What is Status Consumption and Why it is Important for Marketers of Premium Goods ?
With the advent of globalization, marketers have had the opportunity to market to a global audience from many countries and cultures. Products are no longer the traditional goods and services and instead the emphasis is on brand building and marketing brands as part of a comprehensive marketing effort to reach out to consumers. In this […]
Measuring Advertising Effectiveness
“When a child writes the examination papers, he has to see the result come what it may be, so that he comes to know where he is wrong and where he should pay more attendance. This will help him work better in future.” This is exactly the case of the advertisement. The work is not […]
Need for Auditors, Certifiers, and Consultants to be Ethical and Manage Conflicts of Interest
How Corporates and Auditors, Certifiers, and Consultants Partner with Each Other In the corporate world, companies have relationships with a number of external and third party entities like suppliers, auditors, certifiers, and consultants who either advise them on their strategies, partner with them in the supply chain, audit their financial statements, and have a network […]
It is the People Who Contribute to Operational Excellence
Establishing leadership whether in a product market or a services market is not easy, especially in the fast changing world where the life cycle of products and services tends to be very short. A look at the Companies that have grown in stature and maintained their growth story tells you of the hard work that […]
Getting New Ideas for Product Development
New product development refers to introducing a new product and launching the same in the market keeping in minds customers’ needs and expectations from respective organizations. Bringing a new product in the market and ensuring the same is accepted by end-users is extremely challenging and requires brainstorming which eventually leads to generation of unique and […]
When customers end up his relationship with suppliers, he breaks the loyalty with him. Following are the reasons which are responsible for loyalty break ups:
Most of the unsatisfied customers try to find more prominent alternatives which results in their migration. In most of the cases the customer does not even complain about the dissatisfaction and simply divert their way to other supplier.
If the supplier is unable to follow the process of continuously updating technological related aspects of products and services he may loose customers as they divert in search of technological sound products and services.
Apart from the advanced technology, if the customers get enhanced and user friendly product features then it acts like additional incentives for them to migrate.
If supplier is not able to meet customers’ expectations then obviously customers would look for better alternatives. These expectations can be related to cost, quality, product service, efficiency, durability or any other aspect.
Many a times these expectations could be unrealistic or unreasonable due to the market scenario or some external business pressure. Under this kind of situation it is becomes very difficult for an organizations to meet all the expectations which result in sudden divert by breaking loyalty bond.
Any supplier which comes close to these unrealistic and unreasonable expectations of customers could retain him easily.
Even if they are fully satisfied with the existing supplier they would attempt a change for the sake of getting new and better option or because of any change in business rules and tactics.
These types of customers are experimental in nature and try to be innovative and creative by taking high business risks. These customers are supposed to be least loyal because they less likely to be attached with any sort of bond with single supplier. To retain these types of customers is a pain for all the suppliers and they generally try to change their attitude by inheriting some business tactics in their marketing strategies.
Hence apart from manufacturing good and sound products it is very important for the supplier to provide enhanced service components along with the product which will act as a roadblock for customer to divert.
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