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Currently, those companies that want to become successful need to pay much attention to customer satisfaction. This element makes it possible to improve business even if particular issues are observed, because it ensures customer loyalty, strengthens differentiation, minimalizes negative feedback, and streamlines development. This paper will discuss different types of utility, causes, and recommendations for reduced customer satisfaction, ways to overcome non-purchases, forms of competition, and directives of the SWAT analysis need for successful business.
Five main types of utilities satisfy various consumer needs in the market. The utility of place refers to the right positioning of products in areas where target clients can access them easily and conveniently. The form is a utility, which refers to modifications aimed at increasing the level of utility held by a product (wood modification into a paper). Time is a utility, which relates to the right planning so that the supply of particular products occurs at a period when the demand is high. Possession utility can be considered when a product that was owned by a firm becomes acquired by a customer and turns into his/her possession. Psychological utility ensures that products have satisfying features that are positively perceived by clients. It is vital to explain that all the five utilities are important because they satisfy unique needs presented by clients. In this way, firms can focus on time and place utilities when they deal with commonly purchased items to ensure that they can be easily accessed by customers. Making them easy to purchase, companies also focus on possession utility. Those organizations that provide unique or luxury products should consider psychological utility to ensure that their offerings will satisfy clients.
Dissatisfied clients lead to reduced sales volumes, diminishing market share, and an eventual decline in performance. Failure to understand their demands triggers the premature exit of some companies from the market. When companies undertake intensive research, they understand market changes and introduce timely adjustments, which allows them to elevate satisfaction. Additionally, using the right tools to collect client feedback unearths contentious issues held by clients regarding their perceived product quality. After collecting useful data, companies need to study the responses carefully so that they make amends on time, match market dynamics and satisfy their customers.
Pricing, packaging, marketing, client treatment, and responsiveness are the five common reasons that explain why customers fail to purchase some products. In modern times, if a company appears to be charging higher prices as opposed to the competitors, clients are unlikely to purchase its products. Moreover, poor packaging, which fails to match consumer preferences, is a downturn that can drive away potential clients. With the increasing scale of competition, a small change in packaging can lead to consumer shifts. When companies employ the right methods of marketing, the information reaches the target clients either directly or through referrals from non-purchasers. Client treatment is another vital issue that influences purchases. When clients feel that the treatment accorded to them is fair, they not only return but also market the company to their friends, colleagues, and families. Finally, companies do not succeed because they fail to respond to customer complaints on time, a factor that leads to lowered purchases due to the negative feelings held by clients.
In contemporary societies characterized by imperfect competition, oligopoly, monopoly, and monopolistic forms of competition are common. Notably, oligopoly is a form that requires huge investments to start and operate. Some examples of companies that operate in an oligopolistic format include the airlines. Consequently, monopoly is a form of competition where one seller dominates the market and has the liberty to price its products to its favor. Such companies include those that provide electricity all over a particular state or country. Due to the absence of competition in a monopoly, the price is always subject to government restrictions. Another common form of competition in the market is monopolistic competition. In monopolistic competition, a number of firms supply differentiated products, which have similar utilities. Pepsi and Coca-Cola are the common types of firms that operate under monopolistic competition. Price reductions, discounts, and product promotions are the major strategic choices used by companies to position themselves successfully and outsmart competitors.
Fundamentally, companies utilize SWOT analysis tool to get insights into the market trends and make adjustments that match client expectations on time. It is vital to consider the following directions:
- Be focused – do several analyses for one organization instead of generic one.
- Extensive search – consider different types of competition.
- Share information with functional areas – ensure communication between managers.
- Consider clients’ perspective – what they think about the company and its products.
- Identify causes – reveal causes of the observed issues.
- Separate problems – differentiate internal and external issues.
Properly conducted SWOT analysis requires consideration of all these directions. However, the most significant one seems to be the necessity to stay focused because there is no sense in other steps when the initial one is wrong. Nokia, Yahoo, and Kodak failed to use the SWOT analysis to study the market trends; these companies failed to offer products that conformed to client expectations, a scenario that affected their performance, sales volumes, and market share significantly.
Thus, it can be concluded that companies can reach organizational success only if they perform in different areas appropriately. It is vital for them to ensure customer satisfaction with appropriate utility application to increase sales and minimalize non-purchases. Focusing on different forms of competition, firms should conduct the SWOT analysis so to identify current issues and overcome them. Only in this way, success in the marketplace can be achieved.
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