Objectives for Chapter 17 The Financial and Economic Impact of.pptVIP

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Objectives for Chapter 17 The Financial and Economic Impact of.ppt

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Objectives for Chapter 17 The Financial and Economic Impact of

Figure 17-1The Direct Relationship between Service and Profits How Quality Generates Profits Is it always worthwhile to spend more on improving the quality of one’s goods and services? Evidence of relationship between quality and profits Lower costs due to efficiencies achieved Increased sales from current customers Greater attraction of new customers Possible ability to charge higher prices PIMS data Profit Impact of Marketing Strategy However Not the same for all firms and industries Relative importance of each of these factors varied widely across different industries What is ROQ? Looks at investments in services as a chain of effects improvement leads to satisfaction leads to behavioral intentions leads to behavioral impact leads to profit Assumptions quality is an investment quality efforts must be financially accountable it is possible to spend too much on quality not all quality expenditures are equally valid Measuring the Effects of Quality Can/should it be measured Must manage limited resources and direct spending where it most counts Offensive and Defensive Marketing Offensive --- marketing used to attract more and better customers Defensive---marketing used to prevent customer defection The Value of New Customers Offensive Marketing Quality attracts new customers W-O-M Personal referrals “Willingness to recommend” Enthusiastic testimonial Figure 17-2Offensive Marketing Effects of Service on Profits Why Improved Retention Defensive Marketing Increases Profits It’s about 5 times more expensive to win a new customer than to keep an old one. Longer-term customers tend to purchase more. Familiar customers may be more efficient to deal with. Secondary issues Satisfied customers more pleasant to work with --- employee turnover makes a firm a more formidable competitor if firm redresses complaints customers are almost as willing to return and sometimes more loyal than those who never had a problem Figure 17-3Defensive Marketing Effects of Service on