Management Extra: Managing Markets and Customers

Examine how the marketing offer can be improved through products and services
Products and services need to be dynamic to operate in a changing environment. There are a number of factors that impact on the way products and services change through time. These include the product lifecycle, social and environmental changes, competition and customer expectations. Looking at the total product concept can be a useful way of keeping the product and service offer up to date.
Understand how legal and ethical issues can be turned to competitive advantage
No longer are legal and ethical issues merely a matter of compliance. Customers satisfied by the overall quality of the offer may be looking at other factors in their buying decision. Factors that are important include the environment in which the product is grown or manufactured, the health and safety record of the organisation, environmental credentials, renewable sources and the potential for using recycled resources.
Monitor customer satisfaction and examine after sales service
Customer satisfaction needs to be constantly evaluated. The keys to doing this are setting standards so that employees understand clearly what they are expected to do, and gathering and capturing feedback from customers. A company must show that they are not only listening, but making changes in the face of feedback.