Survey Evidence on Customer Markets

This paper uses survey data from Iceland on 884 firms to test for the theory of customer markets proposed by Phelps and Winter (1970) and Okun (1981). The results provide support for the customer market theory in that managers agree that customers are valuable to firms - they rank them second only t...

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Main Authors: Ali Choudhary, Thorlakur Karlsson, Gylfi Zoega
Format: Report
Language:unknown
Subjects:
Iceland
Online Access:http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=7474
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spelling ftrepec:oai:RePEc:ice:wpaper:wp45 2024-04-14T08:13:38+00:00 Survey Evidence on Customer Markets Ali Choudhary Thorlakur Karlsson Gylfi Zoega http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=7474 unknown http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=7474 preprint ftrepec 2024-03-19T10:41:40Z This paper uses survey data from Iceland on 884 firms to test for the theory of customer markets proposed by Phelps and Winter (1970) and Okun (1981). The results provide support for the customer market theory in that managers agree that customers are valuable to firms - they rank them second only to employees - and they use various means of augmenting and retaining their customer base, such as advertising. Surprisingly, however, price setting appears not to be an important ploy for attracting and retaining customers. In this we confirm the earlier results of Lye and Sibly (1994) using Australian data. Instead, advertising and direct contact with customers are listed as significantly more important. Report Iceland RePEc (Research Papers in Economics)
institution Open Polar
collection RePEc (Research Papers in Economics)
op_collection_id ftrepec
language unknown
description This paper uses survey data from Iceland on 884 firms to test for the theory of customer markets proposed by Phelps and Winter (1970) and Okun (1981). The results provide support for the customer market theory in that managers agree that customers are valuable to firms - they rank them second only to employees - and they use various means of augmenting and retaining their customer base, such as advertising. Surprisingly, however, price setting appears not to be an important ploy for attracting and retaining customers. In this we confirm the earlier results of Lye and Sibly (1994) using Australian data. Instead, advertising and direct contact with customers are listed as significantly more important.
format Report
author Ali Choudhary
Thorlakur Karlsson
Gylfi Zoega
spellingShingle Ali Choudhary
Thorlakur Karlsson
Gylfi Zoega
Survey Evidence on Customer Markets
author_facet Ali Choudhary
Thorlakur Karlsson
Gylfi Zoega
author_sort Ali Choudhary
title Survey Evidence on Customer Markets
title_short Survey Evidence on Customer Markets
title_full Survey Evidence on Customer Markets
title_fullStr Survey Evidence on Customer Markets
title_full_unstemmed Survey Evidence on Customer Markets
title_sort survey evidence on customer markets
url http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=7474
genre Iceland
genre_facet Iceland
op_relation http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=7474
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