MO6-Maintaining Business Relationship PDF

Marketing and sales Management Level III Based On March, 2021, Curriculum Version II MODULE TITLE: Maintaining Business Relationship MODULE CODE: LSA MSM3 M06 1123 NOMINAL DURATION: 54 Hours Prepared By: Ministry of Labor and skills November, 2023 ADDIS ABABA, ETHIOPIA Author/Copyright : Version - 1 Page 1 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 ACKNOWLEDGEMENT Ministry of Labor and Skills wish to extend thanks and appreciation to the many representatives of TVET instructors and respective industry experts who donated their time and expertise to the development of this Teaching, Training and Learning Materials (TTLM). Author/Copyright : Version - 1 Page 2 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 Table of Contents ACKNOWLEDGEMENT......................................................................................................... 2 ACRONYMS............................................................................................................................. 4 INTRODUCTION TO THE MODULE.................................................................................... 5 UNIT ONE: CLOSE CONTACT PERSONAL........................................................................ 6 1.1 CONTACT PERSONNEL OR ACCOUNT CUSTOMER............................................ 7 1.2. SUPPLY CHAIN EFFICIENCY................................................................................ 9 SELF CHECK - ONE.............................................................................................................. 18 UNIT TWO: BUSINESS CUSTOMER NEEDS...................................................................... 1 2.1. METHODS OF BUSINESS CUSTOMER NEEDS................................................... 2 2.2 PROMOTION ACTIVITIES........................................................................................... 5 2.3 TRADING TERMS..................................................................................................... 7 2.4 PRICING POLICY AND PROCEDURE...................................................................... 10 2.5 FORECASTS OF CURRENT AND FUTURE TRENDS............................................ 14 SELF CHECK - TWO............................................................................................................. 16 UNIT THREE: BUSINESS CUSTOMER OUTCOMES AND............................................... 1 RELATIONSHIPS..................................................................................................................... 1 3.1 CUSTOMERS AND CONSUMERS.............................................................................. 2 3.2 QUALITY ASSURANCE............................................................................................... 3 3.3 QUALIFY AND QUANTIFY BUSINESS CUSTOMER NEEDS.............................. 4 3.4 STANDARDS OF QUALITY CUSTOMER RELATION............................................. 6 3.5 CUSTOMER NEEDS AND EXPECTATIONS............................................................. 8 3.6 EFFECTIVE FEEDBACK.............................................................................................. 9 SELF CHECK - TWO............................................................................................................. 12 Author/Copyright : Version - 1 Page 3 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 ACRONYMS ISO international standardization organization CRM: Customer Relationship Management B2B Business to Business B2C Business to Customer QA Quality Assurance FAQ Frequently Asked Question ROI return on investment Author/Copyright : Version - 1 Page 4 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 INTRODUCTION TO THE MODULE In marketing field maintain business relationship help to Improve business customer outcomes and business relationships, Identifying business customer needs and Maintain close contact with business customers under the marketing and sales management field. This module is designed to meet the industry requirement under the maintain business relationship‘ occupational standard, particularly for the marketing and sales management. This module covers the units:  Close contact personal  Business customer needs  Business customer outcome and relationship Learning objectives of the Module At the end of this session, the students will able to  Maintaining close contact personal  Identifying business customer needs  Improving business customer outcomes and relationships Learning Instructions For effective use this modules trainees are expected to follow the following module instruction: 1. Read the information written in each unit 2. Follow the instructions described below 3 to 5. 3. Read the information written in the ―Information Sheets Try to understand what are being discussed. Ask you teacher for assistance if you have hard time understanding them. 4. Accomplish the ―Self-check‖ given at the end of each information sheet 5. If you earned a satisfactory evaluation, proceed to next information sheet. However, if your rating is unsatisfactory, contact your teacher for further instructions. Author/Copyright : Version - 1 Page 5 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 UNIT ONE: CLOSE CONTACT PERSONAL This learning unit is designed to provide the trainees the necessary information regarding the following content coverage and topics:  Contact personnel or account customer  Supply chain efficiency  Business policy and procedures This unit will also assist you to attain the learning outcomes stated in the cover page. Specifically, upon completion of this learning guide, you will be able to:  Confirm contact personnel  Improve supply chain efficiency  Maintain Business policy and procedures Author/Copyright : Version - 1 Page 6 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 1.1 CONTACT PERSONNEL OR ACCOUNT CUSTOMER Definition Contact Personnel In any organization, contact personnel are individuals designated to handle communication and interaction with external parties, such as customers, clients, suppliers, or the general public. These individuals play a crucial role in representing the organization and ensuring effective communication and relationship management. contact personnel play a critical role in representing organizations and managing interactions with external parties. Their impact extends to customer satisfaction, brand image, relationship management, crisis handling, market insights, and more. A. Roles of Contact Personnel Customer Service Representatives: - These individuals are responsible for addressing customer inquiries, resolving issues, and providing information about products or services. Sales Representatives: - Sales personnel are tasked with promoting and selling products or services to potential customers. Public Relations Officers: - PR officers manage the public image of the organization, handle media inquiries, and develop communication strategies. Human Resources Representatives: - HR personnel interact with current and potential employees, handling recruitment, on boarding, and employee relations. Technical Support Staff: In technology-focused organizations, technical support personnel assist customers with troubleshooting and resolving technical issues. Administrative Assistants: They often serve as the first point of contact for an organization, managing incoming calls, scheduling appointments, and handling administrative tasks. B. Importance of Contact Personnel Customer Satisfaction: Contact personnel directly impact customer satisfaction through their interactions with clients and customers. Brand Image: They contribute to shaping the brand image by delivering consistent messaging and positive experiences to external parties. Author/Copyright : Version - 1 Page 7 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 Relationship Management: Contact personnel play a key role in building and maintaining relationships with stakeholders, including customers, suppliers, and partners. Crisis Management: During challenging situations or crises, contact personnel are often at the forefront of managing communication to mitigate negative impacts. Market Insights: Through their interactions with external parties, contact personnel can gather valuable insights into market trends and customer preferences. C. Training and Development Organizations invest in training programs to equip contact personnel with the necessary skills and knowledge to excel in their roles. Training may cover areas such as effective communication, conflict resolution, product knowledge, customer service techniques, and technology usage. D. Technology and Contact Personnel Advancements in technology have transformed the way contact personnel operate. Customer relationship management (CRM) systems, live chat support software, social media management tools, and automated response systems have become integral to enhancing the efficiency and effectiveness of contact personnel. E. Challenges faced by Contact Personnel Handling Difficult Customers: Dealing with irate or demanding customers requires patience and de-escalation skills. Workload Management: Balancing multiple inquiries or tasks simultaneously can be demanding for contact personnel. Adapting to Change: With evolving technologies and communication channels, contact personnel must adapt to new methods of interaction. Maintaining Consistency: Ensuring consistent messaging and service quality across different contact personnel can be a challenge for organizations. Business customer steps: 1. Identify the specific business customer you want to contact. This could be an existing customer or a potential customer you want to reach out to. Author/Copyright : Version - 1 Page 8 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 2. Gather relevant information about the business, such as their name, address, phone number, and email address. You can find this information through online research, business directories, or previous interactions with the customer. 