Reference no: EM131453353
Part - Customer Satisfaction, Loyalty, Management and Empowerment
Product Selection:
Ford F-150 pickup trucks
Trucks have been gaining in popularity and this brand is an powerhouse with its evolution reflecting USA culture since 1948. People tend to buy truck brands that reflect their own personality traits. If you don't believe me, just compare the commercials.
Learning Outcomes
1.Customer empowerment. Student can identify how their chosen product or service offering uses social networks to communicate and empower customers to be part of the marketing process.
2.Customer satisfaction. Student can identify how customers communicate their satisfaction or dissatisfaction with the chosen product or service offering.
3.Customer Relationship Management. Student can explain customer lifetime value and how a customer relationship management program can have a role in attracting and retaining most valuable customers.
4.Customer privacy. Student can identify the product or service offerings privacy policy and analyze its effectiveness in protecting their customer's information.
Directions
•You may want to find a Most Valuable Customer (MVC) of the product or service if you are not one yourself, or alternatively think like an MVC. What is the evidence of an MVC of your product or service? It isn't just that the customer regularly buys the product or service. It means that the customer is treated differently -- better -- than other customers. It means that the MVC represents about 20% of the company's revenues. These are the customers with whom the company regularly communicates, offers special deals, and other ways as outlined in the text and as you can find with just a little bit of googling on the internet.
•You may want to calculate the lifetime value of a most valuable customer. See the discussion of the lifetime value calculation in the week's reading, and calculate the LTV using this simple equation: LTV = (Price - cost to produce the product) * number of annual purchases * number of years expected to purchase - initial acquisition costs. For simplicity sake, you can assume your customer will have a relationship with you for ten years and you can make an educated guess as to how much the initial acquisition costs were to get him as a customer in terms of advertising or other types of promotion efforts.
If you are not an MVC yourself, make and share your assumptions about your calculation. If you are not an MVC, you might want to find someone who is and ask them why they are loyal to the product or service and what they feel the company does for them that is special that they don't do for other customers.
•You may need call or visit a store to take a look at your product or service if the website does not provide you everything you need to evaluate the company's product or service privacy policy. Usually the privacy policy is available on the website.
•Answer the following four questions in order and number the beginning of your response to each question.
1.Customer Empowerment. How does your product or service offering empower its customers as discussed in the course readings this week? In other word, how are customers part of the marketing for the company? Identify the feedback vehicles they may use, especially social media. Do the social media efforts seem to be creating buzz marketing? If not, what could they do to generate more ‘buzz'?
2.Customer satisfaction. How does your product or service offering communicate ways for customers to express their dissatisfaction? If possible, outline what remedies the product or service may be taking to ensure satisfaction.
3.Customer Relationship Management. Does it appear that your product has a customer relationship management strategy? In other words, do they treat the top tier of customers differently than other customers? If so, what is your evidence? If not, should they have a CRM strategy? Or, are there compelling reasons why your product or service should treat all customers the same? Refer to course content concepts in your response.
4.Customer privacy. Review your product or service offering's privacy policy (usually published on its website). Analyze whether you think they do enough to protect the customer's privacy or what steps you might suggest they take to protect customer's privacy. Refer to the privacy policies or the information on warranties and guarantees. The company's customer support page might also be useful. Do they publish a remedy should the customer's privacy be breached? Should they?
General Submission Requirements
•Prepare as a word processed document (such as Microsoft Word). Use Times New Roman 12-point font. Use black ink for majority of your work and only use colors if it enhances your ability to communicate your thoughts.
• Your assignment should be the equivalent of approximately five pages of double-spaced text, approximately 1/2 page for each of the eight questions (four in Part 1 and four in Part 2). You may attach exhibits that will not be counted towards the page count of double-spaced text. The cover page and Bibliography page are not part of the five pages of written analysis.
• Be sure your name, writing assignment number, and the name of your product or service are on the cover page of your writing assignment.
• Include a bibliography, which includes at least four references.
•Use APA style, or any other college-level style guide.
Refer to the grading rubric associated with the assignments. Be sure to note that 20% of your grade on this assignment will be based on your grammar, composition, adherence to the submission requirements, and use of an appropriate college-level style guide for writing and referencing.
Attachment:- part2_reading.rar