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Principles of Marketing for Grade 12 Students. Chapter 2

CHAPTER 2: MARKETING PRINCIPLES AND STRATEGIES

Lesson 1: Relationship Marketing
Lesson 2: Customer Value
Lesson 3: Customer Relationship Development Strategies Lesson 4: Customer Service Strategy in the Philippine Business Enterprise.

Resources: Principles of Marketing of Dr. Serrano.

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Principles of Marketing for Grade 12 Students. Chapter 2

  1. 1. CHAPTER 2 CUSTOMER RELATIONSHIP: CUSTOMER SERVICE Lesson 1: Relationship Marketing I am Johemie Quinones
  2. 2. RELATIONSHIP MARKETING According to Serrano, Relationship Marketing includes activities aimed at developing and managing trusting and long-term relationships with larger customers. (Customer profile, buying patterns and history of contacts are kept in a sales database) Relationship marketing is a strategy designed for customer loyalty, interaction, and long-term engagement to be fostered. Customer Relationship focuses more on long-term customer retention than acquiring large numbers of new and potentially single-transaction customers.
  3. 3. Characteristics of Relationship Marketing: 1. It focuses on the long-term rather than the short-term. 2. It focuses on partners and customers rather than on the company’s products. 3. It puts more emphasis on customer retention and growth than on customer acquisition. 4. It relies on cross-functional teams rather than on departmental-level work. 5. It relies more on listening and learning than on talking. Relationship Marketing is designed to develop strong connections with customers by providing them with information directly suited to their needs and interests by promoting open communication.
  4. 4. Relationship marketing calls for new practices within the 4p’s.
  5. 5. THIS IS A SLIDE title ▹Here you have a list of items ▹And some text ▹But remember not to overload your slides with content Your audience will listen to you or read the content, but won’t do both.
  6. 6. ▹More products are customized to the customers’ preferences. ▹New products are developed and designed cooperatively with suppliers and distributors.
  7. 7. ▹The company will set a price based on the relationship with the customer and the bundle of features and services ordered by the customer. ▹In business-to-business marketing, there is more negotiation because products are often designed for each customer. PRICE
  8. 8. ▹RM favors more direct marketing to the customer, thus reducing the role of middlemen. ▹RM favors offering alternatives to customers to choose the way they want to order, pay for, receive, install, and even repair the product. PLACE
  9. 9. ▹RM favors more individual communication and dialogue with customers. ▹RM favors more integrated marketing communications to deliver the same promise and image to the customer. ▹RM sets up extranets with large customers to facilitate information exchange, joint planning, ordering, and payments PROMOTION
  10. 10. In the business world, retaining customers has a lesser cost at least eight times compared to acquiring new ones. Thus, this marketing capitalizes on the same fact and is beneficial to the company in several ways. . BENEFITS OF RELATIONSHIP MARKETING
  11. 11. BENEFITS OF RELATIONSHIP MARKETING 1. Understanding customer characteristics the company can segregate its customers into groups based on their characteristics like purchasing power, frequency and volume of sale transactions. It also helps the company get valuable feedback from its customers and understand their needs and expectations. 2. Delivery and meeting expectations if the company knows what its customers’ needs are, it will help reduce wastage due to trial and error methods. It is easier to create a product if the features and specifications of the product are known.
  12. 12. BENEFITS OF RELATIONSHIP MARKETING 3. Repeat Business Sellers should maintain good attitude to the buyers. By doing this, buyers will feel that they do not need to switch sellers. 4. Prevents negative transition trust and loyalty go hand in hand and it is super beneficial for all business. It will help prevent customers from turning to competitors. 5. Word-of-mouth marketing a happy customer will always promote business by telling ten other people about the amazing services or performance received from a company.
