Week 10 Customer Management Services PDF

Customer Management Services Fara Carvalhinhos 14 November, 2024 [email protected] ANNOUNCEMENTS Class will be held Monday, 25 November instead of Thursday, 28 November 5 Dec. - Exam 12 Dec. - Simulation Case Study Sullivan’...

Customer Management Services Fara Carvalhinhos 14 November, 2024 [email protected] ANNOUNCEMENTS Class will be held Monday, 25 November instead of Thursday, 28 November 5 Dec. - Exam 12 Dec. - Simulation Case Study Sullivan’s Auto World Case Study Questions Sullivan’s Auto World 1. Explain whether Sullivan’s Auto World has a transactional or relational marketing strategy. Support your response with concepts from class. (2 points) 2. Identify which of the seven elements of the services marketing mix are addressed in this case and provide an example of each. (3 points) 3. There are 9 distinguishing characteristics for services, discuss these in relation to Auto World. Which of these might you recommend Carol focus on and why? (4 points) 4. Explain how Auto World’s service facility influences its service delivery. (3 points) 5. What switching costs would be applicable to Auto World and their customers? Does Auto World do anything to minimize these? What (more) could they do acquire and retain customers? (3 points) 6. Using the theatre metaphor, describe Auto World’s operations. Who are the characters, the audience? What is done on stag vs. backstage? (2 points) 7. Utilizing the “flower of service” model, identify and explain the core and supplementary elements of Sullivan’s Auto World. What elements should Carol improve upon and how? (3 points) Case Study Questions Sullivan’s Auto World 1. Explain whether Sullivan’s Auto World has a transactional or relational marketing strategy. Support your response with concepts from class. (2 points) The New Marketing Concept Transactional Marketing Relationship Marketing Orientation to a single sale Orientation to customer retention Discontinuous/sporatic customer contact Continuous customer contact Focus on product features Focus on customer value Short time scale Long time scale Little emphasis on customer service High emphasis on customer service Limited commitment to meeting High commitment to meeting customer customer expectations expectations Quality as the concern of production staff Quality as the concern of all staff The New Marketing Concept Toward a definition of Relationship Marketing Six dimensions associated with Relationship Marketing definition: 1. RM seeks to create new value for customers and then share it with these customers 2. RM recognizes the key role that customers have both as purchasers and in defining the value they wish to achieve – co-creation 3. RM businesses are seen to design and align processes, communication, technological and people in support of customer value 4. RM represents continuous cooperative effort between buyers and sellers 5. RM recognizes the value of customers’ purchasing lifetimes (i.e. lifetime value) 6. RM seeks to build a chain of relationships within the organization, to create the value customers want, and between the organization and its main stakeholders including suppliers, distribution channels, intermediaries and shareholders. The New Marketing Concept Toward a definition of Relationship Marketing Relationship Marketing is an umbrella concept concerned with the identification of the appropriate relationships to have within a network of customers and other key stakeholders and then initiating, developing, extending, maintaining or ceasing interactions with these actors, based on the types of relationships that are desired. These relationships can be considered on a continuum ranging from an intimate partnership-type relationship, through to having no relationship at all with a given actor. The concept involves an enterprise offering value propositions which represent promises of value and maintaining relational exchanges aimed at co-creation of mutual value, long-term profitability and shareholder value. Case Study Questions Sullivan’s Auto World 2. Identify which of the seven elements of the services marketing mix are addressed in this case and provide an example of each. (3 points) Services The Service Marketing Mix - 7 Ps Rethinking the original 4Ps 1. Product elements 2. Place and time 3. Promotion and education 4. Price and other user outlays Adding Three New Elements 5. Physical environment 6. Process 7. People Services The Service Marketing Mix - 7 Ps 1. Product Elements All Aspects of Service Performance that Create Value Core product features—both tangible and intangible elements Bundle of supplementary service elements Performance levels relative to competition Benefits delivered to customers Guarantees Customers don’t buy a hotel room, they buy a good night’s sleep… plus a fun environment, relaxing, exclusive, close to __... Services The Service Marketing Mix - 7 Ps 2. Place and Time Delivery Decisions: Where, When, How Geographic locations served Service schedules Physical channels Electronic channels Customer control and convenience Channel partners/intermediaries Services are perishable Services The Service Marketing Mix - 7 Ps 3. Promotion and Education Informing, Educating, Persuading, and Reminding Customers Marketing communication tools Media elements (print, broadcast, outdoor, retail, internet, etc.) Personal selling, customer service Sales promotion Publicity/PR Imagery and recognition Corporate