HBR 1 - Canon Satisfaction Flashcards Preview

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Flashcards in HBR 1 - Canon Satisfaction Deck (22):
1

What was the main theme of the Canon satisfaction article?

"Just satisfied" is not enough

2

Why is "Just Satisfied" not enough?

1. Does not make customers loyal

3

Why is being just satisfied, different than completely satisfied?

-Something is still missing
-Identify the right customers

4

Where is the bar between just satisfied and completely satisfied?

somewhere inbetween 4 and 5 on a 1-5 scale

5

When presenting survey data as insights, should you present average?

Not necessarily, the best is to show the frequency of each rating.

so 2x1*
4x2*
etc

6

What is the quickest way to increase your average survey score on a scale of 1-5?

Turning those 1s into 5s. But these are probably not your target consumers, and it's much easier to turn 4s into 5s.

7

BIG TAKEAWAY

If the marketing research department come to you and says we have satisfaction rating of 4.2, what would you do?

Ask what is behind that number! Are there a lot of 1s or two stars? What are the comments for quantitative insights?

8

How can quantitative insights from comments help?

They can create new qualitative questions on future surveys

9

What are 3 things the Canon execs believe in regards to cust satisfaction?

1. Sufficient to merely satisfly customer of at least ⅘

2. Investment required to change customer from satisfied to completely satisfied will not provide attractive financial return

3. With high rated divisions (3.5-4.5), they should focus on bringing lowest satisfaction cust (1-2) up

This is deeply flawed, and complete customer satisfaction is the key to securing customer loyalty and generating superior long term financial performance

10

What is the key to securing customer loyalty and generating long term financial performance?

complete customer satisfaction is the key to securing customer loyalty and generating superior long term financial performance

11

Even in markets with relatively little competition, what may be the only reliable way to achieve sustained customer satisfaction and loyalty?

Providing customers with outstanding value

12

What are the two types of loyalty?

1. true long-term loyalty

2. False loyalty
(when they don't switch not because of good customer satisfaction, but because they can't or it costs too much to switch)

13

Is very poor service or products the only cause of high dissatisfaction? If not, what is?

No, these may drive higher dissatisfaction, but the company attracting wrong customers or inadequate process for turning around the right customers when they have bad experiences may make dissatisfaction higher

14

In regards to attracting customers, what are the two categories of customers?

the right customer/target group who they can serve well
or
the wrong customers, whose needs it cannot profitably serve

15

Different satisfaction levels reflect different ______ and , therefore, require different _____

Different satisfaction levels reflect different ISSUES and , therefore, require different ACTIONS

16

According to Canon HBR, what are the 4 elements that effect customer satisfaction?

1. basic elements of the product or service that customers expect all competitors to deliver

2. Basic support services such as customer assistance or order tracking

3. Recovery process for counteracting bad experiences

4. extraordinary services that so excel in meeting customers personal preferences that they make product or service seem customized

17

How can relying solely on customer satisfaction surveys be fatal?

They cannot supply breadth and depth of info about customers needed to guide the company's strategy and product-innovation process

18

By Xerox totally satisfieing their customers, what did these customers do?

They were six times more likely to repurchase Xerox products over next 18 mo than its satisfied customers. Shattering! According to article...

19

What were the 5 markets with different commutative environments and customer relationships that the research decided to measure their customers stated intent to repurchase products or services

1. Automobiles
2. Personal Computers purchased by Businesses
3. Hospitals
4. Airlines
5. Local telephone services

20

With the monopolized phone services at the time of research, what did they find with satisfaction and loyalty?

That even dissatisfied people stayed because it was a monopoly and they had no choice. But in the case of deregulation or new alternatives, that loyalty line could snap into a regular logarithmic shape super quick

21

What are the steps to using customer satisfaction information?

1. Make measurement of satisfaction and loyalty a priority and ensure process is unbiased, consistent, broadly applied, and able to capture and store info on individual customers

2. Create curve by plotting individual customer responses.

3. Determine most approbate strategies for raising customer satisfaction

22

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