Review your product or service offering’s privacy policy (usually published on its website). Analyze whether you think they do enough to protect the customer’s privacy or what steps you might suggest they take to protect customer’s privacy

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  1. Customer privacy can identify the product or service offerings privacy policy and analyze its effectiveness in protecting their customer’s information.
  • You may want to find a Most Valuable Customer (MVC) of the product or service if you are not one yourself, or alternatively think like an MVC. What is the evidence of an MVC of your product or service?   It means that the customer is treated differently — better — than other customers. It means that the MVC represents about 20% of the company’s revenues. These are the customers with whom the company regularly communicates, offers special deals, and other ways as outlined in the text and as you can find with just a little bit of googling on the internet.
  • You may want to calculate the lifetime value of a most valuable customer. See the discussion of the lifetime value calculation in the week’s reading, and calculate the LTV using this simple equation: LTV = (Price – cost to produce the product) * number of annual purchases * number of years expected to purchase – initial acquisition costs. For simplicity sake, you can assume your customer will have a relationship with you for ten years and you can make an educated guess as to how much the initial acquisition costs were to get him as a customer in terms of advertising or other types of promotion efforts.  If you are not an MVC yourself, make and share your assumptions about your calculation. If you are not an MVC, you might want to find someone who is and ask them why they are loyal to the product or service and what they feel the company does for them that is special that they don’t do for other customers.
  • Take a look at your product or service privacy policy. Usually the privacy policy is available on the website.

Question

  1. Customer privacy. Review your product or service offering’s privacy policy (usually published on its website). Analyze whether you think they do enough to protect the customer’s privacy or what steps you might suggest they take to protect customer’s privacy. Refer to the privacy policies or the information on warranties and guarantees. The company’s customer support page might also be useful. Do they publish a remedy should the customer’s privacy be breached? Should they?