价值管理-客户价值管理模式 11英文 精品

客户关系管理如何进行客户价值管理在当今竞争激烈的商业环境中，客户关系管理（Customer Relationship Management，CRM）对于企业来说至关重要。

而在CRM中，客户价值管理扮演着一个关键角色。

本文将探讨客户关系管理如何进行客户价值管理。

一、客户关系管理的概述客户关系管理是一种综合性的业务管理方法，旨在帮助企业建立和维护与客户间的良好关系。

通过CRM，企业可以更好地了解客户需求，提供个性化的产品和服务，从而实现更高的客户满意度和忠诚度。

二、理解客户价值客户价值是指客户对企业产品或服务的认可程度和感知到的利益。

客户价值可以分为经济价值、功能价值和情感价值三个维度。

经济价值指的是客户从产品或服务中获取的经济效益；功能价值指的是产品或服务所提供的功能满足客户需求的程度；情感价值指的是产品或服务带给客户的情感体验。

三、客户价值管理的重要性客户价值管理是企业具体运营过程中的关键一环。

通过有效的客户价值管理，企业能够更好地提高客户满意度和忠诚度，同时也能够提升企业的市场竞争力。

客户价值管理还可以帮助企业与客户建立长期的合作关系，从而实现持续增长和可持续发展。

四、进行客户价值管理的方法和步骤1. 客户细分：通过市场调研和数据分析，将客户分为不同的细分市场和目标群体，以便更好地满足客户需求。

2. 价值定位：根据客户细分的结果，确定不同客户群体的不同价值需求，并制定相应的营销战略和定价策略。

3. 个性化营销：根据客户的需求和偏好，提供个性化的产品和服务，以增加客户的满意度和体验感。

4. 客户参与：通过各种互动渠道，与客户进行沟通和互动，获得反馈和建议，从而更好地了解客户需求和优化产品和服务。

5. 持续改进：针对客户的反馈和市场的变化，及时调整和改进产品和服务，以保持与客户的良好互动和合作关系。

五、客户价值管理的挑战与对策1. 数据管理挑战：有效管理和利用客户数据是进行客户价值管理的关键。

企业需要建立完善的数据采集、存储和分析系统，以支持客户分析和个性化营销。

如何进行客户价值管理客户价值管理是企业要实现利润最大化的关键步骤之一。

在竞争激烈的市场中，运用有效的客户价值管理策略，可以帮助企业提高销售额、提升客户满意度、提高客户忠诚度和保持竞争优势。

本文将探讨如何进行客户价值管理。

第一步：识别和理解客户价值客户价值是指客户对产品或服务的看法和感受。

不同的客户对同一产品或服务的价值是不同的。

因此，识别和理解客户价值是进行客户价值管理的第一步。

企业可以通过市场调研等方式，采集客户需求和反馈，了解客户对产品或服务的评价和意见，以及他们对产品或服务的期望。

这种了解可以帮助企业更好地理解客户价值，为制定更有效的客户价值管理策略提供依据。

第二步：重视客户满意度客户满意度是客户对企业产品或服务的整体评价。

提升客户满意度是进行客户价值管理的重要一步。

企业可以通过提供高品质的产品或服务、积极响应客户反馈和意见、提供快速和高效的售后服务等方式，提升客户满意度。

此外，增加客户互动机会，如利用社交媒体，与客户沟通，了解客户的需求和意见，也可以提高客户满意度。

第三步：建立客户忠诚度客户忠诚度是客户对企业产品或服务的忠诚度。

建立客户忠诚度是进行客户价值管理的重要一步。

企业可以通过开展促销活动、提供定制化的产品或服务、提供专门的客户活动等方式，增加客户忠诚度。

同时，积极关注客户的生活变化和需求变化，及时调整和更新产品或服务，也可以帮助企业增加客户忠诚度。

第四步：最大化客户价值企业最终的目标是在提高客户满意度和建立客户忠诚度的基础上，实现最大化客户价值。

实现最大化客户价值可以通过不断提高产品或服务的质量、创新、定制化、降低成本等方式来实现。

同时，企业可以通过营销、销售、客户服务等方式与顾客建立更深层次和更持久的关系，实现从单向销售到和客户的沟通互动，从而满足客户多层次、多角度和个性化的需求，提高客户满意度和忠诚度，提高销售额和利润。

结论客户价值管理是企业实现利润最大化的重要步骤之一。

通过识别和理解客户价值、重视客户满意度、建立客户忠诚度和最大化客户价值等方式，企业可以提高客户满意度和忠诚度，获取更多的市场份额，从而实现利润的最大化。

顾客终身价值模型
顾客终身价值模型（Customer Lifetime Value, CLV）是一种评估顾客对企业贡献的量化方法，它指的是每个购买者在未来可能为企业带来的收益总和。

