scholarly journals Creating Superior Customer Value in the Now Economy

2020 ◽  
Vol 6 (1) ◽  
pp. 20-33
Author(s):  
Art Weinstein
Keyword(s):  
Customer Value ◽  
Business Performance ◽  
New Technologies ◽  
Service Selection ◽  
Customer Relationships ◽  
Value Mindset ◽  
Growth Prospects ◽  
Exceptional Value ◽  
Time Segmentation ◽  
Business Sectors

Companies today must have a customer value mindset and deliver exceptional value. Solid customer relationships ensure retention and improve business performance. This conceptual article explains how to create and manage customer value in changing global markets. Key business sectors and growth prospects in the Now Economy are described. The Now Economy requires companies to master the 5-S formula—speed, service, selection, sociability, and solutions. As millennials are a major part of the digital marketplace, their preferences are explored. A framework for introducing and enhancing customer value based on service, quality, image, and price (S-Q-I-P) is recommended for marketing managers. Customer-centric, strategic implications for relationship management are provided. In addition, a customer value research agenda—related to speed, time, segmentation, product strategy, pricing, and new technologies—is offered to scholars.

scholarly journals Bosnia and Herzegovina market research on the use of autonomous vehicles and drones in postal traffic

2021 ◽  
Vol 1 (2) ◽  
pp. 32-37
Author(s):  
Amel Kosovac ◽  
Ermin Muharemović ◽  
Alem Čolaković ◽  
Mirza Lakaca ◽  
Edvin Šimić
Keyword(s):  
Bosnia And Herzegovina ◽  
Autonomous Vehicles ◽  
Market Research ◽  
New Technologies ◽  
Rapid Development ◽  
Constant Change ◽  
To Come ◽  
Postal Sector ◽  
Business Sectors

New technologies primarily affect the lives of all people, their habits, needs, desires, but also significantly affect the demands placed on various business sectors. Discussions on the increasingly rapid development of technical-technological solutions that can be applied in the postal sector and logistics have a long history. New technologies in all areas bring a constant change in the relationship between companies and their customers, which significantly affect the quality of work and activities. In the years to come, it will be an increasing challenge for postal operators around the world, as well as for other companies, to achieve substantive communication and understanding of their customers through the application of innovative technologies. Understanding and learning about customer issues is key to offering them services that, with their precise targeting of stakeholders, quality, visibility, efficiency, and, perhaps most importantly, flexibility, will be able to meet needs that change so quickly over time. This will be possible with new technologies and innovative solutions. The paper presents a market research on the potential use of autonomous vehicles and drones in the postal sector in Bosnia and Herzegovina. The research is based on a survey questionnaire on the use of drones and autonomous vehicles in the postal sector in the segment of shipment delivery.

scholarly journals Impact of the use of Information and Communication Technologies on Business Performance: Tunisian Context-Application

2018 ◽  
Vol 13 ◽  
pp. 3261-3280
Author(s):  
Achwak Chouchane ◽  
Hanene Louati
Keyword(s):  
Information And Communication Technologies ◽  
Structural Equation ◽  
Business Performance ◽  
Quantitative Method ◽  
Communication Technologies ◽  
Empirical Testing ◽  
Socio Economic Development ◽  
Information And Communication ◽  
The Impact ◽  
Business Sectors

The focus of the current study is analyze the impact of the use of ICT on the performance of Tunisian companies. These companies must be always fully aware of the importance of a practical valorization of ICTs that bring about socio-economic development. Thus, using ICTs on Tunisian companies’ performance has unquestionably remained a vital need. In fact, this study is carried out on a sample of 150 Tunisian companies operating in different business sectors. We chose the quantitative method. So, to test our conceptual model, we applied the exploratory factor analysis and then the structural equation methods. The empirical testing of hypotheses of this research led to partially confirm the influence of ICTs on the performance of Tunisian companies. In this regard, the companies surveyed are almost aware of the importance of the value of ICT, which implies an insufficient use of ICTs and an incomplete maturity of this field.

scholarly journals Understanding the Process of Transitioning to Customer Value Management

2006 ◽  
Vol 31 (2) ◽  
pp. 1-28 ◽  
Author(s):  
B Muthuraman ◽  
Anand Sen ◽  
Peeyush Gupta ◽  
D V R Seshadri ◽  
James A Narus
Keyword(s):  
Value Creation ◽  
Value Chain ◽  
Customer Value ◽  
Customer Relationships ◽  
Value Chains ◽  
Value Management ◽  
Business Markets ◽  
Value Sharing ◽  
Customer Value Management ◽  
The Way

