Relationship Between Customer Satisfaction And Loyalty Business Essay

Relationship Between Customer Satisfaction And Loyalty Business Essay Customer loyalty is an emotional rather than a rational thing. It is typically based on customer interest in maintaining a relationship with one organization. Often, customer interest is created and maintained through one or more positive experiences which lead to a relationship. Relationship is built on trust the most important thing to remember about trust is that without it, one have no relationship. This applies to all human situations, not just the customer service environment, for customers to continue long business with one and ones organization, trust has to be earned, and it does not happen overnight. Only through continued positive efforts on the part of everyone in organization can anyone demonstrate to customers that one can be worthy of their trust and thereby positively affect customer retention. Through actions and deeds, one must deliver quality products, services, and information that satisfy the needs of ones customers. Even when one wins trust, it is very fragile. And inappropriate one, a missed appointment, failure to follow through on a promise, a lie, of misleading statements to a customer are just some of the ways one can destroy trust quickly. (Robert W. Lucas, 2005, p.318) Customer satisfaction In general, satisfaction is a persons feelings of pleasure or disappointment resulting from comparing products perceived performance (or outcome) in relation to his or her expectations. If the performance falls short of expectations, the customer is dissatisfied, if the performance matches the expectations, the customer is satisfied, if the performance exceeds expectations, and the customer is highly satisfied or delighted. Relationship between customer satisfaction and loyalty The link between customer satisfaction and customer loyalty is not proportional suppose customer satisfaction is rated on a scale from one to five, at a very low level of customer satisfaction (level one), customers are likely to abandon the company and even bad mouth it. At levels two to four, customers are fairly satisfied but still find it easy to switch when a better offer comes along, at level five, the customer is very likely to repurchase and even spread good work of mouth about the company. High satisfaction or delight creates an emotional bond with the brand of company, not just a rational preference. For example, Xeroxs senor management found out that its completely satisfied customers are six times more likely to repurchase Xerox products over the following 18 months than its very satisfied customers. (Philip Kotler, Keven Lane Keller, 2003 p.60) Up to Level four there is a chance of customer to leave the brand but from level five customer satisfactions is proportional to the customer loyalty The disloyalty at current rates would stunt the corporate performance by 25 to 50 percent, and sometimes even more, by contrast, the business enterprises that concentrate on finding and retaining good customers, productive employees and supportive investors still continue to generate superior results the loyalty factor remains one of the day elements in the success of a business enterprise. In fact, the principles of loyalty and business strategy. Loyalty Effect In simple terms, loyalty is best defined as a state of mind, a set of attitude, beliefs, and desires. Most of the companies benefit from the customers loyal behavior, which is an end-result of the positive state of mind shown by the business enterprises in serving their customers. To make customer loyal to the product company should focus on some significant things. Consumers can be divided into steps of a ladder. More marketing effort should be given for the people on the top step of the ladder. These kinds of peoples are who are more likely to spend huge money for the product. (Shahjahan, 2004, p.125) Profitability of the Loyal Customer Several reasons could be pointed out to show why the loyal customers repurchase a high proportion of their needs from the same source are much more profitable. Lower costs of service The loyal customers are easier and cheaper to service. Since they are familiar with the products and services, because they would not have as many questions are less likely to make mistakes, and would have adjusted their behaviour to simplify their relations with the supplier. Increased purchases: The loyal customer tend to buy more as the time progresses, either because they learn about part of the product line of they give a higher proportion of their spending to the favoured source. Less price Sensitivity: They tend to become fewer prices sensitive and may pay a premium. Al the relationship strengthens over time, they are less susceptible to the competitors appeal, and since they are satisfied by what they are receiving from the enterprise, they are prepared to pay more. Favorable word of mouth: Finally, the loyal buyers