该模型可以帮助企业更好地了解顾客的价值，以便制定有效的市场营销策略和客户关系管理方法。

顾客终身价值模型主要包括以下几个方面：
1. 历史价值：到目前为止已经实现了的顾客价值。

这部分价值包括了顾客过去为企业带来的所有收益，如销售额、利润等。

2. 当前价值：如果顾客当前行为模式不发生改变的话，将来会给公司带来的顾客价值。

这部分价值包括了顾客在未来一段时间内可能产生的消费行为和购买决策，可以根据顾客过去的消费习惯和行为模式进行预测。

3. 潜在价值：如果公司通过有效的交叉销售、促使顾客向别人推荐产品和服务等，从而可能增加的顾客价值。

这部分价值涉及到顾客的口碑传播和消费潜力，可以通过一定的市场策略和营销手段进行挖掘。

4. 顾客维持时间维度：企业通过维持与顾客的长期关系，建立高的顾客维持率，从而获得较高的顾客生涯价值。

5. 顾客份额（Customer Share）维度：企业通过提高在顾客整体消费中所占的比例，从而提高顾客生涯价值。

通过分析以上几个方面，企业可以更好地了解顾客的价值，并制定相应的营销策略和客户关系管理方法，以提高顾客终身价值，促进企业的持续发展。

1。

“客户价值”常见的英语表达有"customer value" 或"value of customers"。

例如：
- We always put customer value first.（我们始终将客户价值放在首位。

）- The company focuses on creating value for customers.（公司注重为客
户创造价值。

）
- Understanding customer value is the key to success.（理解客户价值是
成功的关键。

）
- We need to enhance the value of customers.（我们需要提高客户的价值。

）
此外，还可以使用一些相关的表达方式，如 "customer centric"（以客户
为中心）、"customer-oriented"（以客户为导向）等，来强调以客户价
值为重要考量。

例如：Our business is customer-centric, aiming to deliver maximum value to customers.（我们的业务以客户为中心，旨在
为客户提供最大价值。

）。

客户管理制度英文1. IntroductionIn today's competitive business environment, customer satisfaction is a key driver of success. Effective customer management system is essential for building and maintaining strong relationships with customers. This document outlines the customer management system that will be implemented in our organization to improve customer satisfaction and loyalty.2. ObjectivesThe main objectives of the customer management system are:- To provide personalized and efficient customer service- To build long-lasting relationships with customers- To increase customer retention and loyalty- To gather and analyze customer feedback for continuous improvement- To improve overall customer satisfaction3. Customer SegmentationOne of the key aspects of an effective customer management system is customer segmentation. By dividing customers into different segments based on their needs, preferences, and behaviors, we can tailor our services and communication to better meet their expectations. Some common segmentation criteria include:- Demographics (age, gender, income level, etc.)- Geographic location- Psychographics (lifestyle, values, attitudes, etc.)- Purchase history- Engagement level (frequency of interaction with the organization)4. Customer Relationship Management (CRM) SoftwareTo effectively manage customer relationships, our organization will implement a CRM software system. This software will enable us to store and track customer information, interactions, and preferences in one centralized database. Some key features of the CRM software include:- Customer profiles with contact information, purchase history, preferences, etc.- Communication tools (email, SMS, social media integration, etc.)- Task and appointment scheduling- Sales and marketing automation- Reporting and analyticsBy using CRM software, we can streamline our customer management processes, improve efficiency, and provide a more personalized experience for our customers.5. Customer CommunicationEffective communication is crucial for building and maintaining strong relationships with customers. Our organization will implement the following communication strategies to keep customers informed and engaged:- Regular updates via email newsletters, social media, and website announcements- Personalized communication based on customer preferences and behaviors- Prompt responses to customer inquiries and feedback- Proactive outreach to address any issues or concerns- Surveys and feedback forms to gather customer inputBy maintaining open and transparent communication channels, we can enhance trust and loyalty with our customers.6. Customer Feedback and SatisfactionGathering and analyzing customer feedback is essential for improving our products and services. Our organization will implement the following strategies to measure customer satisfaction and gather feedback:- Customer satisfaction surveys after purchase or interaction- Online reviews and ratings- Social media monitoring for customer comments and feedback- Customer service feedback forms- Net Promoter Score (NPS) surveys to measure customer loyaltyBy collecting and analyzing customer feedback, we can identify areas for improvement and make necessary adjustments to enhance overall customer satisfaction.7. Customer Service ExcellenceProviding exceptional customer service is key to retaining and attracting customers. Our organization will focus on the following principles to ensure customer service excellence: - Empathy and understanding of customer needs- Timely response to inquiries and issues- Professionalism and courteousness in all interactions- Going above and beyond to exceed customer expectations- Continuous training and development of customer service staffBy prioritizing customer service excellence, we can differentiate our organization from competitors and build long-lasting relationships with customers.8. Customer Retention and LoyaltyCustomer retention is crucial for long-term business success. Our organization will implement the following strategies to increase customer retention and loyalty:- Loyalty programs and incentives for repeat customers- Personalized offers and discounts based on customer preferences- Special promotions and events for loyal customers- Exclusive access to new products and services- Regular communication to keep customers engaged and informedBy focusing on customer retention and loyalty, we can increase customer lifetime value and strengthen relationships with our most valuable customers.9. ConclusionIn conclusion, effective customer management system is essential for building and maintaining strong relationships with customers. By implementing customer segmentation, CRM software, communication strategies, feedback mechanisms, customer service excellence, and retention initiatives, our organization can improve customer satisfaction and loyalty. By prioritizing customer needs and preferences, we can differentiate ourselves from competitors and achieve long-term success in the marketplace.。

