Abstract This paper discusses how the customer-centric business model is a necessary hybrid delivery system of goods and services in today's business environment. It shows how, with the advent of the Internet and e-business, customers are no longer limited by traditional geographic parameters for their purchase choices. It also shows how other factors that have established boundaries to the consumer's choices, such as limited knowledge of purchase options, time constraints, the inability to travel and research options before making a purchase choice, have since been dissolved.
From the Paper "In a market economy, business managers are concerned with making a profit, but the guiding principle of business economics is not the maximization of profits by minimizing costs, it is the avoidance of loss, argued Peter Drucker, management guru and economist. "It is the first duty of a business to survive. This is not to say that profits are unimportant." An enterprise must make enough to cover future risks and to enable it to stay in business. Many firms miss this point. In cutting costs to maximize profits, they liquidate assets and under-invest in innovation Drucker suggests there is only one valid definition of business purpose: to create a customer. "It is the customer who determines what a business is. What the customer thinks he is buying, what he considers ?value,? is decisive."
Abstract In this paper the author examines the striking differences between Japanese and U.S. businesscustoms which emanate from their different cultures. The author looks at the main concepts that differ between the two nations such as the Japanese emphasis on trust which they believe must be a major component of all long-term relationships. The author gives the example of how contracts do not have as much meaning as with U.S. business relationships. The author discusses in detail the main concepts that the Japanese work under, trust and harmony, unity and intuitive decision making. In conclusion the author points out that although the customs of Japanese business relationships are becoming more widely known and understood, he still recommends that a third party intermediary is taken to help in transactions. This, he states is quite common practice and a preferred practice of the Japanese so that many of the common errors of business protocol can be avoided.
Table of Contents:
Key Concepts
Group Harmony or Wa
Long-Term Relationships, or Nagai Tsukiai
Public Face;Tatemae and True Feelings; Honne
Communication Without Words; Hara-gei and Trust; Shinyo
Conclusions
From the Paper "This aspect of the Japanese value system has important implications for business negotiations with Japanese clients or partners and is an area where particularly Americans with their somewhat "helter-skelter," lifestyles tend to look upon as superfluous. Therefore, this striking difference of culture-clash is by way of contrast and comparison quite an important factor for the American businessperson to study very carefully if one wishes to conduct business on any level in Japan. Executives of the Japanese organization will want to spend a great deal of time in getting to know prospective foreign associates and it explains why there is so much emphasis on the getting acquainted phase of the first meeting and why informal socializing is such a crucial component of establishing a business alliance in Japan."
Abstract This paper examines the success of companies that shift from being product-centric to customer-centric. In companies that have a customer-as-king philosophy growth has been remarkable since adopting that outlook. Companies that focus on creating great products lag behind in the marketplace. 3M is used as an example of a company that changed its direction to customer-centric. The paper cites several articles that confirm this phenomenon. The paper concludes that companies that grasp the notion that business should be built around customers, not products, are setting themselves up for success.
From the Paper "Beyond that problem, the basic problem with 3M's Web site was that it was concentrating all its "internal silos" rather than on "its customer's needs." So, 3M got synchronized, and now presents a more "unified fact to its customers" by storing all "customer relationships and product configurations" in a single database. This transformation from the awkward presentation of products and slipshod system of customer record keeping - similar to what Thompson Financial did - is called moving from a product-centric company to a customer-centric company. Instead of finding "customers for its products," both these firms (and untold hundreds of other companies) now concentrate on finding "products for its customers," Sawhney writes."
Abstract This paper reviews and discusses the different business practices and customs of Russia and of the USA. According to the paper, Russian - American business relations have been characterized by the 2001 agreement between President Bush and President Putin in which both countries decided their "determination to foster a new dynamic in American-Russian economic interaction".