3. Choose the most appropriate method of communication based on the customer's preferences and your relationship with them. This could include phone calls, emails, in- person meetings, or even social media platforms. 4. Craft a personalized message that addresses the customer's specific needs and demonstrates the value your products or services can provide to their business. Be clear, concise, and professional in your communication. 5. Reach out to the customer using your chosen method of communication. If contacting them by phone, make sure to introduce yourself and explain the purpose of your call. If contacting them by email, use a clear subject line and include relevant details in the body of the email. 6. Follow up with the customer if necessary. If you don't receive a response within a reasonable timeframe, consider sending a polite reminder or exploring alternative methods of contact. Remember to always respect the customer's time and preferences. Building a strong relationship with business customers requires effective communication, understanding their needs, and providing exceptional customer service. Contact personnel or account customer include:  internal and external contacts  new or repeat contacts  people from a range of social, cultural and ethnic backgrounds  people with varying physical and mental abilities 1.2. SUPPLY CHAIN EFFICIENCY Supply chain efficiency is defined as the internal standard of performance of an organization, while supply chain effectiveness is the external standard of performance. In other words, supply chain effectiveness focuses on meeting the demands of groups outside your organization; and supply chain efficiency refers to meeting those demands as quickly and cost-effectively Author/Copyright : Version - 1 Page 9 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 Supply chain efficiency refers to the ability of an organization to manage its supply chain operations in a way that maximizes customer value while minimizing costs, time, and resources. It involves the optimization of all aspects of the supply chain, including procurement, production, logistics, and distribution. A supply chain is an entire system of producing and delivering a product or service, from the very beginning stage of sourcing the raw materials to the final delivery of the product or service to end-users. The supply chain lays out all aspects of the production process, including the activities involved at each stage, information that is being communicated, natural resources that are transformed into useful materials, human resources, and other components that go into the finished product or service. Supply chain efficiency is a business‘s ability to use resources, technology, and expertise in order to minimize logistics costs and maximize profits. The goal of an efficient supply chain is to save money and maximize profits by optimizing the processes and stages in the supply chain. Supply chain efficiency is a business‘s ability to use resources, technology, and expertise in order to minimize logistics costs and maximize profits. The goal of an efficient supply chain is to save money and maximize profits by optimizing the processes and stages in the supply chain. A. Supply chain efficiency verse supply chain effectiveness Supply chain efficiency Supply chain efficiency is defined as the internal standard of performance of an organization, while supply chain effectiveness is the external standard of performance. Supply chain effectiveness Supply chain effectiveness focuses on meeting the demands of groups outside your organization; and supply chain efficiency refers to meeting those demands as quickly and cost-effectively. Author/Copyright : Version - 1 Page 10 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 B. Factors that contribute to supply chain efficiency Visibility: Having real-time visibility into all aspects of the supply chain allows organizations to identify bottlenecks, inefficiencies, and opportunities for improvement. Collaboration: Collaboration between suppliers, manufacturers, logistics providers, and distributors is essential for ensuring that all parties are working together towards common goals. Data Analytics: The use of data analytics tools can help organizations to analyze and optimize their supply chain operations, identify trends, and make data-driven decisions. Agility: The ability to quickly respond to changes in demand, market conditions, and other external factors is crucial for supply chain efficiency. Integration: Integrating all aspects of the supply chain, including procurement, production, logistics, and distribution, is essential for ensuring that all processes are aligned and functioning seamlessly. Streamlining: Streamlining processes and eliminating unnecessary steps or redundancies can help to reduce costs and improve efficiency. Standardization: Standardizing processes and procedures across the supply chain can help to improve consistency, reduce errors, and increase efficiency. Automation: Automating certain functions, such as order fulfillment and shipping, can help to reduce manual errors, improve accuracy, and increase efficiency. Inventory Management: Implementing effective inventory management strategies can help to reduce waste, minimize stock outs, and improve efficiency. Sustainability: Ensuring that supply chain operations are sustainable and environmentally friendly can help to reduce costs, improve reputation, and contribute to long-term success. C. Supply chain efficiency, strategies 1. Implementing a single, integrated platform for managing all aspects of the supply chain. 2. Using data analytics tools to monitor and optimize supply chain performance. 3. Collaborating with suppliers and partners to improve efficiency and reduce costs 4. Implementing just-in-time (JIT) inventory management systems. 5. Using automation and robotics to streamline processes and reduce labor costs. Author/Copyright : Version - 1 Page 11 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 6. Implementing sustainable practices and reducing waste throughout the supply chain. Supply chain efficiency is critical for organizations to remain competitive and achieve long- term success. By implementing strategies to improve visibility, collaboration, data analytics, agility, integration, streamlining, standardization, automation, inventory management, and sustainability, organizations can optimize their supply chain operations and achieve greater efficiency. D. Steps of Supply Chain The key steps in a supply chain include: 1. Planning the inventory and manufacturing processes to ensure supply and demand are adequately balanced. 2. Manufacturing or sourcing materials needed to create the final product. 3. Assembling parts and testing the product. 4. Packaging the product for shipment or holding in inventory until a later date. 5. Transporting and delivering the finished product to the distributor, retailer, or consumer. 6. Providing customer service support for returned items. E. Types of Supply Chain efficiency  Time When manufacturers look at selecting supply chain performance metrics, they usually will consider those metrics that relate to time, as they are easily calculated, understood, and reveal accurate operational effectiveness. So they may look at metrics that show the level of on-time deliveries, on-time receipts, time to process purchase orders, and time to fulfill an order.  Cost This metric shows how efficient parts of the manufacturing set up is as businesses need to make a profit with on time supply and by focusing on supply chain cost metrics, they can identify where in the business the improvements can be made. Inventory carrying costs is one such key performance metric that shows how much it costs them to carry items in the warehouse.  Quality This is another relevant metric as customer satisfaction is critical in ensuring efficiency in the long run. Quality metrics help assure customer satisfaction and improvements in the quality of the product or service can significantly improve customer satisfaction. Author/Copyright : Version - 1 Page 12 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 F. Supply Management Supply chain management refers to the coordination and oversight of various activities involved in the production, distribution, and delivery of goods or services from their source to the end consumer. This entails everything from sourcing the raw components for a product to delivering the final result directly to the consumer. Part of working in supply chain management is figuring out how your company can maximize productivity, sustain production, grow within the market, and provide the most convenient experience for the customer. Supply chain managers have two key responsibilities: 1. Ensure that customers can obtain products. 2. Ensure that the manufacturer can obtain the materials they need to create the product. G. components of supply chain management 1. Planning To meet customer demands, supply chain managers have to plan ahead. This means forecasting demand, designing the supply chain intentionally, and determining how the organization will measure the supply chain to ensure it is performing as expected in terms of efficiency, delivering value for customers and helping to achieve organizational goals. 2. Sourcing Selecting suppliers who will provide the goods, raw materials, or services that create the product is a critical component of the supply chain. Not only does this include creating the contracts that govern the suppliers, but also managing and monitoring existing relationships. 3. Making Supply chain managers also need to help coordinate all the steps involved in creating the product itself. This includes reviewing and accepting raw materials, manufacturing the product, quality testing and packaging. 4. Delivering Ensuring the products reach the customers is achieved through logistics and it‘s fundamental to supply chain success. This includes coordinating the orders, scheduling delivery, dispatching, invoicing, and receiving payments. Author/Copyright : Version - 1 Page 13 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 5. Returning: Supply chain managers also need to develop a network that supports returning products. In some cases, this may include scrapping or re-producing a defective product; in others, it may simply mean returning a product to the warehouse. G. Product Management Product management is an organizational function that focuses on the product and its customers throughout the product lifecycle, from development to positioning and price. Product managers advocate for customers within the organization and ensure that the market‘s voice is heard and heeded to develop the best possible product. In order to make sure that the product satisfies consumer needs and adds value to the company, the product manager must collaborate closely with numerous teams, including engineering, design, sales, and marketing. Product teams consistently ship better-designed and higher-performing products due to this customer-centric emphasis. In the tech industry, where established products are quickly uprooted by newer and better ideas, it‘s more important than ever to gain a deep understanding of customers and the capacity to design customized solutions for them. H. Inbound Vs Outbound Product Management Since product management is such a large concept, organizations usually split responsibilities across departments so that each one can focus on their areas. That‘s why we can differentiate between inbound and outbound product management.  Inbound product management involves market research, industry trends and competitive analysis as well as the overall strategy and product roadmap.  Outbound product management, on the other hand, focuses on product marketing - branding, messaging, positioning, product launches, PR, advertising, etc. I. Maintaining business customer contact Maintaining business customer contact is crucial for building strong relationships and ensuring customer loyalty. Here are some tips for effectively maintaining contact with your business customers: Author/Copyright : Version - 1 Page 14 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 1. Regular communication: Keep in touch with your business customers on a regular basis. This can be through phone calls, emails, or face-to-face meetings. Regular communication shows that you value their business and helps you stay top of mind. 2. Personalize interactions: Tailor your communication to each individual business customer. Use their name, reference previous conversations or transactions, and show genuine interest in their needs and challenges. Personalization helps create a stronger connection and makes the customer feel valued. 3. Provide valuable information: Share relevant and useful information with your business customers. This can be industry insights, market trends, or updates on new products or services. Providing valuable information positions you as a trusted advisor and keeps the customer engaged. 4. Offer exceptional customer service: Be responsive and attentive to your business customers' needs. Address any issues or concerns promptly and go above and beyond to exceed their expectations. Exceptional customer service builds trust and loyalty. 5. Seek feedback: Regularly ask for feedback from your business customers. This can be through surveys, feedback forms, or one-on-one conversations. Act on the feedback received and make improvements based on their suggestions. Seeking feedback shows that you value their opinion and are committed to continuous improvement. 6. Stay updated on their business: Keep track of your business customers' news and updates. Follow them on social media, read their newsletters, or attend their events if possible. Staying updated on their business shows that you are invested in their success. 7. Offer exclusive promotions or discounts: Show appreciation to your business customers by offering exclusive promotions or discounts. This can be a way to reward their loyalty and encourage repeat business. 8. Maintain a customer relationship management (CRM) system: Use a CRM system to keep track of all interactions with your business customers. This allows you to have a centralized database of customer information and ensures that no communication or follow- up falls through the cracks. Author/Copyright : Version - 1 Page 15 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 By maintaining regular contact with your business customers and providing exceptional service, you can strengthen relationships, increase customer loyalty, and drive repeat business.  Client Relationship Management Customer relationship management (CRM) is the combination of practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle. The goal is to improve customer service relationships and assist in customer retention and drive sales growth. CRM systems compile customer data across different channels, or points of contact, between the customer and the company, which could include the company's website, telephone, live chat, direct mail, marketing materials and social networks. CRM systems can also give customer-facing staff members detailed information on customers' personal information, purchase history, buying preferences and concerns.  Component of CRM  Contact Management In any business, keeping track of your contacts—no matter whether it‘s customers, potential customers, or suppliers is fundamental to success. An effective contact management capability sits at the core of any CRM system.  Sales Force Automation Sales is a complex process with many moving parts, from lead generation to follow up and completing deals. That‘s where the sales force automation component of a CRM system comes in. This component helps streamline your sales process, automate repetitive tasks, optimize lead management, track sales progress, and coordinate your sales reps‘ efforts.  Marketing Automation Another critical component of CRM is marketing automation. Using this feature, you can automate routine marketing tasks. From sending out email campaigns and segmenting customers to tracking customer behavior, CRM automation keeps your marketing workflows on track throughout the customer lifecycle. Author/Copyright : Version - 1 Page 16 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023  Customer Service and Support Great customer service can make you stand out from your competition. CRM systems help you deliver just that. With CRM‘s service and customer support component, you can onboard new customers, manage support tickets, track customer issues, and provide timely, effective help.  Analytics and Reporting If you can mine it for insights, your business and operational data give you meaningful insights for better, faster decision making. A CRM system can help you turn the raw data flowing through your company into information you can use for forecasting and other critical activities. The aim of CRM is to improve customer relationships, increase loyalty and retention, and drive sales. However, for it to succeed, your CRM strategy needs to take into account the following key elements:  Technology: Applications and infrastructure.  Strategy: Business goals and objectives.  Processes: Procedures and business rules.  People: Organizational structure, skills, and incentives. Supply chain efficiency includes:  account management  effectiveness and timeliness of product or service supply  efficacy of supply arrangements and distribution systems  product management  quality, accuracy and timeliness of information provision and communications Author/Copyright : Version - 1 Page 17 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 SELF CHECK - ONE PART- I CHOOSE THE BEST ANSWER FROM THE GIVEN ALTERNATIVE _______.1. An organization that purchase a product or service from another business. A. Business customer C. Retail business B. Individual customer D. Wholesale business _______.2. Which of the following is benefit of customer service A. Customer retention C. Problem solving B. Employee retention D. All of the above _______.3. One of the following is metrics to evaluate supply chain efficiency A. Time C. Quality B. Cost D. All PART-II. LISTED DOWN 1. List feature of a good policy. 2. What parameters are required to measure supply chain performance? 3. What qualities customer service staff should be have? 4. Define business customer? 5. List basic business customer service PART-III. FILLING THE BLANK SPACE 1. Crucial for building strong relationships and ensuring customer loyalty 2. Focuses on product marketing - branding, messaging, positioning, product launches, advertising 3. The coordination and oversight of various activities involved in the production, distribution, and delivery of goods or services from their source to the end consumer. 4. the internal standard of performance of an organization, while supply chain effectiveness is the external standard of performance 5. to meeting those demands as quickly and cost-effectively. Author/Copyright : Version - 1 Page 18 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 UNIT TWO: BUSINESS CUSTOMER NEEDS This learning unit is designed to provide the trainees the necessary information regarding the following content coverage and topics:  Method of business customer needs.  Promotional activities.  Trading terms.  Pricing policy and procedures.  Forecasts of current and future trends. This unit will also assist you to attain the learning outcomes stated in the cover page. Specifically, upon completion of this learning guide, you will be able to: 2. Review and Method business customer needs. 3. Analyze promotional activities. 4. Outline trading terms. 5. Confirm pricing policy and procedures. 