How Valuable is the World of Mouth article summary - Customer service Essay Example
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1) Title, publication and author(s) of article:
“How Valuable is the World of Mouth?” by Kumar, V., Peterson, A., & Leone, R. in Harvard Business Review, pp.1-9.
2) Briefly and clearly state the main idea of the article:
The main idea of the article is that the most valuable customers for your firm are not those who buy the most. The most valuable customers are customers which bring to your firm new clients not considering the amount of purchases.
3) List important facts that the author(s) uses to support the main idea:
To support the main idea the authors provide recommendations how to estimate whether the customer is valuable. For example, it is necessary to calculate lifetime value, referral value, as well as to analyze segmentation and targeting. It is claimed that companies which target their customers are more likely to receive higher returns.
4) Demonstrate how this article supports its view of the issue:
To demonstrate their view the author identify four types of customers and discuss what groups is the most valuable. Actually, the authors distinguish the following types: those who buy the most, but don’t attract new clients; those who buy less, but bring new customers; those who buy a lot and market the company; those who buy the least and market the worst.
5) Identify weaknesses in its argument:
I don’t see weaknesses as the article is well-organized and well-supported. He author provide in-depth overview and analyzes of their ideas and suggestions with clear summation and conclusion. The article is very informative.
6) What point could be added to its thesis?
I think it is necessary to add that customers who bring referral should be provided with certain benefits as, for example, discounts, presents, etc.
7) List any examples of bias, misinformation, or flawed reasoning that you found in this article.
The article offers both theoretical and practical perspective on the matter of interest. The arguments and reasoning is valid and sound. Therefore, no examples of bias or misinformation are observed in the paper.
8) How do you feel this article relates to Sales Management?
The article is related to the field of Sales Management as it discusses ways how to calculate the most valuable customers meaning that it would result in increased productivity and sales rates.
9) Write a personal review of the article making correlations if possible between theory and practice.
The article presents innovative idea that the most valuable customers are those who bring referrals, not those who buy the most. In such a way, the authors offer new perspective for development of sales management. I think that their recommendations will help companies to increase their productivity. Moreover, the article combines theoretical background with practical research describing methods how to calculate whether the customers are valuable.