Journal articles on the topic 'Customer value'
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Lohonauman, Hans. "IPTEKS PERHITUNGAN COSTUMER LIFETIME VALUE." Jurnal Ipteks Akuntansi Bagi Masyarakat 4, no. 1 (July 17, 2020): 19. http://dx.doi.org/10.32400/jiam.4.1.2020.29236.
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Everyone has a goal to make high profitsin business,. Therefore, every entrepreneur requires value that need to be maintained. This value gives a good attitude to the customers to build a long-term relationship. One of the factors that determine the success of a business is the customers. Customer lifetime value should be noticed by the entrepreneur since it becomes a ways to measure customer's profitability, to analyze marketing, and it is also can be used to create a mindset in running a business. Customer Lifetime Value (CLV) also can create the customer loyalty which can impact for profitability.
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Medberg, Gustav, and Kristina Heinonen. "Invisible value formation: a netnography in retail banking." International Journal of Bank Marketing 32, no. 6 (August 26, 2014): 590–607. http://dx.doi.org/10.1108/ijbm-03-2014-0041.
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Purpose – The purpose of this paper is to explore value formation in the customer-bank relationship outside the line of visibility of service encounters. The customer's own context has been overlooked by the bank marketing literature as it is traditionally focused on value created by the service process and outcome. Design/methodology/approach – Positioned within the customer dominant logic, a netnography was conducted to explore how bank relationships are realised in customers’ own contexts and experiences. A total of 579 postings from discussions of retail banking in 18 online communities were collected and analysed. Findings – The study uncovered four factors of invisible bank service value experienced by customers: shared moral value, responsibility value, relationship value, and heritage value. Research limitations/implications – The study conceptualises bank service value as realised in the customers’ own contexts and thus highlights previously hidden sources of value in banking. The findings can be used for further conceptualisations of the customer dominant value formation of bank services. Practical implications – The netnographic method illustrates how naturalistic data about customers’ retail bank experiences can be retrieved unobtrusively. The findings help bank management to understand what comprises customer value beyond the service encounter. Originality/value – The paper contributes to the research in service marketing and bank marketing in three ways: first, a methodological contribution is the introduction of a netnographic approach to bank service value research. Second, a theoretical contribution is the uncovering of invisible value formation in the customer-bank relationship. Third, the paper uses the customer dominant logic in a banking context, thus providing insights into how banks are involved in the customer's own life.
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Ellway, Benjamin Piers William, and Alison Dean. "Habitus as a value lens to link customer engagement and value cocreation." Journal of Service Theory and Practice 30, no. 1 (March 20, 2020): 57–77. http://dx.doi.org/10.1108/jstp-04-2019-0093.
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PurposeThis paper uses practice theory to strengthen the theoretical relationship between customer engagement (CE) and value cocreation (VCC), thereby demonstrating how customers may become engaged and remain engaged through VCC practices.Design/methodology/approachThe study adopts a problematization approach to identify shared assumptions evident in service-dominant logic (SDL) and CE research. Practice theory, as a higher-order perspective, is used to integrate the iterative and cyclical processes of VCC and CE, specifically through the theoretical mechanism of habitus.FindingsHabitus acts as a customer value lens and provides a bridging concept to demonstrate how VCC and CE are joined via sensemaking processes. These processes determine how customers perceive, assess, and evaluate value, how they become engaged through VCC, and how their experience of engagement may lead to further VCC practice. The temporally bound experiences, states, and episodes are accumulated and aggregated through an enduring customer value lens comprised of habituated dispositions, interests, and attitudes.Research limitations/implicationsThis work responds to calls for research to strengthen the theoretical link between VCC and CE and to take account of customers' lived realities and their contextualized experiences. A key suggestion for future research is the use of a rope metaphor to stimulate thinking about the complex, temporally unfolding, and interrelated processes of VCC and CE.Practical implicationsThe customer value lens and CE rope are introduced to simplify the complex, abstract, theoretical research on VCC and CE for a nonacademic audience. To understand how customers' value lenses are formed and change, and how a CE rope is strengthened, firms, service designers, and practitioners need to understand sensemaking processes through customer narratives and to use platforms and feedback to support and trigger sensemaking.Originality/valueThis paper provides a theoretical mechanism to explain the iterative and cyclical nature of VCC and CE processes and how accumulation and aggregation occur in these processes. In doing so, it demonstrates that CE occurs by virtue of, and is typified by, sensemaking processes that reproduce and shape a customer's habituated value lens, which perceives, assesses, and determines VCC and thus provides a basis for further customer engagement.
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Sudiyono, Kristianus Ade, Prio Utomo, and Claudia Severesia. "Effect of Customer Experience and Customer Value Towards Customer Loyalty and Satisfaction on B2B Food and Beverage Sector." Journal of Business and Management Review 3, no. 9 (September 27, 2022): 627–40. http://dx.doi.org/10.47153/jbmr39.4552022.
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This study aims to study the effect of customer experience and value on customer loyalty and satisfaction in B2B industry which researchers limitedly discussed. The organization needs to implement customer experience management to create value for customers' purchase intention and win the market competition. One essential key to maintaining customer loyalty is good customer experience management. The elements of customer experience management consist of customer experience, customer value, and purchase intention. The research is cross-sectional quantitative research. An online survey using Google Form was carried out using the purposive sampling technique in 2021 and obtained 85 valid respondents who are corporate customers of a food and beverage manufacturing company located in Tangerang. Respondents were asked 23 closed ended on five scales Likert: strongly disagree to strongly agree. Data were analyzed using PLS-SEM (Partial Least Square – Structural Equation Model. The result shows that customer experience significantly affects customer value, loyalty, and satisfaction. Customer value significantly affects customer loyalty but is not significant to customer satisfaction.
Customer experience involves the customer's response to the customer's journey. However, the nature of customer experience is quite complicated; therefore, measurement of customer satisfaction and customer loyalty is used more often. Customer value is related to the company’s product excellence, which has a long-term effect resulting in customer loyalty. Therefore, organizations need to focus on building customer experience management and long-term customer value.
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Galli, Brian J. "The Value of Marketing in Project Environments from Three Key Perspectives." International Journal of Service Science, Management, Engineering, and Technology 10, no. 1 (January 2019): 1–18. http://dx.doi.org/10.4018/ijssmet.2019010101.
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Marketing is a tool that can prove to be very valuable to many different areas of business; it has impacts on several different areas, but it is important to analyze the relationships that technical marketing has with three key areas, those being: the voice of the customer, technology, and new product development. In any marketing investment, it is important to identify the target customer, collect the information about the customer and what the customer's want. The company could use “voice customer” to understand the needs and wants of customers. Understanding and realizing the customer's needs and requirements have been recognized an unavoidable challenge for a company. The poor understanding of the customers' need and the inaccurate assumption for the questionnaire will lead to a negative implication on product's design and quality, and will also lead to more cost and time.
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Heinonen, Kristina, Tore Strandvik, and Päivi Voima. "Customer dominant value formation in service." European Business Review 25, no. 2 (March 1, 2013): 104–23. http://dx.doi.org/10.1108/09555341311302639.
