Business

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Business Perspective

Introduction

Perspective is defined as a way of thinking or perceiving things. Like other departments, business also works in close coordination with perspective, which should be strategic for the success of an organization. Strategic perspective is important because it facilitates the development of a competitive mindset. Business perspective is more like a bridge that connects “to-dos” with business (Hochstein et al.,). There are four major perspectives of business such as financial perspective, customer perspective, internal process perceptive and learning and growth perspective (Hochstein et al.,). This paper aims at the analysis of the customer perspective.

Discussion

Customer perspective refers to the performance objectives that are related to both, customers as well as markets. This stance translates the vision, great strategies, and corporate objectives into some specific and customer-oriented objectives and market segments. Customer perspective is one of the major elements of the business perspective taking into account that it is connected the other aspect to the organization as well. Customer concerns can be classified into four major categories, termed as service, time, quality and cost (Hochstein et al.,). It is a general in fact evaluated view that satisfied customers are more towards using some particulate product and talking in favor of the product rather than seeking other brands and products. In addition, customer perspective is one of the critical elements in terms of achieving the company's both long term and short-term financial goals. Taking into account the specified customer objectives, some major perspectives are

Increasing market share

This theme is focused on the activities of the organization that can help or employ to improve the company’s share of the market. this aim can be achieved through different means such as sales, promotions advertisements and low prices of the products and goods.

Increasing customer retention

The focus of this theme is to make sure that the old customers are still using the products and they are patronized by the organization. This also helps to ensure that strategic measures are taken to improve the customer-organizational relations, response of the customers, complaints of the customers and the sales services are offered to the customers.

Increasing customer acquisition

This theme aims at increasing the total number of deals to the new customers, it invites strategic measures that can help to give free samples to the market segment, becoming part of the market segmentation and introduction to new products and services.

Increasing customer satisfaction

This theme aims at the customer-survey satisfaction ratings. It includes strategic measures that can be taken to include the administration of the questioners so that the customers reviews can be taken, which can be monitored and desires can be addressed.

There are different aspects of customer perspective taking into account that all these perspectives connect the company to the customers which ultimately enriches the market. In business, the success of the company is dependent on the satisfaction of customers. This perspective deals in defining the ability of the organization to provide quality services and goods. Some other elements are customer expectations, sustainable market, customer feedback and then attracting customers.

Customer expectations include fractures that can help to understand what actually a customer requires. It infers brand loyalty, taking into account that the customer seeks out those products services that are as per their desires. So, a successful business is the one that is organized in accordance with customer expectations. Customer expectations also involve the approach of customers in terms of selling and ease of access, evaluated from the fact that almost all famous companies have their products available worldwide.

Sustainable market is another major element that asserts that customer loyalty can be gained with effectiveness and dedication. This department incorporates an in-depth analysis of the company in terms of a sustainable market. This aspect is also a major component of profitability so, there is a dire need to incorporate those activities which include superior services and a positive approach. Seamless integration of different elements such as the service-profit chain leads to employee satisfaction, which ultimately produces value creation and it helps to attain sustainable market.

Customer feedback refers to the insights that customers have regarding the particular brand or organization. It is one of the major tools for the continuation of the services of the organization and maintain market value. There are different ways and means of attaining customer feedback such as ensuring good quality products, addressing customer’s concerns and reaching out to customers in terms of their requirements and choices. Customer feedback is one of the major sources of creating more and lasting values in the market, also it can help to maintain what is actually required and how it can be achieved.

Conclusion

An analysis of the above-mentioned aspects and features highlight that customer satisfaction is one of the major elements that is central to monitoring and coordinating the other perspectives. Customers are the major drivers that are needed to ensure the markets place of the company, along with the financial stability of the company. A critical insight highlights that the customer perspective of the company cannot be fulfilled, until efforts are taken to regulate the financial, inter-organization and learning and growth perspective. The rationale can be traced from the fact that employee’s dedication is necessary to attain quality work and for employee dedication, it is necessary to have an adequate and effective inter-organization perspective. So, all the perspectives need to be regulated and analyzed for achieving the common goals of the company and the significance of none of the aspects can be denied.

Work Cited

Ferrell, O. C., et al. "Business ethics, corporate social responsibility, and brand attitudes: An exploratory study." Journal of Business Research 95 (2019): 491-501.

Hochstein, Bryan, et al. "An Industry/Academic Perspective on Customer Success Management." (2020): 3-7.