design Design touch points Content Information, advice Persuasive messages Customer education/training Services The Service Marketing Mix - 7 Ps 4. Price and Other User Expenses Customer Expenses Involve More than the Price Paid to Seller Traditional Pricing Tasks Selling price, discounts, premiums Margins for intermediaries (if any) Credit terms Identify and Minimize Other Costs Incurred by Users Additional monetary costs associated with service usage (e.g., travel to service location, parking, phone, etc.) Time expenditures, especially waiting Unwanted mental and physical effort Negative sensory experiences Services The Service Marketing Mix - 7 Ps 5. Physical Environment Designing the Servicescape and providing tangible evidence of service performances Create and maintaining physical appearances Buildings/landscaping Interior design/furnishings Vehicles/equipment Staff grooming/clothing Sounds and smells Other tangibles Apple headquarters Select tangible metaphors for use in marketing communications Services The Service Marketing Mix - 7 Ps 6. Process Method and Sequence in Service Creation and Delivery Design of activity flows Number and sequence of actions for customers Providers of value chain components Nature of customer involvement Role of contact personnel Role of technology, degree of automation Services The Service Marketing Mix - 7 Ps 7. People Managing the Human Side of the Enterprise The right customer-contact employees performing tasks well Job design Recruiting/selection Training Motivation Evaluation/rewards Empowerment/teamwork The right customers for the firm’s mission Fit well with product/processes/corporate goals Appreciate benefits and value offered Possess (or can be educated to have) needed skills (co-production) Firm is able to manage customer behavior Case Study Questions Sullivan’s Auto World 3. There are 9 distinguishing characteristics for services, discuss these in relation to Auto World. Which of these might you recommend Carol focus on and why? (4 points) Services Distinguishing Characteristics of Services Customers do not obtain ownership of services Service products are ephemeral and usually cannot be inventoried Intangible elements dominate value creation Greater involvement of customers in production process Other people may form part of product experience Greater variability in operational inputs and outputs Many services are difficult for customers to evaluate Time factor is more important: speed may be key Delivery systems include electronic and physical channels Services Marketing Implications Customers do not obtain ownership of services Customers obtain temporary rentals, hiring of personnel, or access to facilities and systems Pricing often based on time Customer choice criteria may differ for renting vs. purchase – may include convenience, quality of personnel Don’t have to have own employees but can hire expertise and labor A lawyer, a dentist, a professor, a mechanic, a hairdresser, a cook… A designer, a musician, a copywriter… Services Marketing Implications Service products are ephemeral and cannot be inventoried Service performances are ephemeral—transitory, perishable Exception: some information-based output can be recorded in electronic/printed form and re-used many times Balancing demand and supply may be vital marketing strategy (e.g available bed in a hotel) Key to profits: target right segments at right times at right price Need to determine whether benefits are perishable or durable Opera at São Carlos, live and recorded…. Music download from Spotify vs digital radios Services Marketing Implications Intangible elements dominate value creation Understand value added by labor and expertise of personnel Effective HR management is critical to achieve service quality Make highly intangible services more “concrete” by creating and communicating physical images or metaphors and tangible clues Services Marketing Implications Intangible elements dominate value creation Services Marketing Implications Greater involvement of customers in production process Customer involvement includes self-service and cooperation with service personnel Think of customers in these settings as “partial employees” Customer behavior and competence can help or hinder productivity, so marketers need to educate/train customers Changing the delivery process may affect role played by customers Design service facilities, equipment, and systems with customers in mind: user-friendly, convenient locations/schedules Check-in at the airport Filling the car at gas stations Services Marketing Implications Other people may form part of product experience Achieve competitive edge through perceived quality of employees Ensure job specs and standards for frontline service personnel reflect both marketing and operational criteria Recognize that appearance and behavior of other customers can influence service experience positively or negatively Avoid inappropriate mix of customer segments at same time Manage customer behavior (the customer is not always right!) Services Marketing Implications Greater variability in operational inputs and outputs Must work hard to control quality and achieve consistency Seek to improve productivity through standardization, and by training both employees and customers (McDonalds…) Need to have effective service recovery policies in place because it is more difficult to shield customers from service failures Services Marketing