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PurposeThe purpose of this paper is to extend current discussions of value creation and propose a customer dominant value perspective. The point of origin in a customer‐dominant marketing logic (C‐D logic) is the customer, rather than the service provider, interaction or the system. The focus is shifted from the company's service processes involving the customer, to the customer's multi‐contextual value formation, involving the company.Design/methodology/approachValue formation is contrasted to earlier views on the company's role in value creation in a conceptual analysis focusing on five central aspects. Implications of the proposed characteristics of value formation compared to earlier approaches are put forward.FindingsThe paper highlights earlier hidden aspects on the role of a service for the customer. It is proposed that value is not always an active process of creation; instead, value is embedded and formed in the highly dynamic and multi‐contextual reality and life of the customer. This leads to a need to look beyond the line of visibility focused on visible customer‐company interactions, to the invisible and mental life of the customer. From this follows a need to extend the temporal scope, from exchange and use even further to accumulated experiences in the customer's life and ecosystem.Research limitations/implicationsThis paper is conceptual. It discusses and presents a customer‐dominant value perspective and suggests implications for empirical research and practice.Practical implicationsAwareness of the mechanism of the customer value formation process provides companies with new insight on the service strategy, service design and new service innovations.Originality/valueThe paper contributes by extending the value construct through a new customer dominant value perspective, recognizing value as multi‐contextual and dynamic based on customers' life and ecosystem. The findings mark out new avenues for future research.
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Jensen, Barbara, Fatima Annan-Diab, and Nina Seppala. "Exploring perceptions of customer value." European Business Review 30, no. 3 (May 14, 2018): 246–71. http://dx.doi.org/10.1108/ebr-09-2015-0104.
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PurposeThe purpose of this paper is to develop a framework that describes and explains how corporate social responsibility (CSR) initiatives are perceived by customers and links customer perception to the notion of customer value perception. To explore customer value conception firstly, the perception of CSR initiatives is investigated; secondly, indications for the value-enhancing effects of CSR initiatives are studied, and finally, the varying effects which different value categories can have on customer attitudes and behaviour are extracted.Design/methodology/approachThe data consists of 12 semi-structured interviews with customers of European telecommunication companies.FindingsThe results suggest that CSR initiatives, when communicated efficiently and considered as relevant by customers, will enhance two customer value categories: the extrinsic self-oriented value defined as efficiency and excellence and the intrinsic other-oriented value pertaining to ethics or spirituality. Enhancement of extrinsic self-oriented value imbeds the potential of CSR initiatives to affect customers’ purchase behaviour and thus strengthen ethical consumerism within the telecommunications industry.Research limitations/implicationsThe main implication for research is a better understanding of the relationship between customer perception and customer value perception in the field of ethical consumerism. Focussing on one industry for the study can be named as a limitation.Practical implicationsAs indicated by the research, results by customers prioritised CSR initiative can affect the customer value perception, mainly the extrinsic/self-oriented value. If the company is aiming to change customer behaviour and to strengthen ethical consumerism, it is important that the customer experience of CSR initiatives improve excellence (quality) and/or efficiency of the product/service.Originality/valueThis paper fulfils an identified need of research on how CSR initiatives can influence consumer behaviour.
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Asiyah, Siti. "CUSTOMER INTIMACY VALUE STRATEGY BY IMPLEMENTING CUSTOMER RELATIONSHIP MANAGEMENT." Journal of Applied Management and Business (JAMB) 1, no. 1 (July 30, 2020): 1–9. http://dx.doi.org/10.37802/jamb.v1i1.58.
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This article talks about a lot of systems to transform customers into resources proposed for organizations while making faithful customers. The technique that is the focal point in this article is customer Relationship Management (CRM). This is on the grounds that without a CRM system, organizations neglect to reap the advantages of CRM. CRM is fundamentally significant for the organization's future. CRM innovation empowers organizations to all the more likely comprehend customer conduct, foresee their conduct later on, give altered customer encounters, and assemble long haul customer connections. Nonetheless, given that CRM is just restricted by innovation it will be a serious mix-up for the organization. Organizations can't give excellent customer worth, administration and experience just by putting resources into CRM innovation. This article depicts customer life cycle the executives and proposes an all encompassing system for customer life cycle the board. This section finishes by examining methodologies for transforming customers into resources and making satisfied customers.
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Keiningham, Timothy, Lerzan Aksoy, and Fabienne Cadet. "Operationalizing Relative Customer Value." Journal of Creating Value 3, no. 2 (September 4, 2017): 184–92. http://dx.doi.org/10.1177/2394964317721811.
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The construct of “value” has been central to explaining economic exchange since the time of Adam Smith. Despite its central importance, debate still exists as to what value entails. Absent a comprehensive understanding of value, researchers and managers have grappled with how to measure and manage value. Not surprisingly, absent a definition, no comprehensive, robust approach has emerged. We argue that value first must be viewed as a dual construct, i.e. value to the customer and value to the firm, that must be balanced to be sustainable. Given that value to the customer is clearly assessed as relative to competitive alternatives, we also argue that any robust measurement of value must account for competitive alternatives. We propose applying recent research on the use of relative metrics in linking to share of category spending as the foundation of assessing value to the customer (particularly since customers in most categories divide their spending across competing firms). This allows firms to assess the monetary value customers’ assign to their offerings, and to estimate changes in this value from different market actions. As value to the firm is ultimately about the net present value of customers’ economic contributions to the firm, this allows firms to balance value to the customer with value to the firm.
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Harrington, Robert J., Michael C. Ottenbacher, and Simon Fauser. "QSR brand value." International Journal of Contemporary Hospitality Management 29, no. 1 (January 9, 2017): 551–70. http://dx.doi.org/10.1108/ijchm-06-2015-0300.
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Purpose This study aims to examine the quick service restaurant (QSR) differentiation in the minds of consumers, customers and non-customers and addresses the use of absolute measures. The study integrated competitive context and customer vs non-customer perceptions to better understand marketing strategies and the impact on customer value. Design/methodology/approach A conceptual framework is provided with marketing strategy, 7Ps, value positioning and outcomes. A survey instrument to assess perceptions of QSR marketing mix dimensions and leading QSR brands as referents was used. The study used exploratory factor analysis, ANOVA and logistic regression to address research questions. Findings The five QSR brands were differentiated by three marketing mix dimensions: quality, convenience and price. Subway and Starbucks customers perceived higher quality than McDonald’s and Burger King. Price separated Starbucks and McDonald’s customers. Overall, QSR customers perceived higher quality and convenience than non-customers. Age group was a predictor of customer membership of QSR overall and McDonald’s. Research limitations/implications The study used participants in Germany and had more respondents identified as McDonald’s customers or referent. Practical implications The quality bundle represents unique resources for each QSR brand. Management teams should use a holistic mindset in considering the quality bundle reputation and how the various attributes support each other. Originality/value Consumers look to three factors for QSR rather than 7Ps: quality, convenience and price. Relative comparisons of perceptions among brands and between customers vs non-customers provided important contributions for QSR marketing mix factors.
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Kabue, Hellen W. "Creating Customer Value for Enhanced Customer Satisfaction and Retention." Research in Economics and Management 5, no. 3 (June 11, 2020): p7. http://dx.doi.org/10.22158/rem.v5n3p7.
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Customers are increasingly becoming sophisticated due to forces such as advancement in technology, changing social roles and globalization. As a result, customer churning is today a common reality that most companies have to deal with in order to satisfy and retain their customers. Creating customer value has emerged as one of the winning strategic tools that firms could use to gain competitive advantage in the contemporary marketing environment. This paper is an empirical study that presents a comprehensive analysis of the relationship between customer value, customer satisfaction and customer retention. Data was obtained through a survey involving clients of Commercial Banks in Kenya; the survey yielded a total of 385 responses. A self administered questionnaire was used for the customers’ survey while interviews were conducted for Management. Descriptive statistics and regression data analysis methods were employed utilizing SPSS software. The findings of the study revealed that customer value has a positive statistically significant relationship with both customer satisfaction and customer retention.
