1、顾客满意度指数测评体系报告(英文版)“An economy cannot be described by adding up how many tons of rebar it makes,how many passenger miles of air travel it logs,how much wood its woodchucks chuck per hour.All these things count(and we count them),but in the final analysis what matters is how well an economy satisfies
2、its customers”(Thomas Stewart,Fortune,1995)The Measured Economy Includes vPig-iron productionvCoal productionvRailroad operating incomevRail freightvEtc.The Economy Is ChangingHow We Measure Performance isAlso ChangingThe Old WorldThe New World Mass production and consumption of commodities Increasi
3、ngly customized goods,services and informationImplications for CompaniesEconomic AssetsTangibleIntangibleEconomic ReturnCustomer Asset Management isBuilt on the Following PrinciplesvSatisfied customers are an economic asset that yields future cash flowsvThese cash flows can be calculated as discount
4、ed present valuevCosts to grow the customer asset baseare investmentsvSkillful management of the customer asset is essential for long-term profitabilityCustomer Asset Value in Global MarketsECSI(Europe)KCSI(Korea)MCSI(Malaysia)ACSI(Australia)ACSI(Argentina)BCSI(Brazil)MCSI(Mexico)CCSI(Canada)ACSI Gl
5、obal Competition The Role of IntangiblesMajor Reasons for a National Index of Customer SatisfactionvQuality of economic output is essential toliving standardsvCustomer satisfaction is a leading indicator of company economic performancevCustomer satisfaction contributes to economic growth and job cre
6、ationvNecessary measure for CPI,productivity,and ultimately,GDPSome Important Economic Indicators and a NEW One!GDP Productivity Balance of Trade Employment Consumer Price Index Index of Leading IndicatorsEconomic PolicyFinancial MarketsNational Economy,Sectors and Industries*$665 B$582 B$472 B$392
7、B$277 B$106 B$62 B*The size of each of the seven sectors is shown above as the percent of the total 1994 gross domestic product.Sales figures reflect the total sales for the selected U.S.firms.The total sales of the selected firms are 51%of the GDP for these seven sectors and 38%of the national GDP.
8、ManufacturingNondurables(SIC 2)8.2%ManufacturingDurables(SIC 3)9.4%Transportation/Communications/Utilities(SIC 4)8.8%Retail(SIC 5)9.3%Finance/Insurance(SIC 6)6.8%Services(SICs 7,8)19.6%PublicAdministration/Government(SIC 9)12.6%Apparel/athletic shoesApparel/sportswearBeverages/beerBeverages/softdrin
9、ksFood processing meat dairy canned goods cereal baked goods confectionaryGasolinePersonal care and cleaning productsPublishing/newspapersTobacco/cigarettesAutomobiles,vans and light trucksConsumer electronics/TV and VCRHousehold appliancesPersonal computersAirlinesBroadcasting/TVParcel delivery&exp
10、ress mailTelecommunications/local phoneTelecommunications/long distance phoneU.S.Postal ServiceUtilities/electric serviceDepartment and discount storesRestaurants/fast food,pizza,and carryoutSupermarketsCommercial banksLife insuranceInsurance/personal,property,homeowners and automobileHospitalsHotel
11、s and motelsMotion picturesSolid waste/central city(metro)Solid waste/suburban(metro)Internal Revenue ServicePolice/central city(metro)Police/suburban(metro)Coverage Seven sectors Forty industries Two Hundred+companies and agencies$2.7 trillion sales(U.S.companies)The RespondentsApproximately one mi
12、llion sampled randomlyScreened:Recent experience as a customer of the selected companiesApproximately 250,000 completed interviewsCustomer ExpectationsACSI ModelPerceivedService Quality Satisfaction Comparison w/Ideal Confirm/Disconfirm ExpectationsPerceivedOverall QualityPerceivedValueCustomerCompl
13、aintsCustomerLoyalty Repurchase Likelihood Price Tolerance(Reservation Price)Overall Customization Reliability Overall Customization Reliability Price Given Quality Quality Given PricePerceivedProduct Quality Reliability Customization Overall Reliability Customization Overall Complaint BehaviorCusto
