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Claes Fornell is an expert on customer satisfaction analytics and capital asset management. [1]
Born in Sweden in 1947, Claes Fornell received a Doctorate of Economics in 1976 from Lund University, Sweden. He is The Donald C. Cook Distinguished Professor Emeritus of Business Administration at the Stephen M. Ross School of Business, University of Michigan. Professor Fornell has also been on the faculty of Duke University, Northwestern University, the Stockholm School of Economics and INSEAD. In 2009, at the 100-year anniversary of the Stockholm School of Economics, Fornell was awarded an Honorary Doctorate of Economics. He also holds honorary professorships from Renmin University (2005) and Tianjin University (2007). [1]
Fornell's research centers on the development and application of advanced quantitative methods for understanding how to obtain high financial returns and lower risk at the same time. It was the convergence of these interests that led Fornell, in 1994, to found the American Customer Satisfaction Index (ACSI) – a monthly economic indicator of the quality of economic output, as experienced by the users of that output. ACSI is a predictor of consumer spending and economic growth at the macro level, [2] along with a variety of company-level financial performance metrics, and tracks customer satisfaction for more than 400 companies. ACSI scores are predictive of return on investment, net cash flow, and stock returns. [3] [4] [5] [6] The ACSI technology, for which Fornell was awarded a US patent (US 8,666,515 B2) in 2014, has been used in many countries in addition to the United States, including Australia, China, Finland, France, Germany, Great Britain, India, Italy, the Netherlands, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, the United Arab Emirates (Dubai), and others.
Claes Fornell is the lead author of several articles linking customer satisfaction to stock returns, demonstrating that portfolios of firms with high ACSI scores consistently outperform the market. [3] [4] [5] [7] He has also written several books. Among them are Consumer Input for Marketing Decisions (Praeger, 1976), A Second Generation of Multivariate Analysis (Praeger, 1980), The Satisfied Customer: Winners and Losers in the Battle for Buyer Preference (Palgrave Macmillan, 2007), and The Reign of the Customer: Customer-Centric Approaches for Improving Satisfaction (Springer 2020). According to the "International Journal of Research in Marketing," [8]
Claes Fornell is the founder and chairman of CFI Group, an international consulting firm specializing in assisting companies with measuring and optimizing customer satisfaction for improved consumer utility and company financial return. He is also the founder of American Customer Satisfaction ETF (Ticker: ACSI) that invests in public companies with strong customer satisfaction, [9] [10] and Detroit Vineyards, a winery with a pedigree dated to 1702 when Antoine de la Mothe Cadillac established the first vineyard in Detroit. [11]
Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency advertises on behalf of an entire industry or locality, often a specific type of food, food from a specific area, or a city or region as a tourism destination.
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. One application of economic indicators is the study of business cycles. Economic indicators include various indices, earnings reports, and economic summaries: for example, the unemployment rate, quits rate, housing starts, consumer price index, Inverted yield curve, consumer leverage ratio, industrial production, bankruptcies, gross domestic product, broadband internet penetration, retail sales, price index, and money supply changes.
A service is an act or use for which a consumer, firm, or government is willing to pay. Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on. Public services are those that society as a whole pays for. Using resources, skill, ingenuity, and experience, service providers benefit service consumers. Services may be defined as intangible acts or performances whereby the service provider provides value to the customer.
Information goods are commodities that provide value to consumers as a result of the information it contains and refers to any good or service that can be digitalized. Examples of information goods includes books, journals, computer software, music and videos. Information goods can be copied, shared, resold or rented. Information goods are durable and thus, will not be destroyed through consumption. As information goods have distinct characteristics as they are experience goods, have returns to scale and are non-rivalrous, the laws of supply and demand that depend on the scarcity of products do not frequently apply to information goods. As a result, the buying and selling of information goods differs from ordinary goods. Information goods are goods whose unit production costs are negligible compared to their amortized development costs. Well-informed companies have development costs that increase with product quality, but their unit cost is zero. Once an information commodity has been developed, other units can be produced and distributed at almost zero cost. For example, allow downloads over the Internet. Conversely, for industrial goods, the unit cost of production and distribution usually dominates. Firms with an industrial advantage do not incur any development costs, but unit costs increase as product quality improves.
