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Anam - 1195 - 15793 - 1 - Chap 1 - Technology-Driven Consumer Behavior

This document discusses concepts related to technology-driven consumer behavior and marketing, including: 1. Marketing orientations like production, product, and selling concepts, as well as the marketing concept which involves market research, segmentation, and developing an integrated marketing mix. 2. How technology has enriched exchanges between consumers and companies by allowing for interactive and customized communication and better prices/distribution. 3. The importance of customer value, satisfaction, and retention for companies, and how retaining customers can provide benefits like increased purchases and willingness to try new products. 4. Different types of customer loyalty profiles and their profitability, as well as measures for evaluating customer retention.

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Qazi Shaharyar Akhter
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1K views11 pages

Anam - 1195 - 15793 - 1 - Chap 1 - Technology-Driven Consumer Behavior

This document discusses concepts related to technology-driven consumer behavior and marketing, including: 1. Marketing orientations like production, product, and selling concepts, as well as the marketing concept which involves market research, segmentation, and developing an integrated marketing mix. 2. How technology has enriched exchanges between consumers and companies by allowing for interactive and customized communication and better prices/distribution. 3. The importance of customer value, satisfaction, and retention for companies, and how retaining customers can provide benefits like increased purchases and willingness to try new products. 4. Different types of customer loyalty profiles and their profitability, as well as measures for evaluating customer retention.

Uploaded by

Qazi Shaharyar Akhter
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Technology-Driven

Consumer Behavior
Consumer Behavior
Marketing Management
Orientation
• Production concept
• Affordable prices and high availability

• Product concept
• High quality and more features

• Selling concept
• High promotional efforts
• Push and pull strategies
Marketing Management
Orientation
• Marketing concept
• Market research
• Consumer research

• Segmentation, target market and positioning

• Marketing mix
• Product
• Price
• Place
• Promotion

• Socially responsible marketing


Technology Enriches The
Exchange
• Consumers have embraced the technology

• Interactive and novel communication channels

• Customizing products and promotional messages

• Better prices and distribution


Customer Value, Satisfaction
and Retention
• Customer Value
The ratio between customers’ perceived benefits and the resources
they use to obtain those benefits.

• Customer Satisfaction
Customers’ perceptions of the performance of the offering in
relation to their expectations.

• Customer Retention
Turning individual consumer transactions into long-term customer
relationships by making it in the best interests of customers to stay
with the company rather than switch to another firm.
Customer Retention
• Buy more existing products and ready-made market for new models of
existing products

• Ready to be tested for new products

• Less-price sensitive

• Pay less attention to competitor

• Already trained about the usage of product

• Positive word-of-mouth

• Marketing efforts for new customers are expensive

• Happier the customers, happier the employees


Customer Value, Satisfaction
and Retention
• Technology and Customer Relationships

• Customer Loyalty and Satisfaction

• Customer Loyalty and Profitability

• Measures of Customer Retention


Customer Loyalty and
Satisfaction
• The Loyalists
Completely satisfied and regular buyers

• The Defectors
Neutral and switch for lower prices

• The Terrorists
Negative experienced, spread bad word-of-mouth

• The Hostages
Unhappy customers who stay for low prices but complain much

• The Mercenaries
Very satisfied but can switch easily because of price issues
Customer Loyalty and
Profitability
• True Friends High Profit
• Very loyal and profitable
True
Butterflies
• Butterflies Friends
• Very profitable but not loyal
High
Loyalty

• Barnades
• Very loyal but not profitable Strangers Barnades

• Strangers
• Neither loyal nor profitable
Measures of
Customer Retention
• Customer Valuation
• Focusing on the money customers are spending

• Retention Rate
• Percentage of customers at the beginning of the year and at end
of the year

• Analyzing Defections
• Focusing on former customers to know the root cause of
switching and working on complaints
Model of
Consumer Decision-Making

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