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Chang, Wen, Chen Chang, and Qianpin Li. "Customer Lifetime Value: A Review." Social Behavior and Personality: an international journal 40, no. 7 (August 1, 2012): 1057–64. http://dx.doi.org/10.2224/sbp.2012.40.7.1057.
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The concept of regarding customers as assets that should be managed and whose value should be measured is now accepted and recognized by academics and practitioners. This focus on customer relationship management makes it extremely important to understand customer lifetime value (CLV) because CLV models are an efficient and effective way to evaluate a firm's relationship with its customers. Assessment of CLV is especially important for firms in implementing customer-oriented services. In this paper we provide a critical review of the literature on the development process and applications of CLV.
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Kumar, V. "A Theory of Customer Valuation: Concepts, Metrics, Strategy, and Implementation." Journal of Marketing 82, no. 1 (January 2018): 1–19. http://dx.doi.org/10.1509/jm.17.0208.
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Customer value refers to the economic value of the customer's relationship with the firm. This study approaches the topic of customer value for measuring, managing, and maximizing customer contributions by proposing a customer valuation theory (CVT) based on economic principles that conceptualizes the generation of value from customers to firms. The author reviews the established economic theories for valuing investor assets (e.g., stocks) and draws a comparison to valuing customer contributions. Furthermore, the author recognizes the differences in the guiding principles between valuing stocks and valuing customers in proposing CVT. Using CVT, the author discusses the concept of customer lifetime value (CLV) as the metric that can provide a reliable, forward-looking estimate of direct customer value. In addition, economic models to estimate CLV, ways to manage CLV using portfolio management principles, and strategies to maximize CLV are discussed in detail. The author extends the customer value concept by discussing ways that a customer can add value to the firm indirectly through incentivized referrals, social media influence, and feedback. Finally, the benefits of CVT to multiple constituencies are offered.
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Gunandi, Ahmed, Heba Awang, Eman Alhawad, and Lotfy Shabaan. "Customer Value and Data Mining in Segmentation Analysis." International Journal of Information Technology and Computer Science Applications 1, no. 1 (January 14, 2023): 20–34. http://dx.doi.org/10.58776/ijitcsa.v1i1.16.
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Customer Value is the accessed value that a customer has to an organization. In Business, the customer is always right. This statement gives us the impression that all customers are viewed as equal in terms of potential value. Each customer is treated differently according to how much profit they can bring to a company. We use various Data Mining techniques to determine who are these customers and how we can acquire more customers like them who can bring more profit. A loyal customer will be treated differently than a customer that rarely do business with the organization. These customers are usually given bonus gifts and special offers as a form of thanks for their loyalty thus further strengthening that bond. Companies need a way to determine which of their hundreds of thousands of customers are deserving of this attention. Customer Value Segments are used in this specific situation.
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Yang, Albert Jing-Fuh, Chia-Wen Hung, and Siao-Fen Huang. "Exploring Customer Participation and Value." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 18 (January 25, 2021): 345–59. http://dx.doi.org/10.37394/23207.2021.18.35.
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Emerging marketing perspectives show that customer participation creates new opportunities for value creation. A perspective in the marketing section should be highlighted, a new opportunity must be emphasized, and customer participation should be used as a means to define the relationship benefits through their participation. The goal of customer participation is to create a high-value service process by creating cooperation with customers. This study describes and develops hypothesis verification. In the context of professional financial services in Taiwan, this study explores the effect of customer participation on value creation and satisfaction from customer and employee perspectives. It also analyzes the effects of different customer capabilities and employees’ emotional intelligence. The source of data collection is a total of 383 customer questionnaires from domestic financial institutions of two types of bank (public and private) to verify (1) how customer participation affects customer satisfaction and employee job satisfaction through relationship value creation, (2) how customer ability affects the relationship between value creation and satisfaction, and (3) how employees’ emotional intelligence affects the relationship between relationship value creation and job satisfaction. This study uses the structural equation model to verify the research hypothesis and obtains the following results through empirical research: 1. Customer participation affects customer satisfaction through relationship value creation. 2. Customer participation does not completely create positive employee relationship value, which may increase work pressure. 3. Interference results show that customer ability can promote customer satisfaction, whereas employee emotional intelligence does not necessarily affect the relationship between employee relationship value creation and job satisfaction. These results contribute to the banking industry. Customer participation can promote value creation by arranging customers and financial specialists to have an appropriate interactive relationship and professional services
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Lindberg-Repo, Kirsti, and Apramey Dube. "Customer Value Dimensions in E-Healthcare Services." International Journal of E-Services and Mobile Applications 7, no. 4 (October 2015): 17–29. http://dx.doi.org/10.4018/ijesma.2015100102.
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Healthcare services have been extensively researched for customer value creation activities. There has been, however, limited attention on the dimensions of customer value, as reported by customers themselves, in e-healthcare services. The purpose of this paper is to investigate customer value dimensions in which customers experience e-healthcare services. Narrative techniques were used to investigate customer experiences of e-healthcare services offered by eight private Finnish providers. The findings show that customers evaluate e-healthcare services in four value dimensions: 1) The outcome of e-healthcare service (‘What'), 2) The process of e-healthcare service (‘How'), 3) The responsiveness and temporal aspect of e-healthcare service (‘When'), and, 4) The location of e-healthcare service provision (‘Where'). The value dimensions reflect customer expectations that service providers can fulfill for improved customer value creation. To the best of the authors' knowledge, this study is one of the first researches to investigate customer value dimensions in e-healthcare services in Finland.
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Sun, Zhongyuan, Yucheng Li, and Xuming Lou. "The Impact of Customer Participation on Customer Value: Does Customer Resource and Regulatory Focus Matter?" Sustainability 14, no. 24 (December 13, 2022): 16685. http://dx.doi.org/10.3390/su142416685.
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With the development of technology and the improvement of customer awareness, customers and enterprises are becoming more and more proactive in the process of cooperation. Among these developments is the value creation of customers in the brand network. The community changes with the accumulation of resources during the customer journey, and it is particularly important to explore the impact of customer resource accumulation and regulatory focus of enterprises for customers on customer value. Previous research mainly focused on the role of customer resources in the stages of value creation and value realization, ignoring the impact of customer participation on customer resources accumulation and customer value during the customer journey and the moderating effect of customer regulatory focus between them. This paper investigates this from the perspective of resource theory. Based on the investigation in 451 active customers in the Chinese famous brand network community, it uses the SEM method to test the relationships among customer participation, customer resources and customer value, and the moderating role of regulatory focus during the customer journey. The empirical results show that both customer relationship resources and human resources positively affect customer lifetime value and customer engagement value and play a mediating role between customer participation and customer value during the customer journey. Furthermore, the customer promotion focus positively moderates the relationships between customer participation and customer resources, while the prevention focus only positively moderates the relationship between customer participation and customer human resources. The research results provide a theoretical basis for brand network communities to sustainably cultivate and guide customers to contribute a higher value.
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Belz, Christian. "Customer Value." Controlling 17, no. 6 (2005): 327–34. http://dx.doi.org/10.15358/0935-0381-2005-6-327.
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Kasselmann, Sebastian. "Customer-Value." Controlling 32, no. 6 (2020): 75–78. http://dx.doi.org/10.15358/0935-0381-2020-6-75.
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Kaur Sahi, Gurjeet, Sanjeewani Sehgal, and Rita Sharma. "Predicting Customers Recommendation from Co-creation of Value, Customization and Relational Value." Vikalpa: The Journal for Decision Makers 42, no. 1 (March 2017): 19–35. http://dx.doi.org/10.1177/0256090916686680.
