According to Philip kotler “It is no longer enough to satisfy
customers. You must delight them”. In a hyper competitive
economy with increasingly rational buyers, a company can only win
by creating & delivering superior values. This involves the
following five capabilities:-
. Understanding customer values.
.Creating customer value.
. Delivering customer value.
.Capturing customer value.
. Sustaining customer value.
Customers are value maximizes they form an expectation of value
& act on it. Buyers will buy from the firm that they perceive
to offer the highest customer delivered value, defined as the difference
between total customer value & total customer cost.
Total customer satisfaction:-
A buyer’s satisfaction is a function of the products perceived
performance & the buyer’s expectation. If the performance
falls short of expectations, the customer is dissatisfied. If the
performance matches the expectations, the customer is satisfied
& if the performance exceeds expectations, the customer is highly
satisfied or delighted.
Recognizing that high satisfaction leads to high customer loyalty,
many companies nowadays are aiming for TCS- TOTAL CUSTOMER SATISFACTION.
For such companies, customer satisfaction is both a goal & a
Diagrammatic Representation of Satisfaction:-
IS the totality of features & characteristics of a product or
service that bears on its ability to satisfy stated or implied needs.
Today’s companies have to implement total quality management
programme if they are to remain solvent & profitable. Total
quality is the key to value creation & customer satisfaction.
is the one element of marketing mix that produces revenue whereas
the other produces costs. Price communicates to the market, the
company’s intended value positioning of its products or brand.
The company must set its price in relation to the value delivered
& perceived by the customer.