Essay
Capstone Academic Skills
- Vak
- Academic skills
- Instelling
- Hogeschool Zuyd (HZ)
My capstone for the marketing specialization of the premaster. My grade was around 8.5, which was one of the highest grades of all capstones.
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Voorbeeld van de inhoud
The Positive Impact of Customer Focus on FinancialResults
Zuyd University of Applied Sciences
Faculty of International Business
Maastricht, June 10, 2018
Name
Marketing
Study: Premaster program
Lecturer: Mr Bertrand and Mrs Hobson
Writing Assignment: Capstone Paper
Word Count: 4566
Table of Content
,Marketing Relevance..................................................................................................................4
Measuring Marketing Performance.........................................................................................4
The Balance of Value Creation and Value Appropriation......................................................6
A Customer-focused Approach...................................................................................................7
The Contribution of Customer Focus on Effective Value Chain Management......................8
The Contribution of Customer Focus on Financial Results..................................................10
How to Build a Strong Customer Focus................................................................................13
Discussion & Conclusion..........................................................................................................15
References.................................................................................................................................18
Appendices................................................................................................................................20
Appendix A...........................................................................................................................20
Appendix B............................................................................................................................20
2
, Introduction
Customer focus is one of the key drivers of business success. Another important
business focus is a long term financial viability (Bleuel & Stanley, 2007). Does a company
achieve better financial results when it builds a customer-focused culture?
As today’s world is becoming more globally and digitally involved, customers have
higher expectations, prefer more choices, and are less brand loyal (Best, 2012). In the long
run, the survival of every business is at risk. The only constant is change, as customers,
competition and the environment will continue to change (Best, 2012). Businesses with a
customer-focused approach are in sync with customers’ needs, changing environmental
conditions, competitors’ strategies and arising technologies (Best, 2012). As a result,
businesses are becoming increasingly digitally remote and person-to-person contact is
becoming limited. As communication is multi-directional, from brand to consumer, consumer
to brand, and consumer to consumer, businesses should embrace the social consumer (Stokes,
2014).
Strong customer-focused businesses exceed their competition over the long term by
being consistent in the delivery of high customer satisfaction, as well as realizing higher
profits over the short term (Rust et al., 2012). Businesses with a focus on customers create
higher customer value. Additionally, customer loyalty is used to create greater profits and
higher shareholder value within these companies (Best, 2012).
Although there still seems to be some reluctance within businesses to embrace a
customer-focused approach (Bleuel & Stanley, 2007), this paper demonstrates that a
customer-focused approach has a positive effect on the financial results of businesses.
Significant evidence shows that a customer-focused strategy does have financial benefits
(Bleuel & Stanley, 2007). If firms take their eyes off consumer satisfaction, these firms will
suffer not only in the market place, but also financially (Bleuel & Stanley, 2007).
3
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