Customer Satisfaction Increase the Market Value of Equity

Question: Q.1.1 Discuss the three key reasons for using customer policy with in the hospitality Industry* context. Use Harvard style referencing in-line citation). Hospitality, Tourism, Leisure and Sports Q.1.2 From the customer policy of Hilton hotel given in class (and online): Discuss the purpose of evaluating a customer service policy. Explain how the evaluation of the policy can assist in future staff training and development. Additional information may be utilized from other sources. Use Harvard style referencing in-line citation. Q.2.1 Evaluate two benefits and two drawbacks of each of the communication methods from the Rent a Car Case study case study. Explain how you would use this in real life scenario. Additional information may be utilized from other sources. Use Harvard style referencing in-line citation. Q.2.2 Using this Link (given in class) and the table provided in class, analyse how customer perception is influenced by customer service provision. Additional information may be utilized from other sources. Use Harvard style referencing in-line citation. Answer: 1.1: The first reason for this is that it is quite imperative to have a customer trust which is everyones responsibility in order to deliver what they have basically promised to the customers. Therefore, there are different policies for every department. Another reason could be related to the service routine which means that the service show could be dissatisfying due to the staff not being open handed and the reason for this could be that they are not well aware of their job and that they cant perform well (Bueschken, n.d.). There could be lack of coordination and poor knowledge between the employees. There could be low amount of principles related to excellence. If any particular company has set various principles then this would shape the prospect of the customers and management as well and hence, this would result in an inappropriate self awareness about the needs of the customers. 1.2: As per the Hilton Policy, evaluation of the customer service policy is done to make sure that the satisfaction of the customer is maximized in accordance with the nature of the business. Customer services policies are considerd to be quite integral for a proper functioning of the business (W., 2011). Therefore, evaluation of a customer service policy will facilitate in the fulfillment of hotels goals and objectives which would further lead to customer satisfaction. Apart from this, the evaluation of the policy can facilitate in the future staff training and development since if some gaps are found within the policies that act as a barrier for the hotels success, the staff training will be further implemented to make sure that the staff fulfills the customer requirements in accordance with their expectations and anticipations. 2.1: The answer for this would be that the communication methods from Rent a Car Case study indicates the representation of the benefits like sustaining, creating and managing the operations of the organizations (McMahon, 2009). This communication method also makes an indication of delegating of the responsibility, vital information and imparting of the authority (Lee, Tongzon and Kim, 2015). The disadvantage could be that employees could have a conflict of interest while sharing their own viewpoints while thinking about winning the customers and, if the employees make group or pairs with each other and establishes a relation of friendship, then this would result in less productivity. 2.2: If the customer perception results in an increased perceived value and the customer service provision is not standardized or up to the mark, then this could result in a negative image of the company and its products or brands (Lianos, n.d.). This is the only way through which perception can have an influence through service provision. Therefore, companies should take a proper care of this particular aspect. References Bueschken, J. (n.d.). Does Improving Customer Satisfaction Really Increase the Market Value of Equity? - Revisiting the ACSI Customer Satisfaction Data.SSRN Electronic Journal. Lee, S., Tongzon, J. and Kim, Y. (2015). Port e-Transformation, customer satisfaction and competitiveness.Maritime Policy Management, pp.1-14. Lianos, G. (n.d.). A Schumpeterian Model of Optimal Customer-Lifetime-Value Policies Over the Business Cycle.SSRN Electronic Journal. McMahon, U. (2009). Customer attitudes towards restaurant reservations policies.Journal of Revenue and Pricing Management, 10(3), pp.244-260. W., G. (2011). Hilton Hooks Up.Cornell Hotel and Restaurant Administration Quarterly, 40(1), pp.11-11.