Customer Satisfaction as a Kind of Nonfinancial Performance Measure
The Effect of Using Customer Satisfaction as an Integral Performance Measure, as evidenced by Chinese Manufacturers
Challenges to manufacturers as well as many other business structures are significant and often carry a great deal of weight in decision making and future business success. Performance measures are also often focused singularly on financial performance, OA, OE i.e. how much revenue the organization has received over time, how much of a certain product was sold and even how much money the organization has saved with regard to improved processes. These financial performance measures are often the core of review with regard to performance and yet there is significant evidence that non-financial performance measures are also an important aspect of doing business, especially in increasingly competitive markets. The manufacturing sector is a sector of business that relies on large sales to small numbers of customers. This…...
mlaReferences
Abdel-Maksoud, A.B. Abdel-Kader, M. & Epstein, M.J. (2007) Non- Financial Performance Measurement and Management Practices in Manufacturing Firms. New York, NY JAI Press Inc.
Anderson, E.W. Fornell, C., & Lehmann, D.R. (Jul 1994) Customer Satisfaction, Market Share, and Profitability: Findings from Sweden. Journal of Marketing. 58 (3) 53-66.
Banker, R.D., Potter, G.S. And Srinivasan, D. (December 1997) An Empirical Investigation of an Incentive Plan Based on Nonfinancial Performance Measures" or DOI: 10.2139/ssrn.67808http://ssrn.com/abstract=67808
Chenhall, R.H., & Langfield-Smith, K.L., (2007) Multiple Perspectives of Performance Measures. European Management Journal. 25(4) 266 -- 282. doi:10.1016/j.emj.2007.06.001
Customer Satisfaction and Bank Loyalty
In today's world the competition has increased so much mainly because of all the globalization taking place around us. As a result of this increase in competition it is very important for all the organizations, including the banking sector, to retain the customers and make sure that they there customer base is increasing instead of decreasing. The most definite way of achieving all this is by making sure that the changes that are brought by the bank are in line with the needs and wants of their customers, for this reason and to gain the competitive edge over other organizations it is very important that the organizations build their customer relationships, bring in product innovations, motivate and train their employees as well as produce the customized products and make the technology better (Titko and Lace, 2010).
However, in case of the Wells Fargo bank it hard to…...
mlaDeciding upon the primary objectives for the preparation of the questionnaires and then using those objectives to ensure that they are going to be able to help us in achieving the desired results is very important (Cohen, Manion and Morrison, 2000).
The next step is to remove or highlight the sub-categories that can cause confusion or help in clarifying the subject further respectively. Later on after the formation of the literature review those sub-categories that are going to be included will be placed in the questionnaire will be given a format (Cohen, Manion and Morrison, 2000).
The next step is to recognize the topics that can be further added into the sub-topics to ensure that the questionnaires are clear enough and will get the desired results. This
Customer Satisfaction
Measuring Customer Satisfaction
The modern business environment is flooded with intense competition in most industries and in most markets. In this macro environment it is critical to truly understand the customer. Customers now generally have multiple options for their consumption preferences and can usually find an alternate or substitute product. It is not even the finished good itself that must meet the customer's expectations. Increasingly potential customers are also educated to the business practices of an organization they are planning to do business with in regards to social or environmental performance. Therefore, to truly understand the customer organizations now must actually measure the satisfactions levels of their clients in a systematic and detailed basis. It is no longer sufficient to simply use heuristics or sporadic feedback to gauge performance.
The easiest and most widespread method to collect data about the customer is simply to conduct survey research. This method has many…...
mlaWorks Cited
Barber, H. (2010, January 14). Management Review. Retrieved from Measuring Customer Satisfaction: http://www.harrisbarber.com/January-14-2010.pdf
Harmon, H. (2009, Fall). Perspectives. Retrieved from Measuring Customer Satisfaction: http://aesaarchives.org/Perspectives_2009.pdf#page=33
Hayes, B. (2008). Measuring Customer Satisfaction and Loyalty. ASQ Quality Press.
