Profits V.S. Meeting Customer Needs

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1 1 Profits V.S. Meeting Customer Needs By Kassidy King Business 1050 April 13, 2013

2 2 In the business world there is always the question of what is more important, Making a profit or meeting the customs needs. What makes a company or business successful? Is it the profit that is being made or is it how many customers you have? Different people may have different thoughts and opinions but personally I have a very strong view on this subject. I know and from experience have learned that meeting the customer s needs first brings profit to the business. According to the Harvard Business Review, practices aimed at maximizing customer satisfaction create a mutually reinforcing value chain, as happy customers continue to support companies that successfully meet their needs. In turn, the business reaps the benefit of increased revenue. Meeting the customer s needs is an ethical way to grow a business. The word ethics in the term business ethics comes from the Greek word ethos meaning "character or custom". Businesses that put the customer first and make sure they are happy generally speaking are more successful. Some of the benefits of being ethical to your customers and meeting your customers' expectations are Customers that transform from first- time visitors to loyal clients, Increased sales as customers feel more comfortable doing business with you, and more referrals from satisfied customers who bring in additional business by word of mouth. There is no doubt that adequately meeting customer expectations and needs is an essential and ethical part of a strong customer service department. By accurately identifying those expectations, and meeting or exceeding them

3 3 consistently, your company is likely to enjoy happier customers and a healthier bottom line. In the article From the Principle of Political Economy John Stuart Mill taught, it is far otherwise with gross profit; which, though it does not vary much from employment to employment, but from individual to individual Meeting the customer s needs is important as an individual and as an employee because it helps build relationships and then follows the profit. Personally I have experienced this ethical issue of meeting the customer s needs at my current job today. We rely hugely on the costumer satisfaction. It s pretty simple, if the customer isn t happy with the job we have done then chances are next time we wont get hired to do the job and without work we can t make a profit. There are times that mistakes are made and the customer isn t happy but its how you go about making those changes and doing everything possible to make the customer happy. One of my favorite quotes by Aristotle states, the quality of courage, for example, is not intended to make money, but to inspire confidence; neither is this the aim of the general s or of the physician s art; but the one aims at victory and the others at health. Nevertheless, some men turn every quality or art into a means of making money; this they conceive to be the end, and to the promotion of the end all things must contribute. Customer satisfaction in the long run matters. It matters not only to the customer, but even more so to the business because it directly impacts a company's bottom line profits. Furthermore, it is one of the most important components of a company's positive brand image. It costs far less to retain a happy client than it

4 4 does to find a new client. Businesses that have been successful retaining the business of their loyal clients have shown over time to consistently increase profits from their installed client base.

5 5 Sources Cited: Aristotle (2013). From the politics. (1 st ed., p.116). Boston: Estep, M. (2011). Retrieved from help- desk- blog/bid/80165/the- Importance- of- Meeting- Customer- Expectations- And- How- to- Meet- Them Gartenstein, D. (2013). Retrieved from profits- vs- meeting- customer- needs html (2013) Retrieved from survey- software/customer- satisfaction- matters.shtml Boston: Stewart, J. (2013). From the principle of political economy. (1st ed., p. 373).