6. Determine Forecasts of current and future trends. Author/Copyright : Version - 1 Page 1 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 2.1. METHODS OF BUSINESS CUSTOMER NEEDS Understanding and meeting the needs of business customers is crucial for the success of any company. There are several methods that businesses can use to identify and address the needs of their customers. Market Research: Conducting market research is a fundamental method for understanding business customer needs. This can involve surveys, interviews, focus groups, and data analysis to gather insights into the preferences, challenges, and expectations of business customers. By understanding the market dynamics and customer behavior, businesses can tailor their products and services to meet specific needs. Customer Feedback: Actively seeking and listening to customer feedback is essential for understanding their needs. This can be done through various channels such as feedback forms, online reviews, social media interactions, and direct communication. Analyzing this feedback provides valuable information about what customers like or dislike about the products or services offered, as well as areas for improvement. Engagement with Key Accounts: For B2B businesses, engaging with key accounts on a regular basis can provide deep insights into their specific needs and challenges. Building strong relationships with key customers allows businesses to understand their unique requirements and tailor solutions to meet those needs effectively. Data Analytics: Leveraging data analytics tools and techniques can provide valuable insights into customer behavior, purchasing patterns, and preferences. By analyzing data related to customer interactions, businesses can identify trends and patterns that help in understanding and predicting customer needs. Personalized Communication: Tailoring communication and marketing efforts based on customer segmentation and personalization can help in understanding the diverse needs of business customers. By delivering targeted messages and offers, businesses can better understand what resonates with different segments of their customer base. Continuous Improvement: Embracing a culture of continuous improvement is essential for staying attuned to evolving customer needs. Regularly reviewing and updating products, services, and processes based on changing customer requirements ensures that businesses remain relevant and competitive in meeting customer needs Author/Copyright : Version - 1 Page 2 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 A. Important of Customer Needs Businesses are taking strides to understand customer needs and meet them as early as possible to align with internal teams. The more you know about your customers, it helps you define your brand positioning around their needs and help your business in the following ways:  Provide faster solutions – One of the common things customers want is real time support. By identifying the needs of your customers you can provide faster and effective support.  Improve your products & services – Customer research helps understand the motives behind the buying process. You can learn about the areas you are missing out and create an effective USP. The insights can be used to enhance the products or services to satisfy customer needs.  Reduce the number of support tickets – Building the products and services considering the needs of the target customers ensure effective solutions to customer issues. B. Types of Customer Needs Businesses ought to understand customer needs as it is vital to match the competitive market place. Broadly, customer needs are about delivering a better experience by exceeding their expectations. When you anticipate what your customers want, you can create content, expand your product features or services to meet those needs early.. However, customer needs can be bifurcated under two verticals.  Product needs Product requirements are associated with and around the product. If your product matches your customer needs they become your potential buyers and vice-versa. The main attributes of product needs can be:  Price – Customers generally set their budgets for any product purchase.  Features – Customers look for features that would solve their problem and reliability in functioning while using the product. Author/Copyright : Version - 1 Page 3 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023  Effectiveness – The product should be effective in streamlining the process to save time.  Service Needs Service needs refer to the emotional needs of the customers. Being able to quench the customer service needs, can give your business a competitive edge and set good example for other brands to follow. The key attributes of good service can be:  Empathy – Customers stick to brands that serve them with an empathetic attitude.  Clarity– Customers look for transparent information from the brand related to pricing, refund policy, etc.  Information – Customers need information from the point of interaction until the end. Build FAQ pages, Knowledgebase, how-to videos to educate the customers Method of identifying customer needs  Use Existing Data  Solicit Customer Feedback  Customer Journey Mapping  Input from Service Team  Study Competitors  Social Media Listening  Keyword Research Methods of business customer needs include:  appropriate questioning and active listening  observation  review of sales records  verbal or non-verbal communication with:  customer contacts  staff  supervisors and management  suppliers Author/Copyright : Version - 1 Page 4 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 2.2 PROMOTION ACTIVITIES Promotion activities refer to the various marketing strategies and tactics used by companies to communicate with their target audience, increase brand awareness, and ultimately drive sales. These activities are crucial for businesses to effectively reach and engage their customers. Promotion activities can encompass a wide range of methods, including advertising, public relations, sales promotions, direct marketing, and personal selling. Each of these methods plays a unique role in promoting products or services to consumers. Promotion activities are essential components of a comprehensive marketing strategy. By utilizing a mix of advertising, public relations, sales promotions, direct marketing, and personal selling, businesses can effectively engage with their target audience, build brand awareness, and drive sales. A. Advertising Advertising is one of the most common promotion activities used by businesses. It involves creating and placing advertisements in various media channels such as television, radio, print publications, online platforms, and social media. The goal of advertising is to reach a large audience and create awareness about a product or service. Companies often use creative and persuasive messaging to capture the attention of potential customers and influence their purchasing decisions. B. Public Relations Public relations (PR) activities are focused on managing the public image and reputation of a company. PR professionals work to build positive relationships with the media, stakeholders, and the public through various communication channels. This can include press releases, media events, sponsorships, and community outreach programs. The aim of PR is to generate favorable publicity and maintain a positive brand image. C. Sales Promotions Sales promotions are short-term marketing tactics designed to stimulate immediate sales. These activities often include discounts, coupons, contests, rebates, and other incentives to encourage customers to make a purchase. Sales promotions are effective in attracting new customers, retaining existing ones, and boosting overall sales volume within a specific timeframe. Author/Copyright : Version - 1 Page 5 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 D. Direct Marketing Direct marketing involves reaching out to potential customers directly without intermediaries. This can be done through direct mail, email marketing, telemarketing, or targeted online advertising. Direct marketing allows companies to tailor their messages to specific customer segments and measure the effectiveness of their campaigns more precisely. E. Personal Selling Personal selling involves one-on-one interactions between sales representatives and potential customers. This approach allows for personalized communication and the opportunity to address individual customer needs and concerns. Personal selling is particularly important for high-involvement or complex products where building relationships and providing detailed information are critical. promotion activities are essential components of a comprehensive marketing strategy. By utilizing a mix of advertising, public relations, sales promotions, direct marketing, and personal selling, businesses can effectively engage with their target audience, build brand awareness, and drive sales. A promotional activity includes to:  Advertising  Catalogues  corporate or locally-based activities  dealing with advertising agencies and consultants  internal and external activities  internet  newspapers  posters  radio or television  suppliers  website Effectively promotional activities: 1. Set clear goals: Before analyzing promotion activities, it's important to set clear goals. What do you want to achieve with your promotions? Are you looking to increase sales, Author/Copyright : Version - 1 Page 6 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 generate leads, or build brand awareness? By defining your goals, you can better measure the success of your promotion activities. 2. Track key metrics: Identify key metrics that will help you evaluate the effectiveness of your promotion activities. This could include metrics such as sales revenue, website traffic, conversion rates, or customer engagement. By tracking these metrics, you can determine which promotion activities are driving results and which ones need improvement. 