Publication: Customer based valuation: an application in health & fitness industry
Abstract
MÜŞTERİ BAZLI DEĞERLEME: SAĞLIK & FITNESS SEKTÖRÜNDE BİR UYGULAMA Günümüz ekonomisinde müşteriler firma stratejilerinin odak noktası haline gelmiş olup ayrıca firmanın değerleri arasında değerlendirilmektedir. Müşterilerin şirket içinde artan önemine istinaden Müşteri Bazlı Değerleme (MBD) firma değerinin hesaplanmasında alternatif bir metot olarak ortaya çıkmıştır. MBD temelde hissedar değeri (HD) metodu ile paraleldir. Ancak, şirketin faaliyet seviyesindeki nakit akışlarını toplam seviyeden ziyade bireysel müşteri veya müşteri grubu seviyesinde tahmin etmektedir. MBD ayrıca, pazarlama stratejileri ve kararlarını da önemle dikkate almaktadır. Bu kapsamda, MBD özellikle müşteri odaklı firmalarda, büyümekte olan ancak negatif nakit akışı mevcut işletmelerde veya maddi duran varlığı az olan şirketlerde, HD yöntemine göre daha doğru sonuçlar vermektedir. Bu çalışmada, MBD ve HD metotları bir sağlık&fitness firmasına uygulanmış ve sonuçlar kıyaslanmıştır. Buna göre, MBD ve HD metotlarının çok benzer sonuçlar verdiği ve birbirleriyle tutarlı olduğu görülmüştür.
CUSTOMER BASED VALUATION: AN APPLICATION IN HEALTH & FITNESS INDUSTRY In today’s economy, customers are at the forefront of company strategies and evaluated as assets of the company. As a result of the increase in the given importance of customers, CBV has become an alternative method to calculate firm value. In fact, this method converges with SHV method. However, CBV estimates operating cash flows of the company at individual customer or customer segment level, instead of aggregate level. Moreover, it takes marketing strategies and decisions intensely into consideration. In this regard, compared to SHV method, CBV gives more accurate results especially for companies that are highly-customer centric, growing but having negative cash flows or having very few real assets. In this study, we have applied CBV and SHV methods into a health&fitness company and compared the results. We have found that CBV and SHV methods give very similar results and are consistent with each other.
CUSTOMER BASED VALUATION: AN APPLICATION IN HEALTH & FITNESS INDUSTRY In today’s economy, customers are at the forefront of company strategies and evaluated as assets of the company. As a result of the increase in the given importance of customers, CBV has become an alternative method to calculate firm value. In fact, this method converges with SHV method. However, CBV estimates operating cash flows of the company at individual customer or customer segment level, instead of aggregate level. Moreover, it takes marketing strategies and decisions intensely into consideration. In this regard, compared to SHV method, CBV gives more accurate results especially for companies that are highly-customer centric, growing but having negative cash flows or having very few real assets. In this study, we have applied CBV and SHV methods into a health&fitness company and compared the results. We have found that CBV and SHV methods give very similar results and are consistent with each other.