Customer Satisfaction Survey
Customer complaints have increased in recent months at the company, a wireless phone carrier called ExpressNet. While customer complaints typically cover a range of consumer concerns, the number of calls reporting problems with reception has increased at rate much greater than for any other issue category. Complaints about reception include call quality, dropped calls, and spotty coverage.
ExpressNet is a wireless phone carrier offering the full spectrum of services: Voice, data, video, and hardware. ecently, ExpressNet has been negotiating for partner relationships with other wireless phone carriers that have broader coverage areas. The company believes these partnerships are an economical and expedient way to address the growing problem of complaints about reception. In the interim, ExpressNet is focused on retaining market share and believes that improved communication with customers during this transition period will ensure that the greatest number of customers stay with the company. In order to better…...
mlaReferences
(2003, April). Telecommunications FCC should include call quality in its annual report on competition in mobile phone services. [Report to the Honorable Anthony D. Weiner, House of Representatives, United States General Accounting Office.] Retrieved http://www.gao.gov/new.items/d03501.pdf
Dye, J.G, Schatz, I.M., Rosenberg, B.A., and Coleman, S.T. (2000, January). Constant comparison method: A kaleidoscope of data. The Qualitative Report, 4(1/2). Nova.
Plutzik, A.R. (2008, June 12). Presentation on behalf of wireless consumers alliance. [Presented at the FCC Open Meeting on Early Termination Fees.] Retrieved http://transition.fcc.gov/realaudio/presentations/2008/061208/plutzik.pdf
Despite this, however, it did allow for a better understanding of the individuals that came through the restaurant, what their needs were, and whether those needs were met based on the food and the service that they received.
esults and Analysis
Of the numerous individuals who were provided with surveys in the Chili's restaurant in Boerne, Texas over a two-week period, 150 surveys were returned completely filled out. Surveys that were only partially filled out were not counted in the results. Of the 150 surveys that were returned properly, 20 had contact information that the manager could use to gather further information. All 20 of the individuals contacted by phone and/or by email responded to the manager and were willing to discuss problems, concerns, and good things that they had experienced at that particular Chili's location. The questions that were asked on the survey dealt with basics such as age, gender,…...
mlaReferences
Zikmund, W.G. (2003). Essentials of Marketing Research (2nd edition). Orlando, FL: Harcourt Brace & Co.
The question of how often the person desires broker contact is relevant, given that the desire for such a personal relationship is an important factor in an individual's selection of financial services online or with a small trading firm. The more someone wants personal contact, very likely, the more he or she is willing to use a real-life broker, specifically a broker at a small firm. But the question of how important the investor thinks it is for a broker to know personal details about family, profession, or hobbies seems potentially irrelevant, rather a specific question about the relevance of family profile and in terms of future financial goals should be included instead.
New Questionnaire
Are you a user of the services of investing firm x?
How long have you been using investment firm x?
Are you using any other investment firm to manage your assets at present?
What was the most important factors…...
However, there are certain disadvantages that must be taken into consideration regarding the center's program. For example, in certain situations, the center's employees might not be allowed or able to satisfy patients' needs. This affects the program's credibility because the customer perceives this situation as the company not providing the promised services. This also affects the communication process within the program. This leads to lower perceived value.
In addition to this, the objectives that the program intends to reach determine an increase pressure affecting employees' activity. This is because some of these employees might not be sufficiently prepared for the food service program in case. This forces them to increase their efforts in performing their tasks and activities. This situation is likely to determine inefficient communication within the center. For example, employees might feel reluctant to communicating with patients and with their superiors. This leads to conflicts among personnel. In addition…...
mla1. Fabien, L. (2005). Design and Implementation of a Service Guarantee. The Journal of Services Marketing. Retrieved May 26, 2011.
