Data Analysis and Compilation
After gathering the information from desk and field research the raw data must be compiled so that the taxonomic analysis can be performed and data can be broken up into respective parts and segments. This can be achieved in the following manner: Keeping on revisiting and focusing on the ultimate objective of the research and […]
Why Timing the Market is a Bad Idea ?
Stock market investments can be akin to gambling depending on the procedure used for making these investments. If the investments are rooted in fundamental research, then they are the result of skilled judgment and therefore cannot be called gambling. On the other hand, many investors invest in the stock market as if it was a […]
Money Market Futures – Meaning and Types
The money market is a full-fledged financial market. Hence, there are many investors who are keen to hedge the risks which emanate from the money market. The need to hedge these risks has led to the creation of several money market derivatives. There are certain exchange-traded derivatives that are a part of the money market […]
Building Model-Driven Decision Support System (MDSS)
As the name itself explains, a model-driven decision support system utilizes a model to solve problems or aid in decision making. A model can be statistical, financial, mathematical, analytical, simulation or optimization. A model-driven DSS may employ a single model or a combination of two or more models, depending upon the specific needs of its […]
Rewards Management: Is Skyrocketing Executive Pay Justified ?
Excessive Executive Pay is the Problem In recent years, the topic of excessive executive pay has been at the forefront of efforts to promote good corporate governance. This is because there have been understandable and genuine concerns about this aspect, which is leading to, some effects on the governance structures of companies. For instance, the […]
Customer response is the reaction by the organization to the queries and activities of the customer. Dealing with these queries intelligently is very important as small misunderstandings could convey unalike perceptions. Success totally depends on understanding and interpreting these queries and then working out to provide the best solution. During this situation if the supplier wins to satisfy the customer by properly answering to his queries, he succeeds in explicating a professional and emotional relationship with him.
Responses have numerous combinations of features and aspects by which questionnaires can be easily produced.
Following are the situations a customer can fall into after they get responses.
As discussed above the customer can fall under any of these situations and develops a perception in his mind regarding the organization depending on the quality and types of responses he gets from the respondent.
If the organization succeeds in satisfying the customer then he wins in developing and maintaining a relationship with that customer and can easily retain him. Contrarily, if the customers find the quality of responses as low and unsatisfactory and supplier’s attitude as unfamiliar and negative then they will surely diverge their way to other organization for better alternatives. By this the organization could finally loose the business with that customer.
Hence, customer response is very important aspect for all organizations to create business relationship and good customer satisfaction and loyalty with their customers. In the same way, for customers it’s a very essential way to judge their suppliers and determine if they can be good suppliers for them or not.
Good customer response is an essential asset for an organization and directly or indirectly always helps them to grow substantially in business.
For example, a customer buys toothpaste from a shop. After opening it he finds the tube half empty from inside. He immediately sends a notification to the manufacturer by launching a complaint. The company in turn promptly sends an apology letter with a new tube of toothpaste. The customer will obviously become happy and satisfied with the prompt response and the fruitful service provided by the manufacturer.
This satisfied customer will propagate the concern shown by the manufacturer for even this small deal to all his friends and family. By this quick and positive response the manufacturer turned that customer to a business ambassador to increase the sales and productivity of business.
Before developing the strategies for customer responses it is important to understand the master plan which indicates how the responses should be modeled according to customer’s attitude which is different in different situations. Giving the right response at right time is the only key factor for successfully building the relationships with customers and influencing them to have long-term business deals.
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