Internationalization Plan - How can UniPlaces improve its customer acquisition strategy in the London market?

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Az ügyfélszerzési mód hatásának vizsgálata a vevőelégedettségre és a lojalitásra a szervezeti piacon (Analyzing the impact of the customer acquisition mode to the customer satisfaction and loyalty on the corporate market – assessing the effect of recommendation with applying structural equation modelling)

A kutatás célja a marketingeszközök hosszú távú hatásának pontosabb megértése szervezetközi viszonylatban a vevőértékelési modellek egyik nehezen számszerűsíthető tényezője, az ajánlás hatásának vizsgálata által. A hatások elemzésére a strukturális egyenlőségek módszerét (Structural Equation Modelling) alkalmazta a szerző. Rámutatott, hogy az ajánlással szerzett ügyfelek elégedettebbek, lojálisabbak és gyakrabban ajánlják a vállalatot a más módon szerzett ügyfeleknél. Az összefüggések feltárása és bizonyítása különösen az ajánlás kumulatív hatása miatt jelentős. Az eredmények gyakorlati alkalmazásával lehetőség nyílik az ügyfélkör differenciáltabb, értékalapú szegmentációjára, amely pontosabb célcsoport-meghatározást lesz lehetővé, és hosszú távon hozzájárul a vállalat optimális ügyfélportfóliójának kialakításához. ______ The research is aimed at more precise understanding of longterm effects of marketing tools in business to business relations by analysing the impacts of recommendation potential, one of the hardly measurable factors of customer value concept. Structural Equation Modelling is applied for conducting effect analysis. The results show that customers acquired with recommendation are more satisfied, more loyal, and make more recommendation that other customer. These results are more interesting if we take the cumulative effect of recommendation in account. They provide bases for a more differentiated segmentation of customers, which results in a more accurate identification of target groups. In the long-run, the application of the customer-value concept considerably contributes to creating an optimal customer portfolio for companies.

Profitable Customer Management: A Study in Retail Banking

The increasing focus of relationship marketing and customer relationship management (CRM) studies on issues of customer profitability has led to the emergence of an area of research on profitable customer management. Nevertheless, there is a notable lack of empirical research examining the current practices of firms specifically with regard to the profitable management of customer relationships according to the approaches suggested in theory. This thesis fills this research gap by exploring profitable customer management in the retail banking sector. Several topics are covered, including marketing metrics and accountability; challenges in the implementation of profitable customer management approaches in practice; analytic versus heuristic (‘rule of thumb’) decision making; and the modification of costly customer behavior in order to increase customer profitability, customer lifetime value (CLV), and customer equity, i.e. the financial value of the customer base. The thesis critically reviews the concept of customer equity and proposes a Customer Equity Scorecard, providing a starting point for a constructive dialog between marketing and finance concerning the development of appropriate metrics to measure marketing outcomes. Since customer management and measurement issues go hand in hand, profitable customer management is contingent on both marketing management skills and financial measurement skills. A clear gap between marketing theory and practice regarding profitable customer management is also identified. The findings show that key customer management aspects that have been proposed within the literature on profitable customer management for many years, are not being actively applied by the banks included in the research. Instead, several areas of customer management decision making are found to be influenced by heuristics. This dilemma for marketing accountability is addressed by emphasizing that CLV and customer equity, which are aggregate metrics, only provide certain indications regarding the relative value of customers and the approximate value of the customer base (or groups of customers), respectively. The value created by marketing manifests itself in the effect of marketing actions on customer perceptions, behavior, and ultimately the components of CLV, namely revenues, costs, risk, and retention, as well as additional components of customer equity, such as customer acquisition. The thesis also points out that although costs are a crucial component of CLV, they have largely been neglected in prior CRM research. Cost-cutting has often been viewed negatively in customer-focused marketing literature on service quality and customer profitability, but the case studies in this thesis demonstrate that reduced costs do not necessarily have to lead to lower service quality, customer retention, and customer-related revenues. Consequently, this thesis provides an expanded foundation upon which marketers can stake their claim for accountability. By focusing on the range of drivers and all of the components of CLV and customer equity, marketing has the potential to provide specific evidence concerning how various activities have affected the drivers and components of CLV within different groups of customers, and the implications for customer equity on a customer base level.

