Customer - Revision history

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← Older revision		Revision as of 09:35, 21 July 2023
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	== Definition of a customer<ref>What does Customer Mean? [https://www.investopedia.com/terms/c/customer.asp Investopedia]</ref> ==		== Definition of a customer<ref>What does Customer Mean? [https://www.investopedia.com/terms/c/customer.asp Investopedia]</ref> ==
−	A '''customer''' is an individual or business that purchases another company's goods or services. Most public-facing businesses compete with other companies to attract customers, either by aggressively advertising their products or by lowering prices, in an effort to expand their customer bases.	+	A '''customer''' is an individual or [[business]] that purchases another company's goods or services. Most public-facing businesses compete with other companies to attract customers, either by aggressively advertising their products or by lowering prices, in an effort to expand their customer bases.

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 == See Also ==
 *[[Customer Acquisition Cost (CAC)]]
 *[[Customer Centricity]]
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 *[[Customer Value]]
 *[[Customer Value Analysis (CVA)]]
 == References ==

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 == See Also ==
 *[[Customer Acquisition Cost (CAC)]]
 *[[Customer Centricity]]
 *[[Customer Churn]]
 *[[Customer Data Integration (CDI)]]
 *[[Customer Data Management (CDM)]]
 *[[Customer Demographics]]
 *[[Customer Due Diligence (CDD)]]
 *[[Customer Dynamics]]
 *[[Customer Effort Score (CES)]]
 *[[Customer Engagement]]
 *[[Customer Engagement Hub (CEH)]]
 *[[Customer Experience Management (CEM)]]
 *[[Customer Lifecycle]]
 *[[Customer Lifetime Value]]
 *[[Customer Loyalty]]
 *[[Customer Needs]]
 *[[Customer Psychographics]]
 *[[Customer Retention]]
 *[[Customer Service]]
 *[[Customer Service Management]]
 *[[Customer Relationship Management (CRM)]]
+*[[Customer Value]]
+*[[Customer Value Analysis (CVA)]]
 == References ==

← Older revision		Revision as of 19:54, 20 January 2023
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	*[[Customer Service Management]]		*[[Customer Service Management]]
	*[[Customer Relationship Management (CRM)]]		*[[Customer Relationship Management (CRM)]]
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		+

← Older revision		Revision as of 21:34, 28 December 2022
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	*Word of Mouth: Underestimating the power of customer word of mouth is detrimental to your success. Consumers like to talk, whether they are talking about a product they enjoyed or a product that left them wanting. Word of mouth has a snowball effect, particularly in an age when fast worldwide communication is common. Your company can't afford not to consider how quickly its product and reputation can be badmouthed or blacklisted. This is why marketing a product honestly and with integrity is important.		*Word of Mouth: Underestimating the power of customer word of mouth is detrimental to your success. Consumers like to talk, whether they are talking about a product they enjoyed or a product that left them wanting. Word of mouth has a snowball effect, particularly in an age when fast worldwide communication is common. Your company can't afford not to consider how quickly its product and reputation can be badmouthed or blacklisted. This is why marketing a product honestly and with integrity is important.
	*Customer Service: Considering customer needs during the development and promotion of a product is not the only way to emphasize customer needs. Customer considerations after the product has been marketed are important as well. Customer service and interaction with the consumer after the product has been sold not only build strong relationships with the consumer but offer companies valuable information that will help to design more effective marketing efforts in the future.		*Customer Service: Considering customer needs during the development and promotion of a product is not the only way to emphasize customer needs. Customer considerations after the product has been marketed are important as well. Customer service and interaction with the consumer after the product has been sold not only build strong relationships with the consumer but offer companies valuable information that will help to design more effective marketing efforts in the future.
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		+
		+	== Information Technology and Your Customers ==
		+
		+	[[Information Technology (IT)]] plays a critical role in helping businesses to understand and meet the needs and expectations of their customers, and in building strong and lasting customer relationships. Here are some ways in which IT helps:
		+
		+	*Enhancing customer experience: IT can be used to improve the customer experience by providing convenient and efficient ways for customers to interact with a company, such as through websites, mobile apps, and social media. IT can also be used to personalize customer interactions and offer tailored recommendations and solutions.
		+	*Improving customer service: IT can be used to provide better customer service by enabling more efficient and effective communication with customers, such as through live chat, email, and social media. IT can also be used to automate customer service processes and provide self-service options, such as online knowledge bases and FAQs.
		+	*Gathering customer feedback: IT can be used to collect and analyze customer feedback, such as through online reviews, surveys, and social media comments. This can help businesses understand customer needs and preferences and identify areas for improvement.
		+	*Increasing customer loyalty: By using IT to provide a positive customer experience and effective customer service, businesses can increase customer loyalty and retention. IT can also be used to create loyalty programs and customer rewards systems to encourage repeat business.

