From the course: Balanced Scorecard and Key Performance Indicators
Join today to access over 23,200 courses taught by industry experts.
Customer needs and satisfaction
From the course: Balanced Scorecard and Key Performance Indicators
Customer needs and satisfaction
- The first key to strong financial performance is identifying customer needs and satisfying them. When companies understand what their customers want and will pay for, then these companies can design customer-focused performance measures that lead to growth in market share, increased revenues and long-term profits. Now with customers, let's think of leading measures and outcome measures. Leading measures reflect whether the company is currently meeting or exceeding its customer's expectations. Outcome measures reflect whether customers are staying with the company and whether those customers are recommending the company to others. So let's talk about some leading measures. First, the ratio of my selling prices to those of my competitors. If my prices are higher than are my competitor's prices, then my customers are going to be less likely to stay with me unless I am providing them with some extra value, better service,…
Practice while you learn with exercise files
Download the files the instructor uses to teach the course. Follow along and learn by watching, listening and practicing.
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.