Case Study 8: Tri-View National Bank
Globe University / Minnesota School of Business
MG705: Management Models for 21st Century Workforce
Instructor: Patricia Angulo
Date: August 13, 2015
The customer is of high importance for Tri-View National Bank. “Customer satisfaction translates directly into increased profits,” (Evans, 2013, p. 256). Total Quality (TQ) emphasizes that customers should be the center of a business strategy, and customer engagement is necessary for continuing the successful operations of the company. If Tri-View Bank had a customer-focused priority strategy in place, they would attract and retain more customers. Customer engagement the process of building, nurturing, and preserving relationships with consumers, who then become “emotionally invested in the brand because they feel that the company is emotionally invested in them” (Tripathi, 2014, p. 126). Customer engagement becomes an emotional connect between the customer and the company.
In order to create customer engagement, Tri-View Bank should collect information about customer expectations and use this information to design, develop and deliver products/services to cater to customer needs. The company should set up a mechanism to measure customer satisfaction levels with the products/services. To compete successfully in the market place, Tri-View should announce new products/services after more fully understanding their potential customer needs and expectations. Organizations should not only fulfill customer needs, but offer innovative products/services that have not yet been offered by their competitors. Organizations must delight consumers to better retain their loyalty.
Tri-View will build customer loyalty by creating trust. Regular and consistent customer interaction will identify the desired or needed products/services. Once the consumer is emotionally connected to the company or its brand, that consumer becomes a loyal one, and will only buy that company’s products/services. Customer service begins when a company representative interacts with the…