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Part 6

Part 6. THE BIG PICTURE: CLOSING ALL THE GAPS. Chapter. The Financial and Economic Impact of Service Quality. 17. Examine the direct effects of service on profits. Consider the impact of service on getting new customers. Evaluate the role of service in keeping customers.

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Part 6

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  1. Part 6 THE BIG PICTURE: CLOSING ALL THE GAPS

  2. Chapter The Financial and Economic Impact of Service Quality 17 • Examine the direct effects of service on profits. • Consider the impact of service on getting new customers. • Evaluate the role of service in keeping customers. • Examine the link between perceptions of service and purchase intentions. • Discuss what is known about the key service drivers of overall service quality, customer retention, and profitability.

  3. Objectives for Chapter 17:The Financial and Economic Impact of Service • Examine the direct effects of service on profits. • Consider the effect of service on getting new customers. • Evaluate the role of service in keeping customers. • Examine the link between perceptions of service and purchase intentions. • Discuss what is known about the key service drivers of overall service quality, customer retention, and profitability. • Present a model called the balanced performance scorecard that allows for a strategic focus on measurements other than financials.

  4. Figure 17.1The Direct Relationship between Service and Profits ? Service Profits

  5. Figure 17.2Offensive Marketing Effects of Service on Profits Profits Service Market Share Sales Reputation Price Premium

  6. Figure 17.3Defensive Marketing Effects of Service on Profit Costs Margins Volume of Purchases Customer Retention Service Price Premium Profits Word of Mouth

  7. Figure 17.4Perceptions of Service, Behavioral Intentions, and Profits Costs Margins Volume of Purchases Customer Retention Behavioral Intentions Service Price Premium Profits Word of Mouth Sales

  8. Figure 17.5The Key Drivers of Service Quality, Customer Retention, and Profits Key Drivers Service Encounters Service Encounter Service Encounter Service Quality Behavioral Intentions Customer Retention Profits Service Encounter Service Encounter

  9. Figure 17.6 Sample Measurements for the Balanced Scorecard Financial Measures Price Premium Volume Increases Value of Customer Referrals Value of Cross Sales Long-term Value of Customer Customer Perspective Operational Perspective Service Perceptions Service Expectations Perceived Value Behavioral Intentions: Right first time (% hits) Right on time (% hits) Responsiveness (% on time) Transaction time (hours, days) Throughput time Reduction in waste Process quality Innovation and Learning Perspective % Loyalty % Intent to Switch # Customer Referrals # Cross Sales # of Defections Number of new products Return on innovation Employee skills Time to market Time spent talking to customers Adapted from: R.S. Kaplan and D.P. Norton, “The Balanced Scorecard—Measures That Drive Performance,” Harvard Business Review, January-February 1992.

  10. Service Quality Spells Profits Costs Margins Defensive Marketing Volume of Purchases Service Price Premium Customer Retention Profits Word of Mouth Market Share Sales Offensive Marketing Reputation Price Premium

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