are more likely to pass on favourable recommendations to others who also tend to be higher quality prospects. This helps in reducing the high costs of new customer acquisition. Sustainable Advantages: Another reason for the rising interest in the market relationship is the durability factor involved in a committed relationship. In fact the proper chemistry of positive relationship is hard to understand copy or displace, this is a persuasive argument, in cases where the product-based advantages are short-lived and new competitors are posing challenges on all sides. Furthermore, with network technologies that could enable the addressability, interactivity and demand chain coordination, business firms are currently better equipped with both the motive and means for moving closer to their customers. (Shahjahan, 2004, p.126) Degree of Loyalty The degree of customer loyalty varies among three levels (Shahjahan, 2004) Overview of Nestlà © company Nestlà © is the worlds largest food and beverage company, founded and headed puartered in vevey, Switzerland. It employs in excess of 250,000 has almost 500 factories situated in around 90 countries and its products are on sale everywhere. It has contract with many co-manufactures, some of whom wouk exclusively for Nestlà ©. In recent years, Nestlà © has focused on becoming a nutrition, health and wellness company through its existing brands and knew acquisitions. The Nestlà © brand portfolio covers practically all food and beverage categories, milk and dairy products, nutrition (infant, healthcare, perfomadnce and weigaht management), ice cream, breakfast cereals, coffee and beverage, culinary products (prepare dishes, cooking aids, sauces, etc.) chocolate, confectionery, pet care, and bottled water. Many brands have category leadership, both globally and in local markets. The best known global brands include Nescafe, Nesta Maggi,Buitoni Purina, and, of course Nestlà © itself. In 2007, Nestlà ©s revenues exceeded 107 billion Swiss France (about 100 billion USD at prevailing exchange rates) Nestlà © is run as a decentralized group of companies which foster and rely on organizational learning within the Group. Headquarters provides leadership, guidance, and consultancy to the regional and local organizations. Central competence units identify opportunities within market and Business and assist local management in improving business performance. Supply chain management Organization Corporate operation- Supply Chain is one of the corporate functional units hosted at Headquarters and is responsible for Global Supply Chain Strategy Governance Best Practices Compliance Market Assistance and Guidance, and Reporting Standards and Guidance, and Reporting Standards and Guidance (http://books.google.co.uk/books?id=L8nLFFt5G1MCpg=PA180lpg=PA181ots=8_SlcjIvPDdq=Nestlà ©+companies+chain+management+system#v=onepageqf=false) Contribution to the society as a part of corporate Social Responsibility As the part of corporate social responsibility Nestlà © took parts in the sixth Womens Forum Global Meeting on October 21, 2010 and deliver their opinion to the discussion and exchanged ideas on important social and economic issue. Participation in many Seminar On world Development Issue Nestlà © took part both the sponsorship and various debates, brainstorm meeting and session highlighting on this years theme change; make it happen. On combat against malnutrition On Thursday, October 15.  Paul Bulcke, Nestlà © CEO, deliver a keynote speech about how to combat malnutrition during changing in Global health. On how to become successful in green revolution to ensure food security Nestlà © also took place another brainstorming session highlighting on how can Africa succeed in its green revolution against the challenges of food security on the continent. What are the potential obstacles, political, social, environmental and ethical, and how can these be overcome? On how to decrease gender discrimination Nestlà © also participated in the forum and highlighted about gender balance in order to promote the environment, culture and leadership to facilitate a balanced gender mix. of activities Nestlà © tried to transfer that their objective of doing business is not only create value for the shareholder but also for society at large. Presenting new pump: Nestlà © presented a new water pump to the community of Deputekro in Cà ´te dIvoire to ensure safe drinking water to the community. On September 18 in the Deputekro village 40 kilometers from the countrys capital Yamoussoukro Nestlà © donate this. Previously the villagers had to collect clean water from two hours journey distance but now around 400 members can collect this from around their area. Providing huge amount of coca seeds During the crop season of coca in this year Nestlà © has given premium of 300 tonnes of good quality coca. Nestlà © keep on donating to the organizations work for people nutrition and safe drinking water. As the part of this activity they donate 1.5 million to the International Federation of Red Cross (IFRC) over the next three years in order to improve access to clean water in plantations and basic sanitation in rural schools. (http://www.Nestlà ©.com/MediaCenter/NewsandFeatures/AllNewsFeatures/New-water-pump-in-Cote-dIvoire-to-sustain-The-Cocoa-Plan.htmheath) Good Food, Good Life is main strategy of Nestlà © Nestlà © strategy directs its Nutrition, Heath, and wellness. Their motive is to make aware people about their healthy choices of food and beverage.