3. Compare results: Compare the results of different promotion activities to identify trends and patterns. Look for promotions that consistently perform well and generate positive outcomes. This will help you understand what strategies and tactics are most effective for your business customers. 4. Collect feedback: Gather feedback from your business customers about their experience with your promotions. This could be through surveys, interviews, or online reviews. Pay attention to both positive and negative feedback, as it can provide valuable insights into what is working and what needs improvement. 5. Analyze ROI: Calculate the return on investment (ROI) for each promotion activity. This involves comparing the costs of running the promotion to the revenue or other benefits generated. By analyzing the ROI, you can determine which promotion activities are most cost-effective and deliver the highest return. 6. Adapt and optimize: Use the insights gained from analyzing promotion activities to adapt and optimize your future campaigns. Make adjustments based on what you have learned to improve the effectiveness of your promotions and better meet the needs of your business customers. 7. Monitor competition: Keep an eye on what your competitors are doing in terms of promotion activities. Analyze their strategies and tactics to identify any opportunities or threats. This will help you stay competitive and ensure that your promotion activities stand out in the market. 2.3 TRADING TERMS Trading terms refer to the various jargon, phrases, and concepts used in the financial markets and trading activities. These terms are essential for understanding the dynamics of trading, investment strategies, and market behavior. They encompass a wide range of concepts, from Author/Copyright : Version - 1 Page 7 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 basic terminology like ―bid‖ and ―ask‖ to more complex ideas such as ―short selling‖ and ―derivatives.‖ Understanding these terms is crucial for anyone involved in trading or investing in financial markets Trading Terms means the basis applied at any time by an undertaking to generally fix its prices, discounts, marketing contributions and free services, and the terms and conditions on which the undertaking will grant these financial benefits to its trading partners. A. Common Trading Terms Bid and Ask: The bid price is the highest price a buyer is willing to pay for a security, while the ask price is the lowest price a seller is willing to accept. The difference between the bid and ask prices is known as the spread. Long and Short Positions : Going long refers to buying a security with the expectation that its value will increase, while going short involves selling a security with the anticipation that its value will decrease. Leverage: This refers to using borrowed funds to amplify potential returns from an investment. It can magnify both gains and losses. Volatility: Volatility measures the degree of variation of a trading price series over time. Higher volatility implies greater risk. Margin: Margin refers to the amount of money required by a broker from an investor to purchase securities. It allows investors to buy more securities than they could with just their own capital. Derivatives: Derivatives are financial contracts whose value is derived from an underlying asset or group of assets. Examples include options, futures, and swaps. Market Order and Limit Order: A market order is an instruction from an investor to buy or sell a security at the best available price in the current market conditions, while a limit order specifies a price at which an investor is willing to buy or sell a security. Stop-Loss Order: This is an order placed with a broker to buy or sell once the stock reaches a certain price. It is designed to limit an investor‘s loss on a position in a security. Dividends: Dividends are payments made by a corporation to its shareholders, usually as a distribution of profits. Author/Copyright : Version - 1 Page 8 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 Blue Chip Stocks: Blue chip stocks are shares of large, well-established and financially sound companies that have a history of stable earnings and dividend payments. B. Technical Analysis Terms Moving Averages: Moving averages are used to smooth out short-term fluctuations and highlight longer-term trends or cycles. Relative Strength Index (RSI): RSI is a momentum oscillator that measures the speed and change of price movements. Support and Resistance Levels: These levels represent points on a chart where the price has had difficulty breaking through in one direction or another. Candlestick Patterns: Candlestick patterns are used by technical analysts to help predict future price movements based on past patterns. C. Fundamental Analysis Terms Earnings Per Share (EPS): EPS is calculated as a company‘s profit divided by its outstanding shares. Price-Earnings Ratio (P/E): The P/E ratio is a valuation ratio of a company‘s current share price compared to its per-share earnings. Book Value: Book value represents the total value of a company‘s assets that shareholders would theoretically receive if a company were liquidated. Dividend Yield: Dividend yield is calculated by dividing the annual dividend payment by the stock‘s current market price. D. Risk Management Terms Diversification: Diversification involves spreading investments across different assets to reduce risk exposure. Beta Coefficient: Beta measures the volatility or systematic risk of a security or portfolio compared to the market as a whole. Standard Deviation: Standard deviation measures the amount of variation or dispersion of a set of values from their average. Author/Copyright : Version - 1 Page 9 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 Sharpe Ratio: The Sharpe ratio measures risk-adjusted performance, indicating how much excess return was generated per unit of risk taken. E. Regulatory Terms SEC (Securities and Exchange Commission): The SEC is responsible for enforcing federal securities laws and regulating the securities industry, stock and options exchanges, and other electronic securities markets in the United States. FINRA (Financial Industry Regulatory Authority): FINRA is a not-for-profit organization authorized by Congress to protect America‘s investors by making sure the securities industry operates fairly and honestly. MiFID II (Markets in Financial Instruments Directive II): MiFID II is legislation enacted by the European Union that regulates firms who provide services to clients linked to ‗financial instruments‘ (shares, bonds, units in collective investment schemes, etc.) and the venues where those instruments are traded. Trading terms may include:  continuous improvement  Due diligence requirements  Infrastructure and capital outlay requirements  intellectual property and technology rights  market position  organisational systems integration and compatibility  planning cycles and timing  risk sharing 2.4 PRICING POLICY AND PROCEDURE Pricing policy and procedure refer to the guidelines and processes that an organization follows to set, adjust, and manage the prices of its products or services. These policies and procedures are crucial for businesses as they directly impact revenue generation, profitability, and customer satisfaction. A well-defined pricing policy helps in maintaining consistency, transparency, and fairness in pricing decisions, while effective procedures ensure that pricing changes are implemented efficiently and accurately. Author/Copyright : Version - 1 Page 10 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 A well-crafted pricing policy and procedure are essential for businesses to navigate the complexities of setting prices that are both competitive in the market and profitable for the organization. By considering market dynamics, cost structures, legal compliance, and ethical considerations, companies can develop robust policies that support their long-term success. A pricing policy is a company's approach to determining the price at which it offers a good or service to the market. Pricing policies help companies make sure they remain profitable and give them the flexibility to price separate products differently. Your company might value having a well-defined pricing policy so it can make price adjustments quickly and take advantage of products' strengths in one or more markets. F. Components of Pricing Policy and Procedure Setting Pricing Objectives: The first step in formulating a pricing policy is to establish clear objectives. These objectives may include maximizing profits, gaining market share, maintaining price stability, or achieving a certain return on investment. Market Analysis: Understanding the market dynamics, including customer preferences, competitor pricing strategies, and overall industry trends, is essential for developing a robust pricing policy. Cost Analysis: Pricing decisions should be informed by a thorough analysis of the costs involved in producing and delivering the products or services. This ensures that prices cover expenses while allowing for a reasonable profit margin. Pricing Strategies: Different pricing strategies such as cost-plus pricing, value-based pricing, penetration pricing, skimming pricing, and competitive pricing need to be considered based on the nature of the product or service and the market conditions. Price Adjustment Procedures: Procedures for adjusting prices in response to changes in costs, demand, or competitive activities should be clearly outlined. This may involve periodic reviews and updates to ensure that prices remain aligned with the business objectives. Legal and Ethical Considerations: Pricing policies must comply with relevant laws and regulations governing fair trade practices and consumer protection. Ethical considerations also play a significant role in determining acceptable pricing practices. Communication