The (enormous) Cumulative Economic Relevance of Customer Satisfaction – A PLS Based approach. Organized by the Information Systems & Decision Sciences Department at ESSEC, jointly with the Department of Marketing.
Claes Fornell presents research and results, from an actual stock portfolio, which seem contradictory to conventional wisdom. First, it is possible to consistently outperform the stock market. Second, this can be done without taking on more risk. While inconsistent with financial theory, the results are consistent with SCIENCE in the more general sense : Knowledge can be used – in just about any context – in order to do better (competition) and it can be used to reduce risk.
In order ta gauge the probable future benefit of any corporate economic asset – such as customer satisfaction – it is necessary to examine both contemporaneous and intemporal effects. The latter effects have been overlooked in previous studies, but it turns out that they are quite sizable and have about the same size as the contemporaneous ones. They are obtained from the power of customer satisfaction portfolio returns to predict future excess market returns. If investors would pay more attention to the primary sources of future cash flows – and most of them come from repeat consumer spending – aggregate consumer utility would increase and equity markets would benefit from greater efficiency.
"Claes Fornell is Donald C. Cook Professor of Business Administration and director of the National Quality Research Center at the Ross School of Business, University of Michigan.
According to a 2008 study by INFORMS, he is the most influential marketing scholar in the world in both practice and academia. The study examined 3,004 articles published from 1982-2003 in leading academic journals (Journal of Marketing, Journal of Marketing Research, Marketing Science, and Management Science) to determine which had the highest impact on both academic research and the practice of marketing. Out of the top 100 academically most cited papers in marketing science, Fornell authored or co-authored five of the top 50, with three in the top 20. In terms of the impact of articles on academic research, Fornell authored or co-authored three of the top 15 most impactful. In both practice and academia, this is more than anybody else in the world.
As founder of the American Customer Satisfaction Index (ACSI), Fornell was also invited to speak at the Campus of Excellence in the Canary Islands. Past guest speakers at this event include mostly Nobel laureates, former presidents, and top-level scientists. With assistance from Fornell, versions of the ACSI have been launched in Sweden, Norway, Denmark, Great Britain, Mexico, Colombia, Turkey, Japan, China, South Korea, and most recently, Singapore. He is regularly interviewed by leading media publications, such as the Wall Street Journal, the New York Times, USA Today and Business Week."
For any information, please contact Patricia Fernandez
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