BU111 Study Guide - Midterm Guide: Industrial Revolution, Climate Vulnerability Monitor, Grameen Bank
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Meeting customer needs: keeping customers happy result in increased sales word- of-mouth marketing. Will tell others about their experience people will tell more people if they are dissatisfied with a product/company (not meeting their needs may cause bad reputation and decreased sales: anticipate, understand, and deliver on customer needs. Doing this will get you ahead of the game: creates loyalty which leads to increased revenue. Encouraging innovation and creativity: expectations are continuously rising, so companies cannot sit still, need to continue to innovate products/services to keep up with the changing customer needs and expectations. Gaining employee commitment: employees able to achieve personal goals while also achieving business goals. Will create poor customer experience likely lose sales: employees who are committed take better care of customers. Creating a distinct competitive advantage: need a unique difference that customers value and care about, can build your strategy around competitive advantage, slippery slope to compete solely on price (price war)