In recent years, the direct-to-consumer business (DTC) has become an increasingly popular way for companies to conduct their business. A large part of why companies choose to build a business based on DTC is for the consumer data they get access to. This study aims to understand how small emerging DTC companies achieve sustainable growth as they both have to acquire new customers and retain existing customers. The empirical data consisted of qualitative interviews with three DTC companies operating in three different industries. The result of this study, which was based on the dynamic marketing capabilities model, is that a DTC company best achieves sustainable growth from a customer-centric approach, where decisions are based on data. This allows the organization to work more agile and, as a result, proactive manner. / Under de senaste åren har man kunnat se ett skifte i hur allt fler direct-to-consumer (DTC)-företag har startat. Anledningen till att DTC har blivit ett populärt sätt att bedriva sin verksamhet genom är för att företagen kan nå ut till sina kunder på ett effektivt sätt och på så sätt kunna anpassa sin verksamhet efter dem. Syftet med denna studie är att förstå hur små framväxande DTC-företag uppnår hållbar tillväxt då de både måste anskaffa nya kunder och värna om redan existerande kunder. Den empiriska data bestod av kvalitativa intervjuer med tre DTC-företag, verksamma inom tre olika industrier. Resultatet av denna studie som utgick från dynamic marketing capabilities-modellen, är att ett DTC-företag bäst uppnår en hållbar tillväxt från ett kundcentrerat tillvägagångssätt, där beslut baseras på data. Genom tydliga och informativa processer möjliggör det för företag att jobba mer proaktivt.

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No / In the past, marketing researchers have proposed the use of simple net present value analyses to assess customer lifetime values (CLVs). However, simple net present values disregard two important aspects: (1) environmental risks affecting customer cash flows and (2) a firm's flexibility in reacting to these risks. Consequently, they are inappropriate for assessing CLVs in relationships, in which risks affect customer cash flows and suppliers are able to react. This paper suggests a typology of CLV models in accordance with the degree of environmental risk and the supplier's flexibility. The paper thus contributes to a more differentiated customer lifetime valuation and, consequently, to a more accurate basis for decision making in relationships. The use of real options analysis is recommended for relationships which are affected by environmental risks and in which suppliers are flexible. By applying real options analysis to customer lifetime valuation, the paper offers a new methodological approach, thus merging financial valuation methods with key marketing concepts.

在以往探討非財務性績效指標與財務績效指標關係的相關文獻中，大多以品質、顧客滿意度、瑕疵率及準時送達率為主，甚少討論顧客生命週期時間（customer lifetime）。本研究主要探索顧客生命週期時間與顧客獲利力的關係、顧客生命週期時間的影響因素與多重通路的相關議題。 本文以一家大型電視購物業的公司為個案，64,632名顧客30個月的交易資料為樣本，實證結果發現：（一） 顧客生命週期時間與顧客獲利力的關係為正向關係。（二）顧客的交易金額與顧客生命週期時間呈正向關係；平均間隔購買時間、自有品牌與耐久財對顧客生命週期時間的關係為反向關係；退貨次數與顧客生命週期時間是U字形關係。（三）自電視購物通路所取得的顧客，未來的顧客生命週期時間會較短，但自型錄通路所取得的顧客則會較長；來自電視通路的顧客利潤顯著高於其它通路。（四）使用多重通路的顧客其顧客生命週期時間顯著高於單一通路的使用者，但顧客利潤則顯著低於單一通路的使用者。 / Non-financial measures have been widely advocated and adopted, such as quality, customer satisfaction, defective rate, and on-time delivery rate. However, empirical research has little focus on customer lifetime. This study explores (1) the relationship between customer lifetime and customer profitability; (2) the determinants of customer lifetime; (3) the impact of multi-channel shopping on customer profitability and customer lifetime. Using 64,632 customers level data (30 months) from a large TV Shopping company, this study finds: (1) the relationship between customer lifetime and customer profitability is positive; (2) customer transaction amount is positively related to customer lifetime duration; average interpurchase time, private brand, and durable goods are negatively related to customer lifetime duration; the relationship between customer’s return frequency and customer lifetime is U shape; (3) the customer lifetime duration of TV channel customers is shorter than that of other channel customers, but the customer profitability of TV channel customers is larger than that of other channel customers; (4) the customer lifetime duration of multi-channel customers is longer than that of single channel shoppers, but the customer profitability of multi-channel customers is less than that of single channel customers.

