In essence, values are those principles that govern the existence, purpose and overall activities of an organization. Therefore, every organization is governed by certain principles that constitute its value (Cahill, 2006, 34). Value is a broad concept that underscores the inherent essence of an organization or in simple terms value underscores the organizational personality and moral fibre. As a result, value is of great importance in determining the efficacy of a corporation and has often been described as the key to organizational success in modern times. The evolution of organizations has witnessed a radical change in the priorities that govern organizational success. For instance, there was a time when quality was the core function of organizations and the success of Business Corporations was hinged on the capacity to deliver quality goods and services. During this time, most organizations primarily focused on quality parameters of their products and ignored the other considerations. Previously, the marketing concept defined organizational success as a function of marketing whereby an organization was successful only if it properly marketed its goods and services appropriately. The marketing concept was a quick replacement of the product concept that insisted on quality. In essence, the marketing concept implied that quality was not as important as marketing since customers buy goods on the basis of being persuaded and not on the basis of quality (Hurth, 2006, 8). The customer satisfaction concept, on the other hand, lays emphasis on the satisfaction of customers needs, fantasies and desires as the primary determinant of organizational success. This premise is based on the assumption that ‘customer is king’ which asserts the overall importance of customers in the success of organizations. Value could be the central pillar of organizational success depending on how value is defined and exemplified in the operations, objectives and activities of the organization. This paper aims at discussing the statement, Today, organizations need no longer concern themselves with service quality, satisfaction and customer loyalty – value is now the key to corporate success, to establish whether true or not. Argument-Value is the key to Corporate Success Contemporary organizations need no longer worry themselves with service quality, contentment and customer loyalty because the value is now the key to corporate success. Value is now the single most determinant of organizational success, and more emphasis ought to be laid on the development of organizational value (Lang, 2006, 37). Value is the essence of organizational success and since value determines the identity of an organization it plays a crucial role in developing a market niche for the firm. First is the aspect of organizational culture that incidentally underscores the governing concept of an organization
Running head: Marketing “Today, organizations need no longer concern themselves with service quality, satisfaction and customer loyalty – value is now the key to corporate success” Insert Name Insert Grade Course Insert 12 July 2012 Introduction “Today, organisations need no longer concern themselves with service quality, satisfaction and customer loyalty – value is now the key to corporate success.” I totally agree with this statement because value has become the common denominator for organizational success and today’s organizations ought to ignore the concept of value at their own peril…
The objective of this research was to obtain a comprehensive understanding of the factors existing in the Cayman Islands retail banking industry with regards to service quality and the level of customer satisfaction. With this concern, the major aspects such as technology advancements, corporate image, value, service quality and demographic features have been taken into consideration.
From the following research it can be comprehended that a look into literature proves that while service quality is something measurable and comparable, customer satisfaction is a more complex one which is influenced by perceptions of satisfaction and customer expectations along with quality.
Services provided or facilitated by a marketer are intangible activities or benefits such as financial advice, entertainment etc in exchange for money or some thing else valuable. Technology, innovation, facilities and entertainment are some of the common elements in the market that deliver some specific experiences to the customers and this explains why some experts (Kerin, Hartley and Berkowitz, 2005, p.
The author states that to regulate service delivery, supervisors tend to enforce procedures and rules on the staff to restrict their discretion and autonomy. These similar procedures and rules are envisioned to restrict the magnitude of service delivered for the client and the subsequent absence of customization.
The target set of customers (or beneficiaries) is the central strategic planning element to the business because it provides the organisation's primary focus in meeting financial objectives in the sales department (Financial Services Forecast World 2005).
This paper purports:
• To recognise the background, strategies and culture of service sector organisations
• To examine the importance of customer satisfaction and customer relationship in the present market scenario
• To determine the importance of service quality in relation to customer satisfaction
• To analyse the significance of branding in relation to customer satisfaction
The research paper consists of a brief introduction about the topic and the research question and the research objectives. It is then followed by a literature review on the concept of customer loyalty and customer satisfaction. Then in the next