This course suggests why companies should be customer centric. Customer centricity provides a number of competitive advantages including revenue growth and cost reduction. The key concept is customer lifetime value (CLV) For example, a typical household spends more than $500,000 over 15 years at nearby grocery stores. Customer centricity is important, but most organizations struggle to implement it properly. This is due to internal operations, processes, and most importantly, cost accounting systems. Since the industrial age, the cost accounting focus has been very product centric, and there needs to be a shift customer centric accounting. This course, taught by Professor Jagdish Sheth, 2020 Padma Bhushan Award winner for Literature and Education, offers videos, articles, and recommendations from senior industry leaders on how to successfully implement customer centricity.
Customer Centricity as Competitive Advantage - Jagdish Sheth
This course is part of Customer Centricity with Professor Jagdish Sheth Specialization
Instructor: Jagdish Sheth
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Skills you'll gain
- 4. Understand why a shift away the cost accounting system is crucial for creating a customer centric organization
- 3. Understand how processes and legacy systems are key obstacles to implementing customer centricity
- 1. Understand the economic value of customer centricity
- 2. Understand the cumulative value of customer loyalty
- 5. Understand why the role of chief customer officer must be created at the corporate level to coordinate and integrate activities across products and business units
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There are 3 modules in this course
With growing global competition and the commodification of products, it is important to develop and nurture customer loyalty. While loyalty programs such as airline frequent flyer programs are good, what is needed is the reorganization of the company from a product centric to a customer centric company.
What's included
12 videos3 readings2 assignments2 discussion prompts
Customer centricity, while very useful, is very hard to implement. Internal processes and turf wars create obstacles for reorganizing from a product centric to a customer centric organization.
What's included
20 videos2 assignments
The purpose of business is to create real value for its customers. Customers seek three main values: performance value, price value, and service value. Therefore, if you offer a superior product at a price lower than the competition in a customer friendly manner, you will become a market leader.
What's included
42 videos1 reading2 assignments1 peer review
Instructor
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Recommended if you're interested in Business Strategy
Fundação Instituto de Administração
ESSEC Business School
University of London
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