From the Paper "Russian - American business relations in recent years are characterized by the 2001 agreement between President Bush and President Putin in which both countries decided their "determination to foster a new dynamic in American-Russian economic interaction" (The White House, 2001). Both nations are now set on a course of increased trade with a group of elite business men attending a summit in Washington DC in 2005 as a major step in the constantly improving business relations between the United States and Russia (Russian Embassy, 2007). The United States and Russia are thus important business partners as American investment in Russia has increased to $6.3 billion in 2005 (Russian Embassy, 2007). Furthermore, Presidents of both countries have "expressed their support of the initiative by Russian and U.S. business communities to launch the Russian-American Business Dialogue as a permanent communication channel between the business circles and the government agencies of the two countries involved" (Russian Embassy, 2007)."
Abstract Based on ten books written on the subjects of consumer behavior and customer service, this paper sets out to show whether customer centricity has been the focus of businesses for some time, and whether it has been addressed correctly. The writer explains that the study of customer retention information shows that what it takes to keep customers coming back is quite different from what it takes to attract new ones, and discusses various types of customer loyalty programs. From the literature four specific areas that need to be examined in order to help businesses improve customer focus are identified, as well as six factors that are often seen as imperative in improving customer retention, and five specific dimensions of service quality. The paper concludes that although most studies have indicated that retaining old customers is what really boosts business growth, many businesses still persist in spending more to get new customers who will cost them money by leaving, instead of spending less to retain loyal ones.
From the Paper "It is significant to remember when looking at customer centricity that people seldom stop patronizing a business simply because of ordinary interactions that they deal with when they shop there but instead because of the failure of the specific organization to handle situations that could be potentially problematic to the satisfaction of the customer (Bowen & Lawler, 1992). Personnel who come into contact with customers need to be able to think for themselves, take responsibility for their actions, and respond well to the pressure that often comes from customers who are angry or upset (Bowen & Lawler, 1992)."
Tags: success, customer satisfaction, effective personnel, problem solving, performance coaching communication
Abstract This paper examines how it can generally be agreed that profitability is the overall result that companies seek. However, the business literature rarely describes a company as being focused on profitability. The paper looks at how business literature increasingly focuses on meeting customer's needs and achieving customer satisfaction and how this leads to the question of the link between profitability and customer satisfaction. An investigation of this issue shows that the two are linked where profitability depends on achieving high customer satisfaction rates. In the end, the focus on customer satisfaction makes sense, since this focus is a means for the company to achieve profits.
Outline
Back to the Basics of Business The Role of the Customer in the Current Business Environment
The Advantages of Adding Value
The Competitive Advantage of Customer Satisfaction
From the Paper "In considering any issue related to business, it is easy to get lost in the theory and to fail to recognize the very basis of conducting business. Getting back to the basics can be critical in gaining a clear understanding of the issues. This is especially relevant to the current topic with its focus on customer satisfaction and profitability. The first basic aspect of business that is important is that a business exists to make profits. The next question that this raises is how a business makes profits. The answer to this is that a business makes profits when customers buy the business's product or service. Without customers handing over their money to the business, a business cannot make money. In this way, attracting and keeping customers is crucial to a business, with these activities all part of the marketing function."
Abstract This paper defines the customer and customer service and explains how meeting the needs of the customer and improving customer service is essential for any business to succeed. The paper explains Corporate Service Intelligence (CSI) and how it pertains to the success of ensuring customer service. The paper then describes customer satisfaction and how it is met by providing good customer service. Lastly this paper compares Japanese and US customer practices and perspectives.
Outline:
The Customer Customer Service
Customer Satisfaction
Customer Loyalty
Customer Feedback
Japanese v. US Customer Practices and Perspectives
Conclusion
From the Paper "Japanese companies have notoriously had a superior attitude and alignment with customer service. This is due largely in part to the perspective approached by their companies as compared to those of the United States of America. Japanese hold harmony as a social ideal, patience as a personal virtue, and hierarchy as an essential organizing principle. Americans, in contrast, hold freedom as a social ideal, action-orientation as a personal virtue, and equality as a fundamental organizing principle. (Linowes 23) This creates a vastly different situation. In America employees are difficult to train, and must benefit from additional work or are not particularly willing to invest their time and effort. Japanese businesses however are able to count upon the social pressures established to keep their employees producing at maximum levels."
