Customer Value Case Study
Customer value is a concept that has to be defined by the customer and delivered by the supplier. i.e. We as the supplier business should not attempt to impose our idea of customer value upon our customers. We need to ascertain what their needs are; develop a product or service that meets that need at the balance between quality and price, which suits the customers own expectations – and accept that that combination of product/service, quality and price, dictated by the customer, amounts to customer value.
We must understand that those customer value expectations are not static, but instead are dynamic and ever-changing as they respond to the business environment, as well as our own delivery against those expectations. As we meet customer
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Question 2:
Discuss the concepts customer satisfaction, customer value and customer relationship in a manner that clearly explain the differences between these concepts as well as the alignment between these concepts in your business. Make use of practical business examples to highlight the meaning.
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Customer value is the benefit that the customer believes that they receive from our product or service, as discussed above.
* Customer satisfaction is critically hinged upon the ability to deliver an acceptable level of value to the customer in a consistent manner. Customer satisfaction is the measure of how our product/service meets the customer value expectations.
Customer relationships amount to more than just the sum of all customer interactions with our business. The customer relationship is a journey which commences before our customer is introduced to us, and persists long after the point of purchase of product / service.
We build value for the customer in order to achieve customer satisfaction and loyalty that will achieve a customer relationship which will result in employee/shareholder/stakeholder value.
Question
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Use examples to illustrate your arguments.
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Customer service is critically important in our business. We sell product that is widely available ad our customer can elect to purchase from a variety of other sources. What differentiates us is a specialised level of service to an industry whose needs we understand and purport to meet. A failure in service levels causes us to fail to meet those specialised needs; and when that happens our customer may as well be buying from any generic supplier.
We need to strive to continuously understand and respond to our customers’ needs, maintaining levels of service which our customer is satisfied (and even delighted) with. This entails us studying our customers’ needs on an on-going basis, as well as determining their levels of satisfaction on an on-going basis, and then responding to the
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