Claes Fornell

Claes Fornell

Claes Fornell is one of the world's leading experts on customer satisfaction measurement, stock portfolio returns on customer satisfaction, and the impact of aggregate customer satisfaction on economic growth.^{[1][2][3][4][5][6][7][8]} He is the Donald C. Cook Professor of Business Administration at the Ross School of Business at the University of Michigan, and Chairman and Founder of several companies, including the American Customer Satisfaction Index, CFI Group, ForeSee Results, and CSat Customer Satisfaction Fund. Fornell’s recent work has examined the impact of customer satisfaction on profitability, stock returns, GDP growth, consumer spending growth, the economy, and corporate management.

Background, education and academic career

Born and raised in Sweden, Fornell received a Doctorate of Economics in 1976 from the University of Lund, Sweden. At the 100-year anniversary of the Stockholm School of Economics in 2009, he was awarded an honorary doctorate in economics.^[9] He also holds honorary doctorates and professorships from Tianjin University^[4] and Renmin University in China. During his doctoral studies he was a Fulbright Scholar at the University of California at Berkeley.

Fornell was previously on the faculty at Duke University (1977-1978) and Northwestern University (1978-1980). He came to Ann Arbor, Michigan in 1980 to take a position at the University of Michigan, where he was appointed the Donald C. Cook professorship in 1988. He has also been a visiting professor at INSEAD (France), the Helsinki School of Economics (Finland), and the Stockholm School of Economics (Sweden).

Research and Writing

Fornell's research centers on the application of advanced quantitative methods for understanding how to obtain high financial returns and lower risk at the same time. It was the convergence of these interests that led Fornell, in 1994, to found the American Customer Satisfaction Index – a monthly economic indicator of the quality of economic output, as experienced by the users of that output. ACSI is a predictor of consumer spending and economic growth at the macro level,^[6] and tracks about 235 individual companies. Individual and company ACSI scores are predictive of company return on investment, net cash flow, and stock returns.^{[5][7][8][10]}

Fornell is recognized as the most influential marketing science scholar in the world. His article on structural equations in the Journal of Marketing Research is the most cited article in the history of that publication.^[1][11] He is also the lead author of several articles linking customer satisfaction to stock returns, demonstrating that a portfolio of firms with high ACSI scores consistently outperform the market.^{[5][7][8][12]} Fornell has also written several books. Among them are Consumer Input for Marketing Decisions (Praeger, 1976) and A Second Generation of Multivariate Analysis (Praeger, 1980). His most recent book, The Satisfied Customer: Winners and Losers in the Battle for Buyer Preference (Palgrave Macmillan, 2007), draws on findings from the ACSI as well as his experiences helping companies manage their customer relationships.

References

1. ^ ^{a b} Sipher-Mann, L. "Ross Professor Recognized as Top Influential Scholar." http://www.bus.umich.edu/NewsRoom/ArticleDisplay.asp?news_id=12351.
2. ^ Lurz, B. "Claes Fornell: Customer Science." http://www.housingzone.com/probuilder/article/CA462721.html
3. ^ Flaherty, J. "FIVE QUESTIONS for CLAES FORNELL; How Wal-Mart Changed the Game." http://query.nytimes.com/gst/fullpage.html?res=9C03E1DB1E3DF931A15751C1A9649C8B63
4. ^ ^{a b} "Professor Claes Fornell Awarded Honorary Professor of Tianjin University." http://www.tju.edu.cn/english/news/news.jsp?infoid=12445.
5. ^ ^{a b c} Fornell, C., S. Mithas, F.V. Morgeson III, and M.S. Krishnan (2006). “Customer Satisfaction and Stock Prices: High Returns, Low Risk,” Journal of Marketing, 70(1), 3−14.
6. ^ ^{a b} Fornell, C., R.T. Rust and M.G. Dekimpe (2010). “The Effect of Customer Satisfaction on Consumer Spending Growth,” Journal of Marketing Research, 47(1), 28-35.
7. ^ ^{a b c} Fornell, C., S. Mithas, and F.V. Morgeson III (2009). "The Economic and Statistical Significance of Stock Returns on Customer Satisfaction," Marketing Science, 28(5), 820-825.
8. ^ ^{a b c} Fornell, C., S. Mithas, F.V. Morgeson III (2009). “The Statistical Significance of Portfolio Returns,” International Journal of Research in Marketing, 26(2), 162-163.
9. ^ DeGroat, B. "A Royal Honor." http://www.bus.umich.edu/NewsRoom/ArticleDisplay.asp?news_id=17470
10. ^ Anderson, E.W., C. Fornell & S.K. Mazvancheryl (2004). "Customer Satisfaction and Shareholder Value." Journal of Marketing, Vol. 68, October, 172-185.
11. ^ Fornell, C. & D.F. Larcker, (1981), "Evaluating Structural Equation Models with Unobservable Variables and Measurement Error," Journal of Marketing Research, Vol. 18, February, 39-50.
12. ^ Morgan, N.A. & L. Rego (2006). "The Value of Different Customer Satisfaction and Loyalty Metrics in Predicting Business Performance." Marketing Science, Vol. 25(5), 425-439.

External links

• The American Customer Satisfaction Index
• CSat Customer Satisfaction Fund
• University of Michigan
• CFI Group, Inc.
• Foresee Results

Partial bibliography

Fornell is the author of several books and nearly 100 peer-reviewed journal articles, including:

• Fornell, Claes, Roland T. Rust and Marnik G. Dekimpe (2010). "The Effect of Customer Satisfaction on Consumer Spending Growth," Journal of Marketing Research, Vol. 47, February, 28-35.
• Fornell, Claes, Sunil Mithas, and Forrest V. Morgeson III (2009). "The Economic and Statistical Significance of Stock Returns on Customer Satisfaction," Marketing Science, 28(5), 820-825.
• Fornell, Claes, Sunil Mithas, and Forrest V. Morgeson III (2009). “The Statistical Significance of Portfolio Returns,” International Journal of Research in Marketing, 26(2), 162-163.
• Fornell, Claes, (2007), The Satisfied Customer: Winners and Losers in the Battle for Buyer Preference. N.Y.: Palgrave Macmillan.
• Fornell, Claes, Sunil Mithas, Forrest V. Morgeson III & M.S. Krishnan, (2006), "Customer Satisfaction and Stock Prices: High Returns, Low Risk," Journal of Marketing, Vol. 70, January, 3-14.
• Fornell, Claes, David Van Amburg, Forrest Morgeson & Barbara Bryant, (2005). The American Customer Satisfaction Index at 10 Years. Ann Arbor: The Stephen M. Ross School of Business.
• Anderson, Eugene W., Claes Fornell & Sanal K. Mazvancheryl, (2004), "Customer Satisfaction and Shareholder Value," Journal of Marketing, Vol. 68, October, 172-185.
• Fornell, Claes, (2001), "The Science of Satisfaction," Harvard Business Review, Vol. 79, 3 March, 120-121.
• Fornell, Claes, Michael D. Johnson, Eugene W. Anderson, Jaesung Cha & Barbara Everitt Bryant, (1996), "The American Customer Satisfaction Index: Nature, Purpose and Findings," Journal of Marketing, Vol. 60, October, 7-18.
• Anderson, Eugene W., Claes Fornell & Donald R. Lehmann, (1994), "Customer Satisfaction, Market Share and Profitability: Findings from Sweden," Journal of Marketing, Vol. 58, July, 53-66.
• Fornell, Claes & David F. Larcker, (1981), "Evaluating Structural Equation Models with Unobservable Variables and Measurement Error," Journal of Marketing Research, Vol. 18, February, 39-50.