Abstract The writer of this paper defines CRM as customer relationship management, which is an information industry phrase for methodologies, software and internet facilities that assist an enterprise in handling customer relationships in a structured way. This paper details the uses and effectiveness of the CRM enterprise software system, which when installed correctly aids large companies in all areas concerning customer service. CRM is a business tactic centered on the idea of being customer-centric. This paper examines the main aim of CRM which is to achieve maximum revenue through better customer fulfillment while at the same time enhancing connections at each customer touch point. This paper also discusses the various types of CRM programs as well as their relevant components.
Table of Contents:
Executive Summary
Introduction
Definition of CRM
Component of CRM
Types of CRM
Benefit and Issues of CRM
Conclusion
References
From the Paper "The Contact Center is a vital constituent of an efficient CRM strategy as primary sales, service and retention level for many companies. (Definitions of CRM on the Web) A significant move in applying a CRM solution is to assess all of the procedures within a company. During this assessment, a company will understand that documents play a major role in some of those processes. A quick glance at the financial department of any company will confirm the previous statement to be true. When a company identifies critical documents, it has to work out how its new CRM system will manage them. It's at this instant that the company will recognize the significance of incorporating a document management solution with its selected CRM system."
Abstract The writer of this paper stresses the importance of reliable and effective customer service which is crucial in retaining satisfied customers and clients in business. This paper examines the blatant limitations in most customer service departments. This paper explores the concept of implementing technology into existing customer service departments while detailing the resulting impact in a particular business.
From the Paper "Good customer service is predicated upon the service desk's ability to provide service. This paper explores the concept of technology as a critical component of that ability. The kind of service that a service desk can provide is limited by its technology not just by its personnel. In this paper the experience of Consonus, a company that has used technology to ramp up its customer service capabilities is examined."
Reviews "European Business Journal", article "E-Customer Loyalty: Applying the Traditional Rules of Business for Online Success" by Frederick F. Reichheld, Robert G. Markey, Jr. and Christopher Hopton.
Abstract This paper introduces, discusses, and analyzes an article on e-customer loyalty. It looks at the article's view of creating and maintaining a loyal customer base, its discussion of the impact of the internet on business, and the reasons provided for the failures of many on-line businesses. The paper consists of a one-page synopsis and two-page critique of the article.
From the Paper "This article goes into detail about what many consumers have known for a long time. The most successful merchants, both online and off, are those who recognize the importance of developing a good relationship with their customers, thereby creating customer loyalty and greater profits for their company. The paper argues that many online merchants do not recognize that many brick-and-mortar business rules still apply to their businesses online. "They often forget that the fundamental rules of successful business still apply" (Reichheld et al 173). The article goes on to discuss two particular companies foray into e-commerce, and their experience with building a profitable company online. It continues with information on how to build customer loyalty, and identify your customer. It also provides ideas on how to build trust, get to know your customer, and empower your organization to develop great customer relationships."
Tags: succesful, merchants, online, customers, e-commerce, internet, boo.com, service
Abstract This paper aims to answer the questions surrounding the use of Customer Relationship Management (CRM) in Small and Mid-size Enterprises (SMEs). This paper examines the business case, issues, pitfalls, and recommendations for future success. This study focuses CRM in the United Kingdom's SMEs, particularly those in the manufacturing industry, from both a business and consumer point of view. The literature on relationship marketing, customer relationship management, customer loyalty, and customer satisfaction sets the framework for this evaluation. Primary research conducted with small and medium-size manufacturers and vendors undertaken in supports the in-depth evaluation of this topic.
From the Paper "Customers today have more options and higher expectations. Their loyalty is more fragile and if they are not treated the way they deserve to be treated (they now consider fair, honest and respectful treatment as a right and not a privilege) they go somewhere else. There is so much information, choice, and change that it is hard to get their attention. The web, email and other electronic channels (e.g. call centers) have made it a much easier for customers to get information that was very scarce just a few years ago. This has made the customer better informed, more discriminating and more powerful."
Abstract A review of several companies and their web sites that use B2C models such as: Amazon, Nabisco and more. It discusses how the sites are customized for retailers, value-added resellers and other businesses. The Business to consumer model encompasses the entire commerce model where businesses and consumers interact electronically or digitally in some way, usually through the internet. The ultimate goal for B2C is to entice prospects, turn them into customers, and then to retain these customers, sharing value throughout the process.
Table of Contents
Introduction
Amazon.com
Nabisco (product of Kraft Foods, Inc.)
Gateway, Inc.
Conclusion
Appendix A (Analysis Task Chart)
References
From the Paper "E-business has transformed traditional key business processes with Internet technologies. As the World Wide Web (WWW) continues to change every aspect of our lives, none has been felt as much as the metamorphosis on the way today's businesses operate. At one time, business-to-consumer (B2C) referred to online trading and auctions (i.e., online stock markets and online auctions for computers and other goods (unknown author 2). Today it encompasses the entire commerce model where businesses and consumers interact electronically or digitally in some way. The ultimate goal for B2C is to entice prospects, turn them into customers, and then to retain these customers, sharing value throughout the process."
Abstract The paper reviews the literature in the area of small business and its competition against the 'big box' retailers such as Wal-Mart and K-Mart. The paper identifies various strategies for small businesses to compete with the 'big box' companies, such as location, use of the Internet and customer service. The paper concludes that consumers greatly desire small business competition to return to their hometown, but the small business must provide something more than the 'big box' while remaining competitively priced, retaining quality products and providing customer service.
Outline:
Introduction
Management, Marketing and Service
Summary
Conclusion
From the Paper "Bannock (2003) states that "the vulnerability of small firms arises virtually by definition from the small scale of their human and financial resources." Bannock states that The Committee of Inquiry on Small Firms, chaired by the late John Bolton identified three characteristics in itS economic definition of small firm as follows: (1) A small market share, that is not large enough to influence national prices or quantities; (2) 2. Managed in a personalized way; and (3) Independence or the exercise of ultimate management responsibility. (Bannock, 2003) Bannock states that these three characteristics "are to be founding the vast majority of all businesses, but the economic definition is of no use for statistical purposes since business statistics are not classified in terms of market share, owner-management and employment dimension, a threshold that seems appropriate to define a 'small firm' in one activity may not be appropriate for another." (Bannock, 2003)"
Tags:customer, service, competition, prices, management, marketing, service
This paper discusses efficient and successful customer service and provides a book report of 'Raving Fans: A Revolutionary Approach to Customer Service' By Ken Blanchard.
675 words (approx. 2.7 pages), 1 source, 2005, $ 26.95
Abstract In this paper, the writer discusses that in making adjustments and adaptations to the particular business environment, the Area Manager has learned how to process customer service with the success and reliability that consistency offers. The writer points out that this is the final premise of 'Raving Fans: A Revolutionary Approach to Customer Service' by Ken Blanchard. The writer looks at how Blanchard presents a plot related to developing success and consistency in customer service relations in the business community.
From the Paper "This book report will evaluate and understand customer service in 'Raving Fans: A Revolutionary Approach to Customer Service' By Ken Blanchard. Through realizing the three aspects of vision, customer needs, as well as incremental steps needed to apply these criterion in customer relations, Blanchard reveals the secrets of success for "Raving Fans" or customers. By analyzing the character of the golfer in relation to his fairy godmother, there is a storyline that reflects all of these principles in presenting a solid forum for customer service excellence. The first aspect of vision, is essential the lesson that the fairy godmother, Charlie, presents to an "Area Manager", whom she sponsors."
Abstract This paper examines good business ethics and customer service as presented in this book. The book explains to a business owner that he can still provide good customer service without compromising on one's profits. The paper also quotes some of the anecdotes from the book.
From the Paper "The book started with a story entitled, ?The Interview,? wherein the author quotes Bill O?Brien, former CEO of the Hanover Insurance Company, at the start of the chapter: ?[t[here are two fundamentally differing views of human nature and work. The "objective view" sees work as a source of economic means. The "subjective view" is concerned with the effects of work on the person. By the end of the 21st century, quality will become commodity, and companies will be distinguished by the wholeness of their people? (McCarthy 21). This quote defines the wholeness of what the book is, and true enough, the story that followed after this well- thought of excerpt from O?Brien resembles the situation the characters of the first story are in."
