Discuss the notion that firms should stop doing business with customers who constantly generate losses versus the notion that the customer is always right.
The required length for your original posting is 350 words, and your reply should be a minimum of 250 words.
1st student response (Sharmila Gundapuneni)
develop strategies that might help the firm to stop the business with the customers who always generate losses (Demil & Lecocq, 2010). The notion explains we consider the previous results that might help the company to decide customers. This process accomplishes the facts, and ethical values are part of the notion that describes complete results for the company.
The management should consider an expert’s knowledge; hence it will be useful for deciding the right ones for the firm. Employees in the firm accomplish the areas in the firm discovers and consists of business values and implement the services towards customer. Comparing both for the firm should decide that avoiding the customer who generates losses for the company and prefers customer is always right. It accomplishes the process that describes the standards of the business that will manage the profits (Smith, 2018). This consists of employees in the firm that should work for a better solution that describes better growth and the economy of the company. Financial development should be monitored and manage good relationships with consumers; this might avoid losses for the business.
Firm consider effective business will always help and choose the right customers over economic development, and consists of the business system would determine the services. This ensures that ethical values will determine the product or service will manage the customer choice that enhances the right notion for the organization (Demil & Lecocq, 2010). The firm considers standards of the business would consider and process and accomplish the management operations. This ensures the development of a firm could be possible over the right customer and provide business values will find by the management. This consists of decision making would help choose the right choice for the firm. It accomplishes the appropriate business will consider for the company.
Demil, B., & Lecocq, X. (2010). Business model evolution: in search of dynamic consistency. Long-range planning, 43(2-3), 227-246.
Smith, D. (2018). Relationship Between Service Quality And Customer Satisfaction in Banking Services Relationship Between Service Quality And Customer Satisfaction in Banking Services. doi:10.5176/2251-1970_bizstrategy18.117
2nd student response (jahnavi yalamanchili) :
The customer is always right is meant to make us pause before we get to work and ask ourselves what will it take to meet our customers’ needs. In all these cases, products or services are sold to an end customer to satisfy their needs. All of these businesses also require attracting and retaining customers, through their differential values, innovation and the use of intelligent marketing. The trade sector is one of the most important and dynamic sectors in the economy of any country, both for the volumes with which it operates, and for the number of jobs and opportunities it generates. In Spain, it is made up of large giants, Spanish and foreign, who offer the same commercial proposals in different parts of the world, living with a significant number of small companies, in most cases micro-SMEs, who struggle to maintain their position in the market. In the case of large retailers, the errors are minor and although they also close stores, they make up for it with new openings. The scenario of profound changes accelerates the process of closings, to the point of estimating that in 2020 almost half the number of stores in 2005 will have been lost. This means that only those who do their jobs well will have a chance of survival (Malthouse, E. C., Haenlein, M., Skiera, B., Wege, E., & Zhang, M. (2013)).
Commerce is a type of business that we can all understand because we are all customers of all kinds of stores. We all buy, accumulate shopping experiences and vote with our feet, going to those establishments that we consider worthy of our money, while avoiding others. This, added to the few barriers to entry, makes many people dare to establish themselves in this type of business thinking that it is easy. Nothing is further from reality; it is a sector too complex to think that only with intuition and desire can we succeed. It is necessary to learn from the great masters of retail. The small trader should apply these lessons to his business if he wants to have a niche in the market. The market is there, both locally and globally, it is getting bigger but it is getting harder and harder to sink our teeth into. Everything that does not evolve generally involves, although many times we are not aware of it (Ramaswamy, V., & Gouillart, F. (2010)).
Malthouse, E. C., Haenlein, M., Skiera, B., Wege, E., & Zhang, M. (2013). Managing customer relationships in the social media era: Introducing the social CRM house. Journal of interactive marketing, 27(4), 270-280.
Ramaswamy, V., & Gouillart, F. (2010). Building the co-creative enterprise. Harvard business review, 88(10), 100-109.