Customer Value

This manuscript examines the evolution of internet value systems in the motion control industry. We believe the primary reason behind the inconsistent performance of that industry's adoption of the internet in the supply channel was largely due to poor strategy. Using a the concepts of bias exchanges and game theory it is suggested that internet strategies such as disintermediation and first-mover advantage were elusive because firms focused too much on technology and not enough on customer value. Lessons for managers and future decisions are offered.

We consider a set of programs a family when it pays to look at their common aspects before looking at their differences. For commercial software developers the implications are twofold: First, making rational decisions about product-line processes and products requires the ability to answer the question: "Does it pay?" Second, whether or not something pays is ultimately a business (rather than software engineering) question. In short, making sound software engineering decisions requires understanding the business implications of those decisions, and vice versa. This paper describes work in progress to develop a product-line process model and common value metric that adequately link product value drivers (what it pays) with the software engineering decisions that affect those drivers. In it, we describe a systematic approach to quantifying the return on investment for both product and process improvements based on common software engineering principles and a common value me...

Perceived value is a subjective and dynamic construct that varies among different customers and cultures. Although perceived customer value has been studied by many researchers, no research has been done into the measurement of Muslim Tourist Perceived Value (MTPV) where Muslim tourist evaluates both traditional and religious aspects of value. By means of a multidimensional procedure, the authors developed a scale of measurement of MTPV through 24 items grouped into six dimensions: quality, price, emotional, social, Islamic physical attributes, and Islamic nonphysical attributes. The importance of the proposed constructs was theoretically justified. Using a sample of 537 Muslim tourists, the constructs were tested and validated. The results supply tourism companies with a number of operative factors that may be essential if they are to remain competitive in the dynamic marketplace. This study is probably the first to provide an integrative perspective of MTPV constructs in the hospitality and tourism industry.

Lean Thinking is a highly evolved method of managing an organization to improve the productivity, efficiency and quality of its products or services. The core principle it uses is that no work should be done unless it is going to create customer value. Traditionally Lean tools were Value Stream mapping, Quick Changeover/Setup Reduction, Single Minute Exchange of Dies (SMED), Kaizen, Flow Manufacturing, Visual Workplace/5S Good Housekeeping, Total Productive maintenance (TPM) and Pull/Kanban Systems. Companies and organizations employing these tools report significant gains in productivity and overall effectiveness within their specific entities. TRIZ Plus can be effectively used as a lean tool to support almost all lean principles as the experience of Kawasaki Steel Group clearly showed.

Die Wirtschaftlichkeit ihrer Kundenbeziehungen ist für viele Dienstleistungsunternehmen von herausragender Bedeutung. Dies betrifft insbesondere das Mengenkundengeschäft mit privaten Endverbrauchern. Sollen nicht-profitable Kunden weiterhin intern betreut oder besser extern »ausgelagert« werden?

This article is an extension and a practical application approach of Wheeler’s NEBIC theory (Net Enabled Business Innovation Cycle). NEBIC theory is a new approach in IS research and can be used for dynamic environment related to new technology. Firms can follow the market changes rapidly with support of the IT resources. Flexible firms adapt their market strategies, and respond more quickly to customers changing behaviors. When every leading firm in an industry has access to the same IT resources, the way that these IT resources are managed will determine the competitive advantages or disadvantages of firm. From Dynamic Capabilities Perspective and from newly introduced NEBIC theory by Wheeler, we know that only IT resources cannot deliver customer value but good configuration of those resources can guarantee customer value by choosing the right emerging technology, grasping the right economic opportunities through business innovation and growth. We found evidences in literature th...

This multiple-case study focuses on the practices and functions of customer reference marketing, and on the ways through which customer references can be deployed as marketing assets. The research is based on multiple-case-study methodology and the empirical findings were derived from an in-depth analysis of 38 semi-structured personal interviews with managers in four case companies operating in the fields of process and information technology. The findings show that industrial suppliers are able to leverage their customer references as marketing assets externally through various practices in order to (1) gain status-transfer effects from reputable customers, (2) signal passing a selection process and achieving an enhanced market position, (3) concretize and demonstrate complex solutions, and (4) provide indirect evidence of their experience, previous performance, technological functionality, and delivered customer value. Customer references can also be leveraged internally to (1) facilitate organizational learning, (2) advance offering development, (3) motivate personnel through internally shared success stories, and (4) develop understanding of customer needs, internal competencies, and delivered customer value. By identifying the practices and functions related to customer reference marketing the paper deepens understanding of this highly relevant but relatively underresearched industrial marketing phenomenon and contributes to the literature on customer-based marketing assets.

The more a marketing paradigm evolves, the more long-term relationship with customers gains its importance. CRM, a recent marketing paradigm, pursues long-term relationship with profitable customers. It can be a starting point of relationship management to understand and ...

The constant development of information and communication technologies (ICT) has led to numerous social and economic changes. In this article, we aimed to identify the framework of use of new technologies in the process of customer value management from the perspective of sustainable development in the context of the concept of the engaged customer. The research objective involves an empirical verification of the forms of customer engagement from the point of view of the utilisation of ICT. To discover and explore the patterns that follow, research based on quantitative methods was carried out. The study was conducted with a sample of 1134 individual respondents from Poland, which is one of the biggest and fastest growing e-market in Europe. The findings prove that in the process of customer value management, informal communication, both offline and online plays a critical role. From the perspective of business practice, a company should stimulate customer engagement by making use o...

e-Commerce companies acknowledge that customers are their most important asset and that it is imperative to estimate the potential value of this asset. In conventional marketing, one of the widely accepted methods for evaluating customer value uses models known as Customer Lifetime Value (CLV). However, these existing models suffer from two major shortcomings: They either do not take into account significant attributes of customer behavior unique to e-Commerce, or they do not provide a method for generating specific models from the large body of relevant historical data that can be easily collected in e-Commerce sites. This paper describes a general modeling approach, based on Markov Chain Models, for calculating customer value in the e-Commerce domain. This approach extends existing CLV models, by taking into account a new set of variables required for evaluating customers value in an e-Commerce environment. In addition, we describe how data-mining algorithms can aid in deriving such a model, thereby taking advantage of the historical customer data available in such environments. We then present an application of this modeling approach—the creation of a model for online auctions—one of the fastest-growing and most lucrative types of e-Commerce. The article also describes a case study, which demonstrates how our model provides more accurate predictions than existing conventional CLV models regarding the future income generated by customers.

Markets are changing, with the demand for many products and services becoming increasingly uncertain in terms of magnitude, time, and place. The supply chains that produced the masscustomised products and services of the past do not have the capabilities to deliver the customised responses of the future. Building on a foundation of both literature and fieldwork, this paper explores the concepts and definitions surrounding customer responsive supply chains and proposes a framework of the capabilities, competencies and practices to support this. Preliminary results support the use of a model built around 4 'agile' capabilities (Goldman et al, 1995): enhancing customer value, co-operating to compete, mastering change and uncertainty and leveraging people and information, and suggests the introduction of a fifth, mastering complexity.

The research objective is to get empirical evidences as well as to elucidate the phenomenon so that conclusion can be drawn concerning the implementation of Experiential Marketing in Creating Customer Value at stars' hotel of 3, 4 and 5 in West Java, Indonesia. This study uses quantitative approach and Structural Equation Modeling was conducted to test the hypothesis. To meet the adequacy of the data, it was decided to have sample of 210 respondents, consisting of hotel customers who were room occupants of 3, 4, and 5 star hotels in the West Java province. Collection of field data in order to obtain primary data was done through observation, deployment questionnaires, interviews and search and collecting documents. The results confirmed the importance of experiential marketing implementation since it can increase customer value, and it also has implications for customer loyalty.

