Customer satisfaction refers to the function of getting together with customer expectations. This is assessed using services, products, engagement and support. It can determine how well and proficiently our physical products, services i. e. issues associated with customers, support i. e. repair and maintenance and proposal i. e. the action of customer engagement are arranged with the aim of pleasing the clients. There is a direct link between customer value and perceived satisfaction. Alternatively, customer retention refers to the time of stay and engagement of customer and the organization.
There are decisions that require to be come to in building client satisfaction, value and retention. A study targeted on understanding the behaviours, attitude and preferences of consumers is essential. The customer is bound to look for those products that meet his needs as he's the king. With today's companies' new obstacles ranging from stiff competition, global business, and standardization and requiring customers good decisions should be produced to ensure that the business can make revenue and on the other hand keep its market show. Some of the decision a company may reach includes reducing functional costs, products of high quality, client satisfaction and retention among others. In relation to these decisions thus, customer needs and wants must be studied into consideration. Pascale, Q, &Robyn, M. (2006).
In today's business environment, creative imagination and development is the travelling push behind company's revenue and development. It entails the implementation of new or increased ideas, practices, operations, goods or services which can be meant to be useful. In regards to to building customer satisfaction, adding value and keeping them, innovation can be classified into four main categories namely; product branding and brand name, continous product development, product and market differentiation and quality perceptions of customers.
A brand name recognizes a company's products from other products on the market. It really is a name that develops feeling of trust and self-confidence among consumers. It also provides assurance about methods and host to production. The reason why of branding though are to provide a perceived uniqueness related to products, to improve customers' goodwill value and to distinguish products when confronted with competition. The strategies of product branding by several companies includes reseller branding, company branding and blended branding. The maker branding approach includes the producer deciding the brand name through multibranding i. e. an individual name is given for all your company's products. Because of the intangible characteristics of services, an figuring out logo design is important so far as consumer decisions are concerned. An excellent brand name is the the one which suggests the benefits derived therefore of product usage, should be brief and easy to remember, reflect the company's image & most importantly clear of any legal restrictions. A number of the factors that escalates the brand power in many organizations includes; the quality of the product, consistency in advertising, intensity in circulation and brand personality. These factors are also associated with a rise in marginal revenue.
Product and market differentiation are other varieties of innovation and creativeness utilized by many organizations. Product differentiation is used to differentiate products in case of monopolistic competition. Monopolistic firms produce goods that are almost similar in terms with their physical characteristics. The product characteristics which differentiation may be centered are patent features, trade labels, trade grades, style, design or color. The conditions surrounding the sale of the merchandise may also be used in differentiation. Differentiation may induce consumers to treat brands from rival companies as much less substitutes even in a case where there is absolutely no difference so far as their physical features and performance are concerned. Continuous product development also needs to be completed to enhance quality perceptions of customers.
The relationship between the buyer and owner is very vital as far client satisfaction and retention are worried. This relationship is determined by the character of both get-togethers. The liberalization of the market caused change as far as this relationship can be involved. Though the customer might not exactly be very much demanding, he is concerned about the relationship that exists between the suppliers of the products with the manufacturers. This romantic relationship is important as it decides the warranty that the customer is eligible for. A customer -oriented culture is vital in any firm it is more popular that customers play a essential role operating organizations as customers plays an important role in the success of any business.
There is a need to be sure of the ingestion cycles in the street towards client satisfaction, adding value and retaining them. There's a need to look for the fluctuations of the products consumed by the consumers in order to ensure that there surely is always enough stock and avoid disappointments on the part of consumers. Stock levels should be examined regularly and replenishments made as and when necessary. Consumers think it is annoying once they realize that the commodity these were willing to buy is lacking in the racks.
Consumers have to be involved for them to feel that these are being appreciated. It has been established as an essential factor that increases completely service development. Customer involvement is associated with positive effects so far as innovation quickness and technical quality are worried. The problems relating customers' needs to be addressed meticulously. One should notice calmness and really should never rush to criticize or condemn a person in case there's a confrontation.
This is targeted at ensuring that the customer results in the same company in the future and does not feel ashamed or offended of the traders. The main of the condition must be attended to first i. e. the specific problem. After figuring out the problem, one must determine the possible causes of the condition. Possible solutions of the situation should then follow and the best possible alternate or solution is chosen. Finally, an implementation plan is established which means that the problem will not arise again in future.
Another aspect that should be addressed so as to add value, gratify and keep customers is the level of sensitivity of the merchandise life circuit. This refers to the path that a new product goes by through i. e. from intro stage, growth stage, maturity stage, and finally the decline stage. the products earnings and income reacts in accordance to the merchandise life cycle. The primary focus of the organization in the advantages stage is to produce product awareness to be able to develop market in the foreseeable future. This stage is seen as a high costs as the companies have not retained a market share and also because of the fact that the consumers have not fully accepted the new product. For manufacturers, immediate revenue at this level is usually not a major concern. The product is thus advertised in order to create consciousness. Edmund, B (2007).
