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Ms6105 2
- 1. MS6105: Relationship Marketing Sigourney Quartey, Tom Broe, Laura Fuller, Shishir Limbu, Juan Blas Gomez, Mark McCready
- 2. Identifying the differing facets of loyalty Each member discusses personal experience to identify an outcome that resulted in increasing or decreasing their loyalty. Overview
- 3. Mark - http://www.youtube.com/watch?v=vtUvxOYpJwY Laura – http://www.youtube.com/watch?v=CoETREbZHuI&feature=youtu.be Sigourney - http://www.youtube.com/watch?v=nUiFOZOeJLQ&feature=youtu.be Shishir – http://www.youtube.com/watch?v=lETYx65ga2I Juan – http://www.youtube.com/watch?v=daZjIF8z4oE&feature=youtu.be Tom - http://www.youtube.com/watch?v=H3UaLjPxpFk&feature=youtu.be Vlog’s
- 4. “Loyalty is an attitudinal construct enhanced by these components satisfaction, commitment and trust.” Vuuren et al (2012) Underlying Theory LOYALTY Image Perceived Quality Perceived Value Satisfaction Emotions Trust Commitment Customer Loyalty
- 5. Underlying Theory Lewis (1999) considers TRULY LOYAL customers as those who feel so strongly that their company can best meet their needs so competitors rarely need to be considered. High Low High Low Repeat Purchase Repeat Attitude
- 6. Satisfaction Overall Themes Good Internal Quality Satisfied Employees Employee Retention Good External Quality Customer Satisfaction Customer Retention High Profitability Lam et al (2004) stress the focus on customer satisfaction. According to Buttle (1997) profitability is enhanced when customer retention is high and retention in competitive markets is a product of customer satisfaction. Customer Satisfaction can result in ROI and market value (Sheth & Sisodia 1999) Indisputable Logic Theory Model (Gummesson 1999)
- 7. Overall Themes “Commitment Velocity” as a long term relationship. “A strong commitment to a relationship develops if the relationship is mutually beneficial to both parties (consumer and company)” (Gilbert et al 2002) Commitment Velocity Model Berry (1995, cited in Hardwood 2008:109) advises trust is crucial in service relationships due to intangible nature. “Trust is not itself a behavior nor a choice but an underlying condition that can result from the satisfaction of promised duties and functions.” (Rousseau et al 1998)
- 8. Thank you for listening Questions?
- 9. References
- 10. Loyalties Six Principals Adapted from Reichheld (2001) 1)Preach what you practice. It's not enough to have the right values. You must clarify them and hammer them home to customers, employees, suppliers, and shareholders through your words and deeds. 2)Play to win-win. If you are to build loyalty, not only must your competitors lose. Your partners must win. 3)Be picky. At high loyalty companies, membership is a privilege. Clarify the difference between loyalty and tenure. 4)Keep it simple. In a complex world, people need small teams to simplify responsibility and accountability. They also need simple rules to guide their decision making. 5)Reward the right results. Save your best deals for your most loyal customers, and save your best opportunities for your most loyal employees and partners. 6)Listen hard, talk straight. Visit call centers, Internet chat rooms, and anywhere else customers offer feedback. Make it safe for employees to offer candid criticism. Loyalty
Notas del editor
- . Based upon these components Satisfaction, Commitment and Trust. loyalty as attitudinal
- or exceeding clients' expectations of satisfaction trust and commintment in order to maintain their loyalty.Customer loyalty encourages and enchances customer retention and is therefore the end goal for many marketers and companies
- Mark- we took this bit off the slide can you say it instead? this includes providing customer value and monitoring switching costs as prerequisite for relationship loyalty-from the first point. And this point too as it only relates to you and the graph- Palmatier et al (2008) grouped these three factors, calling them industrial relational norms which illustrate how an industries typical relational practice affects the receptivity toward relational building efforts. Sig-Many companies adopt strategies to improve customer satisfaction with the perceived objectives of strengthening bonds and achieving customer loyalty
- Gundlach et al (1999, cited in Palmatier et al, 2013) advise commitment is the essential ingredient for successful long term relationships. 1)
- 2) We have discussed loyalty from principally an external perspective and now we will briefly analyse from a theoretical perspective how the outcomes have dictated the future course of our relationships with the brands.