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Chapter 1 CUSTOMERS WANT TOP VALUE

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Title: Chapter 1 CUSTOMERS WANT TOP VALUE


1
Chapter 1CUSTOMERS WANT TOP VALUE
2
EIGHT FACETS OF THE VALUE THEORY
CULTURE
Organizational Culture
Employee Values
SUPPLIER VALUES
CUSTOMER VALUES
3RD PARTY VALUES
Competitor Values
Owners Values
3
WHY VALUE?
  • People respond to value
  • Value Attracts Customers
  • Value Energizes an Organization
  • Value creates the potential for a competitive
    advantage

4
Creating Customer Value Key Questions
5
The Customer Value Triad
Value-based Prices
Customer Value
Product Quality
Service Quality
  • Customer value can be achieved only when product
    quality, service quality and value-based prices
    are in harmony and exceed customer expectations.

6
Customer Value Basics
Source Naumann, E. (1995)
7
How Southwest Airlines Creates Superior Value
Clear Service Focus

Process Mastery
Recruitment and Training
Treat Employees as Customers
Maverick Culture
Teamwork
8
Southwest Airlines Relational Coordination
  • Lead with credibility and caring.
  • Invest in frontline leadership.
  • Hire and train for relational competence.
  • Use conflict to build relationships.
  • Bridge the work/family divide.
  • Create boundary spanners.
  • Measure performance broadly.
  • Keep jobs flexible at the boundaries.
  • Make unions your partner.
  • Build relationships with suppliers.

9
How Starbucks Creates Superior Value
Service Consistency

Roasting Technology
Recruitment and Training
Create the right Store Atmosphere
Treat Employees as Partners
Brand Consistency
10
5 Tenets of the Starbucks Experience
  • Make it Your Own (5 ways of being)
  • Be welcoming
  • Be genuine (connect, discover, respond)
  • Be considerate
  • Be knowledgeable
  • Be involved
  • Everything Matters
  • Surprise and Delight
  • Embrace Resistance
  • Leave Your Mark

11
Starbucks and QUALITY
  • Quality of its coffee being defined as fresh as
    possible, i.e. actively giving off 3 to 20 times
    its volume in aromatic gas, quality is in the
    details
  • Starbucks worked to develop packaging that enable
    them to keep the coffee fresh , not for 7 days,
    but for up to six weeks.
  • Starbucks suppliers dedication to quality was
    key!
  • Service Standard ensure that Starbucks coffee
    can be delivered fresh anywhere in the world
    (utilizing design-in quality via improved
    packaging and a 7-cent valve that lets gases out
    of the bag but does not allow air to enter)

12
Christine Day Interview
  • The following questions were posed to Christine
    Day, Chief Administrative Officer for Starbucks
    by Harvard Business School Professor John Quelch
  • Who is Starbucks customer?
  • Does the Brand means the same thing its always
    meant?
  • How do you attract new customers?
  • What happened a couple of years ago, when you
    invested more in existing stores
  • What kind of effects would service slow downs
    have
  • What measures did Starbucks take to address the
    in-store experience
  • What were the results from improving the
    in-store experience?
  • Talk about the technology-based innovations to
    enhance the service experience
  • Looking back over the last 3 years.lost the
    plot (ground plan).relate organizational
    importance to the marketing function

13
Blended Products Goods Services
"Pure" Product " Pure" Service
e.g. hardware restaurant insurance
14
Continuum of Services
15
Key Characteristics of Services
16
Tangible Representation of Quality
17
Building Customer Relationships
18
The Value Matrix
High
Purpose
Low
Low
High
Process
Adapted from Capowski, G. (1995)
19
Pursuing Value in New Market Space
Look Across the Buying Center
Look Across Time
Look Across Substitute Industries
Look Across Type of Appeal
Look Across Complements
Look Across Strategic Groups
BLUE OCEAN creating products or services for
which there is no direct competitionlook beyond
conventional industry boundaries and find
unoccupied market positions.
Adapted from Kim, W. and Mauborgne, R. Creating
New Market Space Harvard Business Review,
Jan-Feb., 1997
20
Starbucks has succeeded because weve focused on
the need states of our consumers. We knew they
wanted a whole lot more than just a cup
of coffee. Once we really understood the needs of
our consumers, things fell into place. We figured
out what our role had to be. ---------- Howard
Schultz, CEO, Starbucks
21
Value Creation Index
  • Innovation
  • Quality
  • Customer Relations
  • Management Capabilities
  • Alliances
  • Technology
  • Brand Value
  • Employee Relations
  • Environmental Community Issues

NOTE Relatively small changes in the VCI produce
significant changes in market value a 10 per
cent change in the VCI is associated with an
approximate 5 per cent change in the market value
Source Kalafut, P. and Low, J. (2001) The Value
Creation Index, Strategy and Leadership, Vol.
20, No. 5, 9-15.
90
22
Strategic Customer Focus Model
  • Develop PLANS to deliver customer value
  • Manage PEOPLE to enhance customer satisfaction
  • Manage PROCESSES to maximize customer value
  • Provide PRODUCTS and SERVICES that add value for
    customers
  • Set PRICES that reflect customer value
  • Manage the Moments of Truth
  • Build On-going Relationships
  • Measure and Improve

23
Develop Plans to Deliver Customer Value
  • Conduct market research and customer research to
  • understand the marketplace,
  • identify target customers, and
  • define their needs and expectations.
  • Create a business model that produces unique
    customer value.
  • Commit to a vision, mission and values that focus
    on customers.
  • Define goals, strategies, measurement systems and
    controls to achieve the vision.
  • Define a value proposition that offers product
    and service benefits at fair prices that win and
    retain targeted customers and deliver significant
    profits for the business. Address the three key
    elements of a value proposition
  • What market segments are we addressing?
  • Who are our targeted customers?
  • What benefits (functional emotional) are we
    delivering to them?

24
Manage People to Enhance Customer Satisfaction
  • Build a culture committed to delivering customer
    value.
  • Hire people with customer value in mind.
  • Provide training to support customer value.
  • Empower employees to enhance value for customers.
  • Recognize and reward performance that enhances
    customer value.
  • Constantly communicate the vision and values.
  • Align actions with the vision and values.
    Walk the talk!!!

