Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3. Customer retention rate at Company ABC is only 60%. How many years, on average, does a customer stay with Company ABC? 4. This question
3. Customer retention rate at Company ABC is only 60%. How many years, on average, does a customer stay with Company ABC? 4. This question is building on the assigned article "Dubious Management Fad". Company X is using a scale from 0 to 10 to measure their customers' likelihood of recommending Company X 's products to their family and friends. When the results of the last year's survey were tallied up, Company X learned that 16% of customers rated likelihood of recommending between 0 and 6,20% gave ratings of 7 or 8 , and 64% of customers gave ratings of 9 or 10. Calculate and report Company X's NPS (Net Promoter Score). 5. This question is also based on the assigned article "Dubious Management Fad". A) Imagine that your friend works part-time as an electronics salesperson at Best Buy. Salespersons' compensation depends, in part, on NPS ratings by the customers. What advice would you give your friend for getting more favorable NPS ratings (not counting the regular way of getting good NPS score by doing an excellent job)? List all methods and approaches that you are aware of/can think of. B) Why could it be risky for Best Buy managers to rely too much on NPS scores? What applications of NPS scores in management, in your opinion, are appropriate and which ones are a stretch? Examples of possible managerial applications of NPS scores to consider are: employee compensation, sales growth generation, sales forecasting, tracking of customer experience, etc. (Do not remain confined to this list; feel free to consider other possible managerial applications.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started