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Executive Summary There are countless illustrations where companies are involving their customers in the creation of products and delivery of services, commonly viewed as co-creation of value (CCV). The present work explores the value co-creation concept in the house construction business that requires maximum customer engagement with the service provider as compared to other subsectors in the real estate. With this background, the present study examined the comprehensive framework of antecedents and consequences of CCV leading to customers’ recommendation in the housing sector. Moreover, the effect of CCV on customers’ recommendation of a service provider is also studied by analyzing the role played by relational value and customized offerings. One of the main findings of the study is that the three pre-conditions, namely customer participation, customer expertise, and resource integration, significantly affect CCV. It was also found that when customers are allowed to participate and are provided with more choices, it leads to a higher level of trust. Thus, CCV has a significant impact on trust. Customers usually promote a service provider through positive word-of-mouth and make actual recommendations to others when he is able to ensure satisfactory services. Hence, the direct relationship of customer satisfaction with recommendation turns out to be significant. Another highlight of the study is that value co-creation is a platform where customers should proactively participate and architects must give shape to this proactiveness by acknowledging their ideas and suggestions. Any ignorance in this process may bring in negative effect of relational value on customer recommendation. Moreover, the effect of trust on customer recommendation is completely mediated by relational value. Thus, the results of the study have some important implications for an architect. Customers ought to be provided with innovative and unique architectural designs such as inspiration taken from different western countries and fusion for bringing variety. Also, an architect should check the feasibility of designs and execution of the plan. An architect can create value from other resource partners involved in the network, that is, by giving reference of the best suppliers for accessories like modular fittings to be used in the kitchen or washroom. Relational value can be created by motivating customers as well as involving customers’ family members in key discussions. Also, being empathetic and understanding about any special need of the customer has a profound impact on the relational value. The customer should be periodically assured about the timely execution of the plans drafted since the completion of a house not only depends on the services of an architect, but also involves a whole network of resource partners, that is, appropriate material, labour, and other suppliers.
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Pham, Tram-Anh N., Jillian C. Sweeney, and Geoffrey N. Soutar. "Customer value cocreation activities." Journal of Service Theory and Practice 29, no. 3 (October 2, 2019): 282–308. http://dx.doi.org/10.1108/jstp-07-2018-0163.
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Purpose The purpose of this paper is to suggest a typology of customer value cocreation activities and explore the psychological drivers and quality of life outcomes of such activities in a complex health care service setting. Design/methodology/approach Focus groups with people with Type 2 diabetes and in-depth interviews with diabetes educators were conducted. Findings Four types of customer value cocreation activities were found (mandatory (customer), mandatory (customer or organization), voluntary in-role and voluntary extra-role activities). In addition, health locus of control, self-efficacy, optimism, regulatory focus and expected benefits are identified as key psychological factors underlying the customers’ motivation to be active resource integrators and resulting in physical, psychological, existential and social well-being. Originality/value The study highlights the various types of customer value cocreation activities and how these affect the various quality of life dimensions.
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Peralta, Carla Beatriz da Luz, Márcia Elisa Echeveste, Fernando Henrique Lermen, Arthur Marcon, and Guilherme Tortorella. "A framework proposition to identify customer value through lean practices." Journal of Manufacturing Technology Management 31, no. 4 (March 20, 2020): 725–47. http://dx.doi.org/10.1108/jmtm-06-2019-0209.
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PurposeCustomer value is the key to successful innovation management. This task is considered complex and abstract. For this reason, several models have been proposed to that end, among them, Lean approaches. Lean's background has been applied to value identification, providing many benefits. This paper aims at analyzing the practices employed to identify customer value through Lean approaches.Design/methodology/approachThrough a systematic literature review, the main Lean practices for customer value identification were categorized based on five main streams: (1) customer development, (2) customer value, (3) lean product, (4) lean start-up, and (5) lean innovation. These practices were organized into a framework that addresses value identification based on ideation, value prospection, requirements, construction and measurement, and value delivery.FindingsIn total, 33 practices were found to support capturing the value from the customer's perception. Additionally, a discussion is provided on the complementarity and differences between practices.Originality/valueA framework is proposed to integrate the five streams and the corresponding practices for value identification. The results provide mechanisms that can benefit practitioners to better understand the value demanded by customers during innovation management. In fact, practitioners can use the proposed framework to identify value to customers in a holistic way. Academically, the results gather research on customer value and innovation management to contribute with a novel artifact for customer value identification in operations management using Lean approaches. Finally, a future research agenda on value identification is proposed.
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Terason, Sid, Shixin Zhao, and Pirayut Pattanayanon. "Customer value and customer brand engagement: Their effects on brand loyalty in automobile business." Innovative Marketing 17, no. 2 (May 24, 2021): 90–101. http://dx.doi.org/10.21511/im.17(2).2021.09.
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The study investigates the extent to which customer value affected brand loyalty among mid-sized automobile customers in Thailand. It`s focused on assessing whether customer brand engagement acted as an intervening variable in the relationship between customer value and brand loyalty. A questionnaire was distributed to a random sample of 380 current users of medium-sized passenger automobiles in Thailand; these participants were drawn from the list of automobile customers using a multistage sampling technique. The dealership customers were asked to complete an electronic survey using their cell phones. Structural equation modeling was applied to prove the theoretical model. All the model fit indices revealed that the model was reasonably consistent with the data. Results validated customer brand engagement composed of three dimensions using confirmatory factor analysis and its role as a mediator. The findings also provided novel insight into the interplay of the relevant variables and could be used as a guideline for managing automobile customers and promoting automobile marketing in the country.
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Nyman, Henrich. "The added value of service provision." International Journal of Bank Marketing 32, no. 6 (August 26, 2014): 457–76. http://dx.doi.org/10.1108/ijbm-01-2014-0009.
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Purpose – The purpose of this paper is to present a framework for examining the outcome of value facilitation as the added value of service provision. Design/methodology/approach – Value facilitation is conceptualized as enabling, enhancing, and economical support by the service offering, as well as supportiveness by the service provider. The financial value of customers is measured by the augmented customer lifetime value (ACLV). Findings – Referrals is found to mediate the linkage between value facilitation and ACLV. The margin multiple level and corresponding propensity to stay scores are found to be better proxies for setting up a customer oriented service development program, than the customer profit or margin level. Research limitations/implications – This paper takes a service provider perspective on service, even though the customer experience of the service provision is vital. Practical implications – The proposed framework can be used for designing adapted customer strategies for different groups of customers representing different levels of added value of the service provision. Originality/value – This paper extends the normative service logic notion of the role of service providers as value facilitators and supporters of their customers’ value creation activities. The calculation of ACLV is altered from ordinary customer lifetime value models by the integration of individual transaction data and propensity to stay figures from a customer survey.
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Bilal, Ahsan, Imran Ijaz, Nouman Shoukat, and Rubeen Akhtar. "Exploring Relationship between Retail Innovativeness, Customer Value and Customer Loyalty." Review of Education, Administration & Law 5, no. 4 (December 14, 2022): 579–91. http://dx.doi.org/10.47067/real.v5i4.280.
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Trends are changing in retail sector in Pakistan retailers create new or make innovation in existing products and services to attract new customers and existing customers. Retail innovation is a key of success now a day’s, customer wants creativity and innovation not only in product development but also in services, promotional techniques and in environment or store atmosphere. The aim of this study is to identifying the relationship between retail innovativeness, customer values and customer loyalty, identify how customers perceive innovativeness of retailers and mediating role of consumer values, perceived retail innovativeness enhance consumer loyalty through customer values and faced some challenges hindering’s retail innovativeness. It is a consumer-based study. Data would be collected for study from 225 customers of the retail stores from 3 main cities of Pakistan, which will be select with convenience sampling technique and analysis will done under statistical techniques.