25
Manage Processes to Maximize Customer Value
  • Define business processes and institute process
    improvement strategies to improve quality and
    reduce costs.
  • Use value chain analysis to insure that primary
    and support processes add value.
  • Utilize information technology to improve systems
    and processes and to create unique customer
    value.
  • Use quality tools to improve processes.
  • Empower teams to improve processes.
  • Focus on continuous quality improvement.

26
Provide Products and Services that Add Value for
Customers
  • Research customers needs, wants and even their
    unknown desires.
  • Move up the steps from Basic and Expected to
    Desired and Unanticipated levels of service.
  • Add attributes that demonstrate value. E.g.
  • Superior quality
  • Personalized service
  • Customization of the product or service
  • Immediate availability (speed)
  • One-stop shopping
  • Ambiance
  • Reduced hassle
  • Solve a specific customer problem
  • Faster Better Cheaper

27
Set Prices that Reflect Customer Value
  • NOTE Value is basically a tradeoff between
  • the benefits customers receive from a
    product/service
  • and the price that they must pay for it.
  • Set prices relative to perceived product/service
    benefits and competitors product/service
    benefits.
  • Use a price-value grid and value map to compare
    price and quality.
  • Use prices as a signal of quality.
  • Manage customers perceptions and expectations by
    identifying reference prices and communicating
    value versus competitors.

28
Manage the Moments of Truth
  • Moment of Truth any interaction where the
    customer comes into contact with the organization
    and gets an impression of its service.
  • Manage all of the PEOPLE interactions where
    employees come into contact with customers.
  • Manage all PROCESSES and systems, policies and
    procedures that impact customers.
  • Manage the entire service cycle - the series of
    moments of truth a customer goes through to get
    a service.
  • Remember, every employee personally controls many
    moments of truth. Its his/her job to make
    those moments positive and rewarding.

29
Build On-Going Relationships
  • Build long-term relationships with profitable
    customers!
  • Gather and maintain a customer/marketing
    information database to provide actionable
    information. E.g., conduct RFM
    (Recency-Frequency-Monetary Value) and other
    usage analysis.
  • Develop close on-going relationships and intimate
    knowledge of customers to create value by
  • Better understanding their needs, wants,
    expectations and their problems,
  • Providing more opportunities to meet their needs
    and solve their problems,
  • Partnering with customers to develop
    mutually-beneficial projects/activities, and
  • Making customers feel really valued.
  • Insure that the value proposition rewards loyal,
    long-term, profitable customers.
  • Customer relationship management (CRM) systems
    and strategies enable the business to acquire and
    retain customers with the highest profit
    potential.

30
Measure and Improve
  • Measure customer satisfaction
  • Benchmark against the best-in-class
    organizations.
  • Commit to continuous improvement Good enough is
    never good enough!
  • Establish a performance measurement system to
    monitor key success factors, including customer
    satisfaction and customer retention.

31
Strategic Customer Focus Model
PLANS
Revise
PROCESSES
PEOPLE
Improve
Measure
PRODUCTS SERVICES
Improve
Measure
PRICES
Customer Value
Moments of Truth
Relationships

Measure
CUSTOMERS
MOODY-09/25/06
32
Generic Strategies
  • Overall Cost Leadership
  • Differentiation
  • Focus

33
Differentiation QUESTIONS
  • Is it really different Do any of my competitors
    offer this? Do any of them do it as well or
    better than I do?
  • Can it be leveraged Is it the best relative
    point of strength versus my competitors? Is it
    proportionally the strongest driver in my value
    proposition? How will I use this point of
    difference to my advantage?

34
VALUE DISCIPLINES
OPERATIONAL EXCELLENCE
CUSTOMER INTIMACY
PRODUCT LEADERSHIP
35
LEADER
  • EXPAND TOTAL MARKET
  • create new users
  • create new uses
  • create more usage
  • FLANKING
  • BLOCKING
  • PRE-EMPTIVE STRIKES
  • BUNDLE/UNBUNDLE

36
CHALLENGER
  • FRONTAL ATTACK
  • need 3 1 advantage in resources
  • find weakness in leaders strength
  • FLANK ATTACK
  • BYPASS
  • GUERILLA
  • REDEFINE COMPETITIVE SCOPE

37
MARKET NICHER
  • BY END USE
  • BY CUSTOMER SIZE
  • BY PRODUCT LINE
  • BY CHANNEL OF DISTRIBUTION
  • BY GEOGRAPHY
  • BY SPECIFIC CUSTOMER

38
Value Driven Management
  • What makes VDM different from other management
    and decision-making models?
  • What factors lead to value adders and value
    destroyers in an organization?

39
The Commodity Trap
  • How is value manageable?
  • Why is value a comparative concept?
  • What makes value a dynamic concept?
  • What does unpacking hidden value mean?
  • How can companies avoid the commodity trap?

40
Value Development Exercise
  • Select one of the following businesses
  • auto dealership
  • gas station/minimart
  • airline
  • mid-priced hotel chain (business travelers)
  • Quick Service Restaurant (i.e., KFC
  • )
  • Prepare a 2-column chart with GOTS on the left
    side and COSTS on the right side
  • Brainstorm ways to increase GOTS and reduce COSTS

41
Chapter 2 BEING CUSTOMER ORIENTED
42
The "New" Value-Seeking Customer
43
Market Orientation

Source Narver/Slater (1990)
44
Designing a Customer-Oriented Organization
Implement the marketing concept
Build a customer-driven organization
Establish a good marketing info system
Marketing plans should be based on
segmentation analysis
Hire the best talent
Stress operational efficiency
Develop customer-centered programs
Continually measure and fine-tune
your customer focus
45
Market Orientation Scale
The statements below describe norms that operate
in business. Please indicate your extent of
agreement about how well the statements describe
the actual norms in your business. Please answer
in the context of your strategic business units
(Circle one number for each line.)
STRONGLY DISAGREE
DISAGREE
STRONGLY AGREE
NEUTRAL
AGREE
Our business objectives are driven primarily by
customer satisfaction. We constantly monitor our
level of commitment and orientation to serving
customer needs. We freely communicate
information about our successful and unsuccessful
customer experiences across all business
functions Our strategy for competitive advantage
is based on our understanding of customers
needs. We measure customer satisfaction
systematically and regularly. W have routine or
regular measures of customer service. We are
more customer-focused than our competitors. I
believe this business exists primarily to serve
customers. We poll end users at least once a
year to assess the quality of our products and
services. Data on customer satisfaction are
disseminated at all levels in this business unit
on a regular basis.
1.
1 2 3 4
5
2.
1 2 3 4
5
3.
1 2 3 4
5
4.
1 2 3 4
5
5.
1 2 3 4
5
6.
1 2 3 4
5
7.
1 2 3 4
5
8.
1 2 3 4
5
9.
1 2 3 4
5
1 2 3 4
5
10.
Source Deshpande, R. and Farley, J. (1996).
Understanding Market Orientation a Prospectively
Designed Meta-Analysis of 3 Market Orientation
Scales. Marketing Science Institute
46
Customer Orientation 3 Types
Company