Implications Many services are difficult for customers to evaluate Educate customers to help them make good choices, avoid risk Tell customers what to expect, what to look for Create trusted brand with reputation for considerate, ethical behavior Encourage positive word-of-mouth from satisfied customers Offer guarantees Services Marketing Implications Time factor is more important – speed may be key Understand customers’ time constraints and priorities Minimize waiting time Offer convenience of extended service hours up to 24/7 Look for ways to compete on speed Services Marketing Implications Delivery systems include electronic and physical channels Use electronic channels to deliver intangible, information-based elements instantly and expand geographic reach From rental to streaming Brick/mortar to online Services Marketing Implications Service Products vs. Customer Service & After Sales Service A firm’s market offerings are divided into core product elements and supplementary service elements Need to distinguish between Marketing of services – when service is the core product Marketing through service – when good service increases the value of a core physical good Manufacturing firms are reformulating and enhancing existing added- value services to market them as stand-alone core products Case Study Questions Sullivan’s Auto World 4. Explain how Auto World’s service facility influences its service delivery. (3 points) Services Implications of Service Processes 2. Designing the Service Factory People-processing services require customers to visit the “service factory,” so: Think of facility as a “stage” for service performance Design process around customer Choose convenient location Create pleasing appearance, avoid unwanted noises, smells Consider customer needs: info, parking, food, toilets, etc. Case Study Questions Sullivan’s Auto World 5. What switching costs would be applicable to Auto World and their customers? Does Auto World do anything to minimize these? What (more) could they do acquire and retain customers? (3 points) Switching Costs Types of Costs Search costs Learning costs Emotional costs Inertial costs Risk Social costs Financial costs Legal barriers Switching Costs Types of Costs Search Costs: Search costs are those based on the time and energy spent searching for alternative sources of supply (e.g. searching through catalogues looking for a particular product or service). Switching Costs Types of Costs Learning Costs: Learning costs are based on the time and energy expended learning how to deal effectively and efficiently with a new supplier. Switching Costs Types of Costs Emotional Costs: Relationships over an extended period can create emotional ties with an organization or the personnel of that organization. Switching Costs Types of Costs Inertial Costs: The effort involved in breaking habitual behavior is frequently underestimated. This tendency is probably best summed up by the phrase ‘I can’t be bothered to go elsewhere’. Switching Costs Types of Costs Risk: The move to a new supplier will always involve a degree of risk. Even where the risk is not immediately apparent there is still a general preference to stay with an existing supplier rather than risk a move to another of whom you have no experience. Switching Costs Types of Costs Social Costs: The existing supplier may, in some way, contribute to the social life of the customer. Switching Costs Types of Costs Financial Costs: The break-up of a relationship may mean financial penalties or the loss of rewards or status gained through relationship longevity. Switching Costs Types of Costs Legal Barriers: In some situations the agreement ensures that the consumer stays for the full period of an agreement regardless of better opportunities elsewhere. Case Study Questions Sullivan’s Auto World 6. Using the theatre metaphor, describe Auto World’s operations. Who are the characters, the audience? What is done on stage vs. backstage? (2 points) Services Service Encounter Stage – Theater Metaphor Theatrical Metaphor: An Integrative Perspective Service dramas unfold on a “stage”— settings may change as performance unfolds Many service dramas are tightly scripted, others improvised Front-stage personnel are like members of a cast Like actors, employees have roles, may wear special costumes, speak required lines, behave in specific ways Support comes from a backstage production team Customers are the audience — depending on type of performance, may be passive or active participants Services Service Encounter Stage – Servuction Model The Servuction System In a High-Contact Service – Pizza Hut Case Study Questions Sullivan’s Auto World 7. Utilizing the “flower of service” model, identify and explain the core and supplementary elements of Sullivan’s Auto World. What elements should Carol improve upon and how? (3 points)  Designing a Service Product Flower of Service Supplementary Services There are two kinds of supplementary services: Facilitating supplementary services – either needed for service delivery, or help in the use of the core product Enhancing supplementary service – add extra value for the customer In a well-designed and well-managed service organization, the petals and core are fresh and well-formed Market positioning strategy helps to determine which supplementary services should be included 52  Designing a Service Product Flower of Service Supplementary Services Information Billing Order-Taking KEY: Safekeeping Facilitating elements 53 Enhancing elements  Core and Supplementary Elements Developing service products 54  Flowcharting Service Delivery Service Processes 60  Flowcharting Service Delivery Flowcharting: Technique for displaying the nature and sequence of the different steps in delivery service to customers Helps clarify product elements Offers way to understand total customer service experience Shows how nature of customer involvement with service organizations varies by type of service: People processing Possession processing Mental Stimulus processing Information processing 61  Flowcharting Service Delivery People Processing At the hotel you make use of a bedroom, bathroom, and other physical facilities such as parking. You have to be physically present to enjoy the benefits 62  Flowcharting Service Delivery Possession Processing Your role at the repair store is limited to briefly explaining what is wrong with the machine, leaving it, and returning several days later to pick it up. You have to trust the technician to do a good job in your absence. 63  Flowcharting Service Delivery Mental Stimulus Processing For weather forecasting, the action is intangible and your role is less active. You do not need to pay a financial cost to obtain the forecast. However, you may have some time costs in that you have to watch some ads first. After all, ads revenues helps to fund the station. Delivery of the information you need takes only a couple of minutes and you can act on it immediately. 64  Flowcharting Service Delivery Information Processing Getting health insurance is also an intangible action, but it takes more time and mental effort. You have to assess several options and complete a detailed application form. Then you may have to wait for the policy to be issued, and coverage to begin. Your choice of health plan will reflect the cost relative to the benefits offered. 65  Blueprinting Services Create Valued Experiences and Productive Operations 66  Blueprinting Services Blueprinting: specifies in detail how a service process should be constructed. More complex form of flowcharting A flowchart describes an existing process, usually in a fairly simple form Key tool that should be used to design new services (or redesign existing ones) 67 68  Blueprinting Services Developing a Blueprint Identify key activities in creating and delivering service Define “big picture” before “drilling down” to provide a higher level of detail 69  Blueprinting Services Advantages of Blueprinting Distinguish between “frontstage” and “backstage” Clarify interactions between customers and staff, as well as support by backstage activities and systems Identify potential fail points, take preventive measures, prepare contingency Pinpoint stages in the process where customer commonly have to wait 70  Blueprinting Services Key Components of a Service Blueprint Objectives: Identify fail points and risks of excessive waits Set service standards Failure-proof the process 71  Blueprinting Services Restaurant Experience: A Three-Act Performance Blueprinting the Restaurant Experience: Act I 72  Blueprinting Services Restaurant Experience: A Three-Act Performance Act 1: Introductory Scenes Starts with the reservation, arrival at restaurant, valet parking, entering – coat check, greeting by hostess, waiting for table, cocktails at the bar, seating Potential fail points: Wait times Availability Accuracy of order 73  Blueprinting Services Restaurant Experience: A Three-Act Performance Act 2: Delivery of Core Product Greeting by server, menus, ordering food and wine, wine service Potential fail points: Menu information complete? Menu intelligible? Everything on the menu actually available? Mistakes in transmitting information a common cause of quality failure – ex: bad handwriting, poor verbal communication Customers may not only evaluate quality of food and drink, but how promptly it is served, serving staff attitudes, or style of service 74  Blueprinting Services Restaurant Experience: A Three-Act Performance Act 3: The Drama Concludes Remaining actions should move quickly and smoothly, with no surprises at the end Customer expectations: Accurate, intelligible and prompt bill Payment handled politely Guests are thanked for their patronage Restrooms are clean and properly supplied Correct coats retrieved from coat room Car courteously delivered without delay and in condition in which it was left 75 76  Blueprinting Services Improving Reliability of Processes by Failure Proofing Identify fail points Analysis of reasons for failure often reveals opportunities for failure proofing to reduce/eliminate future risk of errors Need fail-safe methods for both employees and customers 77  Blueprinting Services Improving Reliability of Processes by Failure Proofing Have poka-yokes to ensure service staff do things correctly, as requested, or at the right speed Poka-yoke: any mechanism in any process that helps an equipment operator avoid (yokeru) mistakes (poka). A bank ensures eye contact by requiring tellers to record the customer’s eye color on a checklist at the start of the transaction Some firms place mirrors at the exits of staff areas to foster neat appearance Reminder texts or calls about upcoming appointments Locks on aircraft lavatory doors that must be closed to switch on the lights 78  Blueprinting Services Improving Reliability of Processes by Failure Proofing Customer poka-yokes focus on preparing the