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Evelina, Tri Yulistyawati, Andriani Kusumawati, Umar Nimran, and Sunarti. "THE INFLUENCE OF UTILITARIAN VALUE, HEDONIC VALUE, SOCIAL VALUE, AND PERCEIVED RISK ON CUSTOMER SATISFACTION: SURVEY OF E-COMMERCE CUSTOMERS IN INDONESIA." Business: Theory and Practice 21, no. 2 (September 23, 2020): 613–22. http://dx.doi.org/10.3846/btp.2020.12143.
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The purpose of this study is to build an understanding of the influence of utilitarian value, hedonic value, social value, and perceived risk on e-commerce customer satisfaction in Indonesia. Data was collected through an online survey and analyzed using Structural Equation Modeling (SEM) with the WarpPLS tool version 6.0 which was then analyzed through Inferential Statistics analysis. The results of the study showed that utilitarian value significantly influences customer satisfaction. Hedonic value significantly influences customer satisfaction. However, the findings showed that social value did not have a significant effect on customer satisfaction, meaning that the level of the social value of e-commerce customers does not have a significant impact on the level of customer satisfaction. Finally, the results show, perceived risk significantly influences customer satisfaction.
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Taheri, Babak, Filipe J. Coelho, Carlos M. P. Sousa, and Heiner Evanschitzky. "Mood regulation, customer participation, and customer value creation in hospitality services." International Journal of Contemporary Hospitality Management 29, no. 12 (December 11, 2017): 3063–81. http://dx.doi.org/10.1108/ijchm-07-2016-0389.
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Purpose Customers play a key role in value creation. Not surprisingly, research has investigated customers’ motivations to engage in the creation of value. Thus, this study aims to assess the link between mood-regulatory processes and customer participation in value creation. Design/methodology/approach This study develops a model that relates mood-regulatory processes to customer participation and customer value creation, and tests it with a sample of 419 hotel customers, using partial least squares estimation. Findings It is found that mood clarity relates directly with customer relational value; mood monitoring relates directly with customer participation as well as directly and indirectly with customer economic and relational value; and mood repair relates directly with customer participation and customer economic value, as well as indirectly with customer economic and relational value. Research limitations/implications This is a cross-sectional study limited only to hotels in Iran. This is the first study to evaluate the relationship between mood regulation with customer participation and value creation. Hospitality service organizations interested in promoting customer participation may consider mood as a segmentation criterion. Originality/value Value creation theory was applied to identify the relationship among customer mood regulation, participation, economic value and relational value, as it is first attempted in the hospitality studies.
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D. Kaltcheva, Velitchka, Anthony Patino, Michael V. Laric, Dennis A. Pitta, and Nicholas Imparato. "Customers' relational models as determinants of customer engagement value." Journal of Product & Brand Management 23, no. 1 (March 11, 2014): 55–61. http://dx.doi.org/10.1108/jpbm-07-2013-0353.
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Purpose – The authors apply Alan P. Fiske's relational models framework to customers' engagement with service firms – specifically, they propose that customers who hold different relational models for the service firm are likely to engage with the firm in dissimilar ways, thus generating different types of customer engagement value for the firm. Fiske's relational models framework is eminently suitable for studying customer-service firm engagement because it is widely adopted in the social sciences as a rigorously developed framework for conceptualizing social interactions. Design/methodology/approach – The article bridges Fiske's relational models framework and Kumar et al.'s customer engagement value framework, and conceptually demonstrates that customers employing different relational models for the service firm are likely to generate different types of customer engagement value for the firm. Findings – The article demonstrates conceptually that customers' relational models, schemata, and scripts influence how consumers engage with the firm and the type of customer engagement value accruing to the firm. Research limitations/implications – This research has implications for service firms' relationship strategies. First, service marketers can determine the desired customer engagement value(s) and then craft their customer relationship strategy so that it maximizes those engagement value(s). The article suggests relationship strategies that service firms may implement for encouraging customers to adopt different relational models. Originality/value – No research has bridged relational models theories and customer engagement value theories.
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Pandey, Sneha, and Divesh Kumar. "Customer-to-customer value co-creation in different service settings." Qualitative Market Research: An International Journal 23, no. 1 (January 13, 2020): 123–43. http://dx.doi.org/10.1108/qmr-09-2018-0106.
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Purpose This study aims to identify and classify the types of value stemming from cooperative creation of experience among customers present in various social and interaction-rich service settings, thus leading to customer–customer value co-creation. Design/methodology/approach This exploratory qualitative study uses phenomenological approach and involves ten semi-structured in-depth interviews conducted in different interaction-rich service settings. The interviews were analysed using soft laddering interview technique to uncover various customer-to-customer (C2C) co-created values. Findings Based upon the literature available and the interviews conducted, the types of value classified in this study are hedonic value (further classified as relational/social/interactional value, emotional value, epistemic/novelty/learning/information-seeking, personal value and symbolic/expressive value), atmospheric value and economic/utilitarian value (efficiency and quality). Research limitations/implications One of the major limitations would be the small number of interviews conducted in a few service setups, which makes it difficult to generalise the results. Also, customer–customer interactions, leading to value co-creation online, were not considered. Practical implications By facilitating C2C value co-creation, service firms would be able to obtain increased contributory support among customers and also facilitate its customers in providing superior customer experience indirectly to others present, which is considered to be the ultimate goal of a firm. Originality/value This would be among the first studies to classify the types of value taking place when customers interact among themselves and to provide concrete suggestions for the managers fostering C2C value co-creation during a service.
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Koesharijadi, Koesharijadi. "Factors Affecting Loyalty Customer Services Banking Industry in East Java." International Journal of Business and Management 11, no. 6 (May 25, 2016): 168. http://dx.doi.org/10.5539/ijbm.v11n6p168.
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<pre>The purpose of this study was to determine the factors contained in the quality of services and how these factors influence the underlying between the formation of customer loyalty in the banking services industry.</pre><pre>This study is designed for internal and external customers banking is also seen as internal and external customer banking. Respondents of this research there are two types of internal respondents with a sample of 152 people and external respondents with a sample of 198 people, the number of total samples of 350 people in the banking industry in East Java. Data was collected through a questionnaire with statements that refer to Likert scale. Data analysis was performed using AMOS program.</pre>The results showed that the image of the organization significantly influence customer expectations and customer value, organizational image does not affect the customer's satisfaction. Internal service quality significantly influence employee satisfaction and employee satisfaction significantly influence the quality of external services. External service quality effect on customer value. Customer expectations significantly influence the external service quality and value for the customer but the customer expectations significant negative effect on customer satisfaction. Value customers significant effect on customer satisfaction and customer loyalty. Customer satisfaction significantly influence customer loyalty.
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Jackson, Stuart E. "The value of prime customer relationships." Journal of Business Strategy 32, no. 6 (October 31, 2011): 50–51. http://dx.doi.org/10.1108/02756661111180131.
