customer centrecity

Question 1

customer centricity define

Answer 1

centering in on the customer

Question 2

what are some alternative names that customer centricity is referred as?

Answer 2

-market oriented
-market driven
-customer focused

Question 3

what are the three steps of customer centricity?

Answer 3

-understand the customer
-build a customer centric culture
-serve the customer

Question 4

what is customer perceived value? what step does it belong too?

Answer 4

-customers attempt to maximize their perceived value
=they want the greatest benefit (eco, functional, psychological) from the lowest possible cost (eval, obtaining, using, disposing)

Question 5

what is the question asked about customer perceived value?

Answer 5

what should the customer benefit from the product or service that they buy?
-those benefits are a direct connection to the job they need done
-helps us understand how the customer thinks of the product they are buying

Question 6

what are the equations associated with customer perceived value?

Answer 6

value=Benefit- cost
value a>value b or (B-C for a)> (B-C for b)
-these are just comparisons that customers make

Question 7

How can businesses increase value for customers?

Answer 7

-we can increase value by focusing on the increase perceived benefits of a customer or decrease perceived costs

Question 8

in marketing strategy, what is the significance of segmenting people into groups based on their perception of value, and how does this approach contribute to a more tailored marketing plan?

Answer 8

-we segment people into groups based on their perception of value to get a good grasp of the value of each segment and let use adjust our marketing plan to be more tailored for each segment

Question 9

resonance focus?

Answer 9

• Resonance focus model
  
  • Understanding the needs and change offerings on a few elements that matter the most to target customers
  • Like an emotional connection to your customers

Question 10

creating the demand ladscape

Answer 10

-tracks cusyomer behavior throuhh observations, journals etc and groupong them into distinct ctagories

Question 11

touch point

Answer 11

every time as an organization interact with or have the opportunity to interact with a potential customer

Question 12

why is a touch point important?

Answer 12

we are looking for opportunities to provide benefit or lower costs we have to look at every single one to find an opportunity

Question 13

Customer relationship management (CRM)

Answer 13

-makes sure that we are managing the value created across every touchpoint
-Process of collecting detailed information about an indivual at all touch points which guides an organization to personalized customer servic

Question 14

why is CRM important?

Answer 14

makes sure that everyone is focused and has teh ability to create more value at every touch point
-lets orgs see the value created or missed
-measures what happens are every tp and value created

Question 15

selective relationship management

Answer 15

targets fewer and more profitable customers from the data from CRM

Question 16

what is Net promoter score? (NPS)

Answer 16

measures where we can get a sense of he value created at each point
=how likely we are to refer to to someone else

Question 17

what are the four C of building a customer centric culture?

Answer 17

-coordination
-cooperation
-capability
-connection

Question 18

coordination

Answer 18

-makes sure that we set up systems and process in an organization that let our people talk to each other about customers and creating customer value
-lets employees improve their focus on customers by harmonizing information and activities across all units

Question 19

cooperation

Answer 19

makes sure our employees re trained and incentized to work with each other
-encouring all people in every part of the company

Question 20

capability

Answer 20

• Makes sure that the people in the organization have the skills to deliver to customers
  
  • Focused on solutions and Clare career paths fro employees with those skills

Question 21

connection

Answer 21

setting up interactions with our collaborators outside teh organization to increase the value of solution that are most effective
-like outsourcing customer service

Question 22

Why is it important to prioritize actions that create the most value for each customer in customer-centric decision-making?

Answer 22

decisions should be made first on what creates the most value for each customer and not what seems the best and good thing for the organization (focus on customer and not convince)
-of your decisons d not create more valuefor customers tehn nothing else matters

Question 23

what do we not want to do when it comes to serving the customer?

Answer 23

evolving teh brand
brand can serve everyone
ability to make more and convince customers- no point if it does not create value

-example: netflix was once a DVD company but hwne it was making its switch it decided to make two different companies to sepreate their brands but it failed really bad because it was easier for them to be connected since everything was connceted together- bad for stocks and switched

Question 24

customer life time value

Answer 24

present value of all future streams of profits that are ind or orgs generate over the life f their business with the firm
=understand the value that is brought to us and good and bad customers
=franchise

Question 25

how can we measure the lifetime value of customers?

Answer 25

overall revenue and cost of serving

Question 26

what kind of effect does retention percentage have on firm value?

Answer 26

-even adjusting a percentage up has a big impact
-if we are able to do this for every segment then it helps with investment

Question 27

what are the 2 sides of customer value?

Answer 27

customer experience and coustmer profitability

Question 28

what are vunerable customers?

Answer 28

high profitability and low customer experince
-they are highly profitable but will be shopping around because tehy are not happy with us

Question 29

lost cause

Answer 29

low profitability and customer experience
-we would rather get rid of them and have them go to a compeitor

Question 30

star customers

Answer 30

high value and customer experince
-they will be the ones who share our produc and continue to buy

Question 31

free riders

Answer 31

high customer experience and low profitability

Question 32

how are the marketing plan and marketing strategy formation similar?

Answer 32

-5 C = Situation of SWOT analysis
-marketing strategy = aspiration
-action plan = marketing mix
-implementation evaluation control= outcomes

Question 33

delete

Answer 33

total of all lifetime balue for all our customers
-idenfiying those peopel and have them stay longer