EMKT503 - U03L04 - Customer Satisfaction
videolpuonline 11・2 minutes read
Customer satisfaction in marketing management hinges on meeting or exceeding expectations, shaped by past experiences, promises, and communication, with a focus on attracting and retaining customers through setting clear expectations. Stakeholder conflicts can be resolved through innovative approaches to ensure organizational success, emphasizing the importance of managing expectations effectively for customer satisfaction and loyalty.
Insights
- Customer satisfaction in marketing management hinges on the alignment between customer expectations and actual product or service performance, with satisfaction resulting from meeting or exceeding expectations and dissatisfaction from falling short.
- Stakeholders, encompassing various groups like society, employees, lenders, buyers, and customers, play a crucial role in ensuring overall satisfaction and success, highlighting the importance of considering internal stakeholders like employees to avoid dissatisfaction among customers and affect service quality.
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Recent questions
How does customer satisfaction impact marketing management?
Customer satisfaction is a critical aspect of marketing management as it revolves around the alignment between customer expectations and the actual performance of a product or service. When expectations are met or exceeded, it leads to delight and satisfaction, while falling short results in dissatisfaction. Marketers play a significant role in shaping expectations through promises of quality, value, and uniqueness to attract and retain customers. Ultimately, the success of an organization hinges on effectively managing expectations, communicating clearly with stakeholders, and meeting or exceeding performance to ensure customer satisfaction and loyalty.
What role do stakeholders play in ensuring overall satisfaction?
Stakeholders, including society, employees, lenders, buyers, contractors, and customers, are crucial in ensuring overall satisfaction and success. Expectations are shaped by past experiences, opinions, promises, and marketing communications, creating a desire for the best quality, service, or experience. Failure to satisfy internal stakeholders, like employees, can lead to dissatisfaction among customers, impacting overall performance and service quality. By considering the needs and expectations of all stakeholders, organizations can effectively manage conflicts, improve communication, and enhance customer satisfaction.
How can conflicts between stakeholders be resolved?
Stakeholder conflicts, such as those between managers and customers or owners and shareholders, can be resolved through innovative approaches like value-added services or transparent practices. Effective communication, clear setting of expectations, and meeting or exceeding performance are key to resolving conflicts and ensuring organizational success. By focusing on balancing expectations and performance, organizations can avoid conflicts, provide a positive customer experience, and foster satisfaction and loyalty among stakeholders.
What is the significance of customer retention in marketing?
Customer retention is vital in marketing as it involves consistent communication, commitment to promises, and addressing feedback to reduce dissatisfaction and improve loyalty. Successful customer retention is achieved through ongoing communication, commitment to promises, and resolving conflicts effectively. Long-term customer relationships are built on effective communication, commitment to promises, and addressing customer needs, ultimately leading to customer satisfaction and loyalty. By focusing on meeting performance expectations, providing value for money, offering unique products, and maintaining consistent quality and communication, organizations can enhance customer retention and overall success.
How can organizations build successful customer relationships?
Organizations can build successful customer relationships by focusing on effective communication, commitment to promises, and resolving conflicts through communication. Customer retention relies on meeting performance expectations, providing value for money, offering unique products, and maintaining loyalty through consistent quality and communication. By following the eight c's of customer retention, which include communication, convenience, consistency, care, control, confidence, and commitment, organizations can personalize communication, provide convenience in purchasing, ensure consistent performance, offer care in after-sales services, give customers control, build confidence, and foster commitment through exclusive offers and messages, ultimately leading to successful customer relationships.
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Lecture 21: Product Decisions
Summary
00:00
"Managing Expectations for Customer Satisfaction and Loyalty"
- Customer satisfaction is crucial in marketing management, stemming from the match between customer expectations and actual product or service performance.
- Satisfaction is determined by whether expectations are met or exceeded, leading to delight, or fall short, resulting in dissatisfaction.
- Expectations are shaped by past experiences, opinions, promises, and marketing communications, creating a desire for the best quality, service, or experience.
- Marketers play a significant role in setting expectations through promises of quality, value, and uniqueness, aiming to attract and retain customers.
- Stakeholders, including society, employees, lenders, buyers, contractors, and customers, must be considered to ensure overall satisfaction and success.
- Failure to satisfy internal stakeholders, like employees, can lead to dissatisfaction among customers, affecting overall performance and service quality.
- Stakeholder conflicts, such as between managers and customers or owners and shareholders, can be resolved through innovative approaches, like value-added services or transparent practices.
- Effective communication with stakeholders, clear setting of expectations, and meeting or exceeding performance are key to organizational success and customer satisfaction.
- Balancing expectations and performance is essential to avoid conflicts and ensure a positive customer experience, leading to satisfaction and loyalty.
- Ultimately, customer satisfaction hinges on the alignment between what is promised and what is delivered, emphasizing the importance of managing expectations effectively.
17:21
"Business Success: Promises, Quality, Feedback, Communication"
- Paytm initially faced financial constraints but offered shares to loyal employees, turning them into millionaires.
- Conflict resolution involves setting and meeting expectations, as seen in the movie "Dangal" where promises led to success.
- Key to business success lies in attracting the right customers through proper processes, promises, quality consistency, and feedback.
- New product development should focus on meeting societal needs and demands to ensure successful sales.
- Understanding and utilizing resources effectively, whether outsourced or internal, is crucial for business success.
- Organizational image is shaped by internal policies, culture, and treatment of stakeholders, impacting customer perception.
- Customer satisfaction is measured through feedback, with a focus on understanding dissatisfied customers to improve retention.
- Customer retention is vital for reducing dissatisfaction and involves consistent communication, commitment, and addressing feedback.
- Successful customer retention is achieved through ongoing communication, commitment to promises, and addressing customer needs.
- Long-term customer relationships are built on effective communication, commitment to promises, and resolving conflicts through communication.
34:07
"Customer Retention: The Eight C's Explained"
- Duff soap stands out by promoting the message that everyone is beautiful, emphasizing individuality and self-care as key to building relationships.
- Customer retention relies on meeting performance expectations, providing value for money, offering unique products, and maintaining loyalty through consistent quality and communication.
- The eight c's of customer retention include communication, convenience, consistency, care, control, confidence, and commitment, focusing on personalized communication, convenience in purchasing, consistent performance, care in after-sales services, customer control, building confidence, and fostering commitment through exclusive offers and messages.
