Read the summary and the most important questions on Market-based Management Strategies for Growing Customer Value and Profitability | 9780130387752 | Roger J. Best

• 1 Customer Focus, Customer Performance, and Profit Impact

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• What are the areas of commitment for market orientation?

  1. Customer orientation
  2. Competitor orientation
  3. Working as an integrated team 

• 1.1 Customer satisfaction and profitability

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• Customers will continue to change in:

  • Needs
  • Demographics
  • Lifestyle
  • Consumption behaviour

• Competitors will continue to change as:

  • New technologies emerge
  • Barriers to foreign competition shifts

• The environment in which businesses operate will continue to change as certain forces shifts. What are these shifts?

  • Economic
  • Political
  • Social
  • Technological

• 1.2 Customer focus and profitability

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• What are two short-term benefits of a strong market-orientation?

  
  Outperforming competition in:
  

  • Delivering high levels of customer satisfaction
  • Delivering high profits

• What is the American Customer Satisfaction Index (ACSI)? What can managers gain from this?

  It's a customer satisfaction database. Managers can gain important insights from this database because it is a good measure to see what customer satisfaction does to your company.

• 1.2.1 Building a strong customer focus

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• Building a strong customer focus is driven by three forces:

  1. Customer leadership
  2. Voice of customer
  3. Customer metrics

• One force of customer focus is customer leadership. What are the three elements customer leadership consist of?

  1. Senior management leadership
  2. Employee customer training
  3. Customer involvement

• What happens if senior management is not fully committed to adopting a strong customer focus?

  It will be unlikely that the rest of the organisation will adopt one.

• What happens to customer focus if a business does nothing in the area of employee customer training?

  Employees will not make extra efforts to create positive customer experiences.