Analyzing Product Efficiency: A Customer Oriented Approach

Journal of Retailing and Consumer Services, 2009

Perceived value has been analyzed from various perspectives, and a variety of typologies and dimensions have been suggested for the construct. Economic value is one of these types, which is posited in this study as being composed of two dimensions: efficiency and quality. Based on the typology of Holbrook [1999. Introduction to Consumer Value. In: Holbrook, M.B. (Ed.), Consumer Value. A Framework for Analysis and Research. London, pp. 1-28], the present study develops a conceptual framework and a measurement scale for these two components. The relationship between economic value and consumer satisfaction is also examined. The study also describes an empirical study that confirms the validity and usefulness of the proposed model. The results provide an operational tool for measuring economic value that will allow retailers to design suitable strategies for creating and delivering value to consumers. Furthermore, they demonstrate the usefulness of economic value as a concept in the study of consumer satisfaction.

Economy, Business and Uncertainty: New Ideas for a Euro-Mediterranean Industrial Policy, 2018

The concept of value has changed from being seen as simply a balance between benefits and sacrifices towards a process of interaction in which consumers and companies collaborate to create a joint value. The role of marketing is to help the company create value to its customers and to be superior to the competition. It is important to understand the concept of value, value for the client and creation of value for the client in order to analyze the situation of the Company and act strategically in order to be competitive. An alternative definition, proposed by Grönroos (2006), and rooted in marketing services and in the literature of industrial marketing is: Marketing is a focus on the client that pervades the processes and functions of organization and is oriented to make promises through value proposals, which allows the fulfillment of the individual expectations created by such promises; Meeting these expectations supports the customer's value-generating processes as well as the creation of value in the company.

Measuring Business Excellence, 2007

Purpose-The purpose of the paper is to develop existing tools or methodologies to measure customer value during acquisition and use, in such a way that the measures concurrently indicate the level of performance and more ''accurately'' identify the improvement opportunities. Design/methodology/approach-The producer is the entity that creates the products that the customers acquire or consume. This view makes the ''general agreement'' that customer value is nothing other than customer perception in the market no longer relevant. Therefore, ValMEA (Value Modes Effects and Analysis) offers a ''balanced'' perspective on customer value, by recognizing that customer value exists in different ''modes'' in different stages of the product's life cycle. The link between different ''modes'' of customer value becomes an important basis to understand the contributions of producer activities on customer value. Findings-Measuring customer value is necessary to capture the essential meaning of quality. However, the existing tools to measure customer value do not adequately manifest the concept of customer value itself. Therefore, the modification of these tools becomes the prerequisite to continuously improve quality performance. The measurement of customer value during acquisition and use is based on intangible aspects (cognitive judgement). Along the value stream, these measures are translated (transformed) into tangible aspects, which comprise aspects such as shorter lead-time, reduced defects, and lower costs. Originality/value-The customer value measures complement the existing methodology such as Six Sigma, Lean Production, and Quality Function Deployment (QFD).

2013

Journal of Modelling in Management, 2010

Purpose-Customer value has recently become a primary focus among many strategy researchers and practitioners as an essential element of a firm's competitive strategy. Many firms are engaged in some form of customer value analysis (CVA), which involves a structural analysis of the antecedent factors of perceived value (i.e. perceived quality and perceived price) to assess their relative importance in the perceptions of their buyers. Previous CVA research has focused upon using aggregate market or market segment level analyses. The purpose of this paper is to expose the limitations of implementing CVA on either an aggregate or market segment level basis, and propose an alternative individual level approach. Design/methodology/approach-The paper develops an extended hierarchical Bayesian approach for cross-sectional data with one observation per response unit, which allows for estimation at the individual firm level to make CVA more useful. This paper demonstrates the utility of the proposed Bayesian methodology involving a CVA study conducted for a large electric utility company. It also compares the empirical results from aggregate, market segment, and the proposed individual level analyses, and show how traditional approaches mask underlying price and quality importance. Findings-Marketing and management strategy researchers need to exhibit care when conducting such CVA analyses as underlying heterogeneity can be masked when aggregate market or segment level analyses are conducted. Originality/value-This paper provides a new hierarchical Bayes recursive simultaneous model formulation for CVA analyses to provide individual level insights with cross-sectional data.