Designing business models for mobile service bundles is a complex undertaking. Service bundling will be an important driver for the use of 3G+ services. These service bundles have to be supported by business models of multiple involved actors. These actors have to balance different design requirements, strategic interests and business logics to create a 'win-win' situation, in which each actor has incentives to co-operate in offering service bundles. Notwithstanding the wide application of bundling strategies still little is known about what constitutes a successful bundle. Clear guidelines neither for the design of service bundles, nor for the underlying business models are available. In this paper we discuss critical design issues for service bundling and their relation with customer value based on a literature review and a number of case studies of existing mobile service bundles.

£ Research Article: a completed research article drawing on one or more CISR research projects that presents management frameworks, findings and recommendations. £ Research Summary: a summary of a research project with preliminary findings. £ Research Briefings: a collection of short executive summaries of key findings from research projects.

The comprehensive book from Dr. Tavsan and Dr. Erdem: Customer Experience Management: How to Design, Integrate, Measure and Lead breaks down exactly what Customer Experience is, and how to manage it.
In 2017, in collaboration with Dr. Erdem, Dr. Tavşan designed a ''Customer Experience Management'' curriculum as a Bologna-accredited graduate level course and became the pioneering academician lecturer on ''Customer Experience Management'' as a standalone course.

Driven by more demanding customers, global competition, and slow-growth economies and industries, many organizations search for new ways to achieve and retain a competitive advantage. Past attempts have largely looked internally within the organization for improvement, such as reflected by quality management, reengineering, downsizing, and restructuring. The next major source for competitive advantage likely will come from more outward orientation toward customers, as indicated by the many calls for organizations to compete on superior customer value delivery. Although the reasons for these calls are sound, what are the implications for managing organizations in the next decade and beyond ? This article addresses this question. It presents frameworks for thinking about customer value, customer value learning, and the related skills that managers will need to create and implement superior customer value strategies.

Purpose
The purpose of this paper is to comprehensively explore marketing issues for foreign industrial companies of large, small and medium size entering emerging markets (EMs), particularly transition economies in Eastern Europe. The vast majority of current studies about emerging markets focus only on defining suitable strategies related to large consumer goods corporations.

Design/methodology/approach
The research adopted a multiple case study approach. Five Italian companies belonging to different business-to-business industries that have entered emerging countries in Eastern Europe were selected for investigation.

Findings
Empirical analysis uncovered recurring issues related to: institutional factors causing market uncertainty and instability; difficulties in building a sales network; a need for product adaptation to guarantee satisfactory performance; choices related to communication, branding and trade fairs; and considerations about competition and first mover advantage. Results can be interpreted as an extension of the analysis of institutional voids by Khanna and Palepu (1997).

Research limitations/implications
The study is based on the analysis of five case studies of companies operating in specific emerging markets, namely in Eastern Europe Countries (EEc) Further research based on different samples and different emerging countries is needed before generalizing results.

Practical implications
The study shows that the main institutional void affecting business-to-business companies entering emerging markets (EEc) is the lack of locally developed sales and after-sales networks. This institutional void slows the entry process of business-to-business companies in EMs. Given these constraints, from the perspective of business-to-business SMEs, it may be fruitful to pursue niche positioning in EMs.

Originality/value
The study analyzes emerging markets opportunities and entry strategies from the business-to-business marketing perspective, uncovering the most critical issues.

Multichannel customer management is "the design, deployment, and evaluation of channels to enhance customer value through effective customer acquisition, retention, and development" (Neslin95-113). Channels typically include the store, the Web, catalog, sales force, third party agency, call center and the like. In recent years, multichannel marketing has grown tremendously and is anticipated to grow even further. While we have developed a good understanding of certain issues such as the relative value of a multichannel customer over a single channel customer, several research and managerial questions still remain. We offer an overview of these emerging issues, present our future outlook, and suggest important avenues for future research.