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PurposeThe author has previously written about the concept of “strategic market position.” Simply stated, SMP is a strategic discipline which ties together the principles of customer preference, producer economics, and corporate finance and helps companies understand when and how increased market share leads to stronger competitive position and higher profitability. This enables businesses to make smart decisions about where to expand and go after increased market share – and, conversely, where not to dig in deeper. Customer Market Position (CMP) carries SMP down to the individual customer level. It keys off the extra value inherent in what the author calls “prime customer relationships.” This paper aims to address these issues.Design/methodology/approachThe author discusses the benefits that accrue to businesses that have a high CMP with customers that account for the majority of their business. He cites a number of case examples of businesses that have reinforced their commercial success through closely managing their relationships and share of wallet with key customers. Examples of businesses in the article include medical products, e‐commerce and traditional retailing. The author then draws lessons that can be applied broadly by any business.FindingsThe author proposes four key applications for businesses wishing to apply the concept of CMP: benchmarking CMP against competitors to understand strengths and weaknesses; assessing profitability for customers in different tiers of CMP to stop subsidizing less loyal customers; identifying untapped potential to build further business with high‐CMP customers; using CMP as a leading indicator of future performance when making investment decisions.Originality/valueThis article sheds light on the economics and value of nurturing a business's most loyal customers and introduces a new metric to manage and monitor this.
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Li, Jing, Ayenew Darge Nigatu, Baoquan Yu, Qiaolun Gu, and Yong Yang. "Understanding Customer Value in the Mobile Internet Era." Discrete Dynamics in Nature and Society 2021 (November 29, 2021): 1–14. http://dx.doi.org/10.1155/2021/9585743.
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The advent of mobile Internet era brings both opportunities and challenges to understanding customer value in the field of customer relationship management. Traditional customer relationship management theory and practice focus on the transaction value created by individual customers and do not take into consideration enough to the huge potential commercial value behind the interaction and connection among people by means of online social services in the mobile Internet era. Towards this end, this study first analyses the new characteristics of customer behaviour in the mobile Internet era. Second, the study proposes the integrated customer value model in three dimensions of purchase value, interactive value, and marketing diffusion value with 13 indicators based on the complex network theory and RFM model, considering the value created by connection and interaction among customers. Finally, the study discusses the eight types of customer clusters and the corresponding differentiate customer relationship management strategies in the era of mobile Internet based on the integrated customer value model. This study enriches the theory of customer value in the field of customer relationship management and also helps company better practice the innovation and change in the management of relationship with customer in the mobile Internet era.
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Morgado, Andre Vilares. "The Value of Customer References to Potential Customers in Business Markets." Journal of Creating Value 4, no. 1 (May 2018): 132–54. http://dx.doi.org/10.1177/2394964318771799.
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The literature on referencing takes a firm stance on the value that vendors derive from marketing customer references. What the literature lacks, however, is empirical work that supports our current understanding of the value of customer references to the potential customer. The present exploratory research aims to demonstrate the value of customer references from the perspective of the potential customer. This goal will be achieved by considering a single case study that provides evidence for the value of customer references to potential customers in business markets. Three theoretical propositions emerge as key conceptual contributions: (a) customer references allow buying companies to establish their suppliers’ competence, assess the buying decision risk and forecast return on investment; (b) customer references deliver value by helping potential customers to identify new business needs and (c) potential customers benefit from being exposed to customer references insofar as they are sources of organizational learning. This work concludes by presenting recommendations for practitioners who wish to reap the full benefits of customer references.
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Vy, Phan Dien, Thang Dinh, Lam Trong Vu, and Long Pham. "Customers' Perceived Value, Satisfaction, and Loyalty in Online Securities Trading." International Journal of E-Services and Mobile Applications 14, no. 1 (January 2022): 1–24. http://dx.doi.org/10.4018/ijesma.295962.
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Information and telecommunication technologies, together with the Internet, are completely changing the ways securities brokerages provide their products and services to customers. This study, conducted in a newly emerging country, looks at relationships among three major issues impacting brokerages’ Internet commerce: perceived value, customer satisfaction, and customer loyalty. It also examines whether the strength of these relationships is moderated by factors constituting customers’ technology readiness - optimism, innovativeness, discomfort, and insecurity. Results reaffirm prior research that perceived value is positively related to customer satisfaction and customer loyalty; and customer satisfaction is positively related to customer loyalty. Technology readiness factors were not shown to moderate the strength of the relationships among perceived value, customer satisfaction, and customer loyalty.
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Christopher, Martin. "From brand values to customer value." Journal of Marketing Practice: Applied Marketing Science 2, no. 1 (March 1996): 55–66. http://dx.doi.org/10.1108/eum0000000000007.
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Strandvik, Tore, Kristina Heinonen, and Sanna Vollmer. "Revealing business customers’ hidden value formation in service." Journal of Business & Industrial Marketing 34, no. 6 (July 1, 2019): 1145–59. http://dx.doi.org/10.1108/jbim-11-2017-0259.
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Purpose This paper aims to identify how, in contrast to a provider-oriented stance where customer value is conceptualised as being controlled by the provider, customer value is formed for business customers beyond what is visible to the provider. Design/methodology/approach This paper builds on the primacy of the customer. Customer-dominant logic (CDL) is used as the conceptual underpinning, meaning that the customer, rather than the service provider or the service system, is at the centre. A case study was conducted with seven key users from three customer companies of an information and communications technology (ICT) provider of in-house services. The study used a micro-social level focus by capturing customers’ experiences of those activities where value in use is formed. Findings The findings indicate that value formation is not related only to direct service interactions and furthermore substantially takes place beyond a service provider’s visibility line. Hence, value formation is in large part hidden for the service provider because it is embedded in customers’ activities and experiences. Research limitations/implications Although the study is limited to one case concerning ICT services, these findings may apply to other service businesses, in particular to knowledge-intensive outsourcing businesses. Practical implications Understanding a customer’s value formation from the customer’s point of view is the key to service development for any business service provider. Originality/value Applying a CDL approach, the authors deepen the understanding of customer value formation as it emerges in customer activities. The study provides detailed insight into business customers’ value formation processes. The study’s findings challenge the current emphasis on interactions and co-creation and instead demonstrate the importance of understanding customer logics and contexts.
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Yang, Ying, Xinyu Sun, and Jiayin Wang. "The value of reputation in electronic marketplaces." Journal of Research in Interactive Marketing 13, no. 4 (November 20, 2019): 578–601. http://dx.doi.org/10.1108/jrim-11-2018-0151.
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Purpose The purpose of this study is to examine the role of customer experience moderating the relationship between reputation (online consumer reviews) and price premium. Design/methodology/approach This paper collected half-year period transaction of Nokia 5230XM and Kingston SD card from Taobao.com, the largest e-commerce platform in China. This paper combined theoretical analysis and empirical analysis together. Two-stage regression and logistic regression analysis was applied in this empirical analysis. The sensitivity analyses (robustness check) were also conducted in this paper. Findings Customer experience negatively moderates reputation price premium; thus, the positive effect of the reputation system is weaker for the experienced customer than for the naïve customer. Customers with more experience are less likely to pay the price premium and rely on a reputation system. Practical implications The results help sellers to strategize in the online marketplace. Sellers that wish to compete in the e-market must understand the type of customers they are addressing and differentiate the way they treat customers based on the level of customer experience. Originality/value This research contributes to the reputation management and customer behavior literature by identifying the effects of customer experience on the relationship between the reputation system and price premium. The results address the conflicts found in previous studies by extending the explanation of the negative reputation price premium.
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Lukito, Raynaldi, Tommy Christian Efrata, Liestya Padmawidjaja, and Wirawan E. D. Radianto. "The Impact of Perceived Quality and Perceived Value On Customer Satisfaction and Loyalty." 14th GCBSS Proceeding 2022 14, no. 2 (December 28, 2022): 1. http://dx.doi.org/10.35609/gcbssproceeding.2022.2(22).