SAGE Open

The buying of cars is an important decision that customers make. Consequently, customers in their attempt in ensuring that they get a good deal go a great length in providing their skills, knowledge, and ideas to effect the design and specifications of their purchase. In this context, the purpose of this article is to first, measure two antecedents of customer participation in value co-creation in terms of customer willingness and customer ability; second, to measure how co-creation translates into customer satisfaction; and finally to examine the moderating effect of both price fairness perception and service convenience on satisfaction. With this objective, empirical data were collected through the administration of questionnaires to customers of automobile buyers in 30 dealer shops in Ghana. The proposed hypotheses were tested using SmartPLS 3.2.6 to perform structural equation modeling. The results showed that the two antecedents (willingness and ability) positively influences c...

World Academy of Science, Engineering and Technology 60 2011, 2011

Nowadays, without the awareness of consumer behavior and correct understanding of it, it is not possible for organizations to take appropriate measures to meet the consumer needs and demands. The aim of this paper is the identification and prioritization of the factors affecting the consumer behavior based on the product value. The population of the study includes all the consumers of furniture producing firms in East Azarbaijan province, Iran. The research sample includes 93 people selected by the sampling formula in unlimited population. The data collection instrument was a questionnaire, the validity of which was confirmed through face validity and the reliability of which was determined, using Cronbach's alpha coefficient. The Kolmogorov-Smironov test was used to test data normality, the t-test for identification of factors affecting the product value, and Friedman test for prioritizing the factors. The results show that quality, satisfaction, styling, price, finishing operation, performance, safety, worth, shape, use, and excellence are placed from 1 to 11 priorities, respectively.

Journal of Business Research, 2007

Academic research has demonstrated that sound marketing capabilities allow a firm to create superior customer value. Moreover, academic research and business practice have shown that Marketing and Sales departments are jointly responsible for marketing activities. Although scholars have devoted very limited attention to the relationship between these two departments, overlooking the role that poor alignment between the two has on the firm's capacity to generate superior customer value would be an error. The present paper proposes a model of antecedents to superior customer value creation elaborating on literature that deals with marketing capabilities and Marketing-Sales relationship. More specifically, the authors hypothesize that a firm's long-term strategic orientation, effective Marketing-Sales relationship, the use of a direct sales force and customer-oriented salespeople positively affect superior customer value creation and market performance. The empirical research confirms all hypotheses with the exception of the impact of a direct sales force. examination of the relationships between retail work environments, salesperson selling orientationcustomer orientation and job performance. J Mark Theory Pract 2001;9:1-13 [Summer]. Bolton Ruth N, Lemon Katherine N. A dynamic model of customers' usage of services: usage as an antecedent and consequence of satisfaction. J Mark Res 1999;36:171-86 [May]. Brown Tom J, Mowen John C, Donavan Todd D, Licata Jane W. The customer orientation of service workers: personality trait effects on self and supervisor performance ratings. J Mark Res 2002;39:110-9 [February]. Carpenter P. Bridging the gap between marketing and sales. Sales Mark Manage 1992:29-31 [March]. Cespedes Frank V. Co-ordinating sales and marketing in consumer goods firms. J Consum Mark 1993;10(2):37-55. Chimhanzi Jacqueline. The impact of marketing/HR interactions on marketing strategy implementation. Eur J Mark 2004;38(1/2):73-98. Christensen Clayton M, Bower Joseph L. Customer power, strategic investment, and the failure of leading firms. Strateg Manage J 1996;17(3):197-218. Churchill Jr Gilbert A. A paradigm for developing better measures of marketing constructs. J Mark Res 1979;16:64-73 [February]. Churchill Jr Gilbert A, Ford Neil M, Hartley Steven W, Walker Jr Orville C. The determinants of salesperson performance: a meta-analysis. J Mark Res 1985;22:103-18 [May]. Colletti Jerome A, Chonko Larry B. Change management initiatives: moving sales organizations from obsolescence to high performance.

Journal of Innovation Management, 2014

The research presented in this paper proposes a novel quantitative model for decomposing and assessing the Value for the Customer. The proposed approach builds on the different dimensions of the Value Network analysis proposed by Verna Allee having as background the concept of Value for the Customer proposed by Woodall. In this context, the Value for the Customer is modelled as a relationship established between the exchanged deliverables and a combination of tangible and intangible assets projected into their endogenous or exogenous dimensions. The Value Network Analysis of the deliverables exchange enables an in-depth understanding of this frontier and the implicit modelling of co-creation scenarios. The proposed Conceptual Model for Decomposing Value for the Customer combines several concepts: from the marketing area we have the concept of Value for the Customer; from the area of intellectual capital the concept of Value Network Analysis; from the collaborative networks area we h...