Customer Value Management (CVM) has emerged as an important vehicle for customer retention in business markets. Supplier firms under increasing pressure from relentless competitive forces are seeking to retain and grow the share of business from profitable existing customers as a means of finding a way out of downward spiralling price pressures. While a lot has been written in academics about the importance of CVM, several gaps remain on understanding how a large company actually undertakes this journey. Crafting competitive value chains and focusing on streams of competition are also emerging as important agenda for supplier firms since, increasingly, the end customer is no longer willing to pay for inefficiencies in the value chains. In this context, the challenge for a supplier firm in business markets is no longer restricted to getting its own operations in order, but, additionally, it must ensure that multiple interfaces that exist across the entire value chain all the way until the end customer are streamlined so that the value chain is free of value drains and every meaningful opportunity to create value is exploited. In this paper, the authors present the experiences of the India-based Tata Steel in implementing CVM across 25 select customers. This has enabled it to successfully come out of the commodity trap that it found itself some four years ago. The paper begins with an overview of existing research in the area of CVM covering the important aspects of customer loyalty, customer relationships, trust as an antecedent for relationships, value as a cornerstone of business markets, and importance of the supplier firm focusing on the efficacy of the value chain of which it is a part. While one part of the challenge for a supplier firm is to find avenues to create and deliver unique value to its customer firms, an equally formidable challenge is to obtain equitable return for value delivered. This is where value sharing through integrative negotiations between the supplier and customer firms becomes central. The authors conclude that current understanding on value creation and value sharing is at a preliminary stage. This is the gap that the paper seeks to address based on the actual experience of the company in implementing CVM. This paper presents a framework for mapping the various ideas generated in the CVM implementation process and attempts to build a value sharing methodology based on the CVM journey of the company. It concludes with several challenges that the company has to grapple with for continued progress on its CVM journey. One of the important challenges is addressing value drains and discovering new value creation avenues along all the interfaces between the various firms constituting the value chain all the way until the end customer. The key learnings can be summarized as follows: Success of CVM has to start from the top management of both supplier and customer firms. The focal responsibility cannot be delegated. Firms planning to embark on the CVM journey must adapt the CVM process to their own specific situations while general lessons can be drawn from Tata Steel�s CVM implementation experience. Meaningful roles must be found for all key managers in both supplier and customer firms for success of CVM implementation. It is necessary to take stretch targets for the process to be attractive and worth the while for both the firms. At the same time, it is essential to manage the expectations of both firms: CVM is not a panacea or a magic bullet to solve all the problems of both the firms. The overall philosophy of both firms must be to seek to expand the ‘value pie,’ thus coming up with integrative decisions based on aligned data where both the firms ‘read off the same page’ of data.

scholarly journals Social Media Utilisation and Business Performance of Hotels in Lebanon

2020 ◽  
Vol 28 (3) ◽  
pp. 58-76 ◽  
Author(s):  
Firas Mohamad Halawani ◽  
Patrick C.H. Soh ◽  
Yahya Mohamad Halawani
Keyword(s):  
Social Media ◽  
Data Analysis ◽  
Structural Equation ◽  
Business Performance ◽  
Organization Performance ◽  
Modelling Method ◽  
Equation Modelling ◽  
Hotel Managers ◽  
Business Sectors ◽  
Social Media Strategy

Several studies on social media from a users' perspective have been conducted. However, less attention has been paid to the effect of social media on organization performance, particularly among hotels. The aim of the study is to investigate the effect of social media on hotels' business performance as well as assessing the moderating effect of the hotel classification. In this study, a structural equation modelling method has been used for data analysis. The survey data was gathered from a sample of 146 hotels in Lebanon. Data analysis results demonstrate a positive and significant relationship between social media characteristics (visibility and association but not editability) on hotel business performance. The findings present valuable implications for hotel managers to direct their social media strategy and to capitalize on the possible benefits of social media to increase the business performance of hotels. In addition, the findings could also provide useful insights into other business sectors that have the intention to invest in social media.