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One of the key elements that determines a business's financial and general success is customer loyalty. Because they are happy with the products they have already purchased, customers become loyal. Customer loyalty is ultimately a result of customer satisfaction. The purpose of this study is to ascertain whether perceived value and quality affect customers' satisfaction and loyalty with autoparts products. This study included 132 respondents who were auto parts customers. The results showed that customer satisfaction is significantly impacted by perceived quality. Customer loyalty is not directly influenced by a perceived quality, but it is indirectly affected by it. Customer satisfaction is significantly impacted by value perception. Customer loyalty is influenced by perceived value both directly and indirectly. Along with customer satisfaction, which significantly affects customer loyalty. Keywords: Quality Perception, Value Perception, Customer Satisfaction, Customer Loyalty
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Zubac, Angelina, Graham Hubbard, and Lester W. Johnson. "The RBV and value creation: a managerial perspective." European Business Review 22, no. 5 (August 31, 2010): 515–38. http://dx.doi.org/10.1108/09555341011068921.
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PurposeThe paper aims to explain why the customer value construct is important to resource‐based view (RBV) scholars and how one might define it to study it.Design/methodology/approachBy a summary of the ideas behind the RBV and previously applied definitions of customer value, the paper explains why Woodruff's multidimensional definition of customer value is suited to studying customer value from a managerial perspective. To this end, it develops a framework and derives three research questions for studying how managers use the firm's resources to create customer value.FindingsIt was found that to understand how managers invest in dynamic capabilities to create customer value one must identify how a firm's managers develop a shared understanding of their customers' values and the firm's capacity to deliver on them. This shared understanding will need to reflect customers' multidimensional values and what is most important to the firm.Practical implicationsThese phenomena are best studied qualitatively because the focus is on understanding how managers work together and use the resources at their disposal to create customer value. The performance effects of different resource investment decisions can be examined by including high and low performing firms in the study dataset.Originality/valueThe paper describes a framework that can explain how managers map customer value and its different dimensions against the resources at the firm which they believe can deliver an optimal product and service mix to the firm's customers.
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Safari, Fariba, Narges Safari, and Gholam Ali Montazer. "Customer lifetime value determination based on RFM model." Marketing Intelligence & Planning 34, no. 4 (June 6, 2016): 446–61. http://dx.doi.org/10.1108/mip-03-2015-0060.
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Purpose – One of the salient challenges in customer-oriented organizations is to recognize, segment and rank customers. Customer segmentation is usually based on customer lifetime value (CLV) measured by three purchase variables: “Recency,” “Frequency” and “Monetary.” However, due to the ambiguity of these variables, using deterministic approach is not appropriate. For tackling this matter, the purpose of this paper is to propose a new method of customer segmentation and ranking by combining fuzzy clustering (as a segmentation method) and fuzzy AHP (as a ranking method). Design/methodology/approach – First, customers are classified based on purchase variables using fuzzy c-means clustering algorithm. Second, the variables are weighed applying an optimized version of AHP method. Considering the derived weights and customer groups, this paper follows to ranks segments based on CLV. The developed methodology has been implemented for a large IT company in Iran. Findings – The results show a tremendous capability to the company to evaluate his customers by dividing them into nine ranked segments. The validity of clusters has been submitted. Research limitations/implications – For researchers, this study provides a useful literature by combining FCM and an optimized version of fuzzy AHP in order to cover the limitations of previous methodologies. For organizations, this study clarifies the procedure of customer segmentation by which they can improve their marketing activities. Practical implications – Managers can consider the proposed CLV calculation methodology for selling the next best services/products to the group of customers that are more valuable, by calculating the entire lifetime value of the customers. Originality/value – This study contributes to the process of customer segmentation based on CLV, proposing a new method which covers the limitations of previous customer segmentation methods.
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Gueye Mane, Allan, and Pape Alioune Diop. "Drivers of Customer Brand Engagement and Value Co-Creation in China: A Prioritization Approach." INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE AND BUSINESS ADMINISTRATION 3, no. 4 (2017): 7–19. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.34.1001.
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Engaging customers in co-creation activities and making them active partners in the value creation and innovation processes as a new marketing perspective has become a widely accepted approach in today’s highly competitive business environment. However, research on the subject has mainly focused on the factors that motivate the customers to participate in co-creation. Little is known about the firm-based factors that can have impacts on the customers’ motivations. Using a prioritization approach with Analytical Hierarchy Process, the aim of this paper is to analyze the relative importance of perceived brand innovativeness, customer-based brand equity, relationship equity and brand literacy compared to each other in customers’ willingness to engage in co-creation. The results show that when deciding to engage in co-creation customers first consider the ability of the brand to innovate (brand innovativeness), followed by the relationship equity, customer-based brand equity and brand literacy. The present study is one of the first to empirically examine drivers of customer engagement in co-creation from the perspectives of innovativeness and customer equity drivers in an emerging market like China.
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Kumar, V., R. Venkatesan, and B. Rajan. "Implementing profitability through a customer lifetime value management framework." GfK Marketing Intelligence Review 1, no. 2 (November 1, 2009): 32–43. http://dx.doi.org/10.2478/gfkmir-2014-0076.
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Abstract Global CRM software spending was $7.8 billion in 2007 and is projected to reach $8.9 billion in 2008. Further, CRM software sales will touch $13.3 billion by 2012. These software and processes have made it possible for companies to gather and analyze large amounts of data on their existing and prospective customers. This article shows how customer-level data can lead to increased customer profitability through (a) selection of the right customers by using the Customer Lifetime Value (CLV) metric, (b) the nurturing of those right customers and, © re-allocation of resources to the profitable customers. Due to this approach profitable management of individual customers is the basis for growth in firm profitability. A case study will show how IBM used CLV as an indicator of customer profitability and allocated marketing resources based on CLV
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Jeyanthi, P. Mary, A. Mansurali, V. Harish, and V. D. Krishnaveni. "Conceptual Framework of Customer Value Management (CVM) in Indian Banking Sector." Webology 17, no. 2 (December 31, 2020): 971–80. http://dx.doi.org/10.14704/web/v17i2/web17081.
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With the financial development of any country in rapid growth manner, the function of the banking sector is gaining importance. In an agitated bidding markets, all the commercial banks in India were confronted towards the challenging tasks in favor of holding on to the prevailing customers as well as fascinating novel customers. There exist struggle in describing customer value owing to its complexity, moreover it is necessary for the long term profitability as well as productivity. Thus, Bankers must make maximizing the value of customer, an unambiguous and assessed business goal. Many businesses have capitalized in huge customer databases to monitor, understand, and impact customer behavior. The subsequent information is cast-off to obtain and recall customers as well as to bring out the behavior of customer with the marketing approaches like the value of all present and upcoming customers are enhanced. A conceptual foundation is a tool which can aid the managers in manipulating the distribution approaches in a value-based field. The representation can guide executive thinking in framing the value of customer in a system of banking. This paper conceptualizes the value of customer in a dissemination system as the interactions among customer service, costs, acquisition factors, and customer feedback.
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Hapsari, Indri, and Murini Murini. "Pengaruh Kualitas Pelayanan, Kepercayaan dan Kepuasan terhadap Loyalitas Nasabah PT Bank Syariah Mandiri Kendari." Jurnal Ilmu Manajemen Sosial Humaniora (JIMSH) 4, no. 2 (October 7, 2022): 88–95. http://dx.doi.org/10.51454/jimsh.v4i2.699.