e-Commerce companies acknowledge that customers are their most important asset and that it is imperative to estimate the potential value of this asset. In conventional marketing, one of the widely accepted methods for evaluating customer value uses models known as Customer Lifetime Value (CLV). However, these existing models suffer from two major shortcomings: They either do not take into account significant attributes of customer behavior unique to e-Commerce, or they do not provide a method for generating specific models from the large body of relevant historical data that can be easily collected in e-Commerce sites. This paper describes a general modeling approach, based on Markov Chain Models, for calculating customer value in the e-Commerce domain. This approach extends existing CLV models, by taking into account a new set of variables required for evaluating customers value in an e-Commerce environment. In addition, we describe how data-mining algorithms can aid in deriving such a model, thereby taking advantage of the historical customer data available in such environments. We then present an application of this modeling approach—the creation of a model for online auctions—one of the fastest-growing and most lucrative types of e-Commerce. The article also describes a case study, which demonstrates how our model provides more accurate predictions than existing conventional CLV models regarding the future income generated by customers.

Academically constructed segments may often fail to be implemented by practitioners. There may be a number of reasons for this, but at the heart of the matter for practitioners must be an economic reward that outweighs the incremental costs of segmenting. Central to this issue is the ease with which different types of data can be collected and used. Experience from direct marketing practice suggests that segments based on customer value and customer benefits sought often lead to successful strategies. Accordingly, looks to utilise these variables to complement the traditional use of geo-demographic and psychographic approaches. Examines the business of football. Using a mixed qualitative and survey based approach, an exploration of football supporters was undertaken with the objective of identifying segmentation opportunities.

Since the early 1980s, the concept of relationship management in marketing area has gained its importance. Acquiring and retaining the most profitable customers are serious concerns of a company to perform more targeted marketing campaigns. For effective customer relationship management, it is important to gather information on customer value. Many researches have been performed to calculate customer value based on Customer lifetime value (LTV). It, however, has some limitations. It is difficult to consider the defection of customers. Prediction models have focused mainly on expected future cash flow derived from customers' past profit contribution. In this paper we suggest an LTV model considering past profit contribution, potential benefit, and defection probability of a customer. We also cover a framework for analyzing customer value and segmenting customers based on their value. Customer value is classified into three categories: current value, potential value, and customer loyalty. Customers are segmented according to three types of customer value. A case study on calculating customer value and segmenting customers of a wireless communication company will be illustrated.

Purpose-The customer experience (CX), as revealed in the literature-based debate, has been variously viewed as either a driver or an outcome of customer-perceived value (CPV). However, the association of CPV, CX and word-of-mouth (WoM) behavior remains nebulous to date, thereby generating an important research gap. In response and to bridge this gap, this study aims to explore CX's role in the CPV-WoM behavior relationship, the role of WoM behavior arising from CX and whether CX acts as a core mediator (vs a moderator) in the association of CPV and subsequent consumer-behavior outcomes. Design/methodology/approach-By conducting two studies spanning a broad range of services, this paper explores the relationship between CPV, CX, and WoM behavior through structural equation modeling. Findings-The findings are that CX plays a crucial role in the CPV-WoM relationship, thereby confirming the existence of a direct link between CPV (social/hedonic/utilitarian value), CX and WoM. The results also highlight CX's mediating role in the relationship between social and utilitarian (but not hedonic) values. Moreover, the results reveal that the EXQ scale, measuring CX, comprises distinct experiences perceived by high and low CXbased customer segments, respectively. Practical implications-CPV (utilitarian, hedonic, social) not only affects consumers' behavioral intentions but also, more importantly, their WoM behavior. Therefore, managers need to consider all three values. Moreover, managers should shift their focus from social value perceptions to CX. The results suggest that managers need to devote additional resources to the development of a suitable CX, which will help mitigate consumers' online and/ or offline brand-related WoM. This study indicates the context in which managers must emphasize the construct that produces positive outcomes. Originality/value-By identifying a direct relationship between CPV, CX and the ensuing consumer-behavior outcomes, the study offers important theoretical insight into CX's nomological network.