如何平衡顾客价值英语作文Title: Balancing Customer Value: A Strategic Imperative。

In today's highly competitive business landscape, balancing customer value is a strategic imperative for companies striving for sustainable growth and long-term success. Customer value refers to the perceived benefitsthat customers receive from a product or service comparedto the cost incurred to obtain it. Achieving this balance entails understanding customers' needs and preferences, delivering exceptional value, and maintaining profitability. In this essay, we will explore strategies for effectively balancing customer value.First and foremost, understanding the needs and preferences of customers is paramount. This requires conducting thorough market research, gathering customer feedback, and analyzing data to gain insights into what drives value for them. By understanding customers' pain points, desires, and expectations, businesses can tailortheir products or services to meet those needs effectively.Secondly, delivering exceptional value involves providing high-quality products or services that exceed customers' expectations. This can be achieved through continuous innovation, investing in research and development, and maintaining high standards of quality control. By offering unique features, superior performance, or added convenience, businesses can differentiate themselves from competitors and enhance perceived value in the eyes of customers.Furthermore, delivering exceptional customer service is crucial for enhancing customer value. Building strong relationships with customers, addressing their concerns promptly, and providing personalized support can significantly impact their overall experience. A positive customer experience not only fosters loyalty but also encourages word-of-mouth referrals, which can lead to further business growth.However, it is essential to balance the delivery ofexceptional value with maintaining profitability. While providing value-added features and services is important, businesses must ensure that the costs associated with them are justified. This requires carefully managing expenses, optimizing operational efficiency, and pricing products or services appropriately to achieve a balance between value creation and cost control.Moreover, fostering customer loyalty is key to maximizing long-term customer value. Loyal customers not only generate repeat business but also serve as brand advocates, influencing others to choose the company's products or services. Implementing loyalty programs, offering incentives, and engaging customers through targeted marketing efforts can help strengthen customer relationships and enhance their lifetime value.In addition to focusing on existing customers, businesses should also strive to attract new customers by effectively communicating their value proposition. This involves developing compelling marketing messages, leveraging various channels to reach target audiences, andhighlighting the unique benefits of the products orservices offered. By effectively communicating value, businesses can attract new customers and expand their customer base.In conclusion, balancing customer value is essentialfor businesses to thrive in today's competitive marketplace. By understanding customers' needs, delivering exceptional value, and maintaining profitability, businesses can foster customer loyalty, attract new customers, and achieve sustainable growth. It requires a strategic approach that prioritizes the creation of value while ensuring cost-effectiveness. Ultimately, businesses that excel in balancing customer value are well-positioned to succeed in the long run.。

客户管理英语客户管理在英语中通常被称为"Customer Management"。

这是一个广泛的术语，涵盖了各种策略和实践，旨在维护和增强与客户的关系。

这可能包括客户服务、销售跟踪、市场营销活动、个性化沟通以及使用客户关系管理（CRM）系统来组织和分析客户数据。

以下是一些与“客户管理”相关的关键术语和概念：1.Customer Relationship Management (CRM): 一种系统或软件，用于管理公司与现有和潜在客户之间的互动。

