Running Head: CUSTOMER VALUE a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a 1
6-3 Assignment: Adding Customer Value
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CUSTOMER VALUE a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a 2
Added Customer Value:
In the present study, two customer-focused initiatives have been chosen, such as
monitoring customer satisfaction and product guarantees. Here, monitoring customer satisfaction
is important to add customer value. Basically, customers go for a product that they feel is
profitable for their use and decide to purchase it. The whole process of purchasing gets
completed with the delivery of the product, where a business can evaluate the satisfaction level of
the customer on a particular purchase. Usually, it is hard for a business to evaluate the customers’
value and satisfaction level as every customer has different kinds of requirements over the
product and services (Customer value and satisfaction: Discover 4 key differences. Magenest,
2021). However, it can be measured overall on different categorical studies. Apart from that, the
customer can get various offerings and deals or discounts to get satisfaction over their purchase.
On the other hand, the product guarantees are given to the customers by the businesses in
different ways, which includes a full refund of the purchase price, free replacement of the
product, free repair of a defective product or many others (Milano, 2017). If the customer is not
satisfied, then the businesses add customer value by offering them such product guarantees. In
the present scenario, the NationaliTeas company can adopt the two customer-focused initiatives
such as monitoring customer satisfaction and product guarantees to improve the business growth
in the further coming years.
Added Business Value:
First of all, customer satisfaction is to measures whether the product and the services of
the businesses are meeting up the demands of the customer or not. Here, maintaining or
monitoring customer satisfaction is very important because it enables the business owner to
understand the requirements of the services and offerings. As a result, the business owner can
CUSTOMER VALUE a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a 3
improve and implement new strategies to grow its business in the forecast period. Moreover,
monitoring customer services can add customer value to the business as it reduces the churn,
limits negative word of mouth, gives a point of differentiation, and grow customer lifetime value.
In addition, the business can get benefited from cheaper to retain subsisting users instead of
accounting for new customers (The importance of monitoring customer satisfaction. ISO Global,
2021). Likely, the added customer value can have a positive impact on the business of
NationaliTeas company as it can enhance the trust level among the consumers and improve the
customer satisfaction level.
Alternatively, the product guarantees help to add customer value that can have a positive
impact on the NationaliTeas company and its business because it will take care of the customer's
tastes and needs. If they are not happy with the quality of the tea and services, then they can get a
full refund of the purchase price, free replacement of the product, and many others.
Potential Resources:
In the present case of NationaliTeas company, the initiatives like customer satisfaction
can be completed by taking the feedback of the customers through emails, SMS, etc. Here, the
customer feedback can help to improve the quality of the tea product and overall services related
to the company. Moreover, the company can engage better skilled and experienced staff to serve
the tea product as well as it can engage 24/7 customer services to enhance the customer
experience. Likely, the large international corporation tea company can boost up the business
growth along with increasing customer satisfaction.
In support, the NationaliTeas company can take the initiative of product guarantee and
complete it successfully by providing the details of the product and its used materials in the
CUSTOMER VALUE a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a 4
product. Moreover, the company can involve better policies and warrantees that can ensure
clarity over the product, and the customer can get benefit out of it.
Monitoring and Evaluation:
The success of the two customer-focused initiatives, such as product guarantee and
monitoring customer satisfaction, can be evaluated on a quarterly or yearly basis to know the
growth of the NationaliTeas company. To monitor the success of these initiatives, the company
needs to give focus on the financial results views of the stakeholders, using assessment tools,
customer satisfaction level and others. For instance, the customer-focused initiatives will
evaluate the success firstly by educating the employees about the products and its company
policies. Another focus will be given to generating new ideas and innovation for the tea product
over the years. Accordingly, the company needs to discuss with the stakeholders regarding the
development of ideas and innovations for the product.
CUSTOMER VALUE a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a 5
References
Customer value and satisfaction: Discover 4 key differences. Magenest. (2021). Retrieved
February 9, 2022, from https://store.magenest.com/blog/customer-value-and-satisfaction/
Milano, S. (2017, November 21). What do product guarantees do to help sales? Small Business -
Chron.com. Retrieved February 9, 2022, from https://smallbusiness.chron.com/product-
guarantees-sales-40751.html
The importance of monitoring customer satisfaction. ISO Global. (2021). Retrieved February 9,
2022, from https://isoglobal.com.au/articles/monitoring-customer-satisfaction/