customer for: The encounter Understanding and anticipating their roles Selecting the correct service or transaction 79  Service Process Redesign Blueprinting Services 80  Service Processes Why Redesign? “Institutions are like steel beams—they tend to rust. What was once smooth and shiny and nice tends to become rusty.” Mitchell T. Rabkin MD, formerly president of Boston’s Beth Israel Hospital 81  Service Processes Service Process Redesign Revitalizes outdated processes Changes in external environment make existing practices obsolete and require redesign of underlying processes Creation of new processes to stay relevant (changes in technology) Rusting occurs internally Natural deterioration of internal processes; creeping bureaucracy; evolution of spurious, unofficial standards Extensive information exchange Data that is not useful High ratio of checking or control activities to value-adding activities Increased exception processing Customer complaints about inconvenient and unnecessary procedures 82  Service Processes Service Process Redesign Redesign aims to achieve these performance measures: Reduced number of service failures Reduced cycle time from customer initiation of a service process to its completion Enhanced productivity Increased customer satisfaction 83  Service Processes Redesign: Approaches and Potential Benefits Eliminating non-value-adding steps Simplify front-end and back-end processes with goal of focusing on benefit-producing part of service encounter Get rid of non-value adding steps Improve productivity and customer satisfaction 84  Service Processes Redesign: Approaches and Potential Benefits Shifting to self-service Increase in productivity and service quality Lower costs Enhance technology reputation Differentiates company 85  Service Processes Redesign: Approaches and Potential Benefits Delivering direct service Bring the service to customers, instead of bringing customers to the service firm Improves convenience for customers Productivity can be improved if companies can eliminate expensive retail locations Increase customer base 86  Service Processes Redesign: Approaches and Potential Benefits Bundling services Involves grouping multiple services into one offer, focusing on a well-defined customer group Often has a better fit to the needs of target segment Increase productivity Add value for customers through lower transaction costs Customize service Increase per capita service use 87  Service Processes Redesign: Approaches and Potential Benefits Redesigning physical aspects of service processes Focus on tangible elements of service process, include changes to facilities and equipment to improve service experience Increase convenience Enhance the satisfaction and productivity of frontline staff Cultivate interest in customers Differentiate company 88  Service Processes Redesign: Approaches and Potential Benefits Target 89  Customer as a Co-producer Service Process 90  Service Processes The Customer as Co-producer Levels of Customer Participation Actions and resources supplied by customers during service production and/or delivery Includes mental, physical, and even emotional inputs 91  Service Processes The Customer as Co-producer Low – Employees and systems do all the work Often involves standardized service (EDP) Payment may be only customer involvement If customer comes to service factory, only physical presence needed (movie) Medium – Customer helps create and deliver service Provide needed information and instructions (MEO) Make some personal effort; share physical possessions (tax accountant) High – Customer works actively with provider to co-produce the service Service cannot be created without customer’s active participation (gym) Customer can jeopardize quality of service outcome (weight loss) 92  Service Processes The Customer as Co-producer Customers can influence productivity and quality of service processes and outputs Customers not only bring expectations and needs, they also need to have relevant service production competencies Customers also need to be recruited as they are “partial employees”. Firms need to get those with the skills to do the tasks For the relationship to last, both parties need to cooperate with each other 93  Customer as Co-producer Self-Service Technologies (SST) Customers undertake specific activities using facilities or systems provided by service supplier Customer’s time and effort replace those of employees Internet-based services, Multibanco, self-service gasoline pumps (Via Verde) Information-based services can easily be offered using SSTs Used in both supplementary services and delivery of core product eBay – no human auctioneer needed between sellers and buyers iTunes, Spotify Many companies seek to encourage customers to serve themselves using Internet-based self-service (e.g. e-banking) Challenge: getting customers to try this technology 94  Customer as Co-producer Psychological Factors Related to the use of SSTs SST Advantages Time savings Cost savings Flexibility Convenience of location Greater control over service delivery High perceived level of customization SST Disadvantages Anxiety and stress experienced by customers who are uncomfortable with using them Some see service encounters as social experiences and prefer to deal with 95 people  Customer as Co-producer SST Aspects that Please Or Annoy Customers People love SSTs when… SST machines are conveniently located and accessible 24/7—often as