Banking is about delivering value to the customer. There are two main type of banks: Traditional banks with centuries of history, a large customer base, a trusted, familiar and recognized brand, which have been challenged by newcomers – the Challenger banks as they started to rethink customer journey within banking business models. The purpose of this research is to conclude on which type of bank provides more value to their customers, which factors contribute for that and study the effect of those results on consumer behavior outcomes, in UK. The hypotheses are formulated after an extensive review of both academic literature and white papers about FinTech, banking industry and customer value measurement methods. Using primary data methods obtained with 201 valid respondents from UK, contacted online, performing scale development, CFA and SEM, resulted in the development of a customer value measurement method with 34-items and eight factors. In general, the results showed that Challenger banks provide higher customer value than Traditional banks, presenting higher average scores in seven factor while Traditional banks stand-out in one factor. Moreover, customer value and its factors predict consumer behavior outcomes Word-of-mouth and Loyalty, being the factors Price offer fairness and Outcome focus highly relevant because of its close link to the outcomes. The research contributes to existent academic literature on FinTech, banking industry with a validated customer value measurement method, having also practical implications for managers of financial institutions, giving them a useful tool for the development of specific strategies of marketing.

Teleoperated robot is a type of robotic branch, which take the opposite approach to autonomous and self-intelligent robots. Primarily designed to be fully controlled by human operators, is essentially becomes an extension of the operator’s body, which could be in the same or different place. Telesurgical robotics is one of the many applications of teleoperated robot, targeted to improve the quality of healthcare using a high-technology robotic system. There is a lot of development effort in the area of telesurgical robots, which incorporate many different technologies into
making a better robot that is better suited for the task it was built for.

One approach to indicate what will be the best things for the future generation of surgical robot is to understand the experience, values, and pains of the specialists and customers of the current surgical robot system. Based on that understanding, it will give an insight of the role of the technology in focus in future development of telesurgical robots. The author’s Final Degree Project is about teleoperated robot in
a lower-latency setting, among others. As such the research will be also trying to analyse whether a lower-latency system is the way to go and whether focusing on it is a good idea for the value development of surgical robotics in the near future.

Understanding the customer values and pains are carried out by interviewing several people from different roles in healthcare industry. The current setting of telesurgical robot is dominated by one robot model: the da Vinci Surgical System. As such the whole research was carried out revolving around da Vinci Surgical System. Using the collected interview data, some conclusions are then drawn by combining the point-of-views of the different roles into a whole analysis about the values of the robot. Another conclusion was made discussing whether a lower-latency system will be valuable to the da Vinci system based on the gathered data about the current values and pains.

The user has requested enhancement of the downloaded file. All in-text references underlined in blue are added to the original document and are linked to publications on ResearchGate, letting you access and read them immediately. This article appeared in a journal published by Elsevier. The attached copy is furnished to the author for internal non-commercial research and education use, including for instruction at the authors institution and sharing with colleagues.

Purpose -The purpose of this paper is to advance the understanding of product-service systems (PSS). It uses a multiple method approach to analyse literature and cases and synthesise a framework for the understanding and investigation of PSS. It demonstrates the need to consider the "organisation" or network, of firms involved in defining, designing and delivering value through the PSS. This is conceptualised as a product-service-organisation (PSO). Design/methodology/approach -The paper uses three complementary methodologies: a road-mapping analysis, investigating industrial challenges for collaborating enterprises, a multidisciplinary literature review of PSS concepts and analysis of two cases. Findings -The paper finds that value can be most effectively delivered by networks of collaborating firms, integrating the products and services they offer to create the value which customers seek. In short, creating value requires the simultaneous design of product, service and organisation -the PSO triangle.

Our paper summarizes several years ’ research experience in the field of customer satisfaction management. The key statement in our paper is that there is a need for further developing the classical customer orientation theory and the corporate practice based upon it. Moreover, there is a need for consequent realization of complex customer management strategy according to satisfaction-oriented approach. This paper takes an exploratory look at the methods of measuring customer-orientation and customer satisfaction as well as customer value to improve customer relationship and increase customer loyalty. Our customer satisfaction management model is developed based upon research findings of customer satisfaction measurement in different industries. This complex model with process orientation is unique in the literature.