2. Hart, C. (2000). Extraordinary Guarantees. Marketing Management. Retrieved May 26, 2011.
3. Room Service Gets Personal (2007). Foodservice Director. Retrieved May 26, 2011.
Customer Satisfaction Index Suggests More Patience with U.S. Government
Wall Street Journal, December 17, 2001
The American Customer Satisfaction Index is measured quarterly by the University of Michigan Business School in conjunction with the American Society for Quality and the Ann Arbor-based consulting firm, CFI Group. It measures consumer satisfaction with the private sector, however analyses federal agencies once a year. Consumer satisfaction with the IRS this year was up 10.7% from last year. One reason for this is that customers like the electronic filing feature. Scores were higher among those who filed electronically, however, scores were also up among traditional filers as well.
The FAA scored low this year. Consumers in this area were commercial pilots who cited unclear regulations as their reason for dissatisfaction. Even though the consumer satisfaction score was low, it was still up 5.4% from last year.
Americans were more pleased with government services than they were last year…...
and, as the article points out, this is unfair because the company where the good was purchased is making a profit from the consumer twice, first from the actual transaction, and second by selling and sharing the consumer's identity and buying habits -- with other purveyors.
This article makes some excellent points, but there are some questions as to the broad brushstrokes with which the author paints the argument. First of all, it seems like consumers do get some benefit from marketers knowing their information besides customer complaints being answered, otherwise consumers would never volunteer their information. Consumers do often volunteer their opinions through market research, for fun, or also because in their own personal cost-benefit analysis, they feel that the chance to win a gift card or to get a coupon is worth sacrificing a bit of information to the marketer. Also, consumers benefit from having goods and promotions…...
mlaReferences
Kleindl, a. (2001). Strategic Electronic Marketing.
Cincinnati: South-Western College Publishing
Kotler, P. & Keller, K. (2006). Marketing Management
12th ed.). Upper Saddle River: Prentice-Hall.
The results of the data analysis are presented below in both tabular, graphic and narrative analyses formats.
Validity
Validity refers to the establishment of evidence that the measurement is actually measuring the intended construct. Measures can be reliable without being valid, but cannot be valid without being reliable. To develop a model by which validity issues could be assessed we used the validation model developed by Chandler and Lyon (2001) in which there are several approaches for establishing construct validity, including (a) content validity, (b) the substantive component of construct validity, - the structural component of construct validity, and (d) external validity.
Reliability
Reliability refers to the consistency and stability of a score from a measurement scale (Chandler and Lyon, 2001). For the purposes of this study, reliability was gauged using the responses from the like categories of the online survey.
Chapter 2: Review of Related Literature
ackground and Overview.
In order to successfully compete in…...
mlaBibliography
Chandler, Gaylen N. And Douglas W. Lyon. (2001). "Issues of Research Design and Construct Measurement in Entrepreneurship Research: The Past Decade." Entrepreneurship: Theory and Practice, 25(4), 101.
Crockett, Kate. (2004, August 31). "Globetrotting for Less; Whether it's Visiting Friends at Other Universities, Catching Up with Family or Backpacking across Australia There Are Plenty of Discounts and Offers Available to the Discerning Student." The Evening Standard, 12.
Crosby, Leon B., Raffaele Devito and J. Michael Pearson. (2003). "Manage Your Customers' Perception of Quality." Review of Business, 24(1), 18
Doganis, Rigas. Airline Business in the Twenty-First Century. London: Routledge, 2001.
The Telecoms Industry
In the study by Lai, Griffin and Babin (2009) entitled “How quality, value, image, and satisfaction create loyalty at a Chinese telecom,” the researchers used an integrative model to assess the relationship between multiple variables related to consumers’ experience of telecoms in China. The researchers conducted a survey of 118 Chinese telecommunications customers and found that service quality has a direct impact on value perception. Value and customer satisfaction, moreover, were found to determine the extent to which the customer would be loyal to the firm. Corporate image perceptions were also found to impact customer satisfaction. The researchers were able to conclude that customer satisfaction and service quality do make a substantial difference in determining whether customers will be retained or not.
Kim, Park and Jeong (2004) examined how a Korean telecommunications company focused on retaining customers in their article entitled “The effects of customer satisfaction and switching barrier…...