INTERNAL
EXTERNAL
Value
Employees
INTERACTIVE
Customers


Source Kotler, P. (1997)
47
If I asked the consumer what they wanted, they
would have said a faster horse __________ Henry
Ford
Our Goal is to lead the public with new products
rather than ask them what kind of product they
want. The public does not know what is
possible, but we do _________ Akio Morita,
former CEO, Sony
Customers are notoriously lacking in foresight
__________ Hammer and Prahlhad
48
The Bias for Action Continuum
  • invest in research, get close to the customer,
    innovate, accept reasonable risks

49
Chapter 3 PROCESS AND CUSTOMER VALUE
50
The Link Between Process and Value
GOAL Maintain Fit Between Value and Process
Process
Value
  • Process Delivers Value through
  • Quality
  • Cost Reduction
  • Flexibility

51
The Marketing Cycle and Process Model
MARKET CONSTITUENTS
PROCESS INDICATORS
CAPACITIES YIELDS WASTE LEVELS CYCLE RESPONSE
TIME CUSTOMER SATISFACTION LEVELS COST/EFFICI
ENCIES TIME TO MARKET
52
Core Marketing Processes
Market sensing
Customer relationship management
Fulfillment management
New offering realization
Customer acquisition
53
Determinants of Core Capabilities
Capabilities of Transformation
People
Processes
Information
Resources
54
The Deming Cycle

Plan
Act
Never Ending Improvement
Do
Check
55
Value deployment matrix
Core processes
Competitivestrategydevelopment
Invoicing andcollections
New ProductDevelopment
Financial resourcesacquisition
Human resourcesacquisition
Suppliermanagement
Order fulfillment
Order acquisition
Customer Value criteria
Quality
?
?
?
Service
?
?
?
Cost/price
?
?
?
Scoring LowImpact 1 Medium impact
2 Highimpact 3
Time
?
?
?
Total Score
56
Process Support of Value Statement
57
Strategic Marketing Information and Business
Processes
Adapted from Kordupleski, R. et.al. (1993)
58
Tools of Process Improvement
59
Service Flow Diagram
Calls on telephone
Requests booking
Fills out travel request
Walks in
Makes booking
May pay in advance
Prints ticket
Issues ticket
Fills out tracker
Posts ticket data to computer
Holds tracker waits for ticket
Delivery to customer
Pulls tracker puts with ticket
Customer pickup
Puts ticket in hold box
Mails or delivers ticket
Walks in for ticket
Collects Payment
Gets customer signature
Receives ticket
Updates tracker
Updates computer with final data
Source Albrecht, K. (1990)
60
Figure 3.8 Control Chart Example
A.
Upper Control Limit (UCL)
Measurement
Mean (Average)
Lower Control Limit (LCL)
time
Process is in control
B.
UCL
Measurement
Average
LCL
time
Process is NOT in control (special cause)
C.
UCL
Measurement
Average
LCL
time
Process is NOT in control (4 common causes
in sequence)
61
Figure 3.10 Pareto Chart (Online Banking)
of Bank Deposits
80 70 60 50 40 30 20 10
Customer Online Activity
Vital Few line
Obsessives daily Regulars -once a week
Occasionals - twice a month Laggards -
once a month or less
0

40 110 435 95
Number of Customers per user segment
BJSELH3
62
Fishbone Diagram
Equipment

Policies
Broken
Information desk delays
Centrifuge
Analyzers
unavailable
not
available
Lab Result
Delays for
In Process
Emergency
Department
Hemolyzed
Not in room (x ray)
Patients
Delay in
Insufficient
producing
Patient
Specimen
Ability to draw
slips
specimen
Not enough
Staff related
quantity
Transport
Procedures
People
High volume
The Fishbone, or cause and effect, diagram
(sometimes called an Ishikawa diagr
am,
named after the Japanese quality control leader)
is drawn during a brainstormin
g
session. The central problem is visualized as
the head of the fish, with the s
keleton
divided into branches showing contributing causes
of different parts of the pro
blem.
63
Prescription for Customer Accelerated Change
Tools to Leverage the Customers Voice
  • WHAT IS OUR VISION?
  • WHAT IS OUR CURRENT REALITY ?
  • WHERE ARE OUR LEVERAGE POINTS ?
  • HOW DO WE OPERATIONALIZE ?
  • HOW DO WE SUSTAIN THE CHANGE ?

64
VISION
  • LONG-TERM
  • SOMETHING TO BE PURSUED
  • A MOTIVATING STATEMENT
  • PROVIDES GUIDANCE/INSPIRATION

65
VISION STATEMENTS
MICRO- Empower people through great software
anytime, SOFT any place, and on any device.
McDonalds Offer the worlds best quick service
experience
COCA- To put a Coke within an arms reach of
every COLA consumer in the world
JAPANESE AUTO CO. Beat Benz! BELLSOUTH Be
Customers Best Connection to Communications,
Information, and Entertainment
66
Rubbermaid Commercial Products, Inc.
Our vision is to be the Global Market
Share Leader in each of the markets we serve. We
will earn this leadership position by providing
to our distributor and end-user customers
innovative, high-quality, cost- effective and
environmentally responsible products. We will
add value to these products by providing
legendary customer service through our
uncompromising Commitment to Customer
Satisfaction.
67
MISSION
  • OVERALL DIRECTION FIRMS WANT TO GO
  • SOMETHING TO BE ACCOMPLISHED
  • A BUSINESS PHILOSOPHY
  • FIRMS CORE PURPOSE FOR BEING

