Measuring Customer Satisfaction
Because very high levels of satisfaction create an emotional bond with the brand (i.e., rather than just a rational preference), it is important for suppliers to identify customers with especially high levels of satisfaction. These researchers are the most inclined to continue repurchasing a specific brand.
In this study, approximately 10% more academic and 12% more governmental respondents are very satisfied (7 on a 7-point scale) with their particular brand of Taq DNA polymerase compared with industrial respondents. This elevated level of satisfaction directly translates into more product recommendations: 52% and 56% of academic and government respondents, respectively, would gladly recommend their brand of Taq DNA polymerase to colleagues as compared to only 42% of industrial respondents.
To better understand what factors contribute to satisfaction, a statistical analysis was performed to assess the relationship between the importance of a products attributes and the respondents overall satisfaction.
In general, all three market segments value their brand of Taq DNA polymerases lot-to-lot consistency, unit concentration, and yield. Industrial respondents also appreciate their suppliers protocol clarity while governmental respondents are happy with their products buffer formulation. The only critical area of lower satisfaction that bears noting is industrial respondents disappointment with pack sizes.
To determine how responsive demand would be to a change in price, respondents were asked if the price they paid for Taq DNA polymerase was at least 20% lower, how would the number of reactions they perform change.
The majority of respondents indicated that they would not perform more reactions. Those respondents that would increase the number of reactions they performed would do so by 10-20%. This inelasticity, i.e., demand hardly changing with a drop in price, is likely due to respondents slowness in changing their buying habits rather than price insensitivity or lack of competitors.
Scientists tend to be conservative when considering ramping up their experiments unless a specific need, based upon a specific line of inquiry, arises.
Understanding a customers price perceptions is an important marketing priority. Purchasing decisions are based upon how customers distinguish prices and what they consider to be the current actual price—not the suppliers stated price.
Scientists may have a lower price threshold below which prices may signify poorer quality, as well as an upper price threshold above which prices are seen as exorbitant. These limits are often influenced by a respondents reference price, i.e., the price they are currently paying per unit of Taq DNA Polymerase.
For example 50% of respondents currently paying $0.05 to $0.20 think $0.02 per unit is too cheap, while 51% of respondents currently paying $0.41 to $1.00 think $0.10 per unit is too cheap.