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Summary
Great companies consistently meet and exceed customer desires. Superior Customer Value in the New Economy: Concepts and Cases, Second Edition offers a blueprint for responding effectively to customer demands and for creating the benchmarks common to world-class service companies. The Second Edition elaborates on the latest perspectives of the business and academic communities, exploring leading marketing and managing developments in the crucial area of customer value (CV). It delivers expert guidance on designing, implementing, and evaluating a CV strategy that benefits e-service and information-based organizations.Building upon concepts, cases, and in-chapter applications, the book addresses best practices, organizational responsiveness, market orientation, and the planning and strategy issues that result in high rates of customersatisfaction in e-service and information-based organizations. It concludes with 18 detailed, "hands-on" examples of companies attempting to create customer value. Each case study delivers an in-depth look at major CV themes such as responding to change, being customer oriented, customer loyalty, and more. Each of these real-world examples provides excellent learning opportunities to model effective customer value behavior and practices.
Table of Contents
| Preface | p. xiii |
| Acknowledgments | p. xv |
| About the Author | p. xvii |
| Customer Value-The Building Blocks | |
| Customers Want Exceptional Value! | p. 3 |
| Importance of Customer Value | p. 4 |
| So, What Does Value Really Mean? | p. 4 |
| Service, Quality, Image, and Price: The Essence of Customer Value | p. 6 |
| Business Climate for Value Creation | p. 7 |
| Rise and Fall of the New Economy | p. 7 |
| Newer Economy | p. 8 |
| Overcoming the Great Recession | p. 12 |
| Value-Creating Organization | p. 14 |
| Customer Value-Marketing Management Implications | p. 16 |
| Summary | p. 18 |
| Be Customer Driven and Market Driving | p. 21 |
| Customer Commitment: Follow the Market Leaders | p. 22 |
| Revisiting and Extending the Marketing Concept | p. 24 |
| Building a Market Orientation | p. 27 |
| Business Orientations | p. 27 |
| Becoming Customer Oriented | p. 29 |
| Market Orientation and Business Performance: Research Findings | p. 31 |
| Market-Driving Practices | p. 32 |
| Creating a Bias for Action | p. 33 |
| Corporate Entrepreneurship | p. 35 |
| Cocreation of Value: An Overview | p. 36 |
| Summary | p. 36 |
| Process Management-Best Practices | p. 39 |
| Deming's (PDCA) Cycle | p. 41 |
| Plan | p. 41 |
| Do | p. 41 |
| Check | p. 43 |
| Act | p. 43 |
| Creating Value-Process Innovation | p. 44 |
| Connecting Value-Customer Experience Management | p. 46 |
| CEM-Research Findings | p. 47 |
| Checking Value-Benchmarking and Related Process Tools | p. 48 |
| Other Process-Checking Tools | p. 51 |
| Summary | p. 52 |
| Designing a Successful Customer Strategy | |
| Building a Winning Business Model and Value Proposition | p. 57 |
| Business Models | p. 58 |
| Value Proposition | p. 60 |
| Service, Quality, Image, and Price-The Crux of Customer Value | p. 64 |
| Differentiation-Adding Value | p. 68 |
| Strategic Implications of Differentiation | p. 69 |
| Summary | p. 70 |
| Appendix: Customer Value Assessment Tool (CVAT™) | p. 72 |
| Guidelines for Using the Customer Value Assessment Tool | p. 72 |
| Perceived Service Quality | p. 72 |
| Perceived Product Quality | p. 74 |
| Perceived Image | p. 75 |
| Perceived Value-Based Price | p. 76 |
| Service and Quality-The Core Offering | p. 79 |
| Services Create Value | p. 80 |
| What Is a Service? | p. 80 |
| Cocreation of Services | p. 81 |
| Customer Service-Research Findings and Managerial Implications | p. 82 |
| Quality Matters | p. 86 |
| What Is Quality? | p. 87 |
| Managing Service Quality | p. 90 |
| Service Delivery Stages-From Pre- to Postsale | p. 91 |
| SERVQUAL and Gap Analysis | p. 92 |
| Explicating Service Quality | p. 94 |
| Improving Service Quality | p. 96 |
| Summary | p. 99 |
| Price and Image-The Communicators | p. 101 |
| How Price Relates to Value | p. 102 |
| About Reference Prices | p. 103 |
| Strategic Pricing | p. 104 |
| Pricing Methods | p. 106 |
| Making Good Pricing Decisions | p. 112 |