  13. 13. BENEFITS OF RELATIONSHIP MARKETING 6. Increasing customer base satisfied existing customer is 100% more likely to recommend a product/service to a prospective customer. Apart from customer, referrals, there are several other ways to increase customer satisfaction by employing methods of utilizing social networking websites, blogs, informal surveys, benefits on loyalty cards, timely response to complaints and requests as a constant reminder of its presence around and retention equity is improved by enhancing customer satisfaction. 7. Reduced marketing cost Benefits also include lesser marketing costs and more value creation. This can be explained by stating the following statistics: every 5% increase in customer retention can increase a company’s annual profits from at least 25% to as much as 125%, while simultaneously leading to a reduction of 10% in marketing costs. An existing customer will spend 33% more than a new customer to buy a company’s product/service.
  14. 14. BENEFITS OF RELATIONSHIP MARKETING 8. Minimization of customer price sensitivity a happy customer will be willing to pay more for a product if there is a guaranteed satisfaction of products and after sales services attached to the price. . 9. Identification with the company the benefits are reaped both by the company and the customers. It helps customers identify more with the company. Keeping your communication lines open and keeping in touch with the customers makes them feel like they are being valued. It will keep customers coming in and build brand equity for the company in the long run. 10. Product Market Expansion the company’s employees must be ready to deliver beyond the company’s boundaries on customer demand.
  15. 15. ▹Examples of companies using relationship marketing ▹Ikea ▹Direct recruitment ▹American airlines ▹Dell ▹Vyvanse
  16. 16. CHAPTER 2 CUSTOMER RELATIONSHIP: CUSTOMER SERVICE Lesson 2: Customer Value
  17. 17. CUSTOMER VALUE Customer Value is the relationship between benefits and the costs including money, stress, and time to sacrifice that is necessary to get those benefits. Or simply stated in a mathematical equation: Benefits – Cost = Customer Value
  18. 18. CUSTOMER VALUE
  19. 19. In essence, customer value entails extraordinary delivery of four value-points or components known also as SQIP: SERVICE the intangible value offered to customers.
  20. 20. In essence, customer value entails extraordinary delivery of four value-points or components known also as SQIP: QUALITY customer’s perception of how well a company’s products and services meet expectations
  21. 21. In essence, customer value entails extraordinary delivery of four value-points or components known also as SQIP: IMAGE customers’ perception of the company or business they interact with
  22. 22. In essence, customer value entails extraordinary delivery of four value-points or components known also as SQIP: PRICE the price a company can command for its products and services that its customers are able and willing to pay.
  23. 23. 1. Provide consumer with the best cost. 2. Provide the consumer with the best product. 3. Provide the consumer with the best service. Three ways a company can establish customer value to its customer base: DELIVERING CUSTOMER VALUE
  24. 24. Importance of Customer Value 1. Designing and providing superior customer value are the keys to successful business strategy in the 21st century. 2. Value reigns supreme in today’s marketplace and market-space. 3. Customers will not pay more than a product is worth and will reward excellence. 4. A customer-centric culture provides focus and direction for the organization, ensuring that exceptional value will be offered to customers. 5. Designing and delivering superior customer value propels organizations to market leadership positions in today’s highly competitive global markets – absolute advantage 6. Providing outstanding customer value has become a mandate for management.
  25. 25. Importance of Customer Value 7. In choice-filled arenas, the balance of power has shifted from companies to value- seeking customers. 8. Managing customer value is even more critical to organizations in the new service and information-based economy 9. Firms not providing adequate value to customers will struggle or disappear – customer value is a key ingredient in building competitive advantage. 10. Today’s customers are quite smart and sophisticated and are looking for companies that:: a. Create maximum value for them based on their needs and wants, and b. Demonstrate that they value their business.
  26. 26. thanks! CREATING MORE CUSTOMER VALUE? ▹Understand what drives value for customers ▹Understand value proposition ▹Identify the customers and segments where the company can create more value relative to competitors ▹Create a win-win price ▹Focus investments on the most valuable customers
  27. 27. CHAPTER 2 CUSTOMER RELATIONSHIP: CUSTOMER SERVICE Lesson 3: Customer Relationship Development Strategies
