Among the many reasons why I agree with the above statement is that value has become a core function in Business Corporation to the extent that it has been relative to the overall organizational endeavour and success in its commercial activities. In essence, values are those principles that govern the existence, purpose and overall activities of an organization. Therefore, every organization is governed by certain principles that constitute its value (Cahill, 2006, 34). Value is a broad concept that underscores the inherent essence of an organization or in simple terms value underscores the organizational personality and moral fibre. As a result, value is of great importance in determining the efficacy of a corporation and has often been described as the key to organizational success in modern times. The evolution of organizations has witnessed a radical change in the priorities that govern organizational success. For instance, there was a time when quality was the core function of organizations and the success of Business Corporations was hinged on the capacity to deliver quality goods and services. During this time, most organizations primarily focused on quality parameters of their products and ignored the other considerations.
Previously, the marketing concept defined organizational success as a function of marketing whereby an organization was successful only if it properly marketed its goods and services appropriately. The marketing concept was a quick replacement of the product concept that insisted on quality. In essence, the marketing concept implied that quality was not as important as marketing since customers buy goods on the basis of being persuaded and not on the basis of quality (Hurth, 2006, 8). The customer satisfaction concept, on the other hand, lays emphasis on the satisfaction of customers needs, fantasies and desires as the primary determinant of organizational success. This premise is based on the assumption that
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“Today, organisations need no longer concern themselves with service quality, satisfaction and customer loyalty – value is now the key to corporate success.” I totally agree with this statement because value has become the common denominator for organizational success…
The objective of this research was to obtain a comprehensive understanding of the factors existing in the Cayman Islands retail banking industry with regards to service quality and the level of customer satisfaction. With this concern, the major aspects such as technology advancements, corporate image, value, service quality and demographic features have been taken into consideration.
From the following research it can be comprehended that a look into literature proves that while service quality is something measurable and comparable, customer satisfaction is a more complex one which is influenced by perceptions of satisfaction and customer expectations along with quality.
The author states that to regulate service delivery, supervisors tend to enforce procedures and rules on the staff to restrict their discretion and autonomy. These similar procedures and rules are envisioned to restrict the magnitude of service delivered for the client and the subsequent absence of customization.
Reforms in the banking sector have also blurred the lines between banks and non-banks, thereby increasing pressure on banks to perform. Customer experience now defines service quality and poor service quality can push customers to switch service providers.
The target set of customers (or beneficiaries) is the central strategic planning element to the business because it provides the organisation's primary focus in meeting financial objectives in the sales department (Financial Services Forecast World 2005).
Customers and suppliers are important stakeholders. “Stakeholders are those individual or groups who depend on the organisation to fulfill their own goals and on whom, in turn, the organisation depends” (JSW: 2005:179). Creating shareholders wealth
This paper purports:
• To recognise the background, strategies and culture of service sector organisations
• To examine the importance of customer satisfaction and customer relationship in the present market scenario
• To determine the importance of service quality in relation to customer satisfaction
• To analyse the significance of branding in relation to customer satisfaction
As such, successful managers have directed attention towards the various factors that define profitability within the new paradigm
10 pages (2500 words)Essay
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