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6-3 Assignment: Adding Customer Value
QSO321
SNHU
CUSTOMER VALUE aa aa aa aa aa aa aa aa aa aa aa aa aa aa a aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa
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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
CUSTOMER VALUE aa aa aa aa aa aa aa aa aa aa aa aa aa aa a aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa
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understand the requirements of the services and offerings. As a result, the business owner
can 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.
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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 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.
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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/
