Cultural Levels and Business
February 12, 2025
The integration of cutting-edge technology with financial services has resulted in several innovative methods and tools which use sophisticated technology to serve potential clients better. One such innovation in financial services is the use of Robot Advisors or Automated Software also known as Bots to connect retail customers with the financial institutions. Worldwide, there has […]
Different Aspects of Talent Management Not all of us are born geniuses or are child prodigies. Just as not all sportspersons are not Michael Schumacher or all entrepreneurs are Bill Gates or the Late Steve Jobs, many of us have some innate talents that need to be catalyzed by nurturing, enabling, and empowering thereby making […]
Donald Trump has raised the issue of America’s crumbling infrastructure during his election campaign. He has periodically mentioned that American economy needs a bout of infrastructure spending. Estimates state that the infrastructure overhaul will cost the Trump government more than $1 trillion. However, the United States is already deeply in debt. Even though they have […]
A brand is a perception in its consumers’ minds. A strong brand can command a premium price. This power of a brand is measured using a technique of marketing research – Brand Health Survey. Figure: Current health status of some popular brands While checking a brand’s health certain vital aspects are captured such as how […]
Management plays an essential role in inculcating workplace ethics in employees. Bosses need to set an example for their subordinates. You need to come on time if you expect your team members to reach office on time. Management needs to act as a source of inspiration for the employees. It is generally observed that team […]
Satisfying customer needs ensures the business survival for an organization. A periodical check is required to enhance the quality of services and product to build a quality relationship with customers. For fulfilling this goal organizations must have a set of rules to measure and improve this quality.
Delivering best quality services to customers is considered the most efficacious way to ensure that an organization stands out from a group of competitors and avail the privilege to be known as best among all. The main ingredients that are involved in a high quality relationship between customer and supplier are trust and commitment. Trust means confidence and security in any relationship and can be treated as the biggest investment in building long term relationships. Trust is developed between the two parties when they experience flawless and satisfied motives between each other. As a result of knowing more about each other, all the doubts and risks are minimized and leads to inevitably smooth business. Lack of trust, on the other hand, weakens the relationship foundation; as a result chances of uncertainty and conflicts increases.
Commitment is yet another milestone that should be achieved to set a long term mutual relationship. Commitment can only be attained when there is mutual trust and the two parties share each other’s values. In a committed relationship both suppliers and customers strive to uphold the relationship and never want to exit which in turn results in building the relationship stronger and sharper. There is, in fact, huge cost which is incurred in switching from committed relationships of one supplier and build new relationships with other suppliers from scratch.
There are other attributes as well which promote a high quality relationship, these include the following:
Inheriting the above quality attributes into business will always improve quality relationship between customers and suppliers and is always fruitful for both.
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