This article presents a conceptual model of customer value formation. This model rests on two dimensions, namely whether value is formed in the customer or provider domain and whether the value is individual or collective in nature. It challenges companies to consider customer context outside of customer-firm interactions as important sources of value creation for customers.
This paper seeks to understand the role of satisfaction and delight on customer loyalty. The authors hypothesize that one can forecast repurchase intentions by assessing the degree to which the customer’s expectations were met or greatly exceeded. There is substantial marketing research that suggests satisfaction and delight are two related, but distinct outcomes of a customer interaction. Satisfaction is the experience relative to expectations of the customer interaction, which leads to confidence and security. Delight is vastly exceeding expectations. It creates a sense of enjoyment from a customer interaction.
Strategic flexibility is the process of updating key strategies in a timely manner.This includes both enacting new resource commitments to adapt to the changing market conditions and halting and reversing existing commitments.
The start-up and early stages of growth and expansion of any new business is an exciting time to say the least: new opportunities, new challenges, and new risks. Successful businesses capture the opportunities, meet the challenges, manage the risks and, over time, grow to be a significant competitor in their market and industry.
I naively thought the process of turning strategy into results would be straightforward and simple. I have recently stepped into the directorship of the Center for Food and Agricultural Business, so I am using this review article in a very self-serving manner.
Michael Lewis (who wrote “Moneyball” and “The Big Short”) presents this terrific story of the friendship and academic rivalry between Daniel Kahneman and Amos Tversky. It is an easy read but provides a substantive context for the foundations of behavioral economics.
The author explores strategy as practice principles to identify five key principles that are capable of building great strategies. The five principles are value the ordinary, see past markets, embrace diversity, allow for the bottom up, and accept different forms of greatness.
Developing strategy is tough stuff. Because it is so difficult to do, many strategy documents turn out to be a “check the box – we got one” set of slogans that don’t really inform decisions and are difficult to implement. Consequently, the pithy strategy statement is not translated into real work, which is essential to improve the performance of the business. So how do we solve this dilemma?