Economics
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Busa 111 Chapter 11
Published: March 28, 2012
By: Frances Frei and Anne Morriss
http://management.fortune.cnn.com/2012/03/28/the-good-intentions-that-will-kill-your-business/
Our world is desperate for good service. Companies that get service right and have customer loyalty, (is the behavior of happy repeat customers. Many businesses encourage customer loyalty), see Southwest and Zappos are rewarded with profitable growth and devoted customers through customer relationship management, (is a widely implemented strategy for managing a company’s interactions with customers, clients and sales prospects), and companies that get it wrong are relentlessly punished. Bank of America's persistent presence at the very bottom of the rankings for customer satisfaction (is a measure of how products and services supplied by a company meet or surpass customer expectation) is one such example. Great service providers tend to over-deliver on the things their customers value, (An economic value is the worth of a good or service as determined by the market customer), most, and under deliver on the things they value least in their marketing plan, (A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan.). Patients at the Mayo Clinic can get same-day appointments, but in exchange for that exceptional access, they must give up control over which physician they see. It's a deal that anyone with an urgent, complex medical issue – Mayo's sweet spot – is more than happy to make.
Published: March 28, 2012
By: Frances Frei and Anne Morriss
http://management.fortune.cnn.com/2012/03/28/the-good-intentions-that-will-kill-your-business/
Our world is desperate for good service. Companies that get service right and have customer loyalty, (is the behavior of happy repeat customers. Many businesses encourage customer loyalty), see Southwest and Zappos are rewarded with profitable growth and devoted customers through customer relationship management, (is a widely implemented strategy for managing a company’s interactions with customers, clients and sales prospects), and companies that get it wrong are relentlessly punished. Bank of America's persistent presence at the very bottom of the rankings for customer satisfaction (is a measure of how products and services supplied by a company meet or surpass customer expectation) is one such example. Great service providers tend to over-deliver on the things their customers value, (An economic value is the worth of a good or service as determined by the market customer), most, and under deliver on the things they value least in their marketing plan, (A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan.). Patients at the Mayo Clinic can get same-day appointments, but in exchange for that exceptional access, they must give up control over which physician they see. It's a deal that anyone with an urgent, complex medical issue – Mayo's sweet spot – is more than happy to make.