Technology and Customer Value Dynamics in the Banking Industry

2008 ◽  
pp. 186-201
Author(s):  
Rajagopal
Keyword(s):  
Customer Value ◽  
New Technologies ◽  
Returns To Scale ◽  
Internet Banking ◽  
Point Of View ◽  
The North ◽  
Research Areas ◽  
Customer Lifetime ◽  
Banking Strategy ◽  
Competitive Efficiency

This paper attempts to critically examine the available literature on the subject, discuss a model that provides a framework for analyzing the variables associated with customer value, and to identify potential research areas. The paper argues through a set of linear equations that maximizing customer value which is interdependent factor for technology adoption and profit optimization in the banks need to be backed with appropriate economic parameters for attaining competitive efficiency and optimizing profit. The framework of the construct is laid on the theory of competitive advantage and customer lifetime value, so as to maximize the potential of the organization and all its subsystems to create and sustain satisfied customers. The paper draws theoretical impetus from new technologies in banking services such as mobile banking in the North American region and discusses the technology led marketing process towards optimizing profit. The discussion in the paper also analyzes the main criteria for successful internet-banking strategy and brings out benefits of e-banking from the point of view of banks, their technology and customer values and tentatively concludes that there is increasing returns to scale in the bank services in relation to the banking products, new technology and customer value.

Digital Transformation and Change Management at Organizations in the Textile Industry

2020 ◽  
pp. 144-174
Author(s):  
Carmen De-Pablos-Heredero
Keyword(s):  
Change Management ◽  
Information And Communication Technologies ◽  
Textile Industry ◽  
Customer Value ◽  
Business Models ◽  
New Technologies ◽  
Communication Technologies ◽  
Digital Transformation ◽  
New Business ◽  
Information And Communication

Organizational changes are required for the implementation of information and communication technologies (ICT) at firms operating in the textile industry. Technologies for a new way of doing things will not provide good results if applied to an old established process. ICT allows putting into action processes in a different way, which may result in many cases, in more efficient and convenient process from the perspective of customer value generation. Textile firms highly invest in digital transformation to get new business models that constitute a challenge for traditional ways to operate. For that, they must face organisational changes. Change management implies leaving a group of structures, procedures, and behaviours and the adoption of new ones. Organizations must be able to identify potential efficient processes as a consequence of the application of new technologies. An appropriate management of more tangible aspects—equipment, financial resources—and intangible ones—people, users, and perceptions—will have impact on change management results.

Loyalty of on-Line Bank Customers

1999 ◽  
Vol 14 (4) ◽  
pp. 375-386 ◽  
Author(s):  
Leif B. Methlie ◽  
Herbjørn Nysveen
Keyword(s):  
Customer Value ◽  
Explanatory Power ◽  
Search Costs ◽  
Marketing Strategies ◽  
Market Place ◽  
Traditional Markets ◽  
Brand Reputation ◽  
Value Propositions ◽  
On Line ◽  
Business Sectors

Electronic commerce changes the relationships between sellers and buyers dramatically. The new properties of electronic markets offer customers added values. New customer value propositions have to be established in most markets and new marketing strategies must be formulated. One of the business sectors most heavily affected is banking. How can banks retain loyal customers when moving into electronic banking? Research in marketing has unveiled several determinants of customer loyalty. However, this knowledge is based on research on customers in traditional markets. In this paper we focus on customers’ loyalty in on-line banking. The findings indicate that determinants of loyalty in on-line banking environments are similar to those in the physical market-place. However, customer satisfaction is found to have the most significant impact, followed by brand reputation, while switching costs and search costs, although significant, have minor explanatory power. The implications of these findings on banks’ marketing strategies are discussed.

The Impact of Customer Relationship Characteristics on Profitable Lifetime Duration

2003 ◽  
Vol 67 (1) ◽  
pp. 77-99 ◽  
Author(s):  
Werner J. Reinartz ◽  
V. Kumar
Keyword(s):  
Customer Value ◽  
Customer Relationships ◽  
Decision Makers ◽  
Customer Relationship ◽  
Traditional Methods ◽  
Monetary Value ◽  
The Impact

The authors develop a framework that incorporates projected profitability of customers in the computation of lifetime duration. Furthermore, the authors identify factors under a manager's control that explain the variation in the profitable lifetime duration. They also compare other frameworks with the traditional methods such as the recency, frequency, and monetary value framework and past customer value and illustrate the superiority of the proposed framework. Finally, the authors develop several key implications that can be of value to decision makers in managing customer relationships.

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