68
MISSION STATEMENTS
Google To organize the worlds information and
make it universally accessible and useful
Baxter We shall be the leading healthcare
company by HEALTH- providing the best services
and products for CARE our customers,
emphasizing innovation, operational excellence,
personal and business ethics, the highest
quality in everything we do
Walgreens To offer customers the best drugstore
service in Americaguided by century-old
tradition of fairness, trust, and honesty as we
continue to expand out store base and offer
career opportunities to a fast- growing and
diverse group of men and womenour goal is to
develop people who treat customersand each
otherwith respect and dignitywe will support
these efforts with the most innovative retail
thinking, services, and technologythe success
we achieve will allow us to reinvest in the
future and build long-term financial security for
our employees and shareholders.
69
"If you don't know where you're heading, you're
likely to end up somewhere else." ____ Yogi
Berra
70
CUSTOMER VALUE ANALYSIS
1. Identify price-performance factors
2. Assess Quantitative Importance of factors
3. Assess Quantitative Importance of factors
  • Use a Value Map to Plot company/
  • Competitor ratings

5. Monitor Customer Value over time
71
CUSTOMER VALUE MAP LUXURY CARS
Higher
1.25
Inferior Customer Value

Lexus LS 400
BMW 5-Series
Relative Price

1.25
Cadillac CTS


Acura Legend
Superior Customer Value
.75
Lower
60
80
100
Relative Performance overall score
72
(No Transcript)
73
BUSINESS PROCESS ORIENTATION
74
(No Transcript)
75
Chapter 5DEFINING AND MANAGING SERVICE QUALITY
76
What is Quality?
  • "Conformance to requirements"
  • The ability to satisfy stated or implied
    needs a good/service free of deficiencies
    (ASQC)
  • Define in terms of success (failure) that
    occurs within/outside of company

2 key concepts employee empowerment
the internal customer
WHY QUALITY MATTERS?
77
QUALITY RACE HEATS UP Consumer-reported
problems per 100 new vehicles in 2001 model year


Change from 2000
Toyota Honda Nissan
115
-1 10 - 4
133
145
GM Industry Avg. Daimier Chrysler Volkswagen Ford
-18 -7 -13 -30 4
146
147
154
159
162
Source J.D. Power Associates
BJSL3
78
(No Transcript)
79
Source J.D. Power Associates, study based on
3-year old vehicle dependability, 2003
80
AIRLINE QUALITY RATINGS
AIRLINE OVERALL BAGGAGE ON TIME
RANKING HANDLING ARRIVAL Alaska 1 1
11 US Airways 2 2 5 Northwest 3
4 4 Southwest 4 4 1 Delta 5 3 6 American
6 7 7 American West 7 5 8 Continental 8 6
3 United 9 9 9 American Eagle
10 11 10 Trans
World 11
10 2 Source Brent D. Bowen and Dean E.
Headley. The Airline Quality Rating, 2002
BJSEL3
81
The Trinity of Quality
STRUCTURE
PROCESS
OUTCOMES
82
Quality Problems Some Symptons
  • Outgoing products normally contain deviations
    from the standards
  • Company has an extensive field service/dealer
    network
  • Management does not provide a clear
    performance standard
  • Management denies that it is the cause of
    the problem

83
Quality Control 2 Views
TRADITIONAL
TQM
84
THE FOUR STAGES OF QUALITY
Market Perceived Quality Vs Competitor
Customer Value Management
Conformance Quality
Customer Satisfaction
Customers
Target Market Performance Vs Competitors
Quality/Value in Overall Strategic Framework
Internal Operations
Focus
85
Contributions from the Quality Gurus
  • Deming - 14 points of quality (pp. 66-67)
  • Imai - kaizen (continuous improvement)
  • Juran - "Pareto analysis" 80 defects caused
    by 20 of the problems
  • Crosby - 4 absolutes (see next slide)

86
Crosby's 4 Absolutes About Quality
  • Q conforms to customer requirements
  • Q should be built into the process (prevent
    rather than appraise)
  • Performance standard zero defects
  • Measure Q in terms of the price of
    conformance non-conformance

other points 1. Quality is free -
"unquality" is expensive 2. Do it right the
first time! D.I.R.F.T. 3. Build a Q-driven
corporate culture
87
After Office Depot installed a new scanning
system in their warehouse The biggest cost
driver in the warehouse was the redo (emphasis
mine), when we shipped the wrong
thing _________CFO Charlie Brown Question
How was quality affected?
88
THE THREE SERVICE LEVELS
HYGIENE FACTORS
CORE BENEFIT
89
2 Factor Model of Service Quality
Adapted from Naumann, E. (1995)
90
Determinants of Service Quality
  • Reliability
  • Responsiveness
  • Competence
  • Access
  • Courtesy
  • Communication
  • Credibility
  • Security
  • Understanding/Knowing the customer
  • Tangibles

Source Parasuraman, et al. (1985)
91
Relative Importance of Service Dimensions When
Respondents Allocate 100 Points
RELIABILITY 32
TANGIBLES 11
RESPONSIVENESS 22
EMPATHY 16
ASSURANCE 19
Source A. Parasuraman, Univ. of Miami, 2002
92
Serv-Qual Model Gap Analysis
93
GAP 3 Service Performance Gap
Team Work Employee Job Fit Technology Job
Fit Perceived Control Supervisory Control
Systems Role Conflict Role Ambiguity
Service Performance Gap
94
BBBK Service Guarantee
  • You dont own one penny until all pests on your
    premises have been eradicated
  • If you are ever dissatisifid with BBBKs
    service, you will receive a refund for up to 12
    months of the companys services plus fees for
    another exterminator of choice for the next year
  • If a guest spots a pest on your premises, BBBK
    will pay for the guests mean or room, send a
    letter of apology, and pay for a future meal or
    stay
  • If your facility is closed down due to the
    presence of roaches or rodents, BBBK will pay any
    fines, as well as all lost profits, plus 5,000

