Richer Sounds Case Study

The company knows the demands of the customers and they are well orientated in the service and the knowledge of the products and this is the element that makes them prosperous. Jean’s Rare Find Books belief in customer service and satisfaction enables a comfortable and peaceful atmosphere and in return produces a strong customer loyalty for the company. Customer satisfaction and customer retention externally and internally is measured by the perspective of the customers and thus implements the reason for the company’s prosperity. Customer perspective is a key factor on how the customer views the company.

Today’s world competition is very strong in every kind of businesses. Every organisations must provide high quality products or services in order to survive, however their competitors also providing the same or comparable products or services. An important way to an organisation to get an edge over its competitors is to provide extra service to satisfy and delight their customers, which can retain them and also gain new customers. Therefore the achievement of customer satisfaction must be a major objective in all organisations.

Today's world competition is very strong in every kind of businesses. Every organisations must provide high quality products or services in order to survive, however their competitors also providing the same or comparable products or services. An important way to an organisation to get an edge over its competitors is to provide extra service to satisfy and delight their customers, which can retain them and also gain new customers. Therefore the achievement of customer satisfaction must be a major objective in all organisations.

Economic factors – which include interest rates, economic growth, exchange rates, inflation and taxation changes (Nieman, G; 1998). The change the economy can have a major impact on the behaviour of the business. For example: inflation may cause a higher wage demand from employees (Herrigton, Kew & Kew; 2009).

These factors relate to the laws, legislations and regulations the affect the performance and operations of a business. They can be both internal and external. They are internal when organisations develop and maintain their own policies. They are external in terms of laws and legislations established by the governmental bodies that can affect a business environment within the country. These can include factors such as consumer laws, health and safety standards, employment laws, tax regulation’s and current and future legislation (“What is PESTLE Analysis? A Tool For Business Analysis”), (“WHAT IS PESTLE ANALYSIS”).

is not so well known, and so even if their prices are low people would

not apply to Richer Sounds as it is owned by only one person. They may

Customer relational management is an essential aspect to maintaining a company’s competitiveness and longevity since loyal customers are, “reluctant to patronize [competitive] firms” (textbook citation). SHOP.CA struggles within this aspect due to the lack of communication between customer service and the customer, and lack of stock available and uncompetitive prices.

These factors influence the internal environment of an organisation and they help in identifying the past and the present of the company, It also provides a frame work for reviewing strategy position and direction of the company.

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.

In order to profitably satisfy customer needs, an organisation must understand its external and internal situation including the customer, the market and its own capabilities. Furthermore, it needs to understand and adapt to the dynamic and uncontrollable factors of the environment in which it operates.

Today’s organizations fail to realize the value of their customers when it comes to the success of their business. Without customer loyalty the success of your business will always be uncertain. Organizations must sensitively tailor the designs of a successful firm to the particular challenges of understanding, attracting, and keeping valuable customers. “Having satisfied customers just aren’t good enough”. Kenneth Blanchard and Sheldon Bowles, co-authors of Raving Fans, believe this concept is needed to have a successful business. I agree with this concept of customers being the focal point of any business. I would want more than just a satisfied customer; I want a “Raving Fan”.

It is imperative to satisfy customers and give them an amazing experience at the company. While it cost less to sell to existing customers and companies can increase profit by selling to the same customers; if customers are satisfied, there is more chance they will come back for more services or products. Satisfied customers are a free marketing for the company. However, it is the opposite if customers are dissatisfied. Dissatisfied customer will tell 8 to 10 people about his or her experience (O’Brien, A & Marakas, G. 2004). If by any reason, representatives see that the customer is not satisfy, they should act fast and fix the problem. Furthermore, there is more chance for sale representatives to sell to an existing customer that to a new customer. A good strategy for customer retention is to reward good customers. Companies can easily do

It would have been good if this fundamental vision was in place right at the very beginning of the company’s formation. In the end it is the customers that make the company, so it makes sense to work towards satisfying this customer relationship. To become profitable and achieve market share are secondary objective that can be measured on a annual basis and overall company well being targets can be rewarded with incentives that link into the company’s performance as opposed to individual contribution to the company’s success.

Factors that happen in the external environment are known as external factors or influences. These will affect the main internal functions of the business and possibly the objectives of the business and its strategies. The main factor that affects most business is the degree of competition - how fiercely other businesses compete with the products that another business makes. The other factors that can affect the business are: