Superior Customer Value: Strategies for Winning and Retaining Customers, Third Edition

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  • Edition: 3rd
  • Format: Hardcover
  • Copyright: 2012-02-24
  • Publisher: CRC Press

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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

Prefacep. xiii
Acknowledgmentsp. xv
About the Authorp. xvii
Customer Value-The Building Blocks
Customers Want Exceptional Value!p. 3
Importance of Customer Valuep. 4
So, What Does Value Really Mean?p. 4
Service, Quality, Image, and Price: The Essence of Customer Valuep. 6
Business Climate for Value Creationp. 7
Rise and Fall of the New Economyp. 7
Newer Economyp. 8
Overcoming the Great Recessionp. 12
Value-Creating Organizationp. 14
Customer Value-Marketing Management Implicationsp. 16
Summaryp. 18
Be Customer Driven and Market Drivingp. 21
Customer Commitment: Follow the Market Leadersp. 22
Revisiting and Extending the Marketing Conceptp. 24
Building a Market Orientationp. 27
Business Orientationsp. 27
Becoming Customer Orientedp. 29
Market Orientation and Business Performance: Research Findingsp. 31
Market-Driving Practicesp. 32
Creating a Bias for Actionp. 33
Corporate Entrepreneurshipp. 35
Cocreation of Value: An Overviewp. 36
Summaryp. 36
Process Management-Best Practicesp. 39
Deming's (PDCA) Cyclep. 41
Planp. 41
Dop. 41
Checkp. 43
Actp. 43
Creating Value-Process Innovationp. 44
Connecting Value-Customer Experience Managementp. 46
CEM-Research Findingsp. 47
Checking Value-Benchmarking and Related Process Toolsp. 48
Other Process-Checking Toolsp. 51
Summaryp. 52
Designing a Successful Customer Strategy
Building a Winning Business Model and Value Propositionp. 57
Business Modelsp. 58
Value Propositionp. 60
Service, Quality, Image, and Price-The Crux of Customer Valuep. 64
Differentiation-Adding Valuep. 68
Strategic Implications of Differentiationp. 69
Summaryp. 70
Appendix: Customer Value Assessment Tool (CVAT™)p. 72
Guidelines for Using the Customer Value Assessment Toolp. 72
Perceived Service Qualityp. 72
Perceived Product Qualityp. 74
Perceived Imagep. 75
Perceived Value-Based Pricep. 76
Service and Quality-The Core Offeringp. 79
Services Create Valuep. 80
What Is a Service?p. 80
Cocreation of Servicesp. 81
Customer Service-Research Findings and Managerial Implicationsp. 82
Quality Mattersp. 86
What Is Quality?p. 87
Managing Service Qualityp. 90
Service Delivery Stages-From Pre- to Postsalep. 91
SERVQUAL and Gap Analysisp. 92
Explicating Service Qualityp. 94
Improving Service Qualityp. 96
Summaryp. 99
Price and Image-The Communicatorsp. 101
How Price Relates to Valuep. 102
About Reference Pricesp. 103
Strategic Pricingp. 104
Pricing Methodsp. 106
Making Good Pricing Decisionsp. 112
Why Price Cuts Are Seldom the Answerp. 114
Future Pricing Issuesp. 115
Image-The Other Communicatorp. 117
Image-Based Differentiation and Positioningp. 120
"Cool" Companiesp. 121
Summaryp. 122
Excelling in the Marketspace
E-Commerce-Opportunities in Marketspacep. 127
E-Commerce and Customer Satisfactionp. 128
Going Mobile and New Technologiesp. 131
Defining E-Service Qualityp. 133
E-SQ and Customer Loyaltyp. 133
Improving E-Service Qualityp. 134
Summaryp. 138
Integrated Marketing Communications and Social Mediap. 141
Communicating Value through an IMC Programp. 142
Creating an IMC Programp. 144
Social Mediap. 145
Online Consumer Typologiesp. 149
Viral Marketingp. 149
Measuring the Impact of Social Networks and New Mediap. 151
Summaryp. 158
Retaining Customers-Analysis and Strategy
Creating Value through Relationship Marketingp. 163
What Is Relationship Marketing?p. 164
Relationship Marketing Successp. 165
Building Strong Customer Relationshipsp. 166
Analyzing Buyer Relationshipsp. 168
Improving Supply Chain Relationshipsp. 171
Customer Relationship Managementp. 175
Social Customer Relationship Managementp. 177
Marketing Automationp. 178
Relationship Marketing-Keys to Successp. 179
Summaryp. 181
Customer Loyalty and Retentionp. 185
Why Focus on Customer Retention?p. 186
Customer Loyalty-Issues, Strategies, and Analysisp. 187
Measuring Customer Loyaltyp. 189
NPSp. 189
RFMp. 189
Usage Analysis and Customer Retentionp. 191
Customer Value/Retention Modelp. 194
Designing a Customer Retention Programp. 195
Customer Retention Approachesp. 197
Summaryp. 199
Customer Value Metricsp. 201
Accountability in Marketingp. 202
Creating a New Mindset about Measuring Marketing Performancep. 202
The 5C Approach to Customer Value Metricsp. 205
Collect VOC Datap. 205
Customer Lifetime Value (CLV)p. 207
Customer Retentionp. 209
Customer Revenuep. 209
Communicationsp. 211
Marketing Dashboardsp. 211
Summaryp. 213
Notesp. 215
Customer Value Case Studies
Appendix: Analyzing Business Situations-The Customer-Value Funnel Approachp. 233
Case 1: Enterprise Rent-A-Car-A Market-Driven Companyp. 236
Customers and Environmental Factorsp. 237
Customer Expectationsp. 238
Competitive Practicesp. 240
Economic Influencesp. 242
Global Opportunitiesp. 243
Value Creation Approachp. 243
Case 2: FedEx Corporation-A Customer Value Funnel Assessmentp. 246
Global Business Community (Macroenvironment)p. 247
Market (Microenvironment)p. 249
Organizationp. 251
Brandingp. 252
Customer Value and Business Performancep. 252
Stumbling Blocksp. 253
Strategic Changesp. 253
Case 3: The Grateful Dead-Creating Deadheads by Providing Drop-Dead Customer Servicep. 254
Reliabilityp. 255
Availabilityp. 256
Tangiblesp. 256
Empathyp. 258
Responsivenessp. 259
Recent Developmentsp. 260
Summaryp. 260
Case 4: Harrah's Entertainment-Loyalty Managementp. 261
HarrahÆs Strategyp. 261
Creating Loyal Patronagep. 264
Migration to the Webp. 266
Online Gamingp. 268
Case 5: Publix Super Markets-Achieving Customer Intimacyp. 269
Background and Company Philosophyp. 269
Key Success Factorsp. 272
Industry Trends and Rankingsp. 274
Industry Trendsp. 274
Industry Rankingsp. 274
Company Earningsp. 277
Service with a Smile: The Publix Stylep. 278
Publix Goes Online (and Off)p. 281
Current Trendsp. 284
Concluding Remarkp. 286
Case 6: StatePride Industrial Laundry-Value Chain Analysisp. 287
What Is Value?p. 287
Creating Value: The Value Chain Analysisp. 288
Applying Value Chain Analysisp. 290
Indexp. 293
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