This paper aims to identify the underlying cause of the gap between customers’ stated outcomes and their actual market response, with regards to CSR. In so doing, this paper takes on a conceptual and discursive approach to the problem. Particularly, in revisiting the context and concept of customer value, in view of the current market conditions. And subsequently, this paper proceeds to propose several measures that firms could adopt pertaining to their CSR practices and programs, towards generating positive marketing outcomes from their customers.

In this article, the authors develop a conceptual framework for customer relationship management (CRM) that helps broaden the understanding of CRM and its role in enhancing customer value and, as a result, shareholder value. The authors explore definitional aspects of CRM, and they identify three alternative perspectives of CRM. The authors emphasize the need for a cross-functional, process-oriented approach that positions CRM at a strategic level. They identify five key cross-functional CRM processes: a strategy development process, a value creation process, a multichannel integration process, an information management process, and a performance assessment process. They develop a new conceptual framework based on these processes and explore the role and function of each element in the framework. The synthesis of the diverse concepts within the literature on CRM and relationship marketing into a single, process-based framework should provide deeper insight into achieving success with CRM strategy and implementation.

Since the early 1980s, the concept of relationship management in marketing area has gained its importance. Acquiring and retaining the most profitable customers are serious concerns of a company to perform more targeted marketing campaigns. For effective customer relationship management, it is important to gather information on customer value. Many researches have been performed to calculate customer value based on Customer lifetime value (LTV). It, however, has some limitations. It is difficult to consider the defection of customers. Prediction models have focused mainly on expected future cash flow derived from customers' past profit contribution. In this paper we suggest an LTV model considering past profit contribution, potential benefit, and defection probability of a customer. We also cover a framework for analyzing customer value and segmenting customers based on their value. Customer value is classified into three categories: current value, potential value, and customer loyalty. Customers are segmented according to three types of customer value. A case study on calculating customer value and segmenting customers of a wireless communication company will be illustrated.

Enhancing customer loyalty has become a popular topic for managers, consultants, and academics. The arguments in support of loyalty are simple to understand. Loyal customers are reported to have higher customer retention rates, commit a higher share of their category spending to the firm, and are more likely to recommend others to become customers of the firm.

There is an ever-present need for managers to justify marketing expenditures to the firm. This can only be done when we can establish a direct link between marketing metrics and future customer value and firm performance. In this article, we assess the marketing literature with regard to marketing metrics. Subsequently, we develop a framework that identifies key metrics that firms should focus on that can give a firm a better picture of how they got to where they are now and insights towards how they can continue to grow into the future. We then identify several organizational challenges that need to be addressed in order for firms to build the capabilities of collecting the right data, measuring the right metrics, and linking those metrics to customer value and firm performance. Finally, we offer guidelines for future research with regard to marketing metrics to help firms establish successful marketing strategies, measure marketing effectiveness, and justify marketing expenditures to top management. Published by Elsevier Inc on behalf of New York University.

The purpose of this paper is to ask the questiondoes mass customization really hold the key to customer value? It is argued that while mass customization can, and often does, increase the value of an offering, it is not always the case. In other words, mass customization does not represent the best strategy for all firms in all cases. It is critical that manufacturing firms understand whether their customers (existing and potential) really do value customization. The paper introduces the responsive agility tool that may provide the basis for an informed decision. The tool differentiates a number of value criteria and a method of selecting between them. Further, the tool identifies four levels of customization distinguished by secondary value criteria. We provide a case study demonstrating how the tool may operate in practice. The case study suggests that the tool may effectively differentiate customer types according to their value criteria. Finally the paper proposes that a value judgement is dependent on the negotiated process between a manufacturer and customer.

