Designing New Products That Use Their Components Essay

The customer is the strength of a company. She must focus all its means to target service concept.

It is showed that the growth of business depends much on customers and the replacement of new potential products which are more useful and convenient.

In these two professors’ work, customers are still in the core of business. According to Vargo and Lush (2004), customers are defined as resources which always change and need to be catched and held. In order to do that, firms have to do marketing researches, understand customers’ demands and conduct promotion activities for their products.

Goals in the company are to find the right product for the customer’s particular needs and build a relationship with the customers

Customer recognizes that they have an unfulfilled need or want (Grewal, p. 175). The need/want may be either psychological or functional (Grewal, p. 176). The

P3 – Explain how focussing on the customer, by providing good customer, is essential to retailing

This is an important part of the long-term growth potential; weed out those customers who are more effort-intensive and seek to increase their value to the company or reduce their impact on the workforce; have them buy more or don’t sell to them. This area also focuses on customers who spend more with competitors, so efforts might sway their loyalty. It’s all about customer lifetime value.

Consumers are the most crucial factor to the environment of the company. They drive the company to profitable ends. And thus it is very essential to meet the needs of the customers at the right time and at the right place.

Every customer is different in many different ways and represents different levels of value. Besides, they all have different needs. Once the identification process is complete, differentiating them comes in hand and this will help a company to strategize and focus its efforts on gaining more advantage with the valuable customers. Thus, you can now tailor the company’s communication and service to each individual

Pursuing to meet customer expectations is a critical and strategic decision. It is not something an organization does simply to satisfy a standard but it is something does to stay in the business. Meeting customer expectations should be the ultimate goal. Although profit and revenues are very important, this is nothing compare the results of fulfilling customer needs and expectations. Everyone must involve in meeting customer expectations. All personnel should have the capability to meet what the customers expect them to do. Customers are only satisfied if their expectations are consistently met. To be competitive, expectations of customers must meet in a timely and cost effective manner.

needs of the consumers in the market. Although they have a clear understanding of the

One fact that the article emphases on is the importance of how “customers are demanding

There are several objectives that the customer relationship management is being implemented, such as customer identification, customer differentiation, customer interaction and personalization (Peppers, 1998). First, it is very important for a company if it able to identify its customers. Different companies offer different products and services which may not satisfy all customers. The costs and efforts of acquiring new customers can be reduced and focused when the company finds out the customers who are its potential customers. For example, e-mail distribution or mailing services can be used if the company has the customers’ profile. Next, the company can use the services to differentiate its products with others. The company may sell or provide the similar products with the other

This is an era of competition. Customers are available with wide variety of options and choices. Just one time dissatisfaction with one customer may cost the organization losing its group of customers because of faster communication and social media. Knowledge is wide spread, more transparent than before and is globally available. It is because of all these factors that ‘competition’ now has a new horizon and angles to be defined with. With all of these easily available information and facilities, customer becomes a key element to retain, satisfy, develop and pay attention to, for the smooth and successful running of business. Besides other factors like efficient supply chain, sound financial structure, good marketing team and progressive human resource there are other factors too, which may bring organization out of the ordinaries. These factors may be the niches of the core operations like managing inventory levels, maintaining optimum cash flows, providing customers with excellent customer

Product teardown refers to the processes of dissembling a functioning product, for instance, an electronic products such as a computer, an extension cables or a television among others to identify the components and parts it is made of, the component and system functionality, and the cost information of each parts. The teardown results are documented and such information is vital to designers of the product because it enables them to improve or correct faults in their products. Companies carry out product teardown to compare competitor’s product component parts and functionality with their own product in order to improve on their product or cut down the cost of their production. For the learning purposes, teardown is carried