CRM系统可以帮助公司更好地了解客户需求，提高服务质量，提升客户满意度和忠诚度。

2.Customer Service: 提供帮助和支持给客户的服务，确保他们对购买的产品或服务感到满意。

优质的客户服务可以促进口碑传播，增加重复购买的可能性。

3.Customer Satisfaction: 衡量顾客对产品或服务的满意程度。

高顾客满意度通常与顾客忠诚度和正面的品牌形象相关联。

4.Customer Retention: 通过提供优质服务和建立良好关系，保持现有客户的策略。

保留现有客户通常比吸引新客户成本更低，而且有助于稳定收入。

5.Customer Loyalty: 客户持续选择同一品牌或公司的产品或服务。

忠诚的客户可能会通过重复购买和推荐给其他人来为公司带来长期价值。

6.Customer Engagement: 通过有吸引力的沟通和体验，使客户参与并投入到品牌中。

高度参与的客户更有可能成为品牌的倡导者。

7.Customer Segmentation: 将客户群分成不同的细分市场，以便更有效地定位市场和个性化营销策略。

8.Customer Lifetime Value (CLV): 客户在其整个生命周期内为公司带来的总价值。

了解CLV有助于公司确定应该投入多少资源来获取和维护客户。

9.Customer Journey Mapping: 绘制客户从认识品牌到成为忠实客户的整个过程，以识别改善客户体验的机会。

A Tutorial on the McKinsey Model forV aluation of CompaniesL.Peter Jennergren∗Fourth revision,August26,2002SSE/EFI Working Paper Series in Business Administration No.1998:1AbstractAll steps of the McKinsey model are outlined.Essential steps are:calculation of free cashflow,forecasting of future accounting data(profit and loss accounts andbalance sheets),and discounting of free cashflow.There is particular emphasis onforecasting those balance sheet items which relate to Property,Plant,and Equip-ment.There is an exemplifying valuation included(of a company called McKay),as an illustration.Key words:Valuation,free cashflow,discounting,accounting dataJEL classification:G31,M41,C60∗Stockholm School of Economics,Box6501,S-11383Stockholm,Sweden.The author is indebted to Joakim Levin,Per Olsson,and Kenth Skogsvik for discussions and comments.1IntroductionThis tutorial explains all the steps of the McKinsey valuation model,also referred to as the discounted cashflow model and described in Tom Copeland,Tim Koller,and Jack Murrin:Valuation:Measuring and Managing the Value of Companies(Wiley,New York; 1st ed.1990,2nd ed.1994,3rd ed.2000).The purpose is to enable the reader to set up a complete valuation model of his/her own,at least for a company with a simple structure (e.g.,a company that does not consist of several business units and is not involved in extensive foreign operations).The discussion proceeds by means of an extended valuation example.The company that is subject to the valuation exercise is the McKay company.The McKay example in this tutorial is somewhat similar to the Preston example(con-cerning a trucking company)in Copeland et al.1990,Copeland et al.1994.However, certain simplifications have been made,for easier understanding of the model.In par-ticular,the capital structure of McKay is composed only of equity and debt(i.e.,no convertible bonds,etc.).The purpose of the McKay example is merely to present all essential aspects of the McKinsey model as simply as possible.Some of the historical income statement and balance sheet data have been taken from the Preston example. However,the forecasted income statements and balance sheets are totally different from Preston’s.All monetary units are unspecified in this tutorial(in the Preston example in Copeland et al.1990,Copeland et al.1994,they are millions of US dollars).This tutorial is intended as a guided tour through one particular implementation of the McKinsey model and should therefore be viewed only as exemplifying:This is one way to set up a valuation model.Some modelling choices that have been made will be pointed out later on.However,it should be noted right away that the specification given below of net Property,Plant,and Equipment(PPE)as driven by revenues is actually taken from Copeland et al.2000.The previous editions of this book contain two alternative model specifications relating to investment in PPE(cf.Section15below;cf.also Levin and Olsson1995).In one respect,this tutorial is an extension of Copeland et al.2000:It contains a more detailed discussion of capital expenditures,i.e.,the mechanism whereby cash is absorbed by investments in PPE.This mechanism centers on two particular forecast assumptions, [this year’s net PPE/revenues]and[depreciation/last year’s net PPE].1It is explained below how those assumptions can be specified at least somewhat consistently.On a related note,the treatment of deferred income taxes is somewhat different,and also more detailed,compared to Copeland et al.2000.In particular,deferred income taxes are related to a forecast ratio[timing differences/this year’s net PPE],and it is suggested how to set that ratio.1Square brackets are used to indicate specific ratios that appear in tables in the spreadsheetfile.There is also another extension in this tutorial:An alternative valuation model is included,too,the abnormal earnings model.That is,McKay is valued through that model as well.The McKay valuation is set up as a spreadsheetfile in Excel named MCK1.XLS. Thatfile is an integral part of this tutorial.The model consists of the following parts(as can be seen by loading thefile):Table1.Historical income statements,Table2.Historical balance sheets,Table3.Historical free cashflow,Table4.Historical ratios for forecast assumptions,Table5.Forecasted income statements,Table6.Forecasted balance sheets,Table7.Forecasted free cashflow,Table8.Forecast assumptions,Value calculations.Tables in the spreadsheetfile and in thefile printout that is included in this tutorial are hence indicated by numerals,like Table1.Tables in the tutorial text are indicated by capital letters,like Table A.The outline of this tutorial is as follows:Section2gives an overview of essential model features.Section3summarizes the calculation of free cashflow.Section4is an introduc-tion to forecastingfinancial statements and also discusses forecast assumptions relating to operations and working capital.Sections5,6,and7deal with the specification of the forecast ratios[this year’s net PPE/revenues],[depreciation/last year’s net PPE],and [retirements/last year’s net PPE].Section8considers forecast assumptions about taxes. Further forecast assumptions,relating to discount rates andfinancing,are discussed in Section9.Section10outlines the construction of forecastedfinancial statements and free cashflow,given that all forecast assumptions have beenfixed.Section11outlines a slightly different version of the McKay example,with another system for accounting for deferred income taxes.2The discounting procedure is explained in Section12.Section13 gives results from a sensitivity analysis,i.e.,computed values of McKay’s equity when cer-tain forecast assumptions are revised.Section14discusses the abnormal earnings model and indicates how McKay’s equity can be valued by that model.Section15discusses two further discounted cashflow model versions,one of which may in a certain sense be considered“exact”.The purpose is to get a feeling for the goodness of valuations derived2This version of the McKay example is contained in the Excelfile MCK1B.XLS.A printout from that file is also included in this tutorial.The two versions of the McKay example are equivalent as regards cashflow and resulting value.In other words,it is only the procedure for computing free cashflow that differs(slightly)between them.by means of the McKinsey model,in particular the sensitivity to changes in certain model parameters.Section16contains concluding remarks.There are two appendices.Appen-dix1discusses how a data base from Statistics Sweden can be used as an aid in specifying parameters related to the forecast ratios[this year’s net PPE/revenues],[depreciation/last year’s net PPE]and[retirements/last year’s net PPE].Appendix2is a note on leasing. The point is that payments associated with leases can be viewed as pertaining either to thefirm’s