The growth stage is characterized with the opponents offering the same products in the market. In this stage, companies enjoy huge gains and alliances, take over and joint ventures are normal. The advertising costs are also high. After this level, the maturity stage enters through which the sales volume starts to drop. Product differentiation and branding is a key aspect in this level as completion becomes stiffer. The market is thus saturated at this time. Some producers leave the market because of this of poor margins.
The last level in something life routine is the decrease stage. There's a downturn at this point on the market. This is due to the fact that there are a multitude of innovative products as well as the tastes and tastes of consumers have evolved. At this point though, earnings can be increased due to a reduction in the marketing spending promotions each level of product life circuit needs to be viewed carefully as it comes with an effect as far as gains and margins are concerned. In addition they need to make good decision at each stage to be able to ensure that there is satisfaction and value creation on the part of the consumers.
An organization also needs to come up with strategic planning procedures. A strategic plan means that mangers and internet marketers do not lose a eyesight of the laid down aims. A proper plan acts as a guide for the decisions as it provides an in depth planning of the activities and tasks assists in performance monitoring and benchmarking as well as revitalizing change and providing a foundation so far as the next reason behind action is concerned. A proper plan provides direction for the business and assist in organizations' reference allocation. A SWOT examination i. e. strengths, weaknesses, opportunities and dangers is a method commonly applied in proper planning. Other techniques includes a synopsis of the organizations environment i. e. both macro and micro environment. As far as customer satisfaction, retention and adding value are worried, a tactical plan means that managers are aware of what to do and the way to excel in the business amid stiff competition.
Employee involvement can be an important aspect in virtually any company and it ensures customer satisfaction, value addition and retention. It allows those to make concrete decisions about their way of life in the business. Because of this it leads to loyalty and a feeling of possession which in exchange enables those to provide customers effectively. Contribution of employee's in identifying how their responsibilities should be carried out, suggestion making for improvement, planning, goal setting and performance monitoring promotes the employees. Employees who are participating feel determined and their performance is greatly improved. Ringold, D, &Barton, W. (2007).
With respect to choosing and concentrating on the right section of the marketplace, the 4ps i. e. product, price, positioning and promotion are being used. The product combine ensures that the merchandise please the targeted customers. The factors in this are the branding, product formulation and presentation. The price blend determines the price tag on the merchandise in the eye of the consumers. It will thus be reasonable and not targeted at exploiting them. Incentives should thus be looked at where necessary. In placement, the merchandise should be accessible to the targeted audience. The type and the operating hours of an outlet should be considered so far as placement can be involved. For promotion, the communication and advertising channel should be the ones that are being employed by the targeted audience. The four marketing mix strategies should be strongly connected so as to achieve the objective of value creatioin, staff satisfaction and retention.
Another aspect that needs to be considered is the total quality management aspect. It identifies a managerial philosophy which aims at integrating all the functions of a business i. e. marketing function, fund function, development function, and individual resource amongst others. Total quality management aids in empowering the business from the support personnel to the management staffs. In essence, every corporation have Total quality management i. e. from the very small business companies to administration level. This beliefs is almost applied anywhere the quality is known as.
Another aspect targeted at ensuring client satisfaction, value creation and retention is the organization social responsibility. It is all about how organizations deal with their business techniques to be able to create an overall impact on modern culture. Some businesses usually accept social corporate responsibility because of the impact of these way of life on consumers, environment, neighborhoods, employees and all the stakeholders. Thus a company accounts for its activities in the population by being involved with social corporate and business responsibility.
Another factor that should be considered in order to building the satisfaction of customers, creating value and keeping them is competitive gain. It refers to the advantage that a particular organization derives over an extended period of time consequently of its unique characteristics despite competition on the market. A firm is considered tom posses a competitive benefit regarding its rivals if it sustains revenue that runs beyond the average on the market where it manages. Competitive advantage ensures that the company creates value because of its customers and is constantly on the make superior income. You will find two main types of competitive benefit i. e. cost edge and differentiation edge. With regard to the two main types of competitive advantages, a company may posses a competitive gain in features and resources e. g. patents, trademarks, brand collateral, firm's reputation, understand how of the property and brand collateral. The competitive edge is increased using the capacities and resources in order to truly have a differentiated product or even to lower the cost structure.
Customer satisfaction, value and retention can only be performed if all the above factors are put into consideration. There is also a link between customer retention and their satisfaction. Well satisfied customers have a tendency to create a commitment with the organizations' products.
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