14、mer Satisfaction(ACSI)ACSI Companies Included 77 Apparel74 Athletic shoes81 Beer77 Cigarettes81 Food Processing78 Gasoline69 Newspapers82 Personal Care83 Pet Food83 Soft Drinks79 Automobiles80 ConsumerElectronics80 HouseholdAppliances70 PCs,Printers67 Airlines62 Broadcasting/TV73 Electric Service80
15、Express Delivery75 Telecommunications69 U.S.Postal Service74 Department Stores74 Discount Stores66 Restaurants,Fast Foods 74 Supermarkets72 Banks/Commercial75 Insurance/Life77 Insurance/Property67 Hospitals71 Hotels71 Motion PicturesGarbage Service73 Central City77 SuburbanPolice63 Central City67 Su
16、burban54 IRSManufacturingDurables78.4Transportation/Communications/Utilities71.6Retail73.2Finance/Insurance74.5Services67.7Public Administration/Government62.4Manufacturing Nondurables78.51997 National Score=71.1Changes in National ACSI73.773.071.970.872.072.272.474.174.273.773.770.771.171.170717273
17、7475Q4/1994Q1/1995Q2/1995Q3/1995Q4/1995Q1/1996Q2/1996Q3/1996Q4/1996Q1/1997Q2/1997Q3/1997Q4/1997Q1/1998Customer Satisfaction and Economic Performance:The Evidence to DateROI or ROAPositive and significant relationship(U.S.and Swedish data)Ricardian RentsPositive and significant relationship(Tobins Q)
18、(U.S.data)Market ValueOne point ACSI=$647 MillionMarket To BookPositive and significant relationship(U.S.data)Risk MeasuresNegative and significant relationship(with loyalty variable not ACSI)Stock Price ReturnsHigh ACSI and SCSB firms out perform the market(U.S.and Swedish portfolios)Stock Market R
19、eactionStatistically significant reaction followingpublic release of ACSI results(U.S.)Economic Value AddedPositive and significant relationship with MVARicardian RentsTobins Q=Market Value of Outstanding SecuritiesReplacement Cost of AssetsRicardian RentsState-Dependent SpecificationQt=-.487+.916Qt
20、-1*+.06ACSI*+.89MS*.123CONC*+.021ADV/SALESR2=.88*Significant at p .05Lagged Q,ACSI,Concentration Ratio,Market Share significant;Advertising/Sales insignificant.A Simple Valuation Model Using the ACSIThe ACSI is Not Fully Reflected in Financial Accounting MeasuresMV =-44,006+0.637 BVA -0.639 BVL +646
21、.8 (ACSI)A One Unit Change in ACSI is Related to a$646.8 Million Change in Market Value of EquityBook Value of Liabilities($million)Market Value of Equity($million)Book Value of Assets($million)Customer Satisfaction as anEconomic AssetvAn asset must have a relevant attribute that can be measured in
22、monetary terms with sufficient reliability.(FASB)v“One clear driver of wealth production is customer satisfaction.”(Commissioner Steven Wallman,Securities and Exchange Commission,1997)vIf true,there should be a relationship between changes in the expected discounted present value of the future incom
23、e stream that customer satisfaction will generate and changes in the ACSI.Market Value Added(MVA)vA measure of the wealth a company has created for its investors.vIt is calculated as the difference between what investors put in and what they can take out.*Significant at.05 level*Significant at.01 le
24、velACSI(1994)MVA(1995)ACSI(1996).24*Correlations:.33*Decrease inshort-term earningsandRising Customer Satisfaction Earnings PowerEnhancedIncrease inshort-term earningsanddecline incustomer satisfaction Earnings powererodedACSI and Dow Jones:Percent Changes 1995-1998(April)Q197Q198Q295Q195Q495Q395Q19
25、6Q396Q397Q297Q494Q296Q496Q497April 1598Q497Q496Q197Q296Q295Q495Q397Q195Q395Q196Q396Q297Q198-3-2-10123ACSI-27-18-9091827Dow JonesDow JonesMoving AverageACSIPercent ChangeNote:Dow is Moving Average of Last Month40459162Updated 4/20/98 JCAThe Limits of Cost CuttingvCost reduction has a minimum(zero)vRevenue growth has no maximumOverall Conclusion:If Customer Satisfaction is measured in a system as an index calibrated to proxies for economic returns(Loyalty,Reservation Price)purged from random noise
