Question

Which of the following is a mode of identifying customer expectations?
1. Customer executive feedback
2. Scientific study of the production of commodity
3. Conversation with retailer
4. Customer’s concept meets reality

Answer 1

Correct Answer - Option 4 : Customer’s concept meets reality

The correct answer is Customer’s concept meets reality.

Identifying customer expectations:

Modern firms `treat the "customer is the king" philosophy. This forces the organizations to design all the activities around the customers. Even before the production of the goods begins, the organizations have to carry out research to predict the customer's expectations for the products. These can be done through various surveys or preparing questionnaires and distributing them to the customers or even the mere observation of prospective customers. All these activities can be termed identifying the customer's expectations. One of the modes of identifying the customer's expectations is through the customer's concept meets reality. In this mode, the firms have to begin very early in their process of looking closely at the expectations of the customers. Some of the key steps involved in it include:

1. Knowing the customers- The firms should know their target customers very explicitly. Basic information like age, gender, size, and location should not be the only information that the firms need to be well-versed with. The firms should dive deeper to know the interests and needs of the customers.
2. Looking for ways to meet the needs of the customers- Once, the firm is sure of the set of targeted customers it now has the responsibility of looking for ways to meet the needs of the customers. Firms should be able to change according to the needs of the customers. 
3. Develop a customer-centric approach- The satisfaction of customers' needs does not depend solely on the products, rather it should be developed in such a manner that each employee is supporting the cause of satisfying customers' needs. The higher management has the responsibility of keeping customers' needs at the center of each of the decisions taken up at each level of the organization. 
4. Collect feedback regularly- The best way of keeping up with the demands of the customers is to know them at regular intervals. This can be done only when feedback is continuously collected by the customers at different time intervals.