(http://www.Nestlà ©.com/NutritionHealthAndWellness/Introduction/NutritionHealthAndWellness.htm) Nestlà ©s goal is not only make consumer life more pleasurable by providing tasty food but also make their life healthy by providing nutritious food. Reference Book Philip Kotler and Keven Lane keller (2003) Marketing Management, 11th Edition, Pearson education publication, India, p60-p88 Robert, W.Lucas (2005) customer service, 3rd Edition, Mc Graw Hill Irwin, India, p318-p322 Shahjahan (2004) Relationship Marketing, Tata McGraw Hill 2nd Edition, p125-p135 Building customer satisfaction, value and retention Internet http://www.nestle.com/ (20 October 2010) Women Welfare (17 October 2010) http://www.nestle.com/MediaCenter/NewsandFeatures/AllNewsFeatures/Nestle-presence-at-the-2010-Womens-Forum-Deauville.htm Giving water plan as a corporate social responsibility(12 October 2010) http://www.nestle.com/MediaCenter/NewsandFeatures/AllNewsFeatures/New-water-pump-in-Cote-dIvoire-to-sustain-The-Cocoa-Plan.htm Heath (20 April 2010) http://www.nestle.com/InvestorRelations/Events/AllEvents/NHS.htm Nestle nutrition and health (22 October 2010) http://www.nestle.com/NutritionHealthAndWellness/Introduction/NutritionHealthAndWellness.htm Research and development (20 October 2010) http://www.nestle.com/NestleResearch/NestleResearchHome.htm Supply chain management (17 April 2010 ) http://books.google.co.uk/books?id=L8nLFFt5G1MCpg=PA180lpg=PA181ots=8_SlcjIvPDdq=Nestle+companies+chain+management+system#v=onepageqf=false

Internship with Credit Analysis

Met people from different departments, asked on the Job they perform. I and another trainee passing internship in ORBS had an Introductory meeting, where our supervisors explained Bank structure, its goals and objectives. . During the whole period of internship in Retail Unit, I have learned a lot about the RAM, about Bank products, on how to find potential customers, how to keep them loyal to the Bank, what procedures and legal documentation to set the deal. I was introduced to Asset Sales and RAM work. Worked under the supervision of Senior Relationship Manager, observed the working processes of other units: Customer Service Unit (CSS), Sales Department and Retail Transfer Operations.Assisted on indoor meeting, as well as on meetings with clients, worked on client base, learned how managers evaluate credit risk RAM – is a relationship Manager, who's main responsibilities are client search and client support. Now I have realized that in any organization, as well as in the ban k, customer relationship is very important, as I would like to say, RAM is the first step of all major banking operations. 3. Remained time I conducted in Corporate Department. Assisted on evaluation of the credit risk analysis of the company, under the supervision of employees. Learned how to make a credit risk analysis: consolidated balance sheet analysis with all ratios required, market analysis.Benefits to the Student: great opportunity to learn and practice in the sphere of finance and banking business ; learn how to use financial modeling in practice ; life experience of working with real financial documents ; work in the real business environment, under the time pressure The colleagues showed high cooperation in sharing their experience and deep knowledge in the operations of ORBS. The skills and theoretical knowledge acquired on the finance courses in SKIMP was of great value, and I found them very effective in performing my duties and responsibilities. The main difficulty f aced during the internship process was the Iterance AT languages AT study (Engel's) Ana ten language AT ten company's documents and operations (Russian).However, this was not a big obstacle because my colleagues helped me to understand and learn the translations and meanings of Russian financial and accounting terms. This internship gave me such benefits as real life banking experience, new skills. I have seen the operations of the bank from different points, I've been in different departments during the internship, get accustomed to the variety of Jobs in the Bank, learned the structure, the culture, the goals and objectives. I learned how to evaluate credit risk of both private and corporate customers. Recommendations and suggestions: I would recommend students to take an internship instead research projects or substitute courses, in order to have a working experience before the graduation that will help them more easily get into gear.

