Customer Value Audit in International Business Markets : A Strategic Marketing Tool

Abstract

Implementing the customer driven firm is a going concern of management in many business markets of today. Knowing where value lies for the customer has become critical for a supplier, as satisfied customers lead to more customer loyalty and retention, positive word-of-mouth, a stronger competitive position and, ultimately, higher market share. Many researchers have investigated the value construct mainly in consumer markets. Research on B-to-8 markets, however, has been limited. This paper presents the results of an exploratory study on the contribution of the value construct to marketing strategy development and implementation in international business markets. In this research project, we first assess the complex value construct through a literature review. We then develop a multiple-item measure of customer value and illustrate our approach by the marketing strategy development project of a major chemicals manufacturer in international markets. We finally discuss how the Customer Value Audit (CV A) can be linked to marketing strategy development and implementation.