Customers and Self-Service |
Why Customers Don't Want to Talk to You
This article written by Matthew Dixon, Nick Toman and ick Delisi (2013) clarifies why most customers prefer self-service when they are in firms and service/ product providers. As indicated by Atkinson and Cohen (2015) half of associated customers lean toward self-service while tending to post-purchase item issues. 32% like to use self-service along with access to an actual expert support representative. This information is vital for organizations as they get the chance to comprehend that connected customers have a special service demand that is specifically with a longing to make sense of specialized item issues by themselves, without expert, live help. The part of self-service both inside for firms, and remotely for consumer-facing self-service choices has come about as an emerging significance to companies and organizations. This could be highly favorable to firms from both a customer satisfaction and cost…...
mlaREFERENCES
Atkinson, R., & Cohen, S. (2015, December 10). Why Self-Service is the Secret Sauce for Customer Satisfaction. Retrieved November 9, 2016, from ICMI: http://www.icmi.com/Resources/Webinars/Why-Self-Service-is-the-Secret-Sauce-for-Customer-Satisfaction
Dixon, M., & Ponomareff, L. (2010, July 28). Why Your Customers Don't Want to Talk to You. Retrieved November 9, 2016, from Harvard Business Review: https://hbr.org/2010/07/why-your-customers-dont-want-to-talk-to-you
Dixon, M., Toman, N., & Delisi, R. (2013, October). Why Your Customers Don't Want to Talk to You. Retrieved November 9, 2016, from The Conference Board: https://www.conference-board.org
Smith, T. (2013, August 13). Why Don't Your Customers Want to Talk to You? Retrieved November 9, 2016, from Insights From Analytics: http://www.insightsfromanalytics.com/blog/bid/324641/Why-Don-t-Your-Customers-Want-to-Talk-to-You
2 of the respondents were self-employed and 11.2% of respondent were white-collar workers with 1.2% of respondents being blue-collar workers. The following chart shows the factor analysis results with VARIMAX rotation of traveler's perceptions of hotel attributes in the study of Choi and Chu (2000).
Factor Analysis Results with VARIMAX Rotation of Traveler's Perceptions of Hotel Attributes
Source: Choi and Chu (2000)
The following chart shows a 'regression analysis results of hotel factors according to Asian and Western travellers overall satisfaction levels.
Regression Analysis Results of Hotel Factors According to Asian and Western Travelers Overall Satisfaction Levels
Source: Choi and Chu (2000)
2.3 Loyalty
2.3.1 Definition of customer loyalty
Kandampully and Suhartanto (2000) define a loyal customer as "a customer who purchases from the same service provider whenever possible, and who continues to recommend or maintain a positive attitude toward the service provider" (p. 346).
2.3.2 Loyalty dimensions
There is no easy way when clarifying a loyal customer, but it…...
mlaBibliography
Andreassen, Tor Wallin and Lindestad, Bodil (1998) Customer Loyalty and Complex Services: The Impact of Corporate Imagine on Quality, Customer Satisfaction and Loyalty for Customers with Varying Degrees of Service Expertise. International Journal of Service Management Vol. 9, No. 1, 1998. MCB University Press.
Bowen, John T. And Chen, Shiang-Lih (2001) the Relationship Between Customer Loyalty and Customer Satisfaction. The International Journal of Contemporary Hospitality Management. 13/5 2001. MCB University Press.
Kandampully, Jay and Suhartanto, Dwi (2000) Customer Loyalty in the Hotel Industry: The Role of Customer Satisfaction and Image. Vol. 12 Issue 6. International Journal of Contemporary Hospitality Management. Abstract Online available at http://www.emeraldinsight.com/Insight/viewContentItem.do;jsessionid=A7BB20EB4B5CF3B4A2F5E96AD85BD78B?contentType=Article&hdAction=lnkpdf&contentId=867348
Lindberg-Repo (nd) Word-of-Mouth Communication in the Hospitality Industry. CERS Center for Relationship Marketing and Service Management. Hotel School Cornell University. Online available at http://www.hotelschool.cornell.edu/chr/pdf/showpdf/chr/research/wordofmouth.pdf-my_path_info=chr/research/wordofmouth.pdf
Liberty Mutual.