Journey to Manhood… An Analysis of “Do You Fear the Wind”

After reading â€Å"Do You Fear the Wind†, I immediately thought of a father talking to his son about becoming a man. This particular talk appears to focus on being strong, facing one's fears, and fighting one's own battles. The persona appears to be trying to educate someone on masculinity. There is an underlying theme of strength that is prominent throughout the poem. The poet, through language, imagery, and use of poetic metre, contributes to this theme by having the persona command the addressee to embrace his masculinity and â€Å"walk like a man†. Throughout the poem, the persona uses strong language when he is speaking. It is almost as if he wants to frighten his addressee. The comfortable atmosphere that is expected when one is at home talking to one's parents is not evident here. There are no soft gentle tones, or kind words of encouragement. Instead, there is this gruesome display of harsh, brutal language, and eccentric commands. It is almost frightening how the addressee is expected to obtain such warrior-like qualities in his quest for manhood. He is supposed to â€Å"slash†, â€Å"fight†, use â€Å"force†, and â€Å"be savage†. The poet, in his choice of words, inadvertently reveals his belief in the qualities that a ‘real man' should possess. The persona continues his harshness in the command, â€Å"Go wade like the crane.† It is difficult to imagine why someone would tell another person, under any circumstances, to â€Å"go wade like the crane†, but it is possible that the poet is alluding to the aggressive nature of the crane. The crane is a very intrepid bird with elaborate courting displays. Cranes are also known for their pride, as they fly with their necks outstretched rather than pulled back. The poet also uses vivid imagery throughout the poem to contribute to its theme. He creates a stormy atmosphere with the â€Å"force of the wind† and the â€Å"slash of the rain†. He, then, equates going â€Å"hungry and cold† with masculinity. The persona apparently associates being masculine with being a savage beast. Incidentally, he instructs the addressee to become animalistic and obtain certain qualities of a â€Å"wolf†. In order to be clearly understood, the persona informs the addressee that becoming a man will be no easy task. He will encounter obstacles along the way. There will be times when his â€Å"palms will thicken† and â€Å"the skin of his cheek will tan†. It is easy to picture a bloody, dirty, exhausted man returning from war in the line, â€Å"You'll grow ragged and weary and swarthy.† He may get battered and bruised, but he must persevere because the juice of this prize is worth the squeeze he must execute. The poet also contributes to the theme through his use of poetic metre. Unlike the flowery, feminine traits of iambic pentametre, common in sonnets, the poem consists of only dimetre (lines containing two feet) and trimetre (lines containing three feet). All of the lines in the poem are short and abrupt. The metre helps to create the sense of rigidity that is implied in the tone of the poem. Lines three and seven of the poem contain amphibrach foot. Amphibrach is a Greek word meaning short on either side. The poet suggests, through metric foot, that the addressee should not be cowardly, but fight back. All of the lines in the poem, with the exception of line three, contain anapestic foot. Anapest is a Greek word meaning struck back. The persona in the poem teaches a valuable lesson about embracing one's fears and subsequently overcoming them. Nothing is promised in life, and anything that is worth having is worth the struggle necessary to obtain it. It is important to understand that the challenge does not lie in never being in fear, but in learning that fear can be conquered. It will not always be easy and it may sometimes seem impossible. However challenging and tiring it may seem, one must persevere. The gratification one gets is summed up best in the lines, You'll grow ragged and weary and swarthy, But you'll walk like a man.

Ludwig Van Beethoven, The Man Who Changed Music - 1003 Words

Bailey Selwitschka’s NEWSLETTER December 4, 2015 Ludwig Van Beethoven, The man who changed music Biography Ever since childhood, Beethoven has loved music. He claims that his father used to teach him, at a young age, every day and night upon returning home. Beethoven reigns from a house of seven children, though sadly, only three boys survived, of whom Beethoven was the eldest. Beethoven’s father was a renowned musician at the court of Bonn, and he had a slight drinking problem. While on the other hand Beethoven’s mother was softer, more gentle, and kind-hearted. Beethoven’s first ever performance was at the age of 6, actually 7  ½ but his father claimed his age as 6, at Cologne on March 26th 1778. His father, though, had limited knowledge to teach Beethoven, so â€Å" Soon Ludwig learned music, notably the organ and composition by renowned musicians such as Gottlob Neefe. Neefe recognized how extraordinarily talented Beethoven was and not only did Neefe teach him music, but he made the works of philosophers, ancient and modern, known to Beethoven as well.†(1 ) Beethoven wasn’t even 12 when he published his first work in 1782 called â€Å"9 variations in C minor for piano.