Managing Customer Relationships to Achieve Growth and Profitability
Business success is founded on cocreation: creation of service experiences that build the customer’s relationship with the organization, thereby creating cash flows to the organization. Customer experiences build strong relationships between an organization and its customers, creating customer loyalty and switching costs, which (in turn) makes the organization more effective and efficient. For example, Starbucks was able to achieve a financial turnaround in 2009 by leveraging these linkages. Innovations and improvements in Starbucks’ service led to a more appealing customer experience, which revitalized relationships with potential and existing customers, thereby generating ...
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