existing customers) |
| Offensive Marketing | Marketing with the intent to capture new customers |
| Why encourage customer complains? | 1. Product/Service Development 2. Loyalty: customers become more loyal after problem is fixed 3. Retain waining customers |
| Switching Costs | Helps retain customers by making it difficult for customers to switch to a competitor |
| Customer Value | Helps retain customers by making your product/service irreplaceable by the competition |
| Brand Loyalty | Helps retain customers by sustaining high levels of customer satisfaction consistently |
| Effects of high brand loyalty? | 1. Higher share-of-wallet 2. Less price sensitive 3. Brings referrals 4. Lower transaction costs |
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