† In 1784, Ludwig would make many friends including but not limited to, The Ries and Von Breuning families, Karl Amenda, and Elenore, after becoming organist of the court of Maximillian Franz, courtesy of Gottlob’s recommendation. In 1787,Show MoreRelatedComposer Report: Ludwig Van Beethoven Essay1359 Words   |  6 PagesComposer report: Ludwig van Beethoven On 17 December 1770, Ludwig van Beethoven was born. He was an amazing and great classical musical composer. He is known for being the most famous composer of the classical and romantic periods of music. According to the â€Å"Enjoyment of Music† manual, Beethoven was born in Bohn, Germany. His father, with his grandfather, was the two singers at the court of a local prince, Friedrich Max. (Forney and Machlis 197). Beethoven began to take an interest in music from an earlyRead MoreLudwig Van Beethoven, Composer Of All Time, And For Good Reason1459 Words   |  6 PagesLudwig van Beethoven is perhaps the most well known composer of all time, and for good reason. Born in the Classical era, Beethoven composed music that people could connect to and feel in a way that they had never experienced before. Beethoven was a great musical innovator as a result of his work as a composer, his assistance in the transition from the Classical era to the Romantic era of music, and his famous Ninth Symphony. Ludwig van Beethoven was born on either December 16th or 17th in the yearRead MoreLudwig van Beethoven Essay952 Words   |  4 Pagesclassical music period. Ludwig van Beethoven was one of the composers, along with other greats of the time like Haydn and Mozart, which helped to create a new type of music. This new music had full rich sounds created by the new construction of the symphony orchestra. Ludwig van Beethoven was born in the town of Bonn, Germany on December 16 of 1770. Bonn is located in western Germany on the Rhine River. Beethoven showed an affinity for music at an early age. His father, Johann, taught Ludwig toRead MoreThe Music Of Ludwig Van Beethoven900 Words   |  4 PagesLudwig van Beethoven All throughout music history lived many composers that have impacted not only the societies in which they have lived in, but modern-day society as well. These particular composers have given many societies the chance to listen, feel and express themselves through music and instruments that were invented centuries ago that still remain essential components of music today. One example of a composer that changed the music world drastically was a man by the name of Ludwig van BeethovenRead MoreLudwig Van Beethoven : The First Four Notes1432 Words   |  6 PagesLudwig van Beethoven Do you think you could identify a composer’s work is the first four notes of their piece? A note sequence of short, short, short, long describes one of the most iconic classical symphonies of all time. For most people in the world this German composer has made that possible with the amount of success he achieved in his career. This composer has influenced generations of music makers and listeners from the 1800’s to today. Undoubtingly one of the most influential, well-knownRead MoreThe Music Of Ludwig Van Beethoven1739 Words   |  7 PagesThroughout the course of history there has never been a more influential, creative and versatile composer as Ludwig Van Beethoven. If not for his ability to expand the way in which music is created, played and heard, current music would lack the polyphonic sound that is needed in order to create texture and depth. Beethoven is believed to be purely a classical composer. However, to the contrary he can also be considered purely romant ic. His compositions consisted of a form that was never heard beforeRead More Beethoven Essay2971 Words   |  12 Pagessuffering, pure and profound, enters as an integral part into Beethovenamp;#8217;s greatest work, that helps to give that work its unique place in the minds and hearts of men.;(Marek, 634) These words of compassion come from J. W. N. Sullivan during Ludwig van Beethovenamp;#8217;s funeral. They express the regret and sense of loss felt by people all over the world as they caught news of his end. Beethoven was and is a cornerstone for music of all kinds in that he combined new color, imagination, structureRead MoreThe Classical Period Of The Baroque Era1799 Words   |  8 Pagesmovement happening within the work. Those who lived in the Classical time period, valued simplicity and wanted to return to the ideals of the Greeks. Therefore, the Classical time period is characterized by clear structural clarity, simplicity, smoothness, and symmetry. However, though the works took a step back from the grand movement of the Baroque era, the composers and artists of the Classical time period did lay out a tuneful and elegant style in their music and art. Out of the Classical era cameRead MoreMozart vs. Beethoven Essay1275 Words   |  6 PagesMozart vs. Beethoven Paper 3/21/12 Mozart vs. Beethoven In the 18th century, the middle class made a lot more money. During the Classical Period, the middle class had a tremendous influence on music. They wanted to hear concertos and symphonies. They wanted their children to learn great music and play instruments. The composers began writing music that was geared towards the middle class because they could make a better living if they enjoyed the music being played. They wrote music that wasRead MoreThe Music That Changed The World1797 Words   |  8 Pages Beethoven Edgar Gallegos South Piedmont Community College There are have been many composers are there will be new composers that will come in time and they will have their different ideas. They come from many places and many different time periods. And they all have their different styles like we do know.Today’s music is very strange as it has different styles rhythms and totally different instruments. For example the techno music that is being played today. There are no instruments