Customer Satisfaction, Loyalty, Management and Empowerment
1. Customer empowerment. Student can identify how their chosen product or service offering uses social networks to communicate and empower customers to be part of the marketing process.
2. Customer satisfaction. Student can identify how customers communicate their satisfaction or dissatisfaction with the chosen product or service offering.
3. Customer Relationship Management. Student can explain customer lifetime value and how a customer relationship management program can have a role in attracting and retaining most valuable customers.
• You may want to find a Most Valuable Customer of the product or service if you are not one yourself, or alternatively think like an MVC. What is the evidence of an MVC of your product or service. It isn’t just that the customer regularly buys the product or service. It means that the customer is treated differently — better — than other customers. It means that the MVC represents about 20% of the company’s revenues. These are the customers with whom the company regularly communicates, offers special deals, and other ways as outlined in the text and as you can find with just a little bit of googling on the internet.
• You may want to calculate the lifetime value of a most valuable customer. See the formula in the week’s readings. If you are not an MVC yourself, make and share your assumptions about your calculation. If you are not an MVC, you might want to find someone who is and ask them why they are loyal to the product or service and what they feel the company does for them that is special that they don’t do for other customers.
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