Brand equity, in marketing, is the worth of a brand in and of itself – i.e., the social value of a well-known brand name. The owner of a well-known brand name can generate more revenue simply from brand recognition, as consumers perceive the products of well-known brands as better than those of lesser-known brands.
Eugene Francis "Gene" Fama is an American economist, best known for his empirical work on portfolio theory, asset pricing, and the efficient-market hypothesis.
The loyalty business model is a business model used in strategic management in which company resources are employed so as to increase the loyalty of customers and other stakeholders in the expectation that corporate objectives will be met or surpassed. A typical example of this type of model is: quality of product or service leads to customer satisfaction, which leads to customer loyalty, which leads to profitability.
James David Power III was the founder of the marketing firm J.D. Power and Associates.
Philip Kotler is an American marketing author, consultant, and professor emeritus; the S. C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University (1962–2018). He is known for popularizing the definition of marketing mix. He is the author of over 80 books, including Marketing Management, Principles of Marketing, Kotler on Marketing, Marketing Insights from A to Z, Marketing 4.0, Marketing Places, Marketing of Nations, Chaotics, Market Your Way to Growth, Winning Global Markets, Strategic Marketing for Health Care Organizations, Social Marketing, Social Media Marketing, My Adventures in Marketing, Up and Out of Poverty, and Winning at Innovation. Kotler describes strategic marketing as serving as "the link between society's needs and its pattern of industrial response."
Customer satisfaction is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals." Customers play an important role and are essential in keeping a product or service relevant; it is, therefore, in the best interest of the business to ensure customer satisfaction and build customer loyalty.
The American Customer Satisfaction Index (ACSI) is an economic indicator that measures the satisfaction of consumers across the U.S. economy. It is produced by the American Customer Satisfaction Index based in Ann Arbor, Michigan.
Birger Wernerfelt is a Danish economist and management theorist, and JC Penney Professor of Management at the MIT Sloan School of Management. He is best known for “A Resource-based View of the Firm” (1984), which is one of the most cited papers in the social sciences.
Customer retention refers to the ability of a company or product to retain its customers over some specified period. High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely. Selling organizations generally attempt to reduce customer defections. Customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship and successful retention efforts take this entire lifecycle into account. A company's ability to attract and retain new customers is related not only to its product or services, but also to the way it services its existing customers, the value the customers actually perceive as a result of utilizing the solutions, and the reputation it creates within and across the marketplace.
Martin Reimann is a psychologist and marketing researcher. He is an associate professor of marketing at the Eller College of Management at the University of Arizona.
The AIDA model is just one of a class of models known as hierarchy of effects models or hierarchical models, all of which imply that consumers move through a series of steps or stages when they make purchase decisions. These models are linear, sequential models built on an assumption that consumers move through a series of cognitive (thinking) and affective (feeling) stages culminating in a behavioural stage.
Service quality (SQ), in its contemporary conceptualisation, is a comparison of perceived expectations (E) of a service with perceived performance (P), giving rise to the equation SQ=P-E. This conceptualistion of service quality has its origins in the expectancy-disconfirmation paradigm.
Defensive strategy is defined as a marketing tool that helps companies to retain valuable customers that can be taken away by competitors. Competitors can be defined as other firms that are located in the same market category or sell similar products to the same segment of people. When this rivalry exist, each company must protect its brand, growth expectations, and profitability to maintain a competitive advantage and adequate reputation among other brands. To reduce the risk of financial loss, firms strive to take their competition away from the industry.
Alex Edmans is a British academic and economist who is professor of finance at London Business School and the current Mercers' School Memorial Professor of Business at Gresham College. Since 2017 he has been the Managing Editor of the Review of Finance, the leading academic finance journal in Europe. He gave the TED talk What to Trust in a Post-Truth World, on confirmation bias and the importance of being discerning with evidence. In 2021 he was named Professor of the Year by Poets & Quants.
Willem Frederik (Fred) van Raaij is a Dutch psychologist and professor.
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