operations,or to itsfinancing.If one is consistent,both views lead to the same valuation result.A similar remark also applies to payments associated with pensions.2Model OverviewEssential features of the McKinsey model are the following:1.The model uses published accounting data as input.Historical income statements and balance sheets are used to derive certain criticalfinancial ratios.Those historical ratios are used as a starting point in making predictions for the same ratios in future years.2.The object of the McKinsey model is to value the equity of a going concern.Even so, the asset side of the balance sheet is initially valued.The value of the interest-bearing debt is then subtracted to get the value of the equity.Interest-bearing debt does not include deferred income taxes and trade credit(accounts payable and other current liabilities). Credit in the form of accounts payable is paid for not in interest but in higher operating expenses(i.e.,higher purchase prices of raw materials)and is therefore part of operations rather thanfinancing.Deferred income taxes are viewed as part of equity;cf.Sections9 and10.It may seem like an indirect approach to value the assets and deduct interest-bearing debt to arrive at the equity(i.e.,it may seem more straight-forward to value the equity directly,by discounting future expected dividends).However,this indirect approach is the recommended one,since it leads to greater clarity and fewer errors in the valuation process(cf.Copeland et al.2000,pp.150-152).3.The value of the asset side is the value of operations plus excess marketable secu-rities.The latter can usually be valued using book values or published market values. Excess marketable securities include cash that is not necessary for operations.For valu-ation purposes,the cash account may hence have to be divided into two parts,operating cash(which is used for facilitating transactions relating to actual operations),and ex-cess cash.(In the case of McKay,excess marketable securities have been netted against interest-bearing debt at the date of valuation.Hence there are actually no excess mar-ketable securities in the McKay valuation.This is one of the modelling choices that were alluded to in the introduction.)4.The operations of thefirm,i.e.,the total asset side minus excess marketable secu-rities,are valued by the WACC method.In other words,free cashflow from operations is discounted to a present value using the W ACC.There is then a simultaneity problem (actually quite trivial)concerning the WACC.More precisely,the debt and equity values enter into the WACC weights.However,equity value is what the model aims to determine.5.The asset side valuation is done in two parts:Free cashflow from operations is forecasted for a number of individual years in the explicit forecast period.After that, there is a continuing value derived from free cashflow in thefirst year of the post-horizon period(and hence individual yearly forecasts must be made for each year in the explicit forecast period and for one further year,thefirst one immediately following the explicit forecast period).The explicit forecast period should consist of at least7-10years(cf. Copeland et al.2000,p.234).The explicit forecast period can be thought of as a transient phase during a turn-around or after a take-over.The post-horizon period,on the other hand,is characterized by steady-state development.This means that the explicit forecast period should as a minimal requirement be sufficiently long to capture transitory effects,e.g.,during a turn-around operation.6.For any future year,free cashflow from operations is calculated from forecasted income statements and balance sheets.This means that free cashflow is derived from a consistent scenario,defined by forecastedfinancial statements.This is probably the main strength of the McKinsey model,since it is difficult to make reasonable forecasts of free cashflow in a direct fashion.Financial statements are forecasted in nominal terms(which implies that nominal free cashflow is discounted using a nominal discount rate).7.Continuing(post-horizon)value is computed through an infinite discounting for-mula.In this tutorial,the Gordon formula is used(cf.Brealey and Myers2002,pp.38 and64-65).In other words,free cashflow in the post-horizon period increases by some constant percentage from year to year,hence satisfying a necessary condition for infinite discounting.(The Gordon formula is another one of the modelling choices made in this tutorial.)As can be inferred from this list of features,and as will be explained below,the McKinsey model combines three rather different tasks:Thefirst one is the production of forecastedfinancial statements.This is not trivial.In particular,it involves issues relating to capital expenditures that are fairly complex.(The abnormal earnings model uses forecastedfinancial statements,just like the McKinsey model,so thefirst task is actually the same for that model as well).The second task is deriving free cashflow from operations fromfinancial statements. At least in principle,this is rather trivial.In fairness,it is not always easy to calculate free cashflow from complicated historical income statements and balance sheets.However,all financial statements in this tutorial are very simple(and there is,in any case,no reason to forecast accounting complexities if the purpose is one of valuation).The third task isdiscounting forecasted free cashflow to a present value.While not exactly trivial,this task is nevertheless one that has been discussed extensively in the corporatefinance literature, so there is guidance available.This tutorial will explain the mechanics of discounting in the McKinsey model.However,issues relating to how the relevant discount rates are determined will largely be brushed aside.Instead,the reader is referred to standard text books(for instance,Brealey and Myers2002,chapters9,17,and19).3Historical Financial Statements and the Calcula-tion of Free Cash FlowThe valuation of McKay is as of Jan.1year1.Historical input data are the income statements and balance sheets for the years−6to0,Tables1and2.Table1also includes statements of retained earnings.It may be noted in Table1that operating expenses do not include depreciation.At the bottom of Table2,there are a couple offinancial ratio calculations based on historical data for the given years.Short-term debt in the balance sheets(Table2)is that portion of last year’s long-term debt which matures within a year.It is clear from Tables1and2that McKay’sfinancial statements are very simple, and consequently the forecasted statements will also have a simple structure.As already mentioned earlier,McKay has no excess marketable securities in the last historical balance sheet,i.e.,at the date of valuation.From the data in Tables1and2,historical free cashflow for the years−5to0 is computed in Table3.Each annual free cashflow computation involves two balance sheets,that of the present year and the previous one,so no free cashflow can be obtained for year−6.Essentially the same operations are used to forecast free cashflow for year1and later years(in Table7).The free cashflow calculations assume that the clean surplus relationship holds.This implies that the change in book equity(including retained earnings)equals net income minus net dividends(the latter could be negative, if there is an issue of common equity).The clean surplus relationship does not hold, if PPE is written down(or up)directly against