| Why Price Cuts Are Seldom the Answer | p. 114 |
| Future Pricing Issues | p. 115 |
| Image-The Other Communicator | p. 117 |
| Image-Based Differentiation and Positioning | p. 120 |
| "Cool" Companies | p. 121 |
| Summary | p. 122 |
| Excelling in the Marketspace | |
| E-Commerce-Opportunities in Marketspace | p. 127 |
| E-Commerce and Customer Satisfaction | p. 128 |
| Going Mobile and New Technologies | p. 131 |
| Defining E-Service Quality | p. 133 |
| E-SQ and Customer Loyalty | p. 133 |
| Improving E-Service Quality | p. 134 |
| Summary | p. 138 |
| Integrated Marketing Communications and Social Media | p. 141 |
| Communicating Value through an IMC Program | p. 142 |
| Creating an IMC Program | p. 144 |
| Social Media | p. 145 |
| Online Consumer Typologies | p. 149 |
| Viral Marketing | p. 149 |
| Measuring the Impact of Social Networks and New Media | p. 151 |
| Summary | p. 158 |
| Retaining Customers-Analysis and Strategy | |
| Creating Value through Relationship Marketing | p. 163 |
| What Is Relationship Marketing? | p. 164 |
| Relationship Marketing Success | p. 165 |
| Building Strong Customer Relationships | p. 166 |
| Analyzing Buyer Relationships | p. 168 |
| Improving Supply Chain Relationships | p. 171 |
| Customer Relationship Management | p. 175 |
| Social Customer Relationship Management | p. 177 |
| Marketing Automation | p. 178 |
| Relationship Marketing-Keys to Success | p. 179 |
| Summary | p. 181 |
| Customer Loyalty and Retention | p. 185 |
| Why Focus on Customer Retention? | p. 186 |
| Customer Loyalty-Issues, Strategies, and Analysis | p. 187 |
| Measuring Customer Loyalty | p. 189 |
| NPS | p. 189 |
| RFM | p. 189 |
| Usage Analysis and Customer Retention | p. 191 |
| Customer Value/Retention Model | p. 194 |
| Designing a Customer Retention Program | p. 195 |
| Customer Retention Approaches | p. 197 |
| Summary | p. 199 |
| Customer Value Metrics | p. 201 |
| Accountability in Marketing | p. 202 |
| Creating a New Mindset about Measuring Marketing Performance | p. 202 |
| The 5C Approach to Customer Value Metrics | p. 205 |
| Collect VOC Data | p. 205 |
| Customer Lifetime Value (CLV) | p. 207 |
| Customer Retention | p. 209 |
| Customer Revenue | p. 209 |
| Communications | p. 211 |
| Marketing Dashboards | p. 211 |
| Summary | p. 213 |
| Notes | p. 215 |
| Customer Value Case Studies | |
| Appendix: Analyzing Business Situations-The Customer-Value Funnel Approach | p. 233 |
| Case 1: Enterprise Rent-A-Car-A Market-Driven Company | p. 236 |
| Customers and Environmental Factors | p. 237 |
| Customer Expectations | p. 238 |
| Competitive Practices | p. 240 |
| Economic Influences | p. 242 |
| Global Opportunities | p. 243 |
| Value Creation Approach | p. 243 |
| Case 2: FedEx Corporation-A Customer Value Funnel Assessment | p. 246 |
| Global Business Community (Macroenvironment) | p. 247 |
| Market (Microenvironment) | p. 249 |
| Organization | p. 251 |
| Branding | p. 252 |
| Customer Value and Business Performance | p. 252 |
| Stumbling Blocks | p. 253 |
| Strategic Changes | p. 253 |
| Case 3: The Grateful Dead-Creating Deadheads by Providing Drop-Dead Customer Service | p. 254 |
| Reliability | p. 255 |
| Availability | p. 256 |
| Tangibles | p. 256 |
| Empathy | p. 258 |
| Responsiveness | p. 259 |
| Recent Developments | p. 260 |
| Summary | p. 260 |
| Case 4: Harrah's Entertainment-Loyalty Management | p. 261 |
| HarrahÆs Strategy | p. 261 |
| Creating Loyal Patronage | p. 264 |
| Migration to the Web | p. 266 |
| Online Gaming | p. 268 |
| Case 5: Publix Super Markets-Achieving Customer Intimacy | p. 269 |
| Background and Company Philosophy | p. 269 |
| Key Success Factors | p. 272 |
| Industry Trends and Rankings | p. 274 |
| Industry Trends | p. 274 |
| Industry Rankings | p. 274 |
| Company Earnings | p. 277 |
| Service with a Smile: The Publix Style | p. 278 |
| Publix Goes Online (and Off) | p. 281 |
| Current Trends | p. 284 |
| Concluding Remark | p. 286 |
| Case 6: StatePride Industrial Laundry-Value Chain Analysis | p. 287 |
| What Is Value? | p. 287 |
| Creating Value: The Value Chain Analysis | p. 288 |
| Applying Value Chain Analysis | p. 290 |
| Index | p. 293 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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