From this paper it is clear that customers often have different needs, and, depending on the times, these needs change. Understanding these needs is a clear indication that the customer comes first. This paper will examine the warning signs vendors and sales representatives might check for to know if the industry is commoditized.
One warning sign that a vendor and a sale representative should be looking at is the attainment of financial objectives. If a business does not attain its financial objectives, it may be a warning sign that their industry and its products are being commoditized. Customers need an avenue where their products and services needs are addressed. If it were all about prices, then customers would be going for all the cheapest products. However, this is not the case. People believe that the manner in which most businesses approach them is what counts. This may determine if they buy the products or not. Moreover, working with customers is a way to understand what they need. By doing this, understanding how and why an organization will be willing to go that extra mile to taking care of their customers’ needs is easy. If many customers claim that they feel brands are what make them purchase a product, the industry may be commoditized. If they feel that only one brand is satisfying, and they are reluctant to try any other product, it may be a clear indicator that the choices are made based on the commodity’s status. In conclusion, for any business to flourish, it should be willing to work with its consumers. This is the reason why they are in business in the first place. Understanding their needs will promote loyalty among the consumers. This is because people tend to appreciate the attention given to them by businesses.