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Write 350 words on the main topic and respond to the given article with 250 words.
1) Write 350 words with 3 peer reviewed references in APA format
Discuss the notion that firms should stop doing business with customers who constantly generate losses versus the notion that the customer is always right.
Please focus on the following points for main topic and response
· Be familiar with the various approaches to Marketing Strategy
· Be able to create and implement a Strategic Marketing Plan
· Have a working knowledge of Product, Place, Price and Promotion Strategies
· Understand the relationship between Marketing and other functional areas
2) Respond to 1st article with 250 words
The basis of marketing is the development and involvement of the consumer in the company. Companies typically stop working with consumers who constantly generate losses due to the company’s benefit drive. If the profit growth of any customers reduces, the businesses sever their connection with the customers. However successful strategy of a company’s solution to escape losses is to stop its company from any of these clients, its effects go beyond profit. Revenues not only come in when a company avoids dealing with decline-generating consumers but also other aspects of the company. Ideas and feedback from customers are essential for any company. The successful company often attracts the consumers that the company develops and changes the nature of competition (Payne et al., 2017). In addition, it creates concern in the remaining consumers that they are next in line with the loss producing consumers, and they believe that the business may not value customers and want to minimize its connection to the consumer. In order to sustain market effectiveness, it is thus important for companies to accept disinvesting in consumers that cause losses as the last choice.
Effective customer support represents an essential aspect of an organization, but does not improve customer service but improves poor customer service by believing that the consumer is always correct. Along with the consumer the workers are informed that they are not valued by the organization that equal consideration of the workers is not appropriate, that consumers do not value their employees. This demotivates employees and eventually provides the weakest customer experience. It is also necessary to give up this idea and place workers first because workers’ first status improves happiness and hence puts consumers first (Fombelle et al., 2020). In summary, it is important to determine the advantages of certain market concepts before operating on them. The key aspect of the company is to guarantee that the expectations of the organization are met on the basis of the services provided by the company and that the consumers are finally satisfied. Any tendency for each of the principles will lead the organization to face unpleasant scenarios.
References
Payne, A., Frow, P., & Eggert, A. (2017). The customer value proposition: evolution, development, and application in marketing. Journal of the Academy of Marketing Science, 45(4), 467-489.
Fombelle, P. W., Voorhees, C. M., Jenkins, M. R., Sidaoui, K., Benoit, S., Gruber, T., & Abosag, I. (2020). Customer deviance: A framework, prevention strategies, and opportunities for future research. Journal of Business Research, 116, 387-400.