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BSM Customers in Kendari Branch searched, select and use the entire services of a bank if the quality of the bank's services is able to meet the customer's needs. However, this is not enough for customers if the value of the benefits of banking products offered is not in accordance with the perception of the applicable customer value. In this case the better the quality of service, trust and customer satisfaction, the higher the customer's loyalty at PT Bank Syariah Mandiri Kendari Branch. The purpose of this study is to analyze and determine the influence of service quality, trust and customer satisfaction with customer loyalty at PT Bank Syariah Mandiri Kendari Branch. The method used in this study is in the form of primary data and secondary data that are qualitative and quantitative using multiple linear regression analysis software with the help of SPSS 16. The results show that simultaneously (together) between service quality, trust and customer satisfaction there is an influence Against customer loyalty at PT Bank Syariah Mandiri Kendari Branch while partially that the quality of service, trust and customer satisfaction there is an influence on customer loyalty at PT Bank Syariah Mandiri Kendari Branch
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Christian, Ishmael Ofoli, Thomas Anning-Dorson, and Nii Nookwei Tackie. "Customer loyalty and value anticipation: does perceived competition matter?" African Journal of Economic and Management Studies 12, no. 2 (May 3, 2021): 321–35. http://dx.doi.org/10.1108/ajems-09-2020-0443.
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PurposeDrawing on customer value theory and the demanding nature of today's customers, this paper examines the moderating effects of competition, as perceived by customers, on the nexus between customer value anticipation (CVA), satisfaction and loyalty.Design/methodology/approachUtilizing data from the Ghanaian banking sector, which has been going through some reforms that are changing the banking landscape, the study analyzes data from 587 customers. Respondents were drawn from a cluster of banks within an enclave with different types of customers and epitomize the competitive nature of Ghana's banking sector.FindingsCVA drives customer satisfaction, attitudinal loyalty and behavioral loyalty among bank customers. However, between attitudinal and behavioral loyalty, customers will be more behaviorally loyal to banks that successfully anticipate their needs than they would be in attitude. The relationships between CVA and satisfaction and loyalty are such that the level of competition among sector players does not alter the effect; thus, when a bank is able to anticipate customer value, customers are going to stay loyal to such a bank irrespective of the competitive offers.Originality/valueAlthough the impact CVA has on satisfaction and loyalty is justified in the existing literature, extant research has not systematically examined the influence of external boundary and situational effects on the potency of anticipating customer value in detail. The current study shows the effect of competition on CVA and customer behavioral outcome. The study further concludes that irrespective of competition, banks that are perceived to be high on CVA will have their customers being loyal. This is very important in the development of bank marketing and product innovation strategies.
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Oktaviani, Chairunnisa, Ina Sintia, Maya Panorama, and Siti Salsabila. "Pengaruh Islamic Marketing Mix, Service Quality dan Customer Value terhadap Kepuasan Nasabah Bank Syariah Indonesia." Reslaj : Religion Education Social Laa Roiba Journal 5, no. 3 (September 25, 2022): 691–708. http://dx.doi.org/10.47467/reslaj.v5i3.1724.
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Service provider, especially banks, are faced challenges of financial technology which is growing rapidly. In this case sharia banking is required to be able to pursue conventional banks and technology changes. Bank Syariah Indonesia is obliged to meet every customer's needs in Islamic life with various services. This study aims to determine the effect of Islamic Marketing Mix, Service Quality dan Customer Value on customer satisfaction of Islamic banks in Indonesia. This study uses a quantitative approach using a questionnaire distributed to customers of Bank Syariah Indonesia KC Palembang. The instrument testing in this study used descriptive statistical methods, validity tests, reliability tests, multiple regression tests, F tests, T tests. The results showed that: (1) Islamic marketing mix had no effect on customer satisfaction of Bank Syariah Indonesia, (2) Service Quality has an effect on customer satisfaction of Bank Syariah Indonesia, (3) Customer Value has an effect on customer satisfaction of Bank Syariah Indonesia. The magnitude of the influence of service quality and customer value indicates that there is a significant influence on customer satisfaction of Bank Syariah Indonesia.
Keywords: Customer Value, Customer Satisfaction, Islamic Marketing Mix, Service Quality
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Yang, Hee-Jin, and Myung-Sun Lee. "Customer Monitoring for Customer Value Creation." Journal of the Korea Contents Association 8, no. 1 (January 28, 2008): 86–92. http://dx.doi.org/10.5392/jkca.2008.8.1.086.
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Estrella-Ramón, A. M., M. Sánchez-Pérez, G. Swinnen, and K. VanHoof. "A marketing view of the customer value: Customer lifetime value and customer equity." South African Journal of Business Management 44, no. 4 (December 31, 2013): 47–64. http://dx.doi.org/10.4102/sajbm.v44i4.168.
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Throughout this research the customer valuation trend in marketing is going to be reviewed, emphasizing Customer Lifetime Value and Customer Equity measures. The main theoretical contributions in the development and evolution of the Customer Lifetime Value concept are analysed. Customer Lifetime Value is also differentiated from Customer Equity and Customer Profitability analysis to estimate customer value in terms of firm profitability. Customer Lifetime Value and Customer Equity concepts are formally defined. Additionally, a classification of a set of published researches into Customer Lifetime Value and/or Customer Equity is developed. This classification has been posited according to several criteria that serves as a guide to key requirements for developing these types of models. Finally,several conclusions, suggestions and future research streams are highlighted.
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Asgarpour, Rasoul, Abu Bakar A. Hamid, and Zuraidah Sulaiman. "A Review on Customer Perceived Value and Its Main Components." Global Journal of Business and Social Science Review (GJBSSR) Vol. 2(2) 2014 2, no. 2 (March 18, 2014): 01–09. http://dx.doi.org/10.35609/gjbssr.2014.2.2(1).
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Objective- The purpose of this paper is to have a revision on customer perceived value and main components of customer value. Methodology/Technique This study was conducted to address following problem. The problem is; satisfied customers may not return to the firm and spread positive word-of-mouth communications to others despite of having customer satisfaction in a firm. Whereas customer value can help to build trust and causes willing to commit long-term relationship with a firm. Thus, customer perceived value is discussed by offering a review on the importance of customer perceived value, and its main components. This paper contributes to the understanding about the importance of food allergy awareness among public. Findings - The paper finds out, in spite of having customer satisfaction, the firm does not deliver what is exactly value in the mind of customer. Therefore, by offering desired value to the customers, long-term relationship gained which is the result of customer loyalty. Novelty - This revision attempts to makes more clarification on customer perceived value as a foundation stone to the success of buyer-seller relationships. Type of Paper: Review Keywords: Customer Perceived Value, Customer Value, Price, Product Quality, Service Quality
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Titko, Jelena, and Natalja Lace. "BANK VALUE: COMPARING CUSTOMER AND EMPLOYEE PERCEPTIONS." Business, Management and Education 10, no. 1 (June 4, 2012): 66–76. http://dx.doi.org/10.3846/bme.2012.06.
Full textAbstract:
In the modern competitive environment, banks create the value generally using the relational capital. Thus, customer satisfaction and loyalty are the main components of bank success in a market. In turn, customer satisfaction is affected by bank service quality that determines bank’s value perceived by clients. The main goal of the research is to determine factors affecting bank value perceived by customers to examine the gaps in customers’ and employees’ perceptions of these factors. The goal of the paper is to prepare a theoretical basis for the survey and to describe and theoretically validate the design of the research instrument. To achieve the goal the brief literature review was conducted in the fields of relationship value management, service quality and customer buying behaviour. The statements of the questionnaire were developed based on Kotler’s concept of a customer perceived value and different variations of the SERVQUAL model. To purify the developed questionnaires, the authors conducted focus group interview. We believe that bank performance depends directly on the bank’s ability to capture and retain clients and on customer-employee relationships. Thus, it is crucial to know factors affecting customer perceived bank value. Using our developed instrument it is possible to measure the level of service quality in Latvian banks and to examine the difference between customers’ and employees’ viewpoints on the quality of bank services.