Tag: quality

Confirmed: Perceived Quality Affects Customer Advocacy More Than Any Other Element

The September issue of Harvard Business Review  includes an article related to The Elements of Value. In the article, a study highlights what customers value in products varies by industry.

1472758161An included table summarizes the top 10 elements of value that various industries find influence loyalty. (Left)

The 10 types of businesses evaluated include:

Apparel/Retail
TV Service Providers
Discount Retail
Consumer Banking
Grocery
Brokerage
Food and Beverages
Auto Insurance
Smartphones
Credit Cards

 

See anything in common? For all industries noted, “Quality” is referenced at the top of the list.

“Some elements do matter more than others. Across all industries studied, perceived quality affects customer advocacy more than any other element. Products and services must attain a certain minimum level, and no other elements can make up for a significant shortfall on this one.”

“A rigorous model of consumer value allows a company to come up with new combinations of value that its products and services could deliver. The right combinations, pays off in stronger customer loyalty, greater customer willingness to try a particular brand, and sustained revenue growth.”

Quality: It’s What’s Driving the Global Automotive Industry

A report issued by McKinsey & Company predicting trends up through 2020 in the global automotive industry identifies four challenges that will affect the industry’s growth.  With these four challenges in mind, we offer quality solutions that effectively hedge or otherwise prepare those working within the industry.

  • Complexity and cost pressure
  • Diverging markets
  • Digital demands
  • Shifting industry landscape

“To capture future growth and find profit from these challenges – and to mitigate their risks – OEMs cannot simply turn to their traditional toolbox. They need to review and adjust their strategic priorities, deploy the appropriate investments and resources, and develop new skills to execute these strategic objectives.”

The automotive aftermarket faces it’s own challenges as well, discussed in detail within the Aftermarket Outlook 2020 report.  According to the report, challenges include:

Challenges_Aftermarket

Quiz: How Passionate Are You About Quality?

UntitledAre you a Quality Aficionado?

Use the Likert-type scale below to answer the 20 questions, and then total up your score. Download a copy here for a template to write directly on and/or share with your colleagues and friends!

 

Strongly Disagree>  1 – 2 – 3 – 4 – 5  <Strongly Agree

  1. You notice non-conformances in products when you go shopping. You may or may not speculate what the root cause could be.
  2. You notice inefficiencies in the processes of various organizations you interact with outside of work. You often identify how you would do it better.
  3. Customer ratings have a significant weight on your personal purchase decision-making process.
  4. You notice the word “quality” whenever it’s referenced in a company name or other commercial message.
  5. You love data (metrics).
  6. You’ve had more than one conversation with family and friends about the importance of quality.

World Trade Month Wrap-Up

World Trade Month is observed each year in May.  The objective of this recognition is to create awareness, identify trends and drive market opportunities.

World Integrated Trade Solutions offers extensive data related to world trade.  The same site offers interesting visualization options such as the word cloud referenced below.

Untitled

In a 2015 ranking of the top 20 export countries worldwide via Statista, China ranked first in exports with an export value of about 2.28 trillion US dollars.