and Implementation: Effective communication of pricing policies within the organization is crucial to ensure that all stakeholders understand the rationale behind Author/Copyright : Version - 1 Page 11 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 pricing decisions. Clear implementation procedures help in executing price changes without disruptions to operations. Monitoring and Evaluation: Regular monitoring of pricing performance against established objectives is necessary. This involves tracking sales data, customer feedback, and financial metrics to assess the effectiveness of the pricing policy. G. Importance of Pricing Policy and Procedure A well-defined pricing policy and procedure offer several benefits to an organization: Revenue Optimization: By aligning prices with market demand and cost structures, businesses can optimize their revenue streams. Competitive Advantage: Strategic pricing can differentiate a company‘s offerings from competitors and create a unique value proposition. Customer Satisfaction: Transparent and consistent pricing practices enhance customer trust and satisfaction. Profitability: Effective pricing policies contribute to improved profitability by ensuring that prices adequately cover costs while remaining attractive to customers. Operational Efficiency: Clearly defined procedures streamline the process of setting and adjusting prices, reducing administrative complexities. H. Challenges in Implementing Pricing Policies Implementing effective pricing policies and procedures can pose challenges for organizations: Complex Market Dynamics: Rapidly changing market conditions require businesses to adapt their pricing strategies frequently. Data Availability: Access to accurate market data and cost information is crucial for informed pricing decisions but may not always be readily available. Competitive Pressures: Intense competition can limit a company‘s ability to set prices at desired levels without risking market share. Regulatory Compliance: Adhering to legal requirements while setting prices adds complexity to the policy formulation process. Author/Copyright : Version - 1 Page 12 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 I. Considerations for pricing policies Companies often have different priorities when determining how to price their products. Your new company might need to introduce its services while offering good value to consumers, or it might be a well-established and highly profitable company that sells in a market willing to pay higher prices. The most important considerations for pricing policies are: Factors affecting (influencing) price strategy  Competition and the nature of the market:  Costs of running the business:  Demand for the product:  Impact of pricing on other products:  Pricing objectives:  Legal consideration: J. Objectives for pricing policies As with many businesses, you may have objectives other than simply making money in the short-term. Your pricing policies are key tools for achieving the various goals businesses commonly have, such as:  Profit: The most basic business objective of making profit is still an important one. For some businesses, it might be critical to maximize profit in the immediate future.  Firm survival: Sometimes the only available pricing policy is the one that enables your firm to continue operations.  Limiting competition: Your business may have structural advantages that enable it to produce a good at a price point no competitor can match. Businesses typically weigh the competitive consequences of any price point against profit potential.  Gaining market share: Your pricing policy might aim at maximizing market share. Earning a large portion of market share provides both strategic and financial advantages.  Accessibility: If your company values offering its product to as many people as possible, your pricing policy might have to adapt. Author/Copyright : Version - 1 Page 13 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023  Consumer satisfaction: Consumers' expectations change depending on the price they pay for something. Your business might consider what expectations you want to meet and price accordingly. 2.5 FORECASTS OF CURRENT AND FUTURE TRENDS A. Current Trends In the current global landscape, several trends are shaping various aspects of society, technology, business, and the environment. One prominent trend is the increasing adoption of artificial intelligence (AI) and machine learning across industries. AI is being integrated into various processes to enhance efficiency, automate tasks, and derive valuable insights from data. Additionally, the rise of remote work and digital transformation has been accelerated by the COVID-19 pandemic, leading to a fundamental shift in how businesses operate and employees collaborate. Another significant trend is the growing focus on sustainability and environmental conservation. Companies are increasingly prioritizing eco-friendly practices, renewable energy sources, and sustainable production methods to reduce their carbon footprint and contribute to global efforts in combating climate change. Furthermore, advancements in renewable energy technologies such as solar and wind power are driving the transition towards a more sustainable energy landscape. B. Future Trends Looking ahead, several emerging trends are expected to significantly impact various sectors. One of these trends is the continued advancement of technology, particularly in areas such as quantum computing, biotechnology, and space exploration. Quantum computing holds the potential to revolutionize data processing and computational capabilities, while biotechnology innovations are poised to drive breakthroughs in healthcare, agriculture, and environmental remediation. Moreover, space exploration efforts by both government agencies and private companies are likely to lead to new discoveries and opportunities for scientific research and commercial ventures. Another future trend is the increasing integration of Internet of Things (IoT) devices into everyday life. IoT technology enables interconnectedness between devices and systems, paving the way for smart cities, autonomous vehicles, and enhanced connectivity in various Author/Copyright : Version - 1 Page 14 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 domains. This trend has implications for urban planning, transportation systems, healthcare monitoring, and industrial automation. C. Economic Trends From an economic perspective, globalization and international trade will continue to shape global markets. The ongoing digitalization of commerce is expected to further transform consumer behavior and business models. Additionally, demographic shifts such as aging populations in many countries will have implications for healthcare systems, retirement planning, and labor force dynamics. D. Social Trends In terms of social trends, ongoing discussions around diversity, equity, and inclusion are expected to drive changes in workplace culture and societal norms. The impact of social media on communication patterns and information dissemination will continue to evolve, influencing public discourse and activism. E. Environmental Trends Environmental trends will likely center around efforts to mitigate climate change through renewable energy adoption, carbon reduction initiatives, and sustainable resource management. The circular economy concept is gaining traction as a means to minimize waste generation and promote recycling and reuse practices. Author/Copyright : Version - 1 Page 15 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 SELF CHECK - TWO PART I - CHOOSE THE BEST ANSWER FROM THE GIVEN ALTERNATIVE 1. Which of the following is not product need? A. Feature C. Price B. Empathy D. Effectiveness 2. Among the following alternative is not method of identifying customer need? A. Customer feedback C. Key word search B. Social media D. None 3. Which of the following is factor affecting price policy/strategy A. Demand C. Cost of production B. Legal consideration D. All PART II - : ANSWER FOR QUESTION LISTED BELOW. 1. List points to considered during setting price policy. 2. Write business customer need. 3. How do you get business customer need? 4. List good promotion tools for business customer. PART III. 1. The influential factors that trigger them to buy your product or service 2. An important part of maintaining contact with business customers. 3. the basis applied at any time by an undertaking to generally fix its prices, discounts, marketing contributions and free services Author/Copyright : Version - 1 Page 16 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 UNIT THREE: BUSINESS CUSTOMER OUTCOMES AND RELATIONSHIPS This learning unit is designed to provide the trainees the necessary information regarding the following content coverage and topics:  customers and consumers  Quality assurance  Qualify and quantify customer needs  standards of quality  Customer needs of expectations.  Effective feedback effective feedback This unit will also assist you to attain the learning outcomes stated in the cover page. Specifically, upon completion of this learning guide, you will be able to:  Identify customers and consumers  Establish quality assurance  qualify and quantify customer needs  apply standards of quality  Customer needs 0f expectations.  