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s Q = M ar ket V al u e o f O u t st an d i n g S ecu r i t i esR ep l ace m en t C o st o f A sse t sRicardian Rents StateDependent Specification Q t = . 4 8 7 + . 9 1 6 Q t 1 * + . 0 6 A CS I * + . 8 9 M S * ? . 1 2 3 CO NC * + . 0 2 1 A DV / S A L E SR 2 = . 8 8* S i g n i f i c a n t a t p . 0 5L a g g e d Q , A C S I , C o n c e n t r a t i o n R a t i o , M a r k e t S h a r e s i g n i f i c a n t 。Ann Arbor Buenos Aires Christchurch Frankfurt Kuala Lampur London Madrid Melbourne Milan Paris Porto Alegre Stockholm Zurich National Customer Satisfaction Indices by Claes Fornell Donald C. Cook Professor and Director, National Quality Research Center University of Michigan Business School : ; :; : “An economy cannot be described by adding up how many tons of rebar it makes, how many passenger miles of air travel it logs, how much wood its woodchucks chuck per hour. All these things count (and we count them), but in the final analysis what matters is how well an economy satisfies its customers …” (Thomas Stewart, Fortune, 1995) The Measured Economy Includes … ? Pigiron production ? Coal production ? Railroad operating ine ? Rail freight ? Etc. … The Economy Is Changing How We Measure Performance is Also Changing The Old World The New World ? Mass production and consumption of modities ? Increasingly customized goods, services and information Productivity Productivity and Customer Satisfaction : ; :; : Implications for Companies E c o n o m i c A s s e t sT a n g i b l e In t a n g i b l eE c o n o m i c R e t u r nCustomer Asset Management is Built on the Following Principles ? Satisfied customers are an economic asset that yields future cash flows ? These cash flows can be calculated as discounted present value ? Costs to grow the customer asset base are investments ? Skillful management of the customer asset is essential for longterm profitability Customer Asset Value in Global Markets ECSI (Europe) KCSI (Korea) MCSI (Malaysia) ACSI (