This is my last question can you please help me.

Read chapter 7 and write a paragraph in which you give your own ideas and comments on the general topic.
Transcribed Image Text:organization is perceived by the customers and their competitors. The CVA is very important because it allows the organization to measure how they are judged against their competitors in the industry. Customer retention can only be done when the customers are fully satisfied by the company's products and services. Customers should be regularly seeked as inputs rather than just using the feedback on the company proceedings. Focus group is studied for developing the customer input thoughts customers. the Focus group include customers who meet regularly with the company officials and provide suggestions for improvements. Other methods for customer inputs are test methods that is when a person comes in contact for business purposes with the company he will provide the feedback after all the operations and periodic reviews of the sampled customers. Some companies collect only registered complaints but in order to improve their image this should also include unregistered complaints. and the company should look for unsaid and unmentioned complaints of the customers. All successful companies are highly customer focused and share some characteristics in this area like being responsive to the customers, being highly trust worthy, having the customer centric value as a part of their culture and daily practices, etc. Not every customer needs to be invested the same amount of efforts, time and money. Study shows that the customer should be segmented in these 4 groups in terms of profitability and the time they will stay with the company while practicing customer centricity, highly profitable - short term customers, highly profitable - long term customers, less profitable - long term customers, less profitable - short term customer. There are several benefits for being customer centric like having higher market share, higher profitability, strong talent attraction, etc. Two companies having the same set of products with same performance can have different level of customer loyalty based on the level of customer service which the company provides. For a strong customer service the company should be trustworthy, responsive, go an extra mile to help customers. Such a strong customer service must be provided to highly profitable customers. In traditional based product designing the suppliers were responsible for every resource and development and designing of the product then customers would recheck and then provide their feedback. after confirmation of all factors the product was sent for production. but in innovative product designing strategy suppliers are responsible only for research and development and product designing and procurement is done by the customers themselves according to their preference.when the customers want a lot of customisation or the competitors use computer strategies techniques for the customisation then product can be developed innovative strategies. Developv a tool kit, increase flexibility, choose customers, improve toolkit and use business tactics. According to Praveen Gupta, the customers can be retained if one target the opportunity, explore new ideas, look for alternative, optimize and then commercialize the innovation. Seeking opinion of customers for the product development is a very expensive process in every customer has different desire product. Innovative strategy approach is a good option as the customers can themselves prototype and design the products.
Transcribed Image Text:CHAPTER 7 A customer is an individual, a group of persons or an entity that acquires or may receive goods, services, products or ideas from another person or company in return for the value of money or anything of equal value. The customer builds the core of the business. Usually the number of customers increases, the business grows and vice versa. A business requires customers to purchase their own products or services. The customer may not buy your product right away but may buy it in the future but still be part of your targeted customer group. The main aim of a organization is to satisfy its customers. whereas, customer satisfaction is defined as the measure that determines how happy customers are with the company's products, services, and capabilities. Customer satisfaction information, which includes surveys and ratings, can help a company determine the best way to improve or modify its products and services. This applies to industrial firms, wholesale and retail businesses, government agencies, service companies, nonprofits, and every small group within the organization. The customer needs are satisfied clearly in a product development process. Information gathering plan about the customer is required in executing a customer plan. After gathering the information the next step is to analyze the results carefully. It is to be observed carefully that what the customer need, what problem the customer face, is there any problem the customer is facing while identifying the product that they need, right speculation is required, is there any complain regarding the product, what changes are required to accept any product . Customers are the valuable source of information. Based on the conclusions that the customer gives the actions can be taken about the short term, long term, what changes can be made in the long run, changes that are to be made instantly. Another way of gathering information is through the internet. Identifying the needs of internal sources of customer ensures that employees who depend on one another as individuals as well as departments that depend on each other as individuals. The self managed terms, quality circles, cross departmental terms are some of the examples of mechanisms for improving the communications. The next step is to know the customers operations. What the customer need about the product, How the customers product is used, does the customer can modify the product, what procedure can be adopted to implement the product. If the customer feedback is properly analyzed to identify the patterns and trends it can become the invaluable resource of making of continuous improvements in product designs and the manufacturing process. Customer satisfaction is defined as the measure that determines how happy customers are with the company's products, services, and capabilities. Customer satisfaction information, which includes surveys and ratings, can help a company determine the best way to improve or modify its products and services. The organization's main goal should be to satisfy its customers. If customers are getting product of high quality, at reasonable prices, with good brand image they are satisfied. Sometimes customers think that less price product are cheap but, manufacturing of product at low cost leads to low price of a good quality products. And Customer Value Analysis are the research method used to defined how an

Question

This is my last question can you please help me.

Read chapter 7 and write a paragraph in which you give your own ideas and comments on the general topic.

Transcribed Image Text:CHAPTER 7 A customer is an individual, a group of persons or an entity that acquires or may receive goods, services, products or ideas from another person or company in return for the value of money or anything of equal value. The customer builds the core of the business. Usually the number of customers increases, the business grows and vice versa. A business requires customers to purchase their own products or services. The customer may not buy your product right away but may buy it in the future but still be part of your targeted customer group. The main aim of a organization is to satisfy its customers. whereas, customer satisfaction is defined as the measure that determines how happy customers are with the company's products, services, and capabilities. Customer satisfaction information, which includes surveys and ratings, can help a company determine the best way to improve or modify its products and services. This applies to industrial firms, wholesale and retail businesses, government agencies, service companies, nonprofits, and every small group within the organization. The customer needs are satisfied clearly in a product development process. Information gathering plan about the customer is required in executing a customer plan. After gathering the information the next step is to analyze the results carefully. It is to be observed carefully that what the customer need, what problem the customer face, is there any problem the customer is facing while identifying the product that they need, right speculation is required, is there any complain regarding the product, what changes are required to accept any product . Customers are the valuable source of information. Based on the conclusions that the customer gives the actions can be taken about the short term, long term, what changes can be made in the long run, changes that are to be made instantly. Another way of gathering information is through the internet. Identifying the needs of internal sources of customer ensures that employees who depend on one another as individuals as well as departments that depend on each other as individuals. The self managed terms, quality circles, cross departmental terms are some of the examples of mechanisms for improving the communications. The next step is to know the customers operations. What the customer need about the product, How the customers product is used, does the customer can modify the product, what procedure can be adopted to implement the product. If the customer feedback is properly analyzed to identify the patterns and trends it can become the invaluable resource of making of continuous improvements in product designs and the manufacturing process. Customer satisfaction is defined as the measure that determines how happy customers are with the company's products, services, and capabilities. Customer satisfaction information, which includes surveys and ratings, can help a company determine the best way to improve or modify its products and services. The organization's main goal should be to satisfy its customers. If customers are getting product of high quality, at reasonable prices, with good brand image they are satisfied. Sometimes customers think that less price product are cheap but, manufacturing of product at low cost leads to low price of a good quality products. And Customer Value Analysis are the research method used to defined how an

Accepted Answer

A customer is a person or company who purchases good and services. A customer becomes a consumer…