Implement effective feedback Author/Copyright : Version - 1 Page 1 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 3.1 CUSTOMERS AND CONSUMERS Customers and consumers are essential components of any business. They are the individuals or entities that purchase goods or services from a company. Understanding their behavior, preferences, and needs is crucial for businesses to thrive in the market. The relationship between customers and consumers is intricate, as they both play distinct roles in the market ecosystem. E. Customers vs. Consumers The terms ―customers‖ and ―consumers‖ are often used interchangeably, but they represent different roles in the business context. A customer is someone who purchases goods or services from a business. They are directly involved in the transaction and may or may not be the end user of the product. On the other hand, a consumer is the individual who ultimately uses the product or service. In some cases, the customer and consumer are the same person, but this is not always the case. For example, a parent may be the customer purchasing a toy for their child, making them the customer, while the child is the consumer who will use the toy. F. Understanding Customer Behavior Studying customer behavior is crucial for businesses to tailor their products and services to meet consumer needs effectively. Consumer behavior encompasses various aspects such as purchasing decisions, preferences, motivations, and buying patterns. By understanding these factors, businesses can develop marketing strategies that resonate with their target audience, leading to increased sales and customer satisfaction. G. Consumer Rights and Protection Consumers have rights that protect them in their transactions with businesses. These rights include the right to safety, the right to be informed, the right to choose, and the right to be heard. Businesses must adhere to these rights and ensure that their products or services meet safety standards and provide accurate information to consumers. Additionally, consumer protection laws exist to safeguard individuals from unfair or deceptive business practices. Author/Copyright : Version - 1 Page 2 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 H. The Impact of Technology on Customer Experience Advancements in technology have significantly transformed the way businesses interact with customers and consumers. Online shopping platforms, social media engagement, personalized marketing, and customer relationship management systems have revolutionized the customer experience. Businesses can now gather extensive data on consumer behavior and preferences, allowing them to tailor their offerings more effectively. I. Customer Relationship Management Customer relationship management (CRM) is a vital strategy for businesses to manage interactions with current and potential customers. CRM systems enable companies to streamline processes, improve customer service, and build long-term relationships with their clientele. By leveraging CRM tools, businesses can enhance customer satisfaction and loyalty. Contact personnel or account customer includes:  internal and external contacts  new or repeat contacts  people from a range of social, cultural and ethnic backgrounds  people with varying physical and mental abilities 3.2 QUALITY ASSURANCE Quality assurance (QA) is defined as ―the maintenance of a desired level of quality in a service or product, especially by means of attention to every stage of the process of delivery or production.‖ What that means is the process of ensuring a firm‘s quality standards are being met. This involves the production process being monitored to make sure everything is carried out how it should be to ensure the highest quality of product. There might be tests, assessments and observations made to improve the quality through that process meaning a better standard is being strived for. By applying quality assurance and compliance procedures, businesses can increase their customer base and improve customer satisfaction. Here are some ways to do this: 1. Conduct regular quality audits: Regularly review and assess the quality of products or services being offered by the business. Identify any deviations from established processes or guidelines and provide recommendations for improvement. Author/Copyright : Version - 1 Page 3 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 2. Implement quality control measures: Put in place measures to ensure that products or services meet predetermined quality standards. This can include implementing quality control checks at various stages of the production or service delivery process. 3. Train employees on quality assurance procedures: Provide training to employees on quality assurance procedures and ensure that they understand and adhere to these procedures. This can help prevent errors or deviations from occurring. 4. Monitor compliance with regulations: Stay updated on relevant regulations and ensure that the business is compliant with them. This can involve conducting regular compliance audits and implementing necessary changes to meet regulatory requirements. 5. Document compliance efforts: Keep a record of compliance efforts, including any actions taken to address compliance issues or concerns. This documentation can serve as evidence of the business's commitment to compliance and can be used as a reference in future interactions. 6. Provide guidance on compliance requirements: Offer guidance and support to business customers on how to achieve compliance with regulations. This can include providing resources such as guidelines, checklists, or training materials. 7. Offer assistance with compliance audits: If a business customer is facing a compliance audit, offer assistance by providing guidance on what to expect and how to prepare. This can help alleviate any concerns or uncertainties they may have. 8. Continuously monitor compliance: Regularly monitor the business customer's compliance efforts and provide additional support or guidance as needed. This can help ensure that they remain compliant and avoid any potential penalties or legal issues. By applying these quality assurance and compliance procedures, businesses can demonstrate their commitment to quality and compliance, which can attract more customers and enhance their reputation in the market. 3.3 QUALIFY AND QUANTIFY BUSINESS CUSTOMER NEEDS Understanding and meeting the needs of business customers is essential for the success of any organization. To qualify and quantify these needs, businesses must employ various strategies to gather and analyze data effectively. Author/Copyright : Version - 1 Page 4 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 Qualifying and quantifying business customer needs is a critical aspect of strategic decision- making for businesses across industries. By employing a combination of qualitative and quantitative methods, organizations can gain a deep understanding of their customers‘ requirements and preferences while also assigning measurable values to these needs. i. Qualifying Business Customer Needs Qualifying business customer needs involves identifying and understanding the specific requirements and preferences of the target market. This process typically involves market research, customer surveys, and feedback analysis. Businesses can use various qualitative methods such as focus groups, interviews, and observational studies to gain insights into the needs, desires, and pain points of their business customers. Qualifying business customer needs also entails segmenting the customer base to identify different groups with distinct requirements. By understanding the nuances of each segment, businesses can tailor their products or services to better meet the diverse needs of their customers. Quantifying Business Customer Needs Quantifying business customer needs involves assigning numerical values to the identified requirements and preferences. This process often includes data analysis, statistical modeling, and predictive analytics. Businesses can leverage quantitative methods such as surveys with scaled responses, purchase behavior analysis, and usage metrics to quantify the demand for specific features or solutions. Quantifying business customer needs also involves assessing the financial impact of addressing these needs, including potential revenue growth, cost savings, and customer lifetime value. i. Methods for Qualifying and Quantifying Business Customer Needs Market Research: Conducting comprehensive market research helps in understanding the evolving needs of business customers. This may involve analyzing industry trends, competitive landscape, and macroeconomic factors that influence customer demands. Customer Surveys: Deploying well-structured surveys allows businesses to gather direct feedback from their business customers regarding their preferences, pain points, and satisfaction levels. Author/Copyright : Version - 1 Page 5 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 Data Analysis: Leveraging advanced data analytics tools enables businesses to quantify customer needs by analyzing patterns in purchasing behavior, usage data, and other relevant metrics. Feedback Analysis: Systematically analyzing customer feedback from various touch points such as social media, customer support interactions, and online reviews provides valuable qualitative insights into business customer needs. Predictive Analytics: Employing predictive modeling techniques helps in forecasting future customer needs based on historical data patterns and market dynamics. ii. Meeting Business Customer Needs Once business customer needs are qualified and quantified, organizations can develop strategies to meet these needs effectively. This may involve product or service innovation, personalized marketing approaches, enhanced customer support systems, or strategic partnerships with suppliers or technology providers. Qualifying and quantifying business customer needs is a critical aspect of strategic decision- making for businesses across industries. By employing a combination of qualitative and quantitative methods, organizations can gain a deep understanding of their customers‘ requirements and preferences while also assigning measurable values to these needs. 