The impact of online promotional efforts on customer acquisitiom and retention at continente.pt

Continente Online (COL) is the market leader of online grocery retailing in Portugal. Aiming at sustaining this position, it has been focusing its promotional efforts in acquiring and retaining customers. This report intakes an extensive study on the impact of COL’s exclusive promotional efforts (free delivery offers and ten percent discounts on loyalty card) on customer acquisition and retention, as well as, a cost analysis on these offers. Two econometric models were developed and the results were interesting. It was concluded that free delivery offers have a significant impact both in terms of customer acquisition and retention, having also a lower cost in comparison with ten percent on loyalty card discounts.

Analytics for customer engagement

In this article, we discuss the state of the art of models for customer engagement and the problems that are inherent to calibrating and implementing these models. The authors first provide an overview of the data available for customer analytics and discuss recent developments. Next, the authors discuss the models used for studying customer engagement, where they distinguish the following stages: customer acquisition, customer development, and customer retention. Finally, they discuss several organizational issues of analytics for customer engagement, which constitute barriers for introducing analytics for customer engagement.

O luxo, as mulheres e as relações públicas: entendendo o consumo de valores

This work aims to study the luxury and discuss their applications in business, through the vision of a public relations professional. The author believes that luxury is based on high product quality at all stages that involve the co nsumption of this, and public relations professional is able to show how to use because it is trained to recognize and communicate with the most different audiences. Therefore, understanding the concept of luxury not only as a market, but guiding values in contemporary society, and from this concept of questioning, seeking to apply it, becomes, as proposed in this paper, a goal for any company want to keep the market through customer acquisition

Transkulturelle Handlungsstrategien und Vertrauensbildung im internationalen Tourismus : eine Untersuchung von Tauchbasenbetreibern in Ägypten

Der Tauchtourismus übernimmt innerhalb des gesamten internationalen Tourismus in Ägypten eine wichtige Rolle. Besonders in Krisenzeiten sind es die Taucher, die aufgrund der einzigartigen Tauchgebiete weiterhin in das Land kommen und somit einen wesentlichen Beitrag zum Erhalt der Arbeitsplätze und der Infrastruktur beitragen. Doch der Konkurrenzkampf zwischen den Tauchbasen, das derzeit schlechte Image Ägyptens und die Attraktivität weltweiter Tauchdestinationen, zwingt die Betreiber von Tauchbasen dazu, sich einer wandelnden Gästestruktur und deren Reisegewohnheiten anzupassen. In der vorliegenden Untersuchung wird am Beispiel der Tauchbasenbetreiber in Ägypten untersucht, wie kulturelles Handeln eine Rolle bei der Bildung von Vertrauen zwischen einem Anbieter einer touristischen Dienstleistung und dem Kunden einnehmen kann. Als Ausgangspunkt dient dazu das Modell der „Transkulturalität als Praxis“ nach PÜTZ (2004), welches um den Aspekt der internationalen Kooperationsbeziehungen erweitert wird. Es besagt, dass im wirtschaftlichen Handeln zwischen den Akteuren das kulturelle Verständnis eine entscheidende Rolle bei der Bildung von Vertrauen einnimmt. Durch die Fähigkeit, einen kulturellen Blickwinkel in das alltägliche Handeln einzubeziehen, kann ein Unternehmer den Wettbewerbsvorsprung zu seinen Mitkonkurrenten ausbauen.rnrnIm Mittelpunkt des Forschungsinteresses stand dabei die Frage inwieweit die Basenbetreiber über die ihnen zur Verfügung stehenden Möglichkeiten kulturgebundenen Handelns Vertrauen zu den Tauchern generieren. Geschieht die Anwendung aus eigener Initiative heraus oder nur unter dem Konkurrenzdruck? Die Ergebnisse der Studie belegen, dass das Arbeiten im Umfeld kultureller Unterschiede den Blick der Basenbetreiber für die Notwendigkeit einer starken Vertrauensbeziehung zum Kunden von Anfang an geprägt hat. Das Handeln aller Interviewteilnehmer orientiert sich zuerst unbewusst an zahlreichen branchenüblichen Handlungsweisen und Symbolen, stößt aber ab einem bestimmten Punkt an seine Grenzen. Aufgrund von bewusstem kulturellen Handeln ist jedoch die Möglichkeit gegeben, diese Grenzen zu überwinden und individuelle und situationsspezifische Arten der Kundengewinnung in das Handeln einzubeziehen.

