Key Takeaways from Readings

Question 1

Welcome to the Experience Economy takeaway

Answer 1

Businesses looking to succeed in the experience economy need to create experiences that are:
Engaging
Personal
Transformative
Leveraging technology to enhance experience
Focus on emotions and senses of the customer

Question 2

Measuring & Managing Patient Satisfaction

Answer 2

PSSM Framework
Importance-performance

Question 3

PSSM Framework

Answer 3

Patient satisfaction strategy maps, used to measure patient satisfaction

Question 4

Patient research

Answer 4

Ensure research is conducted to get satisfaction, drivers of satisfaction, importance of drivers, and outcomes

Question 5

Satisfaction-profit chain (SPC)

Answer 5

Rigourous, comprehensive, theory-based approach developed in the field of marketing to analyze the antecedents and consequences of consumer satisfaction

Question 6

Strength, weakness, areas that should be reprioritized, areas that should be monitored for future adjustments

Answer 6

Strengths - high imp and perf
Weaknesses - high imp and low perf
Areas that should be reprioritized - low imp and high perf
Areas that should be monitored for future adjustments - low imp and low perf

Question 7

Drill-down analysis

Answer 7

Sub level of importance performance measurements
eg: facilities can be drilled down to lighting, cleanliness, space

Question 8

Attribute-level importance performance

Answer 8

Measures imp and perf for attributes

Question 9

Designing breakthrough products by Harvard. 5 key principles and strategies that companies can use to create breakthrough products

Answer 9

Deep understanding of consumer needs
Collaborative, cross-functional approach
Design thinking
Platform-based approaches
Taking risks and exploring new ideas

Question 10

Deep understanding of consumer needs (creating breakthrough products)

Answer 10

Using techniques such as lead user analysis to identify the needs of the most advanced and demanding users in the market

Question 11

Collaborative, cross-functional approach (creating breakthrough products)

Answer 11

Bringing together experts from different fields, such as marketing, engineering, and design to work together

Question 12

Design thinking (creating breakthrough products)

Answer 12

Focus on user experience and continue to refine and improve the product

Question 13

Platform-based approach (creating breakthrough products)

Answer 13

Design products that can be easily adapted and customized to meet the needs of different customers and markets

Question 14

Take risks and explore new ideas (creating breakthrough products)

Answer 14

Be willing to try new approaches, and be prepared to learn from failures and iterate quickly. Can also learn from the examples of other breakthrough products from other companies

Question 15

Conducting experiments for gaining customer insights article about?

Answer 15

Experiments can help companies make more informed decisions, reduce risk of product failure, increase customer satisfaction and loyalty, and also establish causality in experiments

Question 16

Three conditions to infer causality (Conducting experiments for gaining customer insights)

Answer 16

If two groups are equivalent in all aspects but the independent variable
There is statistical association between two variables
We can rule out other possible explanations for the observed association

Question 17

3 symbols used to represent the design of an experiment (Conducting experiments for gaining customer insights)

Answer 17

R = random assignment to sample group (dependent variable)
X = independent variable
O = observation from an experimental unit

Question 18

Selection bias (internal validity)

Answer 18

Occurs when the treatment group is chosen using a methodology that isn’t random

Question 19

Sample selection (external validity)

Answer 19

Overall sample is not representative of population of interest

Question 20

Threats to internal validity

Answer 20

History
maturation
Instrument variation
Experimental-unit mortality
Premeasurement/interactive testing
Selection bias
Statistical regression
Enhancing effect of selection bias

Question 21

Threats to external validity

Answer 21

Surrogate situation
Measurement of dependent variable
Measurement timing
Sample selection

Question 22

Key takeaways from “symbolic consumer behaviour”

Answer 22

Symbolic CB is the use of products and services to communicate a consumer’s identity, values, and social status