95
Service Quality Ratings
School of Business and Entrepreneurship MBA
Graduate Students
Values
Student Ranking of Importance
Knowledge Accuracy Professionalism Promptness Indi
viduality Courtesy
1 2 3 4 5 6
96
Service Quality Ratings
School of Business and Entrepreneurship Staff
Responses
Staff Ranking of Importance
Value
Accuracy Promptness Courtesy Knowledgeable Profess
ionalism Individuality
1 2 3 4 5 6
97
Contrasting customer satisfaction and customer
value
98
(No Transcript)
99
CUSTOMER SATISFACTION MEASUREMENT
  • Traditional Customer Satisfaction Measurement
    (CSM) tends to be misleading -
    according to Bain Research, 65-85 percent of
    customers who abandon a business report they were
    either satisfied or very satisfied
  • Measuring customer value serves as a better
    indicator of long-term customer commitment and
    loyalty
  • Measure not just the foundational (hygiene
    factors) but the leverageable aspects of the
    product/service (ie., satisfiers)
  • CSM needs to capture two important items of
    information (1) how important each
    product/service attribute is (2) how well a
    company performs on each product/service
    attribute (use Quadrant Analysis)

100
QUADRANT ANALYSIS
  • Comm. Skills

Weaknesses
Strengths
Critical
  • Product Quality
  • Customer Service

Over-Emphasized Issues
Monitor Importance
  • Ease of Doing Business

Not Important
  • Billing Accuracy

Very Poor
Excellent
Perception of Performance
101
Rediscovering the Customer (McKinsey Article)
  • How do successful firms achieve maximum value
    from their customer satisfaction programs?
  • What role do breakpoints have on the purchase
    decision and loyalty behavior?
  • What are the keys to building a
    customer-centric organization?

102
A Satisfied Customer is Loyal
apostle
100 80 60 40 20
Zone of Affection
Zone of Indifference
Loyalty (Retention)
Zone of Defection
terrorist
1 2 3 4 5
extremely satisfied
somewhat dissatisfied
slightly dissatisfied
satisfied
very satisfied
Satisfaction Measure
103
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104
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105
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106
Types of Customer Satisfaction
  • Transaction Performance - selling, servicing
  • Functional Performance - ability to satisfy
    customers needs
  • Reliability Performance - how long-lasting,
    maintenance-free was the service

107
Global Customer Satisfaction Measures
  • In general, how satisfied are you with our
    company, on a scale ranging from completely
    satisfied to completely unsatisfied
  • How well did our company meet your expectations,
    on a scale from did not meet my expectations to
    exceeded my expectations
  • When thinking of your ideal company, how well
    does our company compare on a scale ranging from
    very far away to to very close to ideal

108
Value Questions
  • The price charged by XYZ is consistent with the
    quality they offer
  • I am willing to pay more for what I buy from XYZ
  • I get what I pay for at XYZ
  • Given the tradeoffs, I have made the right
    decision to buy from XYZ

109
Expectations, Perceived Value, Satisfaction and
Loyalty
Customer Complaints
Perceived Quality
Customer Satisfaction
Perceived Value
Customer Loyalty
Customer Expectations
110
Employee Satisfaction and Customer Satisfaction
  • A 1-unit increase in employee satisfaction leads
    to a .31 unit increase in customer satisfaction.

Source Forum for People Performance
Management, 2005
111
B2B CUSTOMER SATISFACTION
  • Product Quality
  • Quality Consistency
  • Quality Packaging
  • Price-Quality Relationship
  • Sales Interface
  • Meeting Frequency
  • Knowledge of Product
  • Response Time
  • Salesperson Commitments
  • Delivery Service
  • Delivery Terms
  • Completeness of order
  • Delivery on Time?

Source Chumpitaz, R. and Swaen, V. (2002) AMA
Summer Educators Conference,
112
Customer Satisfaction and Customer Loyalty
Relationship
100
80
60
Loyalty(retention)
40
20
Satisfaction measure
1 2 3
4 5Extremely Somewhat
Slightly Satisfied Verydissatisfied
dissatisfied dissatisfied
satisfied
Source Jones, T. and Sasser, E. (1995) Why
Satisfied Customers Defect, Harvard Business
Review, Nov-Dec
113
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114
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115
Customer Satisfaction and Profitability in the
Hotel/Motel Industry
20
?
76 75 74 73 72 71 70
?
Industry Satisfaction Rating
?
18
?
Industry Profitability
?
16
?
14
Industry Satisfaction Level (0-100 Scale)
?
?
12
Industry Profitability (Billions)
10
?
?
?
8
?
?
6
?
4
1994 1995 1996 1997 1998 1999
Customer Satisfaction and Profitability for
Wal-Mart
82
4.5
?
?
81
4.0
?
?
80
79
?
3.5
Net Income (Billions)
Satisfaction Level (0-100 Scale
78
?
77
3.0
76
?
?
?
75
?
2.5
?
74
?
73
2.0
1994 1995 1996 1997 1998 1999
?
Satisfaction Rating
?
Net Income
116
Customer Satisfaction and Profitability for
Southwest Airlines
500 450 400 350 300 250 200 150 100
79 78 77 76 75 74 73 72 71 70 69
?
?
?
?
?
?
Net Income (Millions)
Satisfaction Level (0-100 Scale)
?
?
?
?
?
?
1994 1995 1996 1997 1998 1999
?
Satisfaction Rating
?
Net Income
Customer Satisfaction and Profitability for
Colgate Palmolive
87 86 85 84 83 82 81 80 79 78
1,000 900 800 700 600 500 400 300 200 10
0
?
?
?
?
?
?
Satisfaction Level (0-100 Scale
?
?
Net Income (Millions)
?
?
?
?
1994 1995 1996 1997 1998 1999
?
Satisfaction Rating
?
Net Income
117
of consumers who say this industry generally
does a good job serving customers by Type of
Industry
2001
2002
71
74
Banks
67
73
Hospitals
67
64
Car manufacturers
51
63
Airlines
80
60
Computer software
78
59
Computer hardware
57
59
Pharmaceutical, drug
61
58
Telephone
60
55
Life insurance
38
51
Health insurance
38
Oil
27
29
33
Managed care
28
25
Tobacco
Source Harris Interactive Inc. Rochester, N.Y.
Sept.2002
118
THE VALUE HIERARCHY

DESIRED END STATES
CONSEQUENCES
ATTRIBUTES
Attributes describe the product/service
Consequences describe user/product interaction
Desired End States describe the goals of the
person organization
119
The Chaining of Customer Requirements
Values
Consequences
Attributes
Attributes
Consequences
Values
Fat Free Chip
Eat More
Self-Esteem
Good Tasting
Better Figure
120
Service Quality Exercise
  • Answer these questions
  • How unique/standardized is product and/or
    service?
  • Type of service, i.e., experience, search, etc.?
  • Pure service or product-service blend?
  • What factor most affects service quality?
  • After service is delivered, is corrective action
    possible?
  • Choose One of the Service Quality Situations
  • Auto repair
  • Hospital visit
  • Theme park
  • Hair cut
  • Supermarket
  • QSR
  • Air travel

121
Chapter 6MANAGING E-Service QUALITY
122
Definition of E-Service Quality
  • E-service quality is the extent to which
    e-commerce providers effectively and efficiently
    manage customer interactions involving searching,
    shopping, purchasing and order fulfillment.