common equity(for instance).Such accounting operations may complicate the calculation of free cashflow from historical financial statements(and if so,that calculation may not be trivial).However,there is no reason to forecast deviations from the clean surplus relationship in a valuation situation.EBIT in Table3means Earnings Before Interest and Taxes.NOPLAT means Net Op-erating Profits Less Adjusted Taxes.Taxes on EBIT consist of calculated taxes according to the income statement(from Table1)plus[this year’s tax rate]×(interest expense) minus[this year’s tax rate]×(interest income).Interest income and interest expense are taken from Table1.The tax rate is given in Table4.Calculated taxes according to the income statement reflect depreciation of PPE over the economic life.Change in deferredincome taxes is this year’s deferred income taxes minus last year’s deferred income taxes. In the McKay valuation example,it is assumed that deferred income taxes come about for one reason only,timing differences in depreciation of PPE.That is,fiscal depreciation takes place over a period shorter than the economic life.Working capital is defined net.Hence,working capital consists of the following balance sheet items:Operating cash plus trade receivables plus other receivables plus inventories plus prepaid expenses minus accounts payable minus other current liabilities.Accounts payable and other current liabilities are apparently considered to be part of the operations of thefirm,not part of thefinancing(they are not interest-bearing debt items).Change in working capital in Table3is hence this year’s working capital minus last year’s working capital.Capital expenditures are this year’s net PPE minus last year’s net PPE plus this year’s depreciation.Depreciation is taken from Table1,net PPE from Table2.Free cashflow in Table3is hence cash generated by the operations of thefirm,after paying taxes on operations only,and after expenditures for additional working capital and after capital expenditures.(“Additional working capital”could of course be negative.If so,free cashflow is generated rather than absorbed by working capital.)Hence,free cash flow represents cash that is available for distribution to the holders of debt and equity in thefirm,and for investment in additional excess marketable securities.Stated somewhat differently,free cashflow is equal tofinancial cashflow,which is the utilization of free cashflow forfinancial purposes.Table3also includes a break-down offinancial cashflow. By definition,free cashflow must be exactly equal tofinancial cashflow.As suggested in the introduction(Section1),certain payments may be classified as pertaining either to free cashflow(from operations),or tofinancial cashflow.In other words,those payments may be thought of as belonging either to the operations or the financing of thefirm.This holds,in particular,for payments associated with capital leases.If one is consistent,the resulting valuation should of course not depend on that classification.This issue is further discussed in Appendix2.We now return briefly to thefinancial ratios at the end of Table2.Invested capi-tal is equal to working capital plus net PPE.Debt at the end of Table2in the ratio [debt/invested capital]is interest-bearing(short-term and long-term).Thefinancial ratio [NOPLAT/invested capital]is also referred to as ROIC(Return on Invested Capital).It is a better analytical tool for understanding the company’s performance than other return measures such as return on equity or return on assets,according to Copeland et al.(2000, pp.165-166).Invested capital in the ratio[NOPLAT/invested capital]is the average of last year’s and this year’s.It is seen that McKay has on average provided a fairly modest rate of return in recent years.It can also be seen from Table3that the free cashflow has been negative,and that the company has handled this situation by increasing its debt. It is also evident from the bottom of Table2that the ratio of interest-bearing debt toinvested capital has increased substantially from year−6to year0.Table4contains a set of historicalfinancial ratios.Those ratios are important,since forecasts of the same ratios will be used to produce forecasted income statements and balance sheets.Most of the items in Table4are self-explanatory,but a few observations are called PPE(which is taken from Table2)enters into four ratios.In two of those cases,[depreciation/net PPE]and[retirements/net PPE],the net PPE in question is last year’s.In the other two cases,[net PPE/revenues]and[timing differences/net PPE],the net PPE in question is this year’s.Retirements are defined as depreciation minus change in accumulated depreciation between this year and last year(accumulated depreciation is taken from Table2).This must hold,since last year’s accumulated de-preciation plus this year’s depreciation minus this year’s retirements equals this year’s accumulated depreciation.The timing differences for a given year are measured between accumulatedfiscal depre-ciation of PPE and accumulated depreciation according to PPE economic life.For a given piece of PPE that is about to be retired,accumulatedfiscal depreciation and accumulated depreciation according to economic life are both equal to the original acquisition value. Consequently,non-zero timing differences are related to non-retired PPE only.The ratio [timing differences/net PPE]in Table4has been calculated byfirst dividing the deferred income taxes for a given year by the same year’s corporate tax rate(also given in Table 4).This gives that year’s timing differences.After that,there is a second division by that year’s net PPE.4Forecast Assumptions Relating to Operations and Working CapitalHaving recorded the historical performance of McKay in Tables1-4,we now turn to the task of forecasting free cashflow for years1and later.Individual free cashflow forecasts are produced for each year1to12.The free cashflow amounts for years1to 11are discounted individually to a present value.The free cashflow for year12and all later years is discounted through the Gordon formula,with the free cashflow in year12 as a starting value.Years1to11are therefore the explicit forecast period,and year12 and all later years the post-horizon period.Tables5-8have the same format as Tables1-4.In fact,Table5may be seen as a continuation of Table1,Table6as a continuation of Table2,and so on.We start the forecasting job by setting up Table8,the forecast ing assumptions (financial ratios and others)in that table,and using a couple of further direct forecasts of individual items,we can set up the forecasted income statements,Table5,and the forecasted balance sheets,Table6.From Tables5and6,we can then in Table7derivethe forecasted free cashflow(just like we derived the historical free cashflow in Table3, using information in Tables1and2).Consider now the individual items in Table8.It should be noted in Table8that all items are the same for year12,thefirst year of the post-horizon period,as for year11, the last year of the explicit forecast period.Since thefirst year in the post-horizon period is representative of all subsequent post-horizon years,all items are the same for every post-horizon year as for the last year of the explicit forecast period.This is actually an important condition(cf.Levin and Olsson1995,p.38):If that condition holds,then free cashflow increases by the same percentage(the nominal revenue growth rate for year 12in Table8,cell T137)between all successive years