MSG Team's other articles

12991 Cross Merchandising – Meaning and Concept

Retailing refers to the concept of selling merchandise in small quantities to the consumers for their end use. According to retailing, the individual can walk up to any nearby retail store and purchase products as per his need and pocket in small units for his own consumption. The display of merchandise at the store plays […]

11268 Should Long Term Shareholders Have Double Voting Rights ?

The long term success of a company depends on the decisions made by its management. The appointment of management is done by the shareholders. However, the problem is that shareholders are considered to be one homogenous group. This is not an accurate reflection of reality. Different kinds of shareholders invest in a company. Some shareholders […]

9384 The Fortune at the Bottom of the Pyramid: The Business Opportunity Description

What is the Bottom of the Pyramid and its Implications for Marketers Marketers around the world are discovering that there is a fortune to be made by targeting their efforts at the Bottom Billion or those who are near the lower end of the income pyramid. This means that they can market specific products and […]

10002 The internet micro environment

Introduction The environment under which organization functions determines how it will conduct its business. Organizations have to constantly monitor and appraise the external business environment. Organizations have to make changes in its operations in accordance to the environment as to be profitable and effective. Therefore, understanding the business environment is important before developing any marketing […]

9780 Brand Identity vs Brand Image

  Brand Identity Brand Image 1 Brand identity develops from the source or the company. Brand image is perceived by the receiver or the consumer. 2 Brand message is tied together in terms of brand identity. Brand message is untied by the consumer in the form of brand image. 3 The general meaning of brand […]

Search with tags

  • No tags available.

Customers are the most important part of business. There cannot be any business without them. Only satisfied customers will be interested in buying and they will also refer other customers to buy. By measuring customer satisfaction a supplier can maintain a quality and long term relationship with customers and secure their future business and financial assets. This measurement is essential for suppliers to understand that their strategies are in right direction.

Market research or market survey is the tool that can be implemented to measure customer relationship, customer satisfaction and customer loyalty. This tool is capable to furnish accurate information on the following main facets of customer relationship - 1) Loyalty 2) Satisfaction 3) Customer Behavior 4) Response 5) Service 6) Customer Compensation 7) Customer Needs.

This tool furnishes the above related information not only with accuracy but also with their future aspects which is a very important asset for business perspectives. By knowing the future perspectives of customers it becomes easy and efficacious for suppliers to build a medium term or even long term relationships with customers. These future perspectives of customers are related to following factors:

  1. Present customer needs - By analyzing current needs of customers the suppliers can determine the trend of buying of customers. How the present needs of customers can change in past can also be predicted by these sophisticated research and analytical tools by deriving some important trend variables of these customers.
  2. Suppliers influence on products and services - How the suppliers are influencing the customers by their products and services is an important factor for this research.
  3. Competitors influence on products and services - Competitors are also the important factor for analyzing future needs of customers. If competitors are making more prominent impression of products and services then it is important for suppliers to mould their business strategies to meet future needs of customers and to attract them to have business with them.
  4. Environmental or market effects - By predicting the current market trend suppliers can analyze how the market is going to perform in the coming future. This research includes deep analysis of the financial and economical conditions.

Market research is a strong tool that renders the customers with important and unique data on customers’ needs which helps them to create business strategies and come up with considerable business decisions. It helps the organization to encapsulate future business by determining business goals and objectives to meet business targets. It also helps providing feedback regarding image and performance of the organization so that they could leverage the strategies to meet the targets. It helps them to be always on top.

Building relationship with customers in current market trends is the most important aspect that an organization should focus on. Today distinction and eminence are the most sustainable approaches for which developing good relationship with customers is essential. Hence incorporating techniques which could measure the relations with customers are very important for all the organizations so that they remain in this bonding forever.

Every business unit uses different approaches according to the business they posses to measure their relationship with customers. Also, these approaches of measuring customer relationships are associated differently to different types of customers according to their individual importance. By doing this the organizations are able to decide which area requires application of resources to get best business impact.


Article Written by

MSG Team

An insightful writer passionate about sharing expertise, trends, and tips, dedicated to inspiring and informing readers through engaging and thoughtful content.

Leave a reply

Your email address will not be published. Required fields are marked *

Related Articles

What is Customer Satisfaction ?

MSG Team

Customer Acquisition Cost

MSG Team

Customer Acquisition – Meaning and its Process

MSG Team