Submitted by Maicon Juliano Schmidt (maicons) on 2015-07-08T14:56:18Z No. of bitstreams: 1 Henrique Horst da Silva.pdf: 2337183 bytes, checksum: cf073a3f2f72937932fd761ed33e195a (MD5) / Made available in DSpace on 2015-07-08T14:56:18Z (GMT). No. of bitstreams: 1 Henrique Horst da Silva.pdf: 2337183 bytes, checksum: cf073a3f2f72937932fd761ed33e195a (MD5) Previous issue date: 2014-09-24 / Nenhuma / Esta dissertação tem como objetivo aprofundar a relação existente entre o Customer Equity (CE) e o Shareholder Value (SHV) utilizando como base o modelo teórico desenvolvido no artigo Linking Customer and Financial Metrics to Shareholder Value: The Leverage Effect in Customer- Based Valuation. Os Drivers de Valor Internos e Externos das organizações foram acrescentados ao modelo, de modo a explicar as variações no CE, bem como a alocação dos recursos de marketing foi estudada, de modo a maximizar o retorno dos valores investidos. Como resultados, confirmando o trabalho base, o estudo da alocação das despesas de marketing ressaltou a aquisição de clientes como uma estratégia chave para a maximização do CE e, por consequência, no SHV. As despesas de marketing também apresentaram um elevado impacto negativo no SHV, ressaltando a importância do seu correto gerenciamento para as empresas. Neste ponto, os Drivers de Valor mostraram-se uteis, possibilitando a segmentação e a identificação dos clientes mais valiosos para a empresa. / This dissertation aims to study the relationship between the metrics of Customer Equity (CE) and the Shareholder Value (SHV) using as a basis the theoretical model developed in article Linking Customer and Financial Metrics to Shareholder Value: The Leverage Effect in Customer-Based Valuation. Internal and External Drivers of Value of organizations were added to the model in order to explain variations in the CE as well as the allocation of marketing resources was studied in order to maximize the return on invested amounts. As results, the study of the allocation of marketing expenses underscored customer acquisition as a key strategy for maximizing to CE and, consequently, to SHV. Marketing expenses also showed a high negative impact on SHV, emphasizing the importance of their proper management for the companies. At this point, the Drivers of Value proved useful enabling the segmentation and identification of the most valuable customers for the company.

A configuração do capitalismo atual, a globalização de mercados, o acirramento da concorrência, a velocidade de mudança e os gerentes cada vez mais cobrados por resultados e sustentabilidade das tomadas de decisão têm impelido as empresas a investir cada vez mais em sistemas de relacionamento para conhecer clientes. Os clientes são a mola propulsora de qualquer empresa e sem eles a empresa não possui valor algum. O objetivo desse trabalho foi explorar os fatores que impactam e determinam o valor do cliente para a empresa e/ou acionistas. Com base em fundamentação teórica, foram evidenciadas as principais pesquisas, destacando as contribuições empíricas de cada caso e a contemplação dos vetores de valor para a empresa e/ou acionistas. Resultados sugerem que o advento da tecnologia da informação nas empresas tem proporcionado a produção de conhecimento para a tomada de decisão mais estruturada em relação à gestão de clientes por valor. Foram evidenciadas (9) nove pesquisas sobre análise de padrão de lucratividade, (8) oito sobre otimização de alocação de recursos, (5) cinco sobre aquisição, retenção e efeitos sociais e (4) quatro sobre avaliação de empresas por meio de clientes. Cliente é definido como ativo intangível na medida em que otimiza a utilização dos recursos para a cocriação de valor para a empresa e/ou acionistas. / The current capitalism configuration, markets globalization, tight competitiveness, the change speed, managers more and more called by results and account for their decision have been forcing companies to invest more and more in customer relationship systems. The customers are the bottom line of any company and without them the company doesn\'t possess any value. The objective of this work was to explore the factors that impact and determine the customer\'s value for the company and/or shareholders. Based on theoretical, it was evidenced the mainly researches, dealing with empirical contribution of each case and the value vectors contemplation for company and/or shareholders. Results suggest that the introducing information technology in the companies has been providing the knowledge production for decision models more structured for managing customers by value. Nine researches were evidenced on profitability pattern analysis, eight on optimize resources allocation, five on acquisition and retention and social effects and four about firm evaluation through customers. Customer is defined as in-tangible assets as long as optimizes the utilization of resources for the co-creation of value for the company and/or shareholders.

<p>Studien har genomförts i Kista Galleria med syftet att utvärdera Ryals (2005) formel för värde­ring av kundrelationer. Med hjälp av formeln beräknas Customer Lifetime Value (CLV) för ett antal kundrelationer det undersökta företaget har. Huruvida formeln är funktionell för ändamålet kundvärdering är den centrala frågeställningen. Resultaten som framkommer ty­der på att en utgångspunkt för värdering av kundrelationer med hjälp av enbart monetära faktorer kan resultera i kortsiktiga strategiska beslut. Mindre butiker uppvisade generellt bättre Customer Lifetime Value per kvadratmeter än välkända butiker med stora butiksytor. Viktiga ickemonetära faktorer är ekonomisk styrka vid förhandlingsbordet och kund­attraktion. För att på lång sikt skapa ett framgångsrikt koncept krävs det att såväl monetära som ickemonetära faktorer tas med i beräkningarna för att kunna göra en korrekt bedömning av en kundrelations verkliga värde.</p>