in the post-horizon period.This means that a necessary condition for discounting by means of the Gordon formula in the post-horizon period is satisfied.The revenue growth in each future year is seen to be a combination of inflation and real growth.Actually,in years10and11there is no real growth,and the same assumption holds for all later years as well(in the application of the Gordon formula).The underlying assumption in Table8is apparently that real operations will initially expand but will eventually(in year10)settle down to a steady state with no further real growth.Inflation, on the other hand,is assumed to be3%in all coming years(including after year11).The ratio of operating expenses to revenues is assumed to improve immediately,e.g.,as a consequence of a determined turn-around effort.Apparently,it is set to90%year1 and all later years.To avoid misunderstandings,this forecast assumption(and the other ones displayed in Table8)are not necessarily intended to be the most realistic ones that can be imagined.The purpose is merely to demonstrate the mechanics of the McKinsey model for one particular scenario.A table in Levin and Olsson1995(p.124;based on accounting data from Statistics Sweden)contains information about typical values of the ratio between operating expenses and revenues in various Swedish industries(cf.also Appendix1for a further discussion of the Statistics Sweden data base).A number of items in the forecasted income statements and balance sheets are di-rectly driven by revenues.That is,those items are forecasted as percentages of revenues. In particular,this holds for the working capital items.It is thus assumed that as rev-enues increase,the required amounts of working capital of different categories increase correspondingly.It is not important whether revenues increase due to inflation or real growth,or a combination of both.Working capital turns over very quickly,and therefore it is a reasonable assumption that the working capital items are simply proportional to revenues.The ratios between the different categories of working capital and revenues for future years in Table8have been set equal to the average values of the corresponding historical percentages in Table4.Again,this is only for illustrative purposes.Another table in Levin and Olsson1995(p.125),again based on data from Statistics Sweden,reports average values of the ratio between(aggregate)working capital and revenues in different Swedish industries.5Forecast Assumptions Relating to Property,Plant, and EquipmentThe forecast assumptions relating to PPE will be considered next(this section and the following two).The equations that determine capital expenditures may be stated as follows(subscripts denote years):(capital expenditures)t=(net PPE)t−(net PPE)t−1+depreciation t,(net PPE)t=revenues t×[this year’s net PPE/revenues],depreciation t=(net PPE)t−1×[depreciation/last year’s net PPE].To this set of equations,we may add three more that are actually not necessary for the model:retirements t=(net PPE)t−1×[retirements/last year’s net PPE],(accumulated depreciation)t=(accumulated depreciation)t−1+depreciation t−retirements t, (gross PPE)t=(net PPE)t+(accumulated depreciation)t.In particular,this second set of three equations is needed only if one wants to produce forecasted balance sheets showing how net PPE is related to gross PPE minus accumulated depreciation.It should be noted that such detail is not necessary,since thefirst set of three equations suffices for determining net PPE,depreciation,and consequently also capital expenditures.3It is clear from thefirst three equations that forecasts have to be made for two partic-ular ratios,[this year’s net PPE/revenues]and[depreciation/last year’s net PPE].Setting those ratios in a consistent fashion involves somewhat technical considerations.In this section and the following one,one way of proceeding,consistent with the idea of the company developing in a steady-state fashion in the post-horizon period,will be outlined.To begin with,the idea of the company developing in a steady-state fashion has to be made more precise.As indicated in Section4,the forecast assumptions should be specified in such a manner that nominal free cashflow increases by a constant percentage every year in the post-horizon period.This is a necessary condition for infinite discounting 3If the historicalfinancial statements do not show gross PPE and accumulated depreciation,only net PPE,then it seems pointless to try to include these items in the forecastedfinancial statements.If so, the second set of three equations is deleted.In the McKay case,the historical statements do indicate gross PPE and accumulated depreciation.For that(aesthetic)reason,those items will also be included in the forecasted statements.by the Gordon formula.But if so,capital expenditures must also increase by the same constant percentage in every post-horizon year.For this condition on capital expenditures to hold,there must be an even age distribution of nominal acquisition values of successive PPE cohorts.More precisely,it must hold that the acquisition value of each PPE cohort develops in line with the assumed constant growth percentage that is applicable to the post-horizon period.As also mentioned in Section4,that constant percentage is the same as the assumed nominal revenue growth in the post-horizon period,3%in the McKay example.The general idea is now to set steady-state values of the two ratios[this year’s net PPE/revenues]and[depreciation/last year’s net PPE]for the last year of the explicit forecast period(year11in the McKay example).Those steady-state values will then also hold for every year in the post-horizon period(since all forecast assumptions have to be the same in thefirst year of the post-horizon period as in the last year of the explicit forecast period,as already explained in Section4).During the preceding years of the explicit forecast period,steady-state values of[this year’s net PPE/revenues]and[depreciation/last year’s net PPE]are not assumed.Values for these two ratios in the preceding explicit forecast period years arefixed in the following heuristic fashion in the McKay example:For thefirst year of the explicit forecast period, they are set as averages of the corresponding values for the historical years.4Values for intermediate(between thefirst and last)years in the explicit forecast period are then determined by linear interpolation.6The Ratios[this year’s net PPE/revenues]and[de-preciation/last year’s net PPE]It is helpful at this point to proceed more formally and introduce the following notation:g real growth rate in the last year of the explicit forecast period and in thepost-horizon period,i inflation rate in the last year of the explicit forecast period and in thepost-horizon period,c nominal(composite)growth rate=(1+g)(1+i)−1,4The value for the last year of the explicit forecast period of[retirements/last year’s net PPE]is also set as a steady-state value.For thefirst year of the explicit forecast period,that ratio is set equal to the corresponding value for the last historical year.An average of corresponding values for all historical years is not used in this case,since[retirements/last year’s net PPE]appears to have been unstable during years−5to0.The negative value of that ratio in year-2could have come about through purchases of used(second-hand)PPE.It is again noted that the ratio[retirements/last year’s net PPE]is actually not necessary for the valuation model.。