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 ) Starting point: Over here the customer is just an individual who falls in a Target group. Thus the first thing which the organization needs is to know the Segmentation, Targeting and positioning.  Once the customer has been defined its time to move to the next phase.
-) Focus: In this stage, the organization needs to focus on the customers needs and wants as well as the value it provides for the customer. What is it that the customer exactly wants? . It is very important that the organization stays in sync with the continuous changes in the business world. Thus it needs time to time gap analysis as well as [[Market Research|market surveys and research]] to focus on customers needs and wants.
+) Focus: In this stage, the organization needs to focus on the customers needs and wants as well as the value it provides for the customer. What is it that the customer exactly wants? . It is very important that the organization stays in sync with the continuous changes in the business world. Thus it needs time to time gap analysis as well as market surveys and research to focus on customers needs and wants.
 ) Means: What are the means available for the organization to deliver value to the customer? In this stage, it is very important for the organization to connect each and every function of the organization so as to form a Value Chain. The services should be connected to sales which in turn should be in sync with the manufacturing so on and so forth. You can refer the value chain to understand how customer value can be created in an organization. Along with this, integration of multiple sales channels is also important.
-) Ends: Customer share, customer loyalty and [[Customer Lifetime Value|customer lifetime value]] are three concepts which can define the customer equity of the organization. Thus this is the last stage of the customer concept wherein the organization has to ensure that it has kept its customers satisfied, that the organizations customers have become “repeat customers” and finally that they remain a customer for a lifetime.
+) Ends: Customer share, customer loyalty and customer lifetime value are three concepts which can define the customer equity of the organization. Thus this is the last stage of the customer concept wherein the organization has to ensure that it has kept its customers satisfied, that the organizations customers have become “repeat customers” and finally that they remain a customer for a lifetime.
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 One of the primary goals of any marketing strategy should be to identify and meet the needs of the consumer. Considering customer importance at all stages of the marketing process helps your company to ensure greater customer satisfaction and increase its long-term goal of repeat business.
 *Psychological Considerations: The psychological makeup of consumers plays a crucial role in developing a product and a marketing campaign that identifies and addresses consumer needs. According to Lars Perner, assistant professor of clinical marketing at the University of Southern California, some of these considerations include how consumers "think, feel, reason and select between different alternatives." These considerations can be influenced by environment, such as culture, family and media. The purpose of marketing research is to identify these variables and to incorporate them into the campaign.
-*Marketing Considerations: Some of the considerations to take into account when marketing to your customers are honesty, integrity and clarity. Keeping consumer needs in mind is also an integral part of effective marketing. Sneaky advertising campaigns can generate quick sales, but those sales will falter as consumers realize they've been duped. Selling a good product marketed with integrity brings back customers. To do this, a company needs to build [[Consumer Confidence|customer confidence]] in its product over time. Customer confidence is what brings consumers back to your product and ensures long-term success.
+*Marketing Considerations: Some of the considerations to take into account when marketing to your customers are honesty, integrity and clarity. Keeping consumer needs in mind is also an integral part of effective marketing. Sneaky advertising campaigns can generate quick sales, but those sales will falter as consumers realize they've been duped. Selling a good product marketed with integrity brings back customers. To do this, a company needs to build customer confidence in its product over time. Customer confidence is what brings consumers back to your product and ensures long-term success.
 *Word of Mouth: Underestimating the power of customer word of mouth is detrimental to your success. Consumers like to talk, whether they are talking about a product they enjoyed or a product that left them wanting. Word of mouth has a snowball effect, particularly in an age when fast worldwide communication is common. Your company can't afford not to consider how quickly its product and reputation can be badmouthed or blacklisted. This is why marketing a product honestly and with integrity is important.
 *Customer Service: Considering customer needs during the development and promotion of a product is not the only way to emphasize customer needs. Customer considerations after the product has been marketed are important as well. Customer service and interaction with the consumer after the product has been sold not only build strong relationships with the consumer but offer companies valuable information that will help to design more effective marketing efforts in the future.

← Older revision		Revision as of 19:15, 7 December 2022
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	[[Stakeholder]]<br />		[[Stakeholder]]<br />
	[[Marketing]]<br />		[[Marketing]]<br />
−	~~[[Market Share]]<br />~~
−	~~[[Target Market]]<br />~~
−	~~[[Target Marketing]]~~

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 *Marketing Considerations: Some of the considerations to take into account when marketing to your customers are honesty, integrity and clarity. Keeping consumer needs in mind is also an integral part of effective marketing. Sneaky [[Advertising|advertising campaigns]] can generate quick sales, but those sales will falter as consumers realize they've been duped. Selling a good product marketed with integrity brings back customers. To do this, a company needs to build [[Consumer Confidence|customer confidence]] in its product over time. Customer confidence is what brings consumers back to your product and ensures long-term success.
 *Word of Mouth: Underestimating the [[power]] of customer [[Word of Mouth Marketing|word of mouth]] is detrimental to your success. Consumers like to talk, whether they are talking about a product they enjoyed or a product that left them wanting. Word of mouth has a snowball effect, particularly in an age when fast worldwide communication is common. Your company can't afford not to consider how quickly its product and reputation can be badmouthed or blacklisted. This is why marketing a product honestly and with integrity is important.
-*Customer Service: Considering customer needs during the development and [[promotion]] of a product is not the only way to emphasize customer needs. Customer considerations after the product has been marketed are important as well. [[Customer Service|Customer service]] and interaction with the consumer after the product has been sold not only build strong relationships with the consumer but offer companies valuable information that will help to [[design]] more effective marketing efforts in the future.
+*Customer Service: Considering customer needs during the development and [[promotion]] of a product is not the only way to emphasize customer needs. Customer considerations after the product has been marketed are important as well. Customer service and interaction with the consumer after the product has been sold not only build strong relationships with the consumer but offer companies valuable information that will help to [[design]] more effective marketing efforts in the future.