123
11 Major Dimensions of Perceived E-Service
Quality
Site aesthetics
Reliability
Access
Efficiency
Assurance
Responsiveness
Customization/ personalization
Empathy
Price knowledge
Flexibility
Ease of Navigation
124
Price Knowledge and Customer Expectations
  • ? Price knowledge refers to the ability of online
    shoppers
  • to determine shipping , comparison, and total
    prices
  • ? Online consumers are pretty clear
  • about what they expect online
  • ? A recent study conducted by Mercer Management
    Consulting confirms the importance of information
    and convenience and why consumers value using the
    Internet

125
E-Service Quality and Customer Loyalty
  • e-Service quality is essential in creating
    customer e-satisfaction
  • Customers must continue doing business with most
    online firms for at least 2-3 years just for them
    to recover their initial acquisition costs

126
How to Improve E-Service Quality
  • Research has proposed that 5 components be
    considered in delivering e-service quality
  • The core service
  • Facilitating services
  • Supporting services
  • Complementary services
  • The user interface
  • (how the customer accesses services)

127
Improving E-Service Quality
Personalization
Access
Responsiveness
Navigation
Assurance
Price Quality
128
E-Service a New Paradigm
  • What according to the authors is the scope of the
    e-service concept
  • What role does technology play in e-service?
  • What are the features of an e-service
    orientation?

129
The Internet as a BRAND Integrator
  • What according to the author are the 3 major
    integrating mechanisms used to create greater
    brand involvement?
  • What are the keys to using the Internet as a
    brand integrator?

130
Chapter 7 DEFINING AND REFINING THE VALUE
PROPOSTION
131
The Value Proposition
The whole cluster of benefits the company
promises to deliver
132
Characteristics of the Value Proposition
  • Value propositions should be

Consistent over time
Credible
Concise
Clear
133
Examples of Positioning Statements
  • Astra/Merck - customized health care solutions
  • AT T - the right choice
  • Dell Computer - custom computers sold direct
  • FedEx - when it absolutely, positively has to
    get there overnight
  • General Electric - we bring good things to life
  • Publix Super Markets - where shopping is a
    pleasure
  • Snapple -natural beverages, natural ingredients
  • Visa - it is everywhere you want to be
  • Wal-Mart - everyday low prices made in America

134
Positioning Statement and Value Proposition
(Volvo)
Positioning Statement Volvo, offering the
utmost in safety and durability.
  • Value Proposition
  • Target Market Upscale American Families
  • Benefits Offered Safety, Durability
  • Price Range 10 Premium Over Similar Cars
    (Acura) due to superior safety design

135
We focus on product quality and innovation,
customer satisfaction and financial
performance. Reliable processes help us improve
product quality, meet customer demand, reduce
costs and ensure responsible environmental
performance. _________ Weyerhaeuser Pulp,
Paper, and Packaging Business
136
IKEAS VALUE PROPOSITION
IKEA OFFERS IMMEDIATE DELIVERYOF A WIDE
ASSORTMENT OF HOME FURNISHINGS WITH DISTINCTIVE
SCANDINAVIAN DESIGNS AND IMAGES IN A PLEASANT
SHOPPING ENVIRONMENT TO SHOPPERS WHO ARE WILLING
TO ENGAGE IN SELF-SERVICE, SELF-ASSEMBLY AND
SELF- TRANPORTATION.
137
CDWs VALUE PROPOSITION
SERVICE even the smallest customer gets a
dedicated salespersoncalled an account manager
to handle orders and serve that client over time
CHOICE sells 80,000 products from hundreds of
companies SPEED99 percent of customer orders
are sent out the day theyre received, so long as
the product is in stock
138
VALUE PROPOSITION
ANYWHERE, ANYTIME MUSIC STORE AND YOU MAKE THE
SELECTIONS FROM THE LARGEST CLASSICAL MUSIC
INVENTORY IN THE WORLD
139
A Healthcare Consumer Value Equation
  • VP Benefits - Costs
  • VP (Quality Service Intangibles)
  • - (Price Nonmonetary costs), where
  • a) Quality or outcome is the correct diagnosis
    and treatment,prevention of illness, etc.
  • b Service includes accessibility, compassion,
    dependability,employee knowledge, etc.
  • c) Intangibles are the reputation of the
    provider, special services, long-term outcomes,
    use latest technology
  • d) Price is the consumers expenditure for the
    service
  • e) Non-monetary costs include time, energy, and
    psychological stress

Adapted from Ettinger, W.H. Jr. (1998)
140
The SQIP Diamond
Service
VALUE
Price
Image
Quality
Johnson/Weinstein 2004 - NOVA SOUTHEASTERN
UNIVERSITY
141
Value Disciplines
142

Designing a Value Proposition
Image Innovation Intangibles

143
Adding Value Through INNOVATION
144
Assessing a Companys Value Position
Adapted and expanded from Reidenbach, R.E. (1996)
145
Critiquing Your Value Proposition
  • 1. Does it take the customers perspective?
  • 2. Is it easy to understand?
  • 3. Does it encapsulate the value you offer to
    your people, the sales channel, the press, and
    your customers?
  • 4. Is it strategically compatible with your
    business?
  • 5. Is it acceptable given your organizational
    culture?
  • 6. Is it honest?
  • 7. Is it promotable?