Cyber-rigging click-through rates: Exploring the ethical dimensions

Click-through rate is considered a very important metric and a key performance indicator of the success of online advertising and is the most frequently used measure to gauge the effectiveness of banner advertising. Marketers also use click-through rates in arriving at performance measurement activities such as the calculation of 'customer life time value' and 'customer acquisition cost'. Click-through is the second most frequently used banner ad pricing method after cost per thousand impressions. Online advertising is facing a new form of challenge – the artificial inflation of click-through rates. We call this practice 'cyber-rigging'. The objective of this paper is to explore the ethical dimensions of cyber-rigging through application of ethical principles and theories.

B2B-palveluprosessin analyysi ja myyntikohtaamisen kehityskohteet uusasiakashankinnassa

Tämän opinnäytetyön tavoitteena on selvittää tekijöitä, jotka vaikuttavat myyntikohtaamisen onnistumiseen potentiaalisten yritysasiakkaiden keskuudessa. Käytännön ratkaisuihin pääsemiseksi opinnäytetyössä tarkastellaan case-yritystä, joka on suomalainen vakuutusyhtiö. Tutkimus keskittyy case-yrityksen palveluprosessin tarkasteluun, sekä käytännön myyntikohtaamisen analysoimiseen. Tutkimuksen avulla pyritään muodostamaan näkemys siitä, mitä myyntikohtaamisessa kannattaa kehittää, jotta uusasiakashankintaa voitaisiin yrityksen toimintona parantaa. Myyntikohtaamista ja laajempaa palveluprosessia tarkastellaan aluksi case-yrityksen toimintamallien kautta. Keskeisessä roolissa on asiakaslähtöisen toimintaperiaatteen selventäminen teoriassa ja sen vertaaminen case-yrityksen koko palveluprosessin toimintamalleihin. Tämän jälkeen siirrytään tarkastelemaan haastattelututkimuksen avulla kerättyä dataa case-yrityksen asiakkailta. Haastattelututkimuksen avulla selvitettiin myyntikohtaamisen toteutumista käytännössä. Opinnäytetyössä selvisi, että case-yrityksen toimintamallit on rakennettu asiakaslähtöisiä periaatteita noudattaen. Myös käytännön myyntikohtaamisessa asiakaslähtöisyys toteutuu laajalti, mutta muutamia kehityskohteita etenkin ensikontaktin ja asiakkaan yksilöllisen informoinnin osalta on löydettävissä. Lisäksi case-yrityksen suositellaan kiinnittävän huomiota myyjien itsevarmuuden lisäämiseen, joka parantaa työtyytyväisyyttä, myyjien toimintavapautta ja mahdollistaa asiakaslähtöisyyden kumpuamisen organisaatiosta asiakkaalle. Opinnäytetyö jättää tilaa jatkotutkimukselle. Etenkin case-yrityksen osalta olisi suositeltavaa järjestää työtyytyväisyyskysely B2B-myyntitiimin keskuudessa, jotta toimintaa voitaisiin kehittää sisäisesti. Opinnäytetyön kehitysehdotusten pohjalta case-yritys voi myös kohdistaa lisätutkimusta asiakkaiden kokemuksiin, ja selvittää laajemman kyselyn avulla seikkoja, joita asiakkaat toivovat yritykseltä.