close as nearest computer or mobile phone! Obtaining detailed information and completing transactions can be done faster than through face-to-face or telephone contact People in admiration of what technology can do for them when it works well People hate SSTs when… SSTs fail – system is down, PIN numbers not accepted, etc. Poorly designed technologies that make service processes difficult to understand and use Users mess up - forgetting passwords, failing to provide information as 96 requested, simply hitting wrong buttons - checking in at airports…  Customer as Co-producer Key Weakness of SSTs Too few incorporate service recovery systems No way to resolve immediately Customers still forced to make telephone calls or personal visits 97  Customer as Co-producer Putting SSTs to Test by Asking a Few Simple Questions Does the SST work reliably? Firms must ensure that SSTs are dependable and user-friendly (checkouts at supermarkets, barcode reading) Is the SST better than interpersonal alternatives? Customers will stick to conventional methods if SST doesn’t create benefits for them (automatic tolls) If it fails, what systems are in place to recover? Always provide systems, structures, and technologies that will enable prompt service recovery when things go wrong 98  Customer Relationship Management 10 2  Strategic Customer Management Customer Relationship Management 10 Strategic 3 Customer Management: Integrating Relationship Marketing and CRM, Adrian Payne and Pennie Frow  Customer Relationship Management CRM Emerged in early 2000s Plays key role in corporate strategy New technologies enable companies to target segments and customers more precisely Recognition of limitations of traditional marketing and the potential of customer-focused, process-based strategies Seeks to create, develop and enhance relationship with carefully targeted customers to improve customer value and corporate profitability, thus maximizing shareholder value 10 4  Customer Relationship Management CRM Utilizing IT to implement relationship marketing strategies Information-enabled relationship marketing Often used interchangeably with relationship marketing or to describe database marketing or technology solutions like data warehouse or sales force automation 10 5  Customer Relationship Management CRM Continuum 10 6  Customer Relationship Management Segmentation and Strategy An important part of CRM is to identify the different types of customers, and then develop specific strategies for interacting with each one: Enhancing relationships with profitable customers Locating and enticing new customers who will be profitable Finding appropriate strategies for unprofitable customers 10 7  Customer Relationship Management Objectives Actively deepen knowledge of customers Use this knowledge to shape interactions between company and its customers Maximize the lifetime value of customers for the company 10 8  Multiple Models Customer Relationship Management 10 9  Customer Relationship Management Definition CRM is the strategic process of selecting customers that a firm can most profitably serve and shaping interactions between a company and these customers. The ultimate goal is to optimize the current and future value of customers for the company. 11 Customer 0 Relationship Management: Concept, Strategy and Tools, V. Kumar and Werner Reinartz  Customer Relationship Management CRM Business strategy and company-level philosophy, such that knowledge about customers and their preferences have implications for the entire organization. Customer-centric business philosophy that sees the customer as an asset, so the focus shifts away from the product and toward the customer as a source of wealth generation. 11 1  Customer Relationship Management Definition CRM is a cross-functional strategic approach concerned with creating improved shareholder value through the development of appropriate relationships with key customers and customer segments. It typically involves identifying appropriate business and customer strategies, the acquisition and diffusion of customer knowledge, deciding appropriate segment granularity, managing the co-creation of customer value, developing integrated channel strategies and the intelligent use of data and technology solutions to create superior customer experiences. 11 Strategic 2 Customer Management: Integrating Relationship Marketing and CRM, Adrian Payne and Pennie Frow  Customer Relationship Management Key CRM Processes 11 3  Customer Relationship Management Key Questions Process 1: Strategy Development Where are we and what do we want to achieve? Who are the customers that we want and how should we segment them? Process 2: Value Creation How should we offer value to our customers? How should we maximize the lifetime value of the customers we want? Process 3: Multi-channel Integration What are the best ways for us to get to customers and for customers to get to us? What does an outstanding customer experience, deliverable at an 11 affordable cost, look like? 4  Customer Relationship Management Key Questions Process 4: Information Management How should we organize information on customers? How can we ‘replicate’ the mind of customers and use this to improve our CRM activities? Process 5: Performance Assessment How can we create increased profits and shareholder value? How should we set standards, develop metrics, measure our results and improve our performance? 11 5  Ongoing Feedback 23 1