Quiz 11: Pricing Strategies: Additional Considerations

Business

Relationship marketing: The type of marketing that focuses on developing, growing and maintaining an enduring beneficial association with individual suppliers, consumers and other acquaintances for mutual benefit is called relationship marketing. Benefits of relationship marketing: The benefits of relationship marketing over traditional marketing are: • Focus on long-term relationship with customers, ensuring long-term benefits for the company. • Customer centric approach ranks customer service as the highest priority. • Emphasize on retaining customers over making a sale, ensuring satisfaction of customers. • Ensure frequent customer contact regarding offers and discounts to increase sales. • Commit all employees to provide high-quality products for the satisfaction of the customers to in turn make them repeated buyers.

The company D has been exemplary in their customer service. They have been most sought after by corporates for divulging their secrets, which made them deliver helpful, cheerful and knowledgeable service staffs, most regularly and easily. This was the birth of D Institute, D's own consulting firm. Service industries use to comprise a major part of the clientele of D's institute. D inculcates its own philosophy in its client system. However, this is not a plug and play device, and hence must be understood and adopted. Just copying in and trying to implement the service philosophies would not help as these are required to be inculcated. Some require a change of the value system like offering help to the customers on a proactive basis, and not on a reactive basis; always congratulating and thanking a customer as he/she gives a sale. Every call/arrival of the customer needs to be greeted. The service professionals need to be trained on how to coolly handle any situation; since it is expected that dissatisfied customers would call in with grievance leadership skills and creativity are the other two aspects which the companies need to adapt in, before they look for implementing the D Institute's prescription. The broader learning is that in order to please the customers, the companies should keep their employees happy, who would again interact honey with the customers then.

Employee satisfaction in restaurants: Employee satisfaction or the job satisfaction is the measure that depicts the how satisfied or content the employees are with their jobs. The quality of the service offered at the restaurant will be a measure to evaluate the satisfaction of the employees in the restaurants. A satisfied employee will only be able to provide a pleasing service for the customers. In order to get a clear picture on the level of satisfaction for the employees, a detailed survey can be taken. The survey must include the question regarding the level of satisfaction on their job role, working environment, dignity of the team members, effectiveness of the leader, effectiveness of the management and more. This would help the restaurant to determine the number of employees willing to work with the organization thereby facilitating them to invest only on the potential employees. Frequent hiring and training of employees will incur unnecessary cost to the company. Satisfaction among employees is necessary in order to retain them with the organization.