客户价值管理以客户价值管理为标题，我们将从以下几个方面来探讨客户价值管理的重要性和实施方法。

一、客户价值管理的定义和意义客户价值管理是指企业通过了解客户需求、提供有价值的产品和服务，并通过不断改进和创新，最大限度地满足客户需求，从而实现持续的销售和利润增长的管理方法。

客户价值管理在当前竞争激烈的市场环境中具有重要意义。

通过有效的客户价值管理，企业可以建立长期稳定的客户关系，提高客户忠诚度，增加市场份额，提升企业竞争力。

1. 了解客户需求：企业需要通过市场调研、客户反馈等渠道，深入了解客户的需求和偏好，为客户提供符合其需求的产品和服务。

2. 提供有价值的产品和服务：企业需要通过不断的研发和创新，提供具有竞争力的产品和服务，满足客户的需求，并超越客户的期望。

3. 建立良好的客户关系：企业应该与客户建立良好的互动和沟通机制，及时解决客户的问题和需求，建立长期稳定的客户关系。

4. 不断改进和创新：客户需求是不断变化的，企业需要不断改进和创新，以适应市场的变化，提供更有价值的产品和服务。

三、客户价值管理的实施方法1. 了解客户需求的方法：企业可以通过市场调研、客户满意度调查、竞争对手分析等方法，了解客户的需求和偏好。

2. 提供有价值的产品和服务的方法：企业应该加强研发和创新，通过不断改进产品和服务的质量、功能、性能等方面，提供有竞争力的产品和服务。

3. 建立良好的客户关系的方法：企业可以采用客户关系管理系统，建立客户档案，及时了解客户的需求和反馈，通过电话、邮件、微信等方式与客户保持互动和沟通。

4. 不断改进和创新的方法：企业应该建立科学的研发和创新体系，不断追踪市场的变化，了解客户的需求，及时改进和创新产品和服务。

四、客户价值管理的效益和评估指标客户价值管理的实施可以带来以下效益：1. 提高客户忠诚度：通过满足客户的需求和提供有价值的产品和服务，可以增强客户对企业的忠诚度，提高客户的复购率。

2. 增加市场份额：通过提升客户满意度和忠诚度，企业可以吸引更多的新客户，增加市场份额。