Marketing
Comparing Two Measures of Customer Quality
In comparing two distinct measures of quality from the customers' perceptive, there is a wealth of "hard metrics" or those that are easily quantified and measured over time. This collection of metrics often form the foundation of Total Quality Management initiatives to streamline and make customer-facing processes and programs more efficient (Terziovski, 2006). The heavy reliance marketing and services companies have on metrics and key performance indicators that are leading to the development of dashboards for managing the quantifiable aspects of a company are gaining in popularity. Marketing's role in being accountable for service performance is one of the main factors driving this en masse adoption of dashboards.
In contrast, there are many factors and attributes of customer service that are "soft" or not as easily measured and reported on dashboards. These factors are in fact the essence of transforming the intangible aspects of service into tangible benefits. As a result of their not being as quantifiable they are often ignored and therefore much more difficult to sustain as competitive advantages in many services businesses (Vandermerwe, 1994). Ironically however these are the most critical aspects of any service encounter as they are the most memorable moments of any customer purchasing a service. While they defy quantification, these "soft" factors are those that make customers loyal, companies profitable, and reflect positively on a culture of putting customers first in any organization. The bottom line is that for any service business to be effectively managed, both the "hard" metrics need to be monitored yet the "soft" measures of performance are where the greatest potential for differentiation from competitors is, in addition to the opportunity to create legendary service, thereby earning customers for life.
Bibliography
Terziovski, M (2006). Quality management practices and their relationship with customer satisfaction and productivity improvement. Management Research News, 29(7), 414-424. Retrieved March 20, 2008, from ABI/INFORM Global database. (Document ID: 1105565451).
Vandermerwe, S (1994). Quality in services: The "softer" side is "harder" (and smarter). Long-Range Planning, 27(2), 45. Retrieved March 19, 2008, from ABI/INFORM Global database. (Document ID: 881043).
Financial Analysis Suppose you are comparing two firms within an industry. One is large and the other is small. Will relative or absolute numbers be of more value in each case? What kinds of statistics can help evaluate relative size? Gibson, Charles H. (2012-05-10). Financial Reporting and Analysis (Page 217). Cengage Textbook. Kindle Edition. When comparing two firms that are unequal in size, the relative financial ratios are more appropriate for any type
The difference in country's economic condition makes Coca Cola to fix difference prices for the same product across different countries. 3.2: Integrating Pricing strategy with branding strategy ATC will use a unique brand position to ensure that customer accept prices fixed for its product and services, and the company will use differentiation strategy to make customer accept the prices fixed for its product. By creating a strong brand position, ATC will
This he can do by engaging in extensive advertising, public relations, sales promotion, personal selling, internet marketing, and sponsorship. Depending on the resources available, the client can use any form of mass media that is within his means. He can also go for the services of public relation companies to obtain favorable publicity within the media. The client can also make use of money off coupons or special offers
Marketing Analysis (1) Describe methods you would use to analyze one of these three different markets: consumer, industrial or international markets. What challenges would you face to ensure accurate data gathering in the market and what recommendations would you make to overcome those challenges? The consumer market is showing rapid change as it moves increasingly to social media, digital multi-channel platforms, and inbound marketing. In response to this change, a key issue
Marketing Management This report will be a thorough analysis of a chosen marketing management problems. In this report, the approach taken will include thorough analysis of a total of five recent studies. The thematic marketing management problem studied here will be the impact that the ethical standards can have on the entire marketing management structure. The studies chosen will be studies from five different perspectives i.e. The background of the studies
Marketing Company G. wishes to launch a line of small appliances. The marketing plan is designed to guide the process of bringing that line to market. The line will initially begin with a couple of products, but will eventually expand to fill a broad portfolio of products. Within Company G, the small appliances line has been developed not only to take advantage of an opportunity in the market, but is designed
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now