Suosittelulla lisää uusia asiakkaita

Asiakashankintaa tehdään monin tavoin. Suosittelua asiakashankinnan keinona on tutkittu tieteellisissä tutkimuksissa melko vähän. Tämän tutkimuksen tavoitteena on selvittää asiakashankinnan ja suosittelun nykytilaa kohdeorganisaatiossa, kehittää suosittelua osaksi myyntiprosessia ja tunnistaa aineettomia resursseja, joita voidaan hyödyntää asiakashankinnan ja suosittelun tehostamisessa tietojohtamisen avulla. Tutkimus on kvalitatiivinen tapaustutkimus ja sen tavoitteisiin pyritään vastaamaan survey kyselyn sekä puolistrukturoitujen haastatteluiden (14kpl) avulla. Tutkimuksen kohdeorganisaationa on Suomessa toimiva pankki- ja rahoitusalan yhtiö. Suosittelun käyttöä asiakashankinnan keinoa tutkittiin kohdeorganisaation yrityksen pankkineuvojien ja heidän esimiesten näkökulmasta. Empiirinen tutkimus antaa vastauksen asetettuihin tutkimuskysymyksiin sekä vastaa tutkimuksen tavoitteisiin. Tutkimuksessa löydettiin suositteluun ja yleisesti asiakashankintaan liittyviä aineettomia resursseja, joita hyödyntämällä ja johtamalla suosittelun nykyistä käyttöä voidaan kehittää tehokkaammaksi.

Examining the critical interplay of knowledge acquisition and integration capabilities in service innovation-based competitive advantage in project oriented service firms

While past knowledge-based approaches to service innovation have emphasized the role of knowledge integration in the delivery of customer-focused solutions, these approaches do not adequately address the complexities inherent in knowledge acquisition and integration in project-oriented firms. Adopting a dynamic capability framework and building on knowledge-based approaches to innovation, the current study examines how the interplay of learning capabilities and knowledge integration capability impacts service innovation and sustained competitive advantage. This two-stage multi-sample study finds that entrepreneurial project-oriented service firms in their quest for competitive advantage through greater innovation invest in knowledge acquisition and integration capabilities. Implications for theory and practice are discussed and directions for future research provided.

Use of Customer Information: An Ethnography in Service Development

Service researchers have repeatedly claimed that firms should acquire customer information in order to develop services that fit customer needs. Despite this, studies that would concentrate on the actual use of customer information in service development are lacking. The present study fulfils this research gap by investigating information use during a service development process. It demonstrates that use is not a straightforward task that automatically follows the acquisition of customer information. In fact, out of the six identified types of use, four represent non usage of customer information. Hence, the study demonstrates that the acquisition of customer information does not guarantee that the information will actually be used in development. The current study used an ethnographic approach. Consequently, the study was conducted in the field in real time over an extensive period of 13 months. Participant observation allowed direct access to the investigated phenomenon, i.e. the different types of use by the observed development project members were captured while they emerged. In addition, interviews, informal discussions and internal documents were used to gather data. A development process of a bank’s website constituted the empirical context of the investigation. This ethnography brings novel insights to both academia and practice. It critically questions the traditional focus on the firm’s acquisition of customer information and suggests that this focus ought to be expanded to the actual use of customer information. What is the point in acquiring costly customer information if it is not used in the development? Based on the findings of this study, a holistic view on customer information, “information in use” is generated. This view extends the traditional view of customer information in three ways: the source, timing and form of data collection. First, the study showed that the customer information can come explicitly from the customer, from speculation among the developers or it can already exist implicitly. Prior research has mainly focused on the customer as the information provider and the explicit source to turn to for information. Second, the study identified that the used and non-used customer information was acquired both previously, and currently within the time frame of the focal development process, as well as potentially in the future. Prior research has primarily focused on the currently acquired customer information, i.e. within the timeframe of the development process. Third, the used and non-used customer information was both formally and informally acquired. In prior research a large number of sophisticated formal methods have been suggested for the acquisition of customer information to be used in development. By focusing on “information in use”, new knowledge on types of customer information that are actually used was generated. For example, the findings show that the formal customer information acquired during the development process is used less than customer information already existent within the firm. With this knowledge at hand, better methods to capture this more usable customer information can be developed. Moreover, the thesis suggests that by focusing stronger on use of customer information, service development processes can be restructured in order to facilitate the information that is actually used.

