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Summary Market-based Management Strategies for Growing Customer Value and Profitability

- Roger J Best
ISBN-10 0130387754 ISBN-13 9780130387752
220 Flashcards & Notes
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A snapshot of the summary - Market-based Management Strategies for Growing Customer Value and Profitability Author: Roger J Best ISBN: 9780130387752

  • 1 Customer Focus, Customer Performance, and Profit Impact

  • 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

  • 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

  • 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

  • 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.
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