Does Billionaire Philanthropy Work? Examining the Different Sides to the Debate
What is Billionaire Philanthropy and why it is in the News? Most of you would have read the news item this week about Indian IT (Information Technology) Tycoon, Azim Premji of Wipro, pledging 34% of his shares in the company to his Philanthropic arm, APPI or Azim Premji Philanthropic Initiative which has already have a […]
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 […]
Broadening the Corporate Governance Agenda: The Corporate Social Responsibility
In recent years, there has been an increasing emphasis on governing corporations according to social and environmental norms and ensuring that the negative externalities associated with them are minimized. When we talk about negative externalities, what we mean are the social and environmental costs that corporations impose on society and which are not factored into […]
The Internet and the marketing mix
Introduction The marketing mix refers to usage of the four Ps of marketing which are Product, Price, Place and Promotion. All the marketing strategies are developed around the framework of fours Ps. With the advent and progress of service industry elements like People, Process and Physical evidence were added to the traditional marketing mix. E-commerce […]
International Retailing – Features and Challenges
International Retailing and branding has been one of the sectors that is seeing exponential growth. With increase in standard of living and disposable income, people in developing countries are getting exposed to international brands. Rise of internet and multi-media has further provided impetus to the dream of people to aspire for branded consumer goods. Along […]
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:
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.
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