Evaluate their product mix, features, prices, distribution and financial performance information
• Identify 2 strengths and two weaknesses for each brand
• Recommend at least two ways that Liberty Mutual can improve sales and profitability for its car insurance business.
Please could you add another weakness for Geico
Expand more in Liberty Mutual
Add and compare prices for both.
And include features
Auto insurance isn't the easiest thing to understand and when choosing which insurance to go to, it is hard to find which company is best suited for you. Geico and Liberty Mutual are two of the biggest names in insurance. Both companies are widely trusted. In order for one to pick an insurance to go with you must evaluate their features, product mix, discounts, services and customer rating that benefits and matters most to you.
Geico
GEICO was founded in 1936 and is the second-largest private passenger auto insurer in the U.S. The headquarters are…...
Patients ights
How to communicate and implement this regulation?
Patient rights are continually changing due to varying circumstances prevailing in the market place. For one, a more diverse group of insured patients are now receiving care. Due to the changing demographic of customers, patient's rights will need to be modified to accommodate these changing needs. To communication this regulation, routine meeting will be established. During these meetings, a trial period will be conducted to allow for grievances to be expressed. These routine meetings will be designed to notify practitioners, management, and other stakeholders to the impending changes that will occur. These meetings will be informal in there delivery to allow for a proper dialogue between all stakeholder groups. In particular, it is important to discuss problems with implementing this new regulation on a large scale. Health care facilities have many different nuances and aspects to them. As a result, the regulation could…...
mlaReferences:
Greengard, Samuel (1 February 2013). "A New Model for Healthcare" (PDF).Communications of the ACM. 56 (2): 2009.
As a behavioral health entrepreneur, it is crucial to utilize various methods of analysis to determine which strategies are the best for your business. These analysis methods can help you make informed decisions, understand your target audience, and drive effective outcomes. Here are some key methods to consider:
1. SWOT Analysis: Conduct a comprehensive assessment of your business's strengths, weaknesses, opportunities, and threats. This analysis will provide insights into your competitive advantage, internal challenges, market potential, and potential risks.
2. Market Research: Gather data and insights about your target audience, competitors, market trends, and customer preferences. This analysis will enable you to....
1. Self-Checkout: A Revolution in the Retail Industry
This title highlights the transformative impact of self-checkout technology on the retail industry. It suggests that self-checkout has revolutionized the way customers shop and pay for goods, leading to significant changes in store operations, customer behavior, and the overall shopping experience.
2. The Rise of Self-Checkout: Convenience, Efficiency, and the Changing Role of Cashiers
This title emphasizes the convenience and efficiency that self-checkout offers to customers, as well as the changing role of cashiers in the face of this technology. It explores how self-checkout has streamlined the checkout process, reduced wait times, and empowered customers....
1. The benefits of workplace diversity for employee satisfaction and productivity
2. The challenges of managing a diverse workforce and strategies for overcoming them
3. The impact of workplace diversity on organizational culture and reputation
4. The role of diversity and inclusion initiatives in promoting equality and respect in the workplace
5. The importance of diversity training and education in creating a more inclusive work environment
6. The relationship between workplace diversity and innovation
7. The effects of unconscious bias in hiring and promotion practices on workplace diversity
8. Case studies of successful diversity and inclusion programs in various companies
9. The intersectionality of diversity in the workplace....
I. Introduction (200 words)
A. Background and Context: Provide a brief overview of the salon industry in Kidapawan City, highlighting its importance to the local economy and employment. Discuss the significance of customer relationship management skills in driving business performance in this competitive market.
B. Thesis Statement: Clearly state the central argument or hypothesis of the essay, which should focus on the positive correlation between customer relationship management skills and business performance in salons in Kidapawan City.
II. Literature Review (300 words)
A. Define and Discuss CRM Skills: Explain key concepts and theories related to customer relationship management skills, drawing upon relevant academic literature....
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