Business strategy is fundamentally concerned with the actions required to create superior customer value in the firm's target markets with the ultimate goal of achieving superior performance. Marketing theory suggests that two critical marketing activities required to achieve this end are: (1) the adoption of appropriate strategic behaviors (i.e., customer-oriented, competitor-oriented, technologyoriented) and (2) targeting of the appropriate market segments (i.e., innovators, early adopters, early majority, late majority, laggards). This study builds on prior research which demonstrates that the strategic behavior-firm performance relationship is contingent on the firm's strategy by examining this relationship in high tech markets and by considering the incremental contribution of appropriate target market selection. Responses from 160 senior marketing managers in hightech firms reveal strong support for our framework. Thus, this study provides useful guidance to executives and managers in high-tech firms regarding the steps that they should take to increase their probability of success.

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A successful R&D manager is, in many ways, an agent of change. R&D managers must respond effectively to changes in domestic and global competition, product and process technologies, customer requirements, regulatory matters, and senior management's perception of the role R&D plays in a firm. The responses to these changes flow downstream from R&D to other parts of the organization, in the form of new materials, methods, processes, and products.

Since the early 1980s, the concept of relationship management in marketing area has gained its importance. Acquiring and retaining the most profitable customers are serious concerns of a company to perform more targeted marketing campaigns. For effective customer relationship management, it is important to gather information on customer value. Many researches have been performed to calculate customer value based on Customer lifetime value (LTV). It, however, has some limitations. It is difficult to consider the defection of customers. Prediction models have focused mainly on expected future cash flow derived from customers' past profit contribution.

Customer Value Chain Analysis (CVCA) is an original methodological tool that enables design teams in the product definition phase to comprehensively identify pertinent stakeholders, their relationships with each other, and their role in the product's life cycle. By performing CVCA, design teams are better able to recognize diverse product requirements and their relative priority when undertaking Product Definition Assessment and using downstream 'Design for X' (DfX) tools. This paper discusses the evolution of the CVCA in response to the need for a DfX tool which is able to delineate customer needs early in the product development process. A step-by-step guide clarifies the implementation of CVCA with an example. Three case studies highlight the tool's broad utility and important features to support design decision making, including: (1) confirmation of the product's business model, (2) recognition of the critical stakeholders, and (3) clarification of the value proposition to be embedded in the product.

The more a marketing paradigm evolves, the more long-term relationship with customers gains its importance. CRM, a recent marketing paradigm, pursues long-term relationship with profitable customers. It can be a starting point of relationship management to understand and measure the true value of customers since marketing management as a whole is to be deployed toward the targeted customers and profitable customers, to foster customers' full profit potential. Corporate success depends on an organization's ability to build and maintain loyal and valued customer relationships. Therefore, it is essential to build refined strategies for customers based on their value. In this paper, we propose a framework for analyzing customer value and segmenting customers based on their value. After segmenting customers based on their value, strategies building according to customer segment will be illustrated through a case study on a wireless telecommunication company.

Collaborative relationships in business markets are of growing importance to customers and suppliers alike. Customers need to decide whether to invest in a new supplier relationship, to maintain and develop a valued relationship, or to divest from a low-value relationship. Suppliers, in turn, face growing commoditization of products and seek to differentiate themselves through relationships. The measurement of value creation in buyer -seller relationships is still in its infancy, and a sound understanding of how firms create and deliver value in business relationships is needed. Emerging studies investigate relationship value based on dimensions derived from theory and lack a managerial perspective. Therefore, the present research explored relationship value from a grounded theory perspective. In-depth interviews with purchasing managers identified eight value drivers in manufacturer -supplier relationships. Implications for the measurement of the concept are discussed, and directions for further research are suggested. D

Delivering value for customers has become a central theme in business. The paper examines customer value from two perspectives, i.e. that of service provider and that of the customer. A total 231 managers and 385 customers responded to the survey. The results indicate that managers' perception of customer value is different to what customers' experience as customer value. The differences persist across different classes of hotels. These results suggest there is a need to align management and customer perspectives to optimize customer value as delivered and experienced. Specifically, hotels should invest in customer understanding and customer linking activities. Crown