Focus when creating a trade policy

It is essential for any business to have the customers’ preferences take precedence when developing their trade policy. Every business aims at fulfilling the customers’ needs in a way that make profits to the business. Each business should make efforts to know the aspects of their products and services that are valued most by their customers, and try to focus on that (Kotri, 2006). A company can do a conjoint analysis through performing some experiments that can help them perfect their purchasing decisions that affect customers.

Any manager who aims at having an exceptional customer experience for the sake of the business expansion should have it clearly outlined in their trade policy. In case the focus is solely on the business and the employees, the business might lose out in the end. For instance, a certain frozen custard business in Akron lost its customers and thus its image just because the business had put some standards that the employees could not break (Barrows, 2009). The business manager can motivate the employees to pursue the goal of providing excellent customer service, and in return award those who perfectly achieve the goal.

It is also important to consider that in any business that wishes to grow should opt to do a failure mode analysis because any business is prone to risks. All modes of failure in a business can be corrected by focusing on customers (Tan, 2003). A business can use its resources effectively in order to meet customers’ satisfaction, compared to meeting just the employees’ satisfaction.

References

Barrows, S. (2009). Prioritize the customer experience. Entrepreneur. Retrieved from: http://www.entrepreneur.com/article/203136

Kotri, A. (2006). Analyzing customer value using conjoint analysis: The example of a packaging company. Social Science Research Network. Tartu working paper No. 567.

Tan, C., M. (2003). Customer-focused build-in reliability: A case study. International Journal of Quality and Reliability Management, 20 (3), 378-397.