About This Chapter
Innovation & the Customer Experience - Chapter Summary
In this chapter is an entertaining examination of ways to entice customers to engage with and purchase new innovations. Explore fun lessons created by our top instructors to learn about ways to get to know customers, understand the connection between spending and happiness, balance retail innovation with customers' needs and much more. Review the lessons in this chapter as often as you need to build your knowledge of these concepts. If you have questions, don't hesitate to submit them to our subject-matter experts. When you're ready, use our short quizzes and chapter exam to check your comprehension. In no time, you will be ready to do the following:
- Explain how to use customer relationship management to focus on customers
- Discuss cross-cultural variations in consumer behavior
- Exhibit knowledge of consumer psychology, brand familiarity and the purchase process
- Describe the relationship between cognitive dissonance and the post-purchase process
- Provide an explanation of diffusion and adoption as they relate to retail innovation
1. Getting to Know Your New Customer
How can you be sure you're giving your customers the product and/or service they want? Getting to know your customers can help you know what they want, how to improve your business, and increase customer loyalty.
2. Customer Relationship Management: Using CRM to Focus on Customers
Customer relationship management (CRM) is an enterprise business system that organizations utilize to acquire, enhance, and retain relationships with customers. This lesson explores how CRM helps organizations become more customer-focused and profitable by combining functional processes with business operations.
3. Consumer Behavior Influences: Cross-Cultural Variations & Demographics
When you go from one country to another, tastes change. People from different ages, incomes, and lifestyles also have varying preferences for products and services. This lesson describes why consumers from different backgrounds buy different products and services.
4. Consumer Psychology and the Purchase Process
Basic psychology concepts like learning, memory and conditioning can play a big role in dictating what we decide to buy. Watch this video to see how they work together.
5. Brand Familiarity and the Purchase Process
The brand of a product is like its personality. In this lesson, we'll discuss the different levels of brand familiarity and how they can impact the decision making process.
6. The Connection Between Spending & Happiness
Everyone has heard the phrase money can't buy you happiness - but can it? Recent research show that money can 'buy happiness,' as long as it's used to buy the right things.
7. Cognitive Dissonance & Post-Purchase Process
Have you ever second-guessed a major purchase? Watch this video to understand what cognitive dissonance is and how marketers can keep us from experiencing it.
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Other chapters within the Business 328: Retail Innovation course
- Introduction to Retail Innovation
- Strategic Retail Perspectives
- Evaluating Retail Innovation
- Identifying Long-Term Trends in Retail
- Intrapreneurship in Retail Management
- Product & Process Innovation
- Innovation through Greentailing
- Gaining a Competitive Retail Advantage
- Retail Innovation: Opportunities & Threats