3.4 STANDARDS OF QUALITY CUSTOMER RELATION Customer relations are a critical aspect of any business, as they directly impact customer satisfaction, loyalty, and ultimately, the success of the organization. To maintain high standards of quality customer relations, businesses must prioritize several key elements. Effective Communication Effective communication is fundamental to building and maintaining strong customer relations. This involves active listening to understand customer needs and concerns, clear and transparent information sharing, and prompt responses to inquiries or issues. Businesses should ensure that their communication channels are easily accessible and responsive to customer queries through various platforms such as phone, email, social media, and live chat. Personalized Service Author/Copyright : Version - 1 Page 6 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 Providing personalized service demonstrates a commitment to understanding and meeting the unique needs of each customer. This can include tailoring product recommendations, addressing customers by name, and acknowledging their specific preferences. Personalization helps create a sense of value and appreciation among customers, leading to stronger relationships with the brand. Professionalism and Courtesy Maintaining professionalism and courtesy in all interactions with customers is essential for fostering positive relations. This includes training employees to handle challenging situations with empathy and respect, even when faced with difficult or irate customers. Treating customers with courtesy and professionalism can turn negative experiences into positive ones and enhance overall satisfaction. Timely Issue Resolution Promptly addressing customer concerns or complaints is crucial for maintaining quality customer relations. Businesses should have efficient processes in place to resolve issues in a timely manner, demonstrating a commitment to customer satisfaction. This may involve empowering frontline staff with the authority to make decisions that benefit the customer without unnecessary delays. Consistent Service Quality Consistency in delivering high-quality products or services is vital for building trust and loyalty among customers. Businesses should strive to maintain uniform standards across all touch points, ensuring that customers receive the same level of excellence whether they interact with the company online, in-store, or through other channels. Feedback Mechanisms Establishing effective feedback mechanisms allows businesses to gather insights directly from customers regarding their experiences. This can be achieved through surveys, feedback forms, or online reviews. Actively seeking and acting upon customer feedback demonstrates a commitment to continuous improvement and shows customers that their opinions are valued. Empowerment of Employees Author/Copyright : Version - 1 Page 7 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 Empowering employees to make decisions that prioritize customer satisfaction can significantly impact the quality of customer relations. When employees feel empowered to go above and beyond for customers, it fosters a culture of exceptional service that resonates with clientele. 3.5 CUSTOMER NEEDS AND EXPECTATIONS Customers have certain expectations when they engage with a company, and it is important for businesses to understand and meet these expectations to maintain customer satisfaction and loyalty. Here are some of the key customer needs and expectations: customers have a wide range of needs and expectations when it comes to dealing with companies. By understanding these needs and expectations, businesses can better serve their customers and build strong, lasting relationships with them. 1. Quality Products and Services Customers expect the products and services provided by a company to be of high quality and meet their needs. They also expect the products to be reliable, durable, and functional. 2. Timely Delivery and Response Customers expect prompt delivery and response times when dealing with a company. They want to be able to get their products and services quickly and efficiently, and they expect companies to respond to their inquiries and concerns in a timely manner. 3. Personalized Experience Customers want to feel like they are valued and treated as individuals, not just as numbers. They expect companies to understand their unique needs and preferences and provide personalized experiences. 4. Clear Communication Customers expect clear and concise communication from companies. They want to be informed about the products and services they are purchasing, including the features, benefits, and any potential drawbacks. 5. Transparency and Honesty Author/Copyright : Version - 1 Page 8 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 Customers expect companies to be transparent and honest in their dealings. They want to know what they are getting into and what they can expect from the products and services they purchase. 6. Value for Money Customers expect value for their money. They want to feel like they are getting a fair price for the products and services they purchase, and they expect companies to offer competitive pricing. 7. Convenience Customers expect convenience when dealing with a company. They want to be able to purchase products and services easily and efficiently, without having to jump through hoops or spend hours on hold. 8. Responsive Customer Support Customers expect responsive customer support when they have questions or concerns. They want to be able to get help quickly and easily, and they expect companies to be available to assist them when needed. 9. Security and Privacy Customers expect companies to protect their personal information and data. They want to feel confident that their data is secure and that companies will not use it for nefarious purposes. 10. Social Responsibility Customers expect companies to be socially responsible and to give back to the community. They want to support companies that are environmentally friendly, ethical, and philanthropic. 3.6 EFFECTIVE FEEDBACK Effective feedback is a crucial aspect of personal and professional development. It plays a significant role in improving performance, enhancing communication, and fostering a positive learning environment. When delivered constructively, feedback can motivate individuals to excel and grow. Conversely, poorly delivered feedback can lead to demotivation, confusion, and hindered progress. Therefore, understanding the principles of effective feedback is essential for leaders, educators, managers, and anyone involved in providing guidance or evaluation. Author/Copyright : Version - 1 Page 9 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 Effective feedback is an essential tool for growth and development in various aspects of life, including professional endeavors, education, and personal growth journeys. By understanding the characteristics of effective feedback, its importance, methods for delivery, and strategies for receiving it constructively, individuals can harness its power to drive continuous improvement and success J. Characteristics of Effective Feedback Specificity: Effective feedback should be specific and detailed. Vague or general comments may not provide the recipient with actionable insights for improvement. Timeliness: Timely feedback allows individuals to address issues while they are still fresh in their minds. This can lead to more effective implementation of suggested changes. Constructive Nature: Feedback should be constructive rather than destructive. It should focus on areas for improvement while also acknowledging strengths. Clarity: Clear communication is essential for effective feedback. Ambiguity can lead to misunderstandings and hinder the recipient‘s ability to act on the feedback. Relevance: Feedback should be relevant to the individual‘s goals and objectives. It should align with their personal or professional development plans. Respectful Tone: The delivery of feedback should be respectful and considerate of the recipient‘s feelings. Respectful feedback fosters a positive relationship between the giver and receiver. Actionable: Effective feedback provides actionable steps or recommendations for improvement. It should guide the individual toward specific actions that can lead to growth. K. The Importance of Effective Feedback Workplace: In a professional setting, constructive feedback can enhance employee performance, contribute to skill development, and improve overall productivity. Education: In educational environments, effective feedback is crucial for student learning and growth. It helps students understand their strengths and areas needing improvement. Personal Development: In personal development contexts, such as mentorship or coaching relationships, effective feedback supports individuals in achieving their goals and aspirations. L. Methods for Delivering Effective Feedback Author/Copyright : Version - 1 Page 10 of 48 Ministry of Labor and Maintaining business relationship Skills November 2023 One-on-One Meetings: Direct, face-to-face discussions allow for personalized and detailed feedback tailored to the individual‘s needs. Written Feedback: Providing written feedback allows individuals to revisit the comments at their own pace and serves as a tangible reference for improvement. 360-Degree Feedback: In this method, feedback comes from multiple sources such as peers, supervisors, and subordinates, offering a comprehensive view of an individual‘s performance. Positive Reinforcement: Acknowledging achievements and strengths alongside areas for improvement can create a balanced approach to feedback delivery. Goal-Oriented Feedback: Aligning feedback with specific goals or objectives ensures that it is relevant and actionable for the recipient. M. Receiving Feedback Effectively Open-mindedness: Being open to receiving feedback without defensiveness allows individuals to truly consider the input provided. Active Listening: Actively listening to the feedback without interruptio

MO6-Maintaining Business Relationship PDF

Document Details

Tags

Related

Summary

Full Transcript

Upgrade to continue