Trade & Cap: A Customer-Managed, Market-Based System for Trading Bandwidth Allowances at a Shared Link

We propose Trade & Cap (T&C), an economics-inspired mechanism that incentivizes users to voluntarily coordinate their consumption of the bandwidth of a shared resource (e.g., a DSLAM link) so as to converge on what they perceive to be an equitable allocation, while ensuring efficient resource utilization. Under T&C, rather than acting as an arbiter, an Internet Service Provider (ISP) acts as an enforcer of what the community of rational users sharing the resource decides is a fair allocation of that resource. Our T&C mechanism proceeds in two phases. In the first, software agents acting on behalf of users engage in a strategic trading game in which each user agent selfishly chooses bandwidth slots to reserve in support of primary, interactive network usage activities. In the second phase, each user is allowed to acquire additional bandwidth slots in support of presumed open-ended need for fluid bandwidth, catering to secondary applications. The acquisition of this fluid bandwidth is subject to the remaining "buying power" of each user and by prevalent "market prices" – both of which are determined by the results of the trading phase and a desirable aggregate cap on link utilization. We present analytical results that establish the underpinnings of our T&C mechanism, including game-theoretic results pertaining to the trading phase, and pricing of fluid bandwidth allocation pertaining to the capping phase. Using real network traces, we present extensive experimental results that demonstrate the benefits of our scheme, which we also show to be practical by highlighting the salient features of an efficient implementation architecture.

"Értelem és érzelem" A lakossági ügyfelek gazdasági magatartása és a bankokkal kapcsolatos attitűdjei ("Sense and sensibility" Retail customer behaviours and attitudes towards banks)

A globális pénzügyi és világgazdasági válság sok szempontból újszerű versenyhelyzetet teremtett a lakossági banki piacon az ügyfelek megtartása és az új ügyfelek megszerzése terén. A gazdasági és társadalmi környezetben bekövetkezett változásokhoz való alkalmazkodás sikeressége érdekében fontos a banki ügyfelek gazdasági viselkedésmódjának alaposabb és mélyrehatóbb megértése. Tanulmányunkban bemutatjuk azokat a főbb, releváns pszichológiai, szociológiai és gazdasági tényezőket, amelyek az ügyfelek bankokkal kapcsolatos magatartását és attitűdjeit befolyásolják. A vonatkozó elméleteket és kutatásokat egy konceptuális keretben foglaljuk össze; ennek az alappilléreit a bizalom, a pénzzel kapcsolatos attitűdök és az emocionális komponensek alkotják. _______ The global fi nancial and economic crisis created new competition in the market for retail banking, and in the areas of existing customer retention and new customers’ acquisition. The corresponding economic and social change called for new adaptive strategies on behalf of banks to better understand the economic behaviour of their customers. This paper focuses on certain relevant psychological, sociological and economic factors that tend to characterize customer behaviours and attitudes towards banks. With particular emphasis on highlighting the potential implications of relevant theories for the purposes of banks, our conceptual model incorporates elements of trust, monetary attitudes and underlying emotional components.