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Adding customer value to your financial organisation for competitive advantage - Essay Example

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Adding customer value to your financial organisation for competitive advantage

These perceptions extensively influence their decisions on their interests to purchase from, work with, and market or support these companies. In the present competitive market and unpredictable economic environment, customer value may be an organization’s greatest asset – an aspect that makes a company to survive and beat their competitors in the market. Therefore, effective customer value is crucial to aid the company manage its public image by communicating and establishing strong relationships with other companies and stakeholders. This paper will investigate how Deutsche financial company in Australia can add customer value and importance of customer value in maintaining the competitive advantage of an organization. Additionally, it will investigate different ways of enhancing customer value to enhance the profitability of an enterprise. Background Customer value is an effective concept of marketing and business that aims at analyzing the customer satisfaction from the products and services provided. Customer value attempts to analyze the tendency that clients will turn out to be a permanent customer offering an ongoing organizational business. Our organization analyzes the value of customers to strengthen the customer base, investigate performance of product and effectively market products. The value of customer is a crucial means in which the board has always wanted to attain satisfaction of customer. The competitive nature of the business and government policy is an external issue that brings the issue before the board to increase the repeated purchase and increase the competitive advantage of the organization. Satisfaction of customers has been the main aim of the organization because of market saturation (Barnes, Blake and Pinder, 2009, p. 37). The board agrees that growth is mainly possible through market share attainment, from rivals. In addition, when clients perceive the value of customer to be extensive, they always share the experience and spread the public image of the organization via a word of mouth, leading to increased sales. The value of customer has occurred since the business world inception and customer loyalty is significant factor of business in various industries. Various 1990s studies have revealed that organizations can utilize value of customer to enhance the margin of business. Similarly, applied market literature suggests increased expectations for strategies of building loyalty. The theory of expectations-confirmation of satisfaction of customer suggests that satisfaction of customer about a service and product is centered on the expectations of the clients for such products, together with the expected product performance. The value of customer exploration tries to measure clients’ satisfaction; methods entail investigations about satisfaction or customer disconfirmation. Disconfirmation happens when expectations of customer differ from the possible satisfaction that products can offer. Negative disconfirmation suggests that services do not satisfy the expectation of the customers, while positive disconfirmation indicates customer expectations are met. Discussion Financial services is an increasingly developing worldwide industry and entails various products and services types such as those related to insurance, management of funds, banking, trading of securities and superannuation. Irrespective of the form of market, marketing role has a crucial popular significant theme – that is to create critical value of customer which is more effective over the available alternatives whereas at the same time establishing organizational value. Marketing ...Show more

Summary

Every company mainly relies on its reputation for success, existence and customer value.Clients,workforce,communication networks and regulators may have a fundamental effect;they all have crucial views concerning the companies they interact with every day…
Author : oleuschke
Adding customer value to your financial organisation for competitive advantage essay example
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