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Growing The Trust Relationship

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fadi maksoud

on 22 October 2013

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Transcript of Growing The Trust Relationship

Relationships + Trust = Loyalty

Reading 8
Growing The Trust Relationship
Presented by :
Fadi Maksoud , Bernadette Kirwan, Ramy Georges , Daniel Hawa & Adam El-Zeini

introduction By The Artistic Director
Meet The Authors
The Geniuses behind The Article
Our Selected Critique Framework
The University Of New South Wales
Critique Framework
Conclusion
What was missing from the article ? ..... SOLUTIONS !!

strategies L'Estro Armonico have in place to maintain customer retention

1- create loyalty bonds
2- Building switching barriers
3- Reduce customer Churn
Agenda
Introduction of Orchestra
Background Information
Critique Framework
Fadi - Authors, aim , methodology
Ramy - what
Daniel - When
Adam - How
Conclusion
What is Our Aim


The main focus of this presentation is to encapsulate the author’s ideas and arguments into one key idea. We as a team have chosen to represent our ideas into a formula to make it easier for our fellow colleagues to comprehend.

Christopher W. Hart
President of a management & consulting and executive firm that specializes in helping clients strengthen and expand customer relationships within their work environment.
Authors Aim
To illustrate this formula

RELATIONSHIPS + TRUST
=
LOYALTY
Our Critique Framework
The University Of New South Wales Critique Framework

Other Alternatives we analysed:

- University of Michigan
- Mike Metcalf - University SA
- Australian advanced Nurse's critique for research methodology

Is a dean and professor at the school of hotel & administration at Cornell University
Ph.D in Behavioral Science & Marketing University of Chicago 1983
Michael D Johnson
Significance
&
Contribution
Relationships
+
Trust
=
Loyalty
Achieved
Contribution
Missing Elements
Methodology
Approach
Bias
Reliability
Analytical
Framework
Argument 1
Claims
Evidence
Conclusion
Problem
Claims
Evidence
Conclusion
Through the use of Examples and case studies the authors:

- Illustrate the idea of relationship Building

- Demonstrate the affects loyalty has on
organisations




Problems
Claims
Evidence
Conclusion
The authors contribution to the field creates a new way of understanding the underlying concepts that revolve around customer loyalty.

- Remedies
- Strategies
- Solutions
- Authors use a comparative approach
- use examples of every business scenarios that they claim to have encountered
- use examples of customer relations with employees to demonstrate how trust is a key element
- further their claims by using a
case study

- Article is not biased because it attempts to provide examples and case studies to contrast and justify Hart & Johnson's claims

- However there are NO references from external sources
- Only part reliable due to no references

- Although we are limited through the use of external sources the authors remain reliable in their own right on the basis of their credentials
The authors use a cultural analytical framework.

- The authors based their analysis on the culture of services to determine their arguments
Ramy

Daniel

Adam
what
Why
How
- Customer Satisfaction does not go far enough !
1- customer satisfaction is not the sole contributor to customer loyalty

2- Customer relationships that are built are not solely dependent on customer satisfaction

3- If satisfaction is the only service concept considered they will forever remain dissatisfied customers
- Support Hart & Johnson's idea of trust by claiming that there are other complementary elements to customer satisfaction

- They state that although customer satisfaction is essential to customer retention, they claim that the affects of trust are far more superior

- These emotional responses most often equate to positve word of mouth and retention

- Although successful service recovery may satisfy the cutomer it may not be possible to erase that bad experience and negative feelings the customer may have experienced in the initial service failure
Why Satisfied Customers Defect
By: Jones & Sasser Jr
Support ideas of trust by discussing the gulf between partially satisfied customers and completely satisfied customers and how it can "swallow a business"

Analyse the variables in relation to relationship building & tap into areas such as:
How to listen to customers
How to measure loyalty
How to use customer satisfaction info to better the trust relationship

Trust acts like a support barrier allowing customers to feel secure and comforted

The Impact of Customer Satisfaction
By: Hennig - Thurau & Klee
- State that in the context of relationship marketing, customer satisfaction is often viewed as a central element of customer retention.

- Intent : to develop a conceptual foundation for investigating the customer retention process (Customer satisfaction & Relationship quality)

- when there is trust, customers remain, if they remain
they remain Loyal !!!
Satisfaction for the longest time has been viewed as 'enough'. However this article and the interrelated sources reject this proposal by stating that yes satisfaction is important but there is one key service element not being considered; TRUST.
There is a GAP between what companies perceive a satisfied customer is and what a customer actually feels.

Service Gap?

1 -If there is GAP present within an orgnaistation then activities within the service will deplete, leading to a service failure followed by a lack of service TRUST.

2- Hart & Johnson have this idea that a no GAP policy equates to total trust within an organistation.






Due to external literature and surveys we can conclude that the removal of GAP's will lead to increased customer satisfaction and profits for the company
Multi-attribute models fall short

Specialisation vs Standardisation

Trust is essential

Specialisation is more profitable

One draw back

Initial value
Specialisation is more profitable in the long run than Standardisation

The Multi-attribute model assists in creating a standardised view of a service.
Relative importance of customer satisfaction
By:
Ranaweera & Prabhu
The role of personalisation in service encounters
By : Mittal & Lasser
• “Personalization concerns the service employee's manner of relating to the customer at a human level.”

Influence customer perceptions of service quality

Developing an intergrated vision of customer value
By: Landroguez, Castro, Cepeda-Carrion
• Customer value is seen differently by different parties.

• Subjectively by consumers -Not objectively by service providers

• Satisfaction of customers

Customer Satisfaction and Switiching Costs on E-Loyalty
By: Tong , Wong & Lui, Influence of Service Personalisation,
• The interrelationship amongst the variables of service personalization & customer Satisfaction

• Switching costs play an important role in customer retention

• Personalisation = Positive Impact
Why Satisfied Customers Defect
By: Jones & Sasser
- If a gap is removed, than the company will profit.

- If customers receive the level of service that they were expecting, then the Gap has been removed
Customer loyalty: The future of hospitality marketing
By: Shoemaker & Lewis.
- The GAP model is a perfect illustration of the shortfalls of a service organisations activities

- The removal of a service GAP leads to the removal of dissatisfied customers

How Bad Customer Service could Impact The Customer relationships with The Service Provider
The Gap Model
- Service Gap
- Knowledge Gap
- Standard Gap
- Delivery Gap
- Communication Gap
Loyalty Bonds
- Confidence benefits
- Social Benefits
- Special treatment Benefits
Switching Barriers
- Economical - Disadvantage
- Psychological - Emotional

Reducing Churn
- Analysis of customer defections
- Monitor declining accounts
1)Significance & Contribution
- Aim
- Achieved
- Contribution
- Missing Elements
2)Methodology & approach
- Approach
- Bias
- Reliability
- Analytical framework
3) Argument & Use of Evidence
- Problem
- Claim
- Evidence
- Conclusion
4) Writing Style & Text Structure
Full transcript