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MBA 671 Dr. S. Borna MBA 671 Dr. S. Borna

Objectives ä Define value & satisfaction - understand how to deliver them ä The Objectives ä Define value & satisfaction - understand how to deliver them ä The nature of high-performance businesses ä How to attract & retain customers ä Improving customer profitability ä Total quality management

Determinants of Customer Delivered Value Image value Personnel value Services value Total customer value Determinants of Customer Delivered Value Image value Personnel value Services value Total customer value Product value Customer delivered value Monetary cost Time cost Energy cost Psychic cost Total customer cost

High Performance Business Set strategies to satisfy key. . . By improving critical business. High Performance Business Set strategies to satisfy key. . . By improving critical business. . . and aligning. . . Stakeholders Processes Resources Organization

Firm infrastructure Market. Out. Serving Inbound Operabound ice Logistics tions and Logistics sales Primary Firm infrastructure Market. Out. Serving Inbound Operabound ice Logistics tions and Logistics sales Primary Activities in Procurement in Technology Development Ma rg Human resource management rg Ma Support Activities The Generic Value Chain

Levi Strauss’ Value-Delivery Network Order Du Pont (Fibers) Order Milliken (Fabric) Delivery Order Levi’s Levi Strauss’ Value-Delivery Network Order Du Pont (Fibers) Order Milliken (Fabric) Delivery Order Levi’s (Apparel) Delivery Order Sears (Retail) Delivery Customer Delivery Competition is between networks, not companies. The winner is the company with the better network.

Satisfied Customers: ä Are loyal longer ä Buy more (new products & upgrades) ä Satisfied Customers: ä Are loyal longer ä Buy more (new products & upgrades) ä Spread favorable word-of-mouth ä Are more brand loyal (less price sensitive) ä Offer feedback ä Reduce transaction costs

The Concept of Value One of the prerequisites of Exchange: Each party has something The Concept of Value One of the prerequisites of Exchange: Each party has something that might be of value to the other party. intrinsic value/ extrinsic value

According to Lancaster (1966) A product is a bundle of attributes. According to Lancaster (1966) A product is a bundle of attributes.

The bundle of attributes can be made up: • • • tangible objects services The bundle of attributes can be made up: • • • tangible objects services ideas/concepts personalities places organizations

Net Value total value Net value total product offering total cost: tangible intangible Net Value total value Net value total product offering total cost: tangible intangible

CONSUMER SATISFACTION DISSATISFACTION Satisfaction/dissatisfaction is a person’s feelings of a pleasure or disappointment resulting CONSUMER SATISFACTION DISSATISFACTION Satisfaction/dissatisfaction is a person’s feelings of a pleasure or disappointment resulting from comparing a product’s perceived performance (or outcome) in relation to his or her expectations.

Prepurchase Expectation of Product Performance Actual Product Performance Postpurchase Satisfaction Comparison dissatisfaction Prepurchase Expectation of Product Performance Actual Product Performance Postpurchase Satisfaction Comparison dissatisfaction

How to measure consumer s/ds? 1. Complaint and suggestion systems: (hot lines, 800 numbers, How to measure consumer s/ds? 1. Complaint and suggestion systems: (hot lines, 800 numbers, etc. 2. Customer Satisfaction surveys 3. Ghost Shopping 4. Lost customer Analysis Note: Measurement Problems

How to handle customers’ complaints? Need for a complaint management process. The need for How to handle customers’ complaints? Need for a complaint management process. The need for customer retention, Customer Lifetime value Measurement problems related to customer life time value

Product Quality 1. The Concept of Quality 2. Marketer’s Role in Defining and Delivering Product Quality 1. The Concept of Quality 2. Marketer’s Role in Defining and Delivering Quality

Quality #1 ä Quality is the totality of features and characteristics of a product Quality #1 ä Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.

PRODUCT QUALITY THE CONCEPT OF QUALITY: HOW TO “OPERATIONALIZE” IT? PRODUCT QUALITY THE CONCEPT OF QUALITY: HOW TO “OPERATIONALIZE” IT?

(P. W. Bridgeman, The Logic of Modern Physics) In general, we mean by any (P. W. Bridgeman, The Logic of Modern Physics) In general, we mean by any concept nothing more than a set of operations; the concept is synonymous with the corresponding set of operations. (H. Marcuse, One Dimensional Man)

Product Quality (S. Schnaars) Why product quality is more important? 1. Competitive pressures to Product Quality (S. Schnaars) Why product quality is more important? 1. Competitive pressures to increase quality 2. Quality advantage of imports over

Product Quality Cont. 3. Quality is more important to consumers 4. Quality is sustainable Product Quality Cont. 3. Quality is more important to consumers 4. Quality is sustainable

Different views of product quality Views 8 Dimension of Product Quality Products that work Different views of product quality Views 8 Dimension of Product Quality Products that work Reliability Durability Conformance to Specification

Different views of product quality Design Excellence Superior Satisfaction of Needs Performance Product features Different views of product quality Design Excellence Superior Satisfaction of Needs Performance Product features Serviceability, Aesthetics Perceived Quality

What Is Quality? According to Kotler: Quality is the totality of features and characteristics What Is Quality? According to Kotler: Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied (consumer’s) need.

Quality mix: The need for multiple perspective 1 QUALITY MIX ISSUES a. ABSOLUTE QUALITY Quality mix: The need for multiple perspective 1 QUALITY MIX ISSUES a. ABSOLUTE QUALITY b. RELATIVE QUALITY CONFORMANCE Q. PERFORMANCE Q.

ISSUE NO. 2 OBJECTIVE VS. SUBJECTIVE MEASURES ISSUE NO. 3 DIFFERENCES AMONG PRODUCT CATEGORIES ISSUE NO. 2 OBJECTIVE VS. SUBJECTIVE MEASURES ISSUE NO. 3 DIFFERENCES AMONG PRODUCT CATEGORIES ISSUE NO. 4 CHANGES IN VALUED ELEMENTS

Quality Mix Strategies Quality Mix Strategies

INCREASING OVERALL LEVEL OF QUALITY ELEMENTS OF QUALITY INCREASING OVERALL LEVEL OF QUALITY ELEMENTS OF QUALITY

FOCUSING ON A QUALITY SEGMENT Quality improvement ELEMENTS OF QUALITY FOCUSING ON A QUALITY SEGMENT Quality improvement ELEMENTS OF QUALITY

TRADING PRICE AND QUALITY HIGH A PRICE X B B E C D LOW TRADING PRICE AND QUALITY HIGH A PRICE X B B E C D LOW HIGH QUALITY

REQUIREMENTS FOR QUALITY IMPROVEMENTS 1. 2. 3. 4. 5. 6. LONG-TERM COMMITMENT EMPLOYEE INVOLVEMENT REQUIREMENTS FOR QUALITY IMPROVEMENTS 1. 2. 3. 4. 5. 6. LONG-TERM COMMITMENT EMPLOYEE INVOLVEMENT WORKER TRAINING PRODUCT DESIGN MARKETING-R&D INTERFACE LONG-TERM CONSUMER SATISFACTION

Review ä Define value & satisfaction understand how to deliver them ä The nature Review ä Define value & satisfaction understand how to deliver them ä The nature of high-performance businesses ä How to attract & retain customers ä Improving customer profitability ä Total quality management