Question: 1
Increasingly Consumers Are Becoming More Demanding, Harder to Satisfy, And Less Loyal. How Will This Consumer Behavioral Change Impact Small Businesses? Do You Consider Yourself Demanding, Hard to Help, And Less Reliable? Do You Complain or Stop Patronizing A Business? What Advice Would You Offer Small Business Owners to Deal with Shifting Consumer Behavior?
In the present world, new entrants have increased competition. New businesses provide more options and variety. Companies offer unique features and attributes to the products to make the products more efficient to win the market game. As a result of this, consumers’ expectations are increasing, increasing their demands and decreasing loyalty with a single brand. Change in consumer behavior draws new impacts and consequences on the small businesses. Increase in consumers’ needs and requirements towards the products forces companies to bring improvement in the value of their goods to remain successful in the the market. Companies try to introduce the new models and unique features to satisfy the customers and grab their attention towards their products. However, the decrease in customers’ loyalty is causing to bring changes in the small businesses world as many companies are now just paying focus on products delivery in the market rather than quality. Such companies consider their customers as customers and purchasers only not an equity. In my views, I am not a demanding consumer. However, I get satisfaction quickly when the products fulfill my requirements. I am not a loyal person for brands. I pay to focus on the quality rather than brand. Yes, I do complain whenever I find something unusual and wrong in the products. In changing consumer behavior I will suggest small businesses to pay focus on quality to sustain their places in the market. Small businesses should also research the need to understand the change in the requirements of the consumers.
Question: 2
Successful Small Businesses Recognize the Importance of Building Long-Term, Value-Laden, Interactive Relational Exchanges with Their Existing Customers Rather Than Concentrating on Single Transactions. Do You Have A Relationship with A Small Business? What Does This Business (Or Store) Provide You with Reasons and Opportunities to Become A Repeat Buyer? What Does This Small Business Do to Build A Long-Term, Value-Laden, Interactive Relationship with You?
Successful businesses usually focus on long-term relationship building compared to the single transaction to build customer equity. Yes, I have a relationship with a small business as the loyal customer of that business. It is a departmental store that provides me with the best quality products with the best services that are the primary reason for becoming a repeat buyer. Store managers and staff are cooperative who try to provide me with all my required products at the reasonable prices. Quality of products and prices also enforce me to visit that store whenever I need something related to fruits, vegetables, frozen meat, snacks, janitorial products and small electronics items. The store is very concerned about the progress, therefore, the main focus of the store is on customer’s satisfaction. They try to satisfy customers in all manner to build long term relationships. For the value-laden store try to improve their communication quality of staff. Staff tries to understand the need of the frequently visiting customers and try to provide the best products according to their requirements that make the customer satisfied and loyal towards the store. The store has the interactive relationship with me as they communicate with me and understand my needs that is evidence of strong interaction. However, they also offer discounts and rewards on a fixed amount of sales.
Question: 3
Can You Think of An Example When You Decided to Purchase A More Expensive Product Alternative Because You Felt It Provided Better Value? What Was the Product (Or Service)? Why Did You Pick It Rather Than the Less Expensive Option? What Was Its Perceived Value to You? Do You Think Other Consumers Would Also Smell the Same Amount?
Yes, there are several examples in my life when I preferred the product’s quality and value on the price. For instance, I chose to purchase Apple mac rather than an HP laptop even when the Apple MacBook price was more than the HP laptop. I bought the Apple MacBook because I was searching for the quality so compromised on the merits. However, I could purchase the HP laptop at cheaper rates but I did not buy an HP laptop. This decision’s primary reason was that Apple MacBook has quality, beautiful design, unique features, modern applications, robust security system, and grantee for long-term use that HP laptop was not providing. The perceived value for me was its full security system as I got the satisfaction that my research data is saved and I will not face data breaches. In my view, other consumers should also pay focus on the devices’ security systems to have a safe experience. If they have the same requirements as mine than I believe they will perceive the same value. However, if someone is not concerned with security he/she should purchase a product according to their own needs that increase their perceived value.