Studien har genomförts i Kista Galleria med syftet att utvärdera Ryals (2005) formel för värde­ring av kundrelationer. Med hjälp av formeln beräknas Customer Lifetime Value (CLV) för ett antal kundrelationer det undersökta företaget har. Huruvida formeln är funktionell för ändamålet kundvärdering är den centrala frågeställningen. Resultaten som framkommer ty­der på att en utgångspunkt för värdering av kundrelationer med hjälp av enbart monetära faktorer kan resultera i kortsiktiga strategiska beslut. Mindre butiker uppvisade generellt bättre Customer Lifetime Value per kvadratmeter än välkända butiker med stora butiksytor. Viktiga ickemonetära faktorer är ekonomisk styrka vid förhandlingsbordet och kund­attraktion. För att på lång sikt skapa ett framgångsrikt koncept krävs det att såväl monetära som ickemonetära faktorer tas med i beräkningarna för att kunna göra en korrekt bedömning av en kundrelations verkliga värde.

Thesis (MEng)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: Numerous problems with product quality and time-to-market launches can be traced back to the management of the product lifecycle. This research assignment provides insight into how an integrated value proposition design framework can address these issues by shifting the focus of product lifecycle management from being product-centric to being customer-centric. This framework combines tools, methods and processes from a variety of disciplines such as Systems Engineering, Marketing, Project Management, and Financial Management. The application of the framework during the product lifecycle management process is that of a planning and communication tool to ensure integration between multifunctional teams to increase customer value proposition quality and decrease product time to market. This research assignment was implemented in a new product development case study within a leading Telecommunications company in South Africa. / AFRIKAANSE OPSOMMING: Die bestuur van ‘n produk se lewensiklus veroorsaak verskeie probleme wat gepaard gaan met die kwaliteit van produkte en die verlengde tydperk wat dit neem om produkte aan die mark bekend te stel. Hierdie navorsingswerk verduidelik hoe die geïntegreerde waarde-stelling raamwerk die probleme met betrekking tot die bestuur van produkte se lewensiklusse aanspreek. Die raamwerk verskuif die fokus van die bestuur van ‘n produk se lewensiklus, wat produk-gesentreerd is, na ‘n kliënt-gesentreerde fokus. Die raamwerk maak gebruik van tegnieke, metodes en prosesse verkry uit die dissiplines van Sisteem Ingenieurswese, Bemarking, Projek bestuur en Finansiële bestuur. Die toepassing van die raamwerk verbeter die bestuur van ‘n produk se lewensiklus deur beplanning en kommunikasie te fassiliteer tussen multi-funksionele spanne. Genoemde raamwerk bevorder die samewerking tussen multi-funksionele spanne, verbeter die waarde-stellings aan kliënte, verhoog die kwaliteit van produkte en verkort die tydperk van produk bekendstelling aan die mark. Bogenoemde navorsingswerk is geïmplementeer in ‘n vooraanstaande Telekommunikasie maatskapy in Suid-Afrika, op ‘n nuwe produkontwikkeling gevallestudie.

O moderno conceito de marketing, visto como filosofia empresarial, defende que a empresa deve ser centralizada no cliente, ou seja, ter todas as suas atividades integradas e alinhadas para entregar valor superior para seus consumidores. Até o final da década de 1990 havia uma clara lacuna entre o moderno conceito de marketing e as métricas existentes. Assim, as métricas de customer equity foram concebidas na tentativa de superar esse conflito entre filosofia e realidade prática de marketing. Customer equity pode ser definido como o valor monetário dos clientes enquanto um ativo da empresa, e foi apontado pela literatura como possível responsável pelo aumento da capitalização de mercado em algumas empresas. Esse estudo busca identificar a relação de causalidade entre customer equity, calculado pelo modelo de Gupta et al (2003), e a capitalização de mercado das empresas do setor de comunicação do mercado brasileiro utilizando uma série de modelos. Primeiramente rodou-se um modelo de regressão em painel com efeito aleatório, seguido de uma análise de causalidade Granger. Os resultados, em geral, não convergem com a literatura relacionada. Por fim foram discutidas as implicações gerenciais, limitações e sugestões para pesquisas futuras. / The modern concept of marketing, seen as business philosophy, holds that the firm must be customer centered, that is, all the activities must be integrated and oriented to deliver superior value to its customers. There was a clear gap between the modern concept of marketing and the existing metrics until the end of the 1990’s. Thus, the customer equity metrics were developed trying to overcome the conflict between philosophy and the managerial reality of marketing. Customer equity can be defined as the value of customers as an asset of the firm, and was held as a possible responsible for increasing the market capitalization of several companies. This study aims to identify the causal relationship between customer equity, using the approach proposed by Gupta and Lehmann (2003), and the market capitalization of several Brazilian communication companies. First it was conducted a panel regression analysis with random effects, then a series of Granger causality tests were made. The results, at large, do not converge with the related research. Finally, the limitations, managerial implications and recommendations for future research were discussed.