Claes Fornell
Encyclopedia
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. 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.
, 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. He also holds honorary doctorates and professorships from Tianjin University
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).
– 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, and tracks about 235 individual companies. Individual and company ACSI scores are predictive of company return on investment, net cash flow, and stock returns.
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. 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. 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.
Donald C. Cook
Donald C. Cook served as chairman of the U.S. Securities and Exchange Commission between 1952 and 1953 and also served as a member from 1949-1953. Cook later became chairman of American Electric Power. Donald C. Cook Nuclear Generating Station is named for him....
Professor of Business Administration at the Ross School of Business at the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
, and Chairman and Founder of several companies, including the American Customer Satisfaction Index
American Customer Satisfaction Index
The American Customer Satisfaction Index is an economic indicator that measures the satisfaction of consumers across the U.S. economy. It is produced by the American Customer Satisfaction Index, a private company based in Ann Arbor, Michigan....
, CFI Group, ForeSee Results
Foresee results
ForeSee is an international customer experience analytics firm based in Ann Arbor, Michigan. Using the methodology of the American Customer Satisfaction Index which was founded at the University of Michigan , ForeSee continuously measures satisfaction across customer touch points and delivers...
, and CSat Customer Satisfaction Fund. Fornell’s recent work has examined the impact of customer satisfaction on profitability, stock returns, GDP growth, consumer spending
Consumer spending
Consumer spending or consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level...
growth, the economy, and corporate management.
Background, education and academic career
Born and raised in SwedenSweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
, 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
Stockholm School of Economics
The Stockholm School of Economics or Handelshögskolan i Stockholm is one of Northern Europe's leading business schools. Its Masters in Management program is ranked no. 2 in Northern Europe and no. 13 in Europe by the Financial Times...
in 2009, he was awarded an honorary doctorate in economics. He also holds honorary doctorates and professorships from Tianjin University
Tianjin University
Tianjin University is a national university under the direct administration of the Ministry of Education of China. It is the first university in modern Chinese education history. It was part of Peiyang University in 1895...
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
Duke University
Duke University is a private research university located in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco industrialist James B...
(1977-1978) and Northwestern University
Northwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
(1978-1980). He came to Ann Arbor, Michigan in 1980 to take a position at the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
, where he was appointed the Donald C. Cook
Donald C. Cook
Donald C. Cook served as chairman of the U.S. Securities and Exchange Commission between 1952 and 1953 and also served as a member from 1949-1953. Cook later became chairman of American Electric Power. Donald C. Cook Nuclear Generating Station is named for him....
professorship in 1988. He has also been a visiting professor at INSEAD
INSEAD
INSEAD is an international graduate business school and research institution. It has campuses in Europe , Asia , and the Middle East , as well as a research center in Israel...
(France), the Helsinki School of Economics
Helsinki School of Economics
The Aalto University School of Economics , known as Helsinki School of Economics until 2009, is the largest and leading business school in Finland and one of the most renowned in Europe...
(Finland), and the Stockholm School of Economics
Stockholm School of Economics
The Stockholm School of Economics or Handelshögskolan i Stockholm is one of Northern Europe's leading business schools. Its Masters in Management program is ranked no. 2 in Northern Europe and no. 13 in Europe by the Financial Times...
(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 IndexAmerican Customer Satisfaction Index
The American Customer Satisfaction Index is an economic indicator that measures the satisfaction of consumers across the U.S. economy. It is produced by the American Customer Satisfaction Index, a private company based in Ann Arbor, Michigan....
– 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, and tracks about 235 individual companies. Individual and company ACSI scores are predictive of company return on investment, net cash flow, and stock returns.
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. 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. 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.
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.