  28. 28. Benefits of Developing Customer Relationship Customer Relationship is a marketing approach that focuses on creating an ongoing and long-term relationship with customers.
  29. 29. Benefits in developing and implementing customer relationship 1. Consistent customer experience Customer Lifecycle Journey
  30. 30. Benefits in developing and implementing customer relationship 2.Customer feedback
  31. 31. Benefits in developing and implementing customer relationship 3.Customer Profitability
  32. 32. Benefits in developing and implementing customer relationship 4.Customer advocate
  33. 33. Benefits in developing and implementing customer relationship 5. Innovation
  34. 34. Benefits in developing and implementing customer relationship 5. Innovation 4. Customer advocate 3. Customer Profitability 2. Customer Feedback 1. Consistent customer experience
  35. 35. 1. Make every customer interaction count Strategies in Developing Customer Relationship
  36. 36. Strategies in Developing Customer Relationship 2. Follow-through on commitments and claims about products or services.
  37. 37. Strategies in Developing Customer Relationship 3. Develop Employees.
  38. 38. 4. Offer benefits and product value that responds to the customer’s desires. Strategies in Developing Customer Relationship
  39. 39. 5. Treat customers as individual who are respected and valued. Strategies in Developing Customer Relationship
  40. 40. 6. Listen to customer. Strategies in Developing Customer Relationship
  41. 41. 7. Build a strong brand identity. Strategies in Developing Customer Relationship
  42. 42. 8. Surround customers with valuable information by using emails, websites, content, social media, and other methods of outreach but do not be invasive. Strategies in Developing Customer Relationship
  43. 43. 9. The business must have a website. Strategies in Developing Customer Relationship
  44. 44. 10. Reward loyal customers. Strategies in Developing Customer Relationship
  45. 45. 11. Nothing strengthens a bond more that appreciation. Strategies in Developing Customer Relationship
  46. 46. 12. Create a blog about the business where discuss is more casual and inviting. Strategies in Developing Customer Relationship
  47. 47. Benefits in developing and implementing customer relationship 5. Treat customers as individual who are respected and valued. 4. Offer benefits and product value that responds to the customer’s desires. 3. Develop Employees. 2. Follow-through on commitments and claims about products or services. 1. Make every customer interaction count 6. Listen to customer.
  48. 48. Benefits in developing and implementing customer relationship 9. The business must have a website. 10. Reward loyal customers. 11. Nothing strengthens a bond more that appreciation. 12. Create a blog about the business where discuss is more casual and inviting. 8. Surround customers with valuable information by using emails, websites, content, social media, and other methods of outreach but do not be invasive. 7. Build a strong brand identity.
  49. 49. CHAPTER 2 CUSTOMER RELATIONSHIP: CUSTOMER SERVICE Lesson 4: Customer Service Strategy in the Philippine Business Enterprise
  50. 50. Customer Service Strategy
  51. 51. Customer Service Strategy CUSTOMER SERVICE is the act of taking care of the customer’s needs by providing and delivering professional, helpful, high quality service and assistance before, during, and after the customer’s requirements are met.
  52. 52. Elements of the Customer Service strategy: 1. A vision for customer service
  53. 53. Elements of the Customer Service strategy: 2. Assessing customer needs
  54. 54. Elements of the Customer Service strategy: 3. Hiring for Service
  55. 55. Elements of the Customer Service strategy: 4. Organizational goals for customer service
  56. 56. Elements of the Customer Service strategy: 5. Customer Service Training
  57. 57. Elements of the Customer Service strategy: 6. Employee Accountability
  58. 58. Elements of the Customer Service strategy: 7. Rewarding Good Service
  59. 59. THE SUKI SYSTEM IN THE PHILIPPINES
  60. 60. Benefits in developing and implementing customer relationship SUKI SYSTEM system of patronage in which a customer regularly buys their merchandise from a certain client.
  61. 61. THE SUKI SYSTEM IN THE PHILIPPINES
  62. 62. Benefits in developing and implementing customer relationship SUKI – a partner system of doing business in the Philippines, wherein a customer buys certain products from a particular vendor, who in turn offers discounts and other perks for such exclusivity. Filipinos use the word suki to refer to both buyers and sellers, indicating their equal roles and obligations in an eponymous relationship.
  63. 63. Thanks!

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