This is because the response time has greatly decreased. The organizations now cannot wait to see if their products show positive response in terms of profit. The consumers are informed now like never before. The globalization has done wonders to the commercial world and the boom in internet has increased the reach of the customers. The products and services are just within the few clicks of the computer mouse.
The competition is another important factor which determines the modern business environment. This competition is a byproduct of diversity. The increase alternatives available to consumers force organizations to continuously evolve and strive for excellence. The present era has thus high regards for the customization of the product and services. This is a result of third wave civilization. In second wave the emphasis was placed on standardization of products.
The increase in customization automatically places customers as the key drivers to success. Therefore every possible measure is taken to satisfy the needs of the customers. Be it private or the public, both the types of the companies view customer satisfaction as one of the prime objectives. As the customers are the key drivers that help organizations make their decisions, the organizations are taking every possible measure to satisfy them in order to increase their market reach. For the purpose, many of the organizations are also involving the consumers and the customers in the decision making process. The marketing and management strategies are therefore formed with the customer at the core. Therefore practical involvement of the customer in decision making process is the key to success. Organizations find different methods to involve customers in the decision making process. Large FMCG (Fast moving consumer goods) organizations rely on surveys and customer feedbacks. Smaller organizations such as housing societies etc can directly communicate with customers and developed ...
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