The question arise, is it about satisfying consumers demands and needs or making a profit in business, what is more important?
I believe if companies focus more on customers centricity, there will be growth in profitability. Its about growing a profitable client based business with the focus around quality. Balance approve to Cost, Quality and Service in order to get the best out in any business to built and retain customers as well as internal and external relationships.
You have to look at a client base which is basically supplying the demand which relates back to the product. If the product quality and service is excellent they providing there will b more of a growth in profit then the company expected.
Quality is an important aspect in any service and product it will attract more customers because the deliverance of service and product was good and also look at your risk factors and your hunger for risk. Quality is going to influence your cost and the type of market you servicing which is a huge driver of your reputational risk, cost risk depend on the quality which will lead back to customer growth and retention.
Cost influence service delivery because you going to look at the type of client based on risk assessment, product type, rand for value and ROI “ Return On INVESTMENT”
Client centricity which is the quality focus and evaluation of the particular market, economical market and reputation risk. And another important aspect is the agreement with the market. Service level agreement, turn around times and pricing modules.
I would say focus on cost, quality and service because if you don’t deliver a good product you will lose customers and a decrease in profit. Satisfy the client and consumers first because they will stay loyal to your business and at the end of the day its a win, win situation. Clients and Consumers will be satisfied and the business will make there profit. Without the customer and client there wont be a business. So I don’t think profit must be they main focus in any business.
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