Source Dovel (1990)
146
Developing Unique Value Propositions
  • Change the rules of the game
  • Break business/industry compromises
  • Exploit unnecessary concessions to find a
    competitive advantage
  • As markets change, VPs must change
  • Drive the market through competitive, customer
    corporate capability analyses to tap niches and
    secure new marketspace

147
Chapter 8COMMUNICATING VALUE THROUGH PRICE
148
Value-based Pricing The 3 Cs
149
Price, Benefits, and Value
150
Price-Profit Elasticity (a 1 price increase and
the bottom line)
151
Pricing Methods
  • Price-driven Costing
  • Demand-based Pricing
  • Price Customization
  • Price Differentiation
  • Value-based Pricing

152
Value-Added Strategies
  • Less for Less
  • More for More
  • More for the Same
  • Same for Less
  • More for Less

153
Demand-Based Pricing Example
This hotel has fixed its exchange rate. US 1
Rp 5.000.- Since inception, weve focussed on
delivering the best value for money.
And in these difficult times, weve
decided to make your life a little easier.
So, its out with the US Dollar,
in with the Indonesian Rupiah.
Whats more, we have a whole list
of pleasant surprises for your guest Buffet
Breakfast Free Pressing (2 pcs) Coffee/Tea
Making Facilities Fruit Basket Welcome
Drink Late Check-Out Credit facilities on
application For attractive corporate discounts,
please call our Sales Dept. at (021) 2700800,
2700888
AMBHARA RUPIAH
H O T E L J A K A R T A
AMBHARA
4 STAR
Source Jakarta Post, February 12, 1998
154
PERCEIVED VALUE(Caterpillar Example)
90,000 - Price of Competitors Tractor
7,000 - Premium for Superior Quality
6,000 - Premium for Superior Reliability
5,000 - Premium for Superior Service
2,000 - Premium for Longer Parts Warranty
110,000 - Price to cover Value Package -
10,000 - Discount 100,000 - FINAL PRICE
155
Sources of Pricing Pressures
Changes in technology
Customer Price Sensitivity
Customer experience
Increased internal expectations (forecast) and
sales force reactions
Price driven competition or changes in
competitive management
Service enhancements
Price deflectors
Product extensions
FUD
Inflation
Adapted from Mitchell, E. (1989)
156
Price/Quality Strategies
Source Kotler, P. (1997)
157
Pricing Strategies
158
Chapter 7STRATEGIES FOR ADDING AND PROMOTING
VALUE
159
Differentiation Strategies
160
3 Levels of Product Positioning
short, intermediate, long-term
161
Adding Value To Products
  • Additional features and benefits
  • Affordability
  • Branding
  • Customer involvement
  • Customization and choice
  • Enhanced quality
  • Exceptional service
  • Frequency marketing incentives
  • Simplifying or bundling the offering
  • Solving customer problems
  • Technological leadership
  • Uniqueness
  • Warranties

162
Adding Value through AFFORDABILITY
163
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164
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165
Creating Superior Customer Value
Source Albrecht, K. (1994)
166
Promoting Value Via an Integrated Marketing
Communications Program
IMC for target markets
167
Chapter 10 MAXIMIZING VALUE THROUGH RETENTION
MARKETING
168
Customer Retention a Strategic Issue
  • In an annual survey of CEOs conducted by The
    Conference Board, nearly seven hundred CEOs
    globally were polled about the challenges facing
    their companies in 2002. 12 CEOs identified
    customer loyalty and retention as the leading
    management issue ahead of reducing costs,
    developing leaders, increasing innovation, and
    improving stock price, among other issues.

169
Why Focus on Customer Retention?
  • U.S. companies lose 1/2 their customers in 5
    years
  • Typical defect rates are 10-30 annually
  • A 5 increase in retention leads to a 25-100
    increase in profits
  • It costs 5 times more to get a customer than keep
    a customer

170
Customer Service Statistics
  • It costs between five and six times more to
    attract a new customer than to keep an existing
    customer.
  • Companies can boost profits from 25 percent to
    125 percent by retaining 5 percent more existing
    customers.
  • Only one out of 25 dissatisfied customers will
    express dissatisfaction to you.
  • Happy customers tell at least four others of a
    positive experience. Dissatisfied customers tell
    as many as 12 about a negative experience.
  • Two-thirds of customers do not feel valued by
    those serving them.
  • Acquiring new customers can cost five times more
    than satisfying and retaining current customers.
  • A 2 percent increase in customer retention has
    the same effect on profits as cutting costs by 10
    percent.
  • The average company loses 10 percent of its
    customers each year.
  • The customer profitability rate tends to increase
    over the life of a retained customer
  • Source Perriello, B (2007). 8 Tips to Improve
    your Customer Service. Industrial Distribution

171
How Important is CUSTOMER RETENTION?
  • A 10 percent improvement in in retention
    increases the value of a firms customer base by
    about 30 percent in contrast a 10 percent
    improvement in acquisition cost improves value by
    only 1 percent
  • In E-Commerce, customers must stay on board for
    at least Two-Three Years just for a company to
    recoup its initial acquisition investment
  • In apparel E-tailing, repeat customers spend
    more than twice as much in months 24-30 of their
    relationships than they do in the first six
    months
  • Primary drivers of E-Loyalty
  • order fulfillment
  • product performance
  • post sale service and support

172
Kotler on Customer Retention
  • The key to customer retention is
  • customer satisfaction
  • Satisfied Customers
  • Stay loyal longer
  • Talk favorably about the organization
  • Pay less attention to the competition
  • Are less price sensitive
  • Offer service ideas to the organization
  • Cost less to serve than new customers

173
Switching Motives
  • Core service (25) - mistakes, billing errors,
    service catastrophes
  • Service encounter failures (19) - uncaring,
    impolite, unresponsive, unknowledgeable
  • Inconvenience (12) - location, hours, waiting
    time
  • Response to failed service (10) - negative
    response, no response, reluctant response
  • Competition (6) - found better service
  • Other (5) - tangibles, crowding, problems with
    other customers and seldom-mentioned incidents
  • Ethical problems (4) - cheat, hard sell, unsafe,
    conflict of interest
  • Involuntary switching (3) - customer or service
    provider moved

Adapted from Keaveney, S.M. (1995)
174
Exceed your customers expectations. If you do,
theyll come back over and over. Give them what
they want---and a little more. Let them know you
appreciate them. Make good on all your mistakes,
and dont make excuses---apologize. Stand
behind everything you do. Satisfaction
Guaranteed will make all the difference. _____
______ Sam Walton
175
Why Customers Leave
Poor Service
9
9
Product
Dissatisfaction
Better Prices
13
69
Other
Source Michaelson Assoc.
176
Customer Satisfaction Customer Retention
  • According to Walker Information Inc (Indianapolis
    Research and Consulting firm) customer
    satisfaction does not equal loyalty
  • 80 percent of B2B purchasers said they were
    satisfied with their vendors but less than ½
    described themselves as loyal
  • Earning loyalty means establishing a high level
    of relationship with customers
  • Satisfaction with products seem to be a
    threshold evaluation
  • Jeff Marr of Walker Information advises companies
    to elevate service and technical support to the
    same level as sales marketing

Source Weisman, R. (2004) Products Alone Wont
Retain Customers Boston Globe, Aug. 6, 2004 p. B2
177
The Cost of Lost Business - Hospital Example
15,000 patients annually 20 defection rate
3,000 defections (note This is a 80 retention
rate) Average revenues per patient 2,000
annually Lost revenues 6,000,000 Profit margin
10 600,000 Conclusion INVEST IN A CUSTOMER
RETENTION PROGRAM!
178
The Key to Retention is Customer Satisfaction
Satisfied customers
  • stay loyal longer
  • talk favorably about the organization
  • pay less attention to the competition
  • are less price sensitive
  • offer service ideas to the organization
  • cost less to serve than new customers

Adapted from Kotler, P. (1997)
179
The Customer Retention/Value Model
180
Customer Retention Measures
  • Current retention rate
  • Weighted retention rate
  • Segmented retention indicators --
  • (sub-group analysis)
  • Share-of-customer measure
  • Targeted retention rate
  • Lifetime value (LTV)
  • Recency, frequency, and monetary value (RFM)

181
How to Determine Customer Lifetime Value (CTV)
  • Compute average profit per sale (total sales
    revenue minus advertising, marketing, and
    product or service fulfillment costs divided by
    the number of sales)
  • Determine how many times the average customer
    will purchase from you, say over a 2-year period
  • Calculate the amount of profit made from that
    customer in two years.

182
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183
CLT Example
  • MOBILE PHONE INDUSTRY
  • -- Average Monthly Bill (52)
  • -- Average Cost to Serve a Customer per month
    (30)
  • -- Average Cost to Acquire (AC) a New Customer
    (370)
  • -- Average Churn Rate per month (2 percent)
  • -- Interest rate (5 percent)

184
CLT EXAMPLE (solution)
  • Lifetime Value (LTV) LTV formula (M/1 r
    i) - AC
  • (22 x 12) / (1 - .76 .05) - 370 540
  • Where
  • M margin customer generates per year (22 per
    month)
  • Annual retention rate 1 annual churn rate 02 x
    12 months .24)

185
What is a Customer Worth?
  • GM Cadillac
  • Gateway Computers
  • Pizza Hut
  • Proctor Gamble
  • Safeway
  • 426,000
  • 25,000
  • 12,400
  • 10,000
  • 4,800
  • Proof
  • The top 6 of cellular phone users represent 69
    of total usage.
  • The top 6 of the United Kingdom cola users
    represent 60 of all consumption.
  • 25 of cars are rented by the top 0.02 of
    clients.

Source Watt Solutions, Inc., 2002
186
Building Loyalty The RFM Model
187
  • How to Do an RFM Analysis
  • Access a summary of each customers RFM
    transaction history.
  • This includes most recent purchase, frequency
    of purchases, and monetary value spent per order.
  • Sort customers by purchase dates in reverse
    chronological order. Divide the customer list
    into 5 equal segments. Tag the most recent
    customer quintile as 1 while the least recent
    purchases are quintile 5.
  • Sort your customers by frequency (number of
    orders) and apply the same methodology as in 2.
  • Sort your customers by monetary value (average
    amount of each order) and apply the same
    methodology as in 2.
  • You now have created RFM scores for each of your
    customers, from your best customer segment (111)
    to your worst (555).

188
DIFFERENTIATED SERVICE LEVELS
Type of Acct.
A
B
C
D
Profit Level
4
I
1
2
3
II
8
5
6
7
III
9
10
11
12
189
Designing a Customer Retention (CR) Program
  • Determine your current CR rate
  • Analyze defection problems
  • identify disloyal customers
  • understand why they left
  • develop strategy to overcome switching behavior
  • Establish a CR objective based on organizational
    capabilities and benchmarks (industry, sector,
    companies, units)
  • Invest in a targeted CR plan to enhance loyalty
  • Evaluate the success of the CR program

190
Loyalty Building Strategies
  • Send salespeople to work at the offices of your
    best customers
  • Participate in customers events
  • Interview your customers customers
  • Hold a retreat with a major customer to share
    best practices
  • Invite customers to participate in training
    seminars
  • Set up a Customer Advisory Council

191
4-Tier Usage Segmentation
  • Platinum Tier the companys most profitable
    customers
  • Gold Tier seek price discounts, less loyal, and
    use multiple vendors
  • Iron Tier essential customers who provide the
    volume to utilize the firms capacity, but their
    spending levels, loyalty, and profitability do
    not merit special treatment
  • Lead Tier customers who cost the company money.
    They demand more attention than they are due
    given their spending and profitability -
    sometimes problem customers that complain and tie
    up resources.
  • (Rust, Zeithaml, and
    Lemon, 2000/2003)

192
Linking Service Quality to Retention
  • Willingness to recommend
  • Propensity to switch
  • Willingness to pay more
  • External response to problems, eg., complaints

193
Ultimate Question
  • "On a scale of zero to 10, how likely is it that
    you would recommend us to your friends or
    colleagues?"

194
Net Promoter
PROMOTERS Minus DETRACTORS
Net Promoter
Highly Unlikely
Highly Likely
Likely to Recommend
0
10
PROMOTERS
DETRACTORS
Source Reichheld, F. (2006) The Ultimate
Question, Harvard Business School Publishing,
195
GE Capital Solutions (example)
  • GE is now using NPS (net promoter score) in all
    of its businesses
  • GE Capital Solutions Satisfaction Scale
  • How willing are you to recommend us to a friend
    or associate?
  • How would you rate our ability meet your needs?
  • How would you rate our people?
  • How would you rate